6 Steps to Working with a Buyer's Broker

Part Eight in a Series of Consumer Articles

Written by: Saul Klein, e-PRO
Date: Feb 8, 2007 2:44:00 AM

Working with a buyer's broker usually includes the following:

1. The licensee sets up a listing appointment.  He

  •  Lets you know on the phone that he would be glad to  show you property after he has first met with you.
  • Tells you that he would like to explain how he proposes to do business. 
  • Explains that he would like to find out exactly what you want.

2. When the licensee meets with you and makes a presentation, he should

  • Meet with you for a minimum of 30 to 45 minutes.
  • Let you know that how he proposes to do business is going to benefit you the most. 

3. Explains that both you and he can win in the relationship.

  • Demonstrates that he knows, understands, and can explain the details of real estate.  His display of   expertise helps to build your trust and confidence in him and his ability. 
  • Find out as much as possible about the property you are looking for by working with you on a description of the property and proposed details of the purchase.
  • Answer any questions you may have to your satisfaction.

4. The licensee should make an agency disclosure (mandated by law in some states) just bfore the you enter into the buyer's broker listing agreement. Then the licensee  represents you exclusively.  It would not make any sense to say he represents the sellers or is a dual agent.  There are  not any sellers at that point! 

  • When you sign a buyer's broker listing agreement, a licensee should
  • Inform you that it is their broker's policy to exclusively represent you in the transaction. 
  • Let you know that in the event you purchase one of the properties their office has listed, they will represent you and the seller. 

5.  After you enter into the buyer's broker listing agreement a  licensee can confirm the agency with you one of two ways

  • Confirm that they are going to represent you exclusively immediately after they make the disclosure.
  • Leave the confirmation until the offer is presented.

6.  He will then research prospective property that meets your criteria, take you out, show you property, and find you the  property of your dreams.

  • Once he locates the property you desire, he will write up the offer for you to purchase the property.
  • After he explains the offer and you sign it, he will present  the offer to the sellers, to the sellers' agent, or to both  together, however the presentation is structured.  At this presentation he will also give the sellers a disclosure statement.  That's correct!  The licensee must present an agency disclosure statement to the sellers informing them he  is exclusively representing you. 
  • Assists you to close the escrow on the transaction.

(Saul Klein in CEO of Real Estate Electronic Publishing Company, home of RealTown.)

Comments

This article does not have any comments yet. Be the first to comment!

Post a Comment

 
To verify that you are not a spambot, please enter the words you see in the box
 
Loading, please wait...