| You'd probably wonder what agency
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| | other real estate transactions through
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| relationships might have to do with you,
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| | other agencies in parts of the state that
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| regarding buying or selling real estate.
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| | are not mentioned in the contract. This
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| Most people are unaware of the importance
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| | MUST be clear in the contract unless a
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| of these types of relationships, unless
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| | buyer wants their agent to represent them
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| they do a lot of buying and selling of
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| | for the entire state of Michigan.The
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| real estate and have become educated in
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| | advantages of using a buyers agent are
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| the importance of knowing what side your
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| | great. Services that are provided to a
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| agent is on. Yours or theirs?In a
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| | Buyer-Client are as follows:Pays full
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| traditional real estate setting here in
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| | attention to the Buyer's Needs.
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| Michigan (especially up here in the more
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| | Tell the buyer all that is learned about
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| northern areas), most agents are
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| | the seller.
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| representing the seller and NOT the
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| | Focuses on expanding the range of
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| buyer. That's right! When you walk into a
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| | choices to satisfy the buyer's needs.
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| traditional real estate office, in most
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| | Find the best property for the client.
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| cases that agent is working for the
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| | Promote the buyer's search.
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| seller, even if the house is listed by
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| | First opportunity to view new listings.
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| another real estate company.There have
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| |
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| been many changes over the course of the
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| | All properties are available and
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| last several years which have often made
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| | viewable, and the sales price is
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| agency relationships even more confusing,
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| | negotiable.
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| but in most respects it has been an
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| | Give advice with FACTS.
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| improvement, causing a change for the
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| | Educate the buyer. Compare competing
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| better. Of course, in my opinion, there
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| | properties.
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| is still room for improvement and
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| | Negotiate on behalf of the buyer.
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| clarification on this subject. Even many
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| | Strengthen the buyer-client's
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| real estate agents are confused about
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| | negotiating position.
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| this issue. I see it time and time again
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| | Share all known information about the
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| when talking with other agents in classes
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| | seller.
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| that I've attended. It's amazing how
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| | Provide price counseling for the
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| often this subject comes up in real
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| | buyer-client.
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| estate classes.Let me take a moment to
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| | Negotiate approved purchase agreement to
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| explain of differences in agency
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| | safeguard buyer-clients.
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| relationships and how they may affect you
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| | Suggest financing alternatives that may
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| in a real estate transaction.In a
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| | be to the buyer's best interest.
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| traditional setting, an agent represents
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| | Continue services to the buyer-client
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| the seller or is a sub agent for the
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| | during negotiations.
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| seller. In this setting, when a home is
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| | Attempt to solve problems to the
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| listed by a real estate company, that
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| | buyer-client's satisfaction.Confused yet?
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| company automatically represents that
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| | There's more!Now, just when you thought
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| seller, because they have a signed
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| | you were understanding things a little
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| exclusive right to sell contract with
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| | better, we throw Designated Agency into
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| that party. That company and it's agents
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| | the mix! This is also fairly new for the
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| have the fiduciary responsibility to
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| | entire state of Michigan. A few offices
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| represent the best interests of that
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| | in this area currently practice this type
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| seller. However, a sub agent to a seller
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| | of agency, but most stick with the more
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| is an agent who is representing a seller
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| | traditional Sellers and Buyers agency
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| that has their real estate listed by
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| | relationships.A Designated Agent is the
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| another real estate company. These agents
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| | party selected to represent a principle
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| have the same fiduciary responsibility to
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| | client in a designated agency office.
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| a seller, that the listing company
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| | Designated agency has been legislatively
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| does.When a buyer is working with a
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| | created in many states, allowing the
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| sellers agent, it is important to keep
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| | management of a brokerage to establish a
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| personal information that they'd like to
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| | office policy, whereby the managing
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| keep confidential to themselves. For
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| | broker appoints or designates a licencee
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| instance, maybe a buyer wouldn't want to
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| | associated with that brokerage to act as
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| share the total amount they are approved
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| | an exclusive agent of a principle/client,
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| for at the bank, or what their top line
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| | buyer or seller. No other licencee in the
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| price is for a home they are interested
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| | brokerage has an agency relationship to
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| in purchasing. If they disclose this
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| | represent that principle/client.Ok... so
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| information to a "Sellers Agent" that
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| | what the heck does that mean? Basically,
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| agent has the fiduciary responsibility to
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| | an office will choose to be a designated
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| share that type of information with that
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| | agency or traditional agency office. They
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| seller. A sellers agent is limited to
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| | can't do both, (meaning that they can't
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| what services they can provide to a
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| | use traditional agency mixed with
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| buyer.So, how does a buyer protect
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| | designated within a brokerage). When a
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| themselves? Hire a Buyers Agent of
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| | agent is assigned to a buyer or a seller
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| course!This is still a fairly new
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| | client, that party's information remains
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| practice in the Northern Mid-Michigan
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| | confidential between that agent, the
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| areas and to some "Old School" real
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| | broker and that client only. Other agents
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| estate companies, not fully understood
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| | within that brokerage will not have
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| because of lack of education or the need
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| | access to the clients information, nor
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| to stick with "the old way of doing
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| | will they be representing that client in
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| things".A buyers agent has the fiduciary
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| | any way.Another way to clarify that is,
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| responsibility to represent the buyer in
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| | in a traditional office, the client is
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| a real estate transaction. A buyer will
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| | represented by the entire brokerage,
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| then enter into a contract with that
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| | weather they are a buyer or a seller. In
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| Buyers Agent. To make is better
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| | a designated office, the client is only
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| understood, it almost like listing a
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| | represented by the assigned agent and the
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| person, instead of a house. The buyer
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| | broker.I know! This even leaves some real
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| agrees that they will work with that
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| | estate agent's heads spinning! It can be
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| buyers agent only, as outlined in their
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| | confusing. The best way to find out how
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| contract agreement. This agreement can
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| | you will be represented, is to ask the
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| last from a few days to several months or
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| | agent you are going to be working with
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| years, depending on what the buyer and
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| | and have them define their office
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| agent agree on. The agent and client will
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| | policies regarding agency
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| also agree on the geographic areas that
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| | relationships.Ivie Baker specializes in
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| this agreement covers. For instance, an
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| | waterfront and recreational properties.
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| agent in Gladwin many not want to
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| | She has been with Kehoe Realty Inc since
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| represent the buyer in a transaction in
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| | April of 1999 and is an Accredited Buyer
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| Detroit. So it is wise to outline these
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| | Representative (ABR). This designation is
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| areas in the contract. (For example: the
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| | a benchmark of excellence in buyer
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| buyer and agent agree that the contract
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| | representation. She is also her own
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| only pertains to Gladwin and Clare
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| | webmaster for her real estate sites.
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| Counties). That way, a buyer could do
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|
