Buyers Agent
Simply stated…..a Real Estate agent who owes their allegiance and fiduciary duties to the buyer in the
acquisition of Real Estate.Strange…...
I was always under the impression that while I was being driven around the countryside with an agent they were working in my behalf.
Reality Check……....
Real Estate agencies earn their fees by obtaining listings from
sellers and showing these listings to the prospective buyer. Information provided by the buyer such as how much I am willing to pay, the urgency in my finding a suitable property or how much I sold a property for, is in fact not confidential but shared with the seller. It is the responsibility of the agent for the seller to disclose all information given by a prospective buyer.Fiduciary Duties of an agent;
1. Obedience 4. Confidentiality
2. Loyalty 5. Accounting
3. Disclosure 6. Reasonable Care
As a buyer you are entitled to the same
privileges afforded the seller in the real estate transaction. If you wish to be represented as a buyer, this allegiance allowing you complete control must be declared at first contact. This is accomplished through the agent declaring their responsibilities to you through a signed agreement. Then and only then can you be assured the same considerations as the seller. It is then the agents responsibility to extend these fiduciary duties to you. In most cases their fees are collected by sharing fees paid the real estate agency listing the sellers property.
Having owned PJ's Lodge for 21 years I had numerous guests inquire about the acquisition of retirement or investment property, several have purchased real estate based on my personal recommendations and knowledge of the Ozarks. Consequently in my retirement I have decided as an agent to represent the buyer. This allows me the opportunity to seek out a home or property that will satisfy the needs of my client in every regard…….. price, terms, location , special features and age. If necessary I can prearrange financing and inspections and personally represent the buyers rights. If given authorization by the buyer to act as an “Attorney in Fact” I can take advantage of the numerous foreclosure and Estate auctions and save my client thousands of dollars. In acquainting my client with these auctioned properties I will make personal inspections, obtain disclosures of defects (if any), submit photos and negotiate honest and fair personal fees for my services.
(Numerous properties are becoming available for purchase due to sub prime foreclosures.)
These two quality homes are examples of homes currently being auctioned off to the
“Highest bidder regardless of price”
Over the past ten years I have seen the Ozarks attract an increasing number of California and Florida residents. With 40 percent of the residents of California expressing a desire to leave an area where the cost of living is 3 times the national average and citizens in Florida wanting to escape the possible threat of hurricanes there has been substantial increases in the cost of Ozark real estate. Only recently has this trend reversed itself and a "buyers market" now prevails.
For additional information
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