CHAPTER 6 Buying a House: Dos and Don Dos and Don'ts
When I started this business in 1999 it was hard for people to know what homes were available, so they hired a realtor before doing anything. Now that everyone can see most of the homes online, they tend to shop before hiring an agent. Many buyers told me they didn't want to hire an agent right away because they either didn't want to feel pressure to buy, or they weren't sure they would buy. Many have expressed to me they didn't want to waste anyone's time. The reason that this thinking is a mistake is first off, most agents accept that each buyer they work with may not buy, it's part of the business. Second, what happens if you look online and find the right home? Now you're either scrambling to hire an agent or you risk working with the listing agent.
DUAL AGENCY/SINGLE AGENCY/CUSTOMER
IF you've never bought a home before this maybe a new term for you but it's very important to understand the difference between all three and how this affects you as a buyer. An agency relationship in Real Estate is similar to a lawyer/client relationship. The difference between an agency or client relationship vs. a customer is simple, a client is intitled to advice a customer is not. Also, as a client your agent owes you all 6 Fiduciary duties but as a customer you are only intitled to 2 of them. They are as follows:
1. Undivided Loyalty 2. Confidentiality 3. Full disclosure
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