Realtor.com is the premier Web site for finding a home. This is a realtor site that has all the homes listed in the United States. However, it doesn’t have homes for sale by owners. These you’ll have to find through classified ads and lawn signs. Many newspapers now have their classified ads on a Web site that allows you to narrow listings down by area. To access links to newspaper real estate sections in your area, go to www.newspaperlinks.com and click on your state and city. Should you find a home you want to see that is listed by a realtor, you’ll need to call the agent for an appointment. If the home turns out to be your dream home, you have two options. First, you can sign a dual agency agreement with the listing agent, by which he represents both you and the seller. In this agreement, the agent agrees to walk a fine line and not disclose anything to either party that would jeopardize their interests. If the agent is a reputable person, this can work out. You’ll have someone who can write up the paperwork and is motivated to follow the sale through to closing. Dan and Kim went the dual agent route (also known as limited agency) when they bought their home. They drove by a home that looked interesting, so they called the agent’s number on the sign to go through the house.
When they saw the inside, the home wasn’t quite what they wanted, but the realtor had another home that had just come on the market that might fit what Dan and Kim were looking for. It was on a cul-de-sac, and the neighborhood had young families with school-age kids.
Dan and Kim loved the house and decided to make an offer. Before the realtor wrote up the purchase agreement, he went over a Limited Agency Consent Agreement with them that both the buyers and sellers sign.
In this agreement, the agent agrees in writing to represent both parties and not disclose anything that would hurt either party’s bargaining position. For example, if the buyers were prequalified for $175,000 but they wanted to offer $160,000 on a house, the agent wouldn’t disclose that to the sellers. Also, the agent wouldn’t disclose that the sellers would accept less than the listed price. His job is to write up the price the buyers want to offer and present to the sellers for acceptance or a counteroffer.
In this case, Dan and Kim made an offer $2,500 less than asking price, and the sellers accepted. Both parties were happy with the result. In presenting the offer, had the agent known that the sellers would have gone for $5,000 less, he could not have disclosed this. Nor could he have disclosed that the buyers were qualified for more than they offered.
Some consumer advocates object to dual agency as being a conflict of interest. True, it has that potential, but in reality, there are some pluses:
One, the agent is motivated to do his best to put the sale together with the price and terms you offer.
Two, it’s easier to deal with one agent, especially if the agent is a professional. The deal can go a lot smoother because the agent knows both parties in the transaction.
Three, the seller is paying the realtor fees, so you get the agent’s help for free, which is not a bad deal.
Of course, to protect you in the transaction, you’re still going to hire a home inspector to check out the house, and the offer you write up will be subject to the inspector’s report.
The second option is to not sign a dual agency agreement, but you should get your own help writing up the offer. If you’re uncomfortable with dual agency or don’t like the listing agent, getting a buyer’s agent or an attorney to write up the deal may be the best way to go. Once an offer is in writing, it’s given to the listing agent to present to the sellers for acceptance or counteroffer.
When they saw the inside, the home wasn’t quite what they wanted, but the realtor had another home that had just come on the market that might fit what Dan and Kim were looking for. It was on a cul-de-sac, and the neighborhood had young families with school-age kids.
Dan and Kim loved the house and decided to make an offer. Before the realtor wrote up the purchase agreement, he went over a Limited Agency Consent Agreement with them that both the buyers and sellers sign.
In this agreement, the agent agrees in writing to represent both parties and not disclose anything that would hurt either party’s bargaining position. For example, if the buyers were prequalified for $175,000 but they wanted to offer $160,000 on a house, the agent wouldn’t disclose that to the sellers. Also, the agent wouldn’t disclose that the sellers would accept less than the listed price. His job is to write up the price the buyers want to offer and present to the sellers for acceptance or a counteroffer.
In this case, Dan and Kim made an offer $2,500 less than asking price, and the sellers accepted. Both parties were happy with the result. In presenting the offer, had the agent known that the sellers would have gone for $5,000 less, he could not have disclosed this. Nor could he have disclosed that the buyers were qualified for more than they offered.
Some consumer advocates object to dual agency as being a conflict of interest. True, it has that potential, but in reality, there are some pluses:
One, the agent is motivated to do his best to put the sale together with the price and terms you offer.
Two, it’s easier to deal with one agent, especially if the agent is a professional. The deal can go a lot smoother because the agent knows both parties in the transaction.
Three, the seller is paying the realtor fees, so you get the agent’s help for free, which is not a bad deal.
Of course, to protect you in the transaction, you’re still going to hire a home inspector to check out the house, and the offer you write up will be subject to the inspector’s report.
The second option is to not sign a dual agency agreement, but you should get your own help writing up the offer. If you’re uncomfortable with dual agency or don’t like the listing agent, getting a buyer’s agent or an attorney to write up the deal may be the best way to go. Once an offer is in writing, it’s given to the listing agent to present to the sellers for acceptance or counteroffer.
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