"It requires wisdom to understand wisdom: the music is nothing if the audience is deaf."Walter Lippmann
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Florida Real Estate Market Still Hot for Land & Lot Investors
Is the Real Estate bubble going to burst? We have heard this statement hundreds of times. While there are definitely going to be strong corrections in some overly priced markets there are other markets that will tolerate it differently. Most of us have ...
Good Faith Deposit – Real Estate Transactions
In a real estate transaction, a touchy issue is how much trust the seller has in a buyer. The existence of a good faith deposit helps put a seller at rest.Good Faith DepositIf you are selling your home, condominium or other real estate, you should always ...
Make big money in real estate
Real Estate is one of the oldest forms of investing known to man.Real Estate investing is easy and fortunes are made in a simple manner. For example, and investor decides that a desert area will eventually become an industrial development. He purchases a ...
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Real estate agents would say that the more you tell them, the better they can negotiate on your behalf. However, the degree of trust you have with an agent may depend upon their legal obligation. Agents working for buyers have three possible choices: They can represent the buyer exclusively, called single agency, or represent the seller exclusively, called sub-agency, or represent both the buyer and seller in a dual-agency situation.
Some states require agents to disclose all possible agency relationships before they enter into a residential real estate transaction. Here is a summary of the three basic types:
1. In a traditional relationship, real estate agents and brokers have a fiduciary relationship to the seller. Be aware that the seller pays the commission of both brokers, not just the one who lists and shows the property, but also to the sub-broker, who brings the ready, willing and able buyer to the table. It most cases you will have 2 broker's splitting the commission.
* Dual agency exists if two agents working for the same broker represent the buyer and seller in a transaction. A potential conflict of interest is created if the listing agent has advance knowledge of another buyer's offer. Therefore, the law states that a dual agent shall not disclose to the buyer that the seller will accept less than the list price, or disclose to the seller that the buyer will pay more than the offer price, without express written permission. Many times it makes sense to "assign" someone in your office one side of the transaction, thus assures there is no conflict of interest.
* A buyer also can hire his or her own agent who will represent the buyer's interests exclusively. Sometimes a buyer's agent must be paid out of the buyer's own pocket but the buyer can trust them with financial information, knowing it will not be transmitted to the other broker and ultimately to the seller. More often the seller pays both the selling broker and the buyer's broker.
About the author:
Christine began her real estate career proving herself a top producer on a new high rise development. This experience gave her valuable knowledge of construction as well as the buying process and resulted in 4-million dollars in sales during her first year. http://www.getanewhome.net
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Dark Passages: Real Estate noirLos Angeles TimesThat means, like a lot of dwellers of the five boroughs, I spend a disproportionate amount of time thinking about real estate, whether griping about ...and more » |
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