Many home buyers begin their search by driving through neigborhoods and calling the agent listed on the "For Sale" sign. They do not feel it is necessary to contract the services of a real estate agent who may represent them in their search. They feel that the listing agent will represent them fairly during the buying process. What many buyers do not undersrand is that the listing agent, or Seller’s Agent, works solely on behalf of, and in the best interest of the home seller. The buyer is at a distinct disavantage.
Many prospective home buyers have the misconception that once they begin working with an agent, he/she represents the buyer. However, this is not the case in the State of Alabama. Unless there is a signed Buyer’s Agency Agreement, the agent that is working with the buyer still represents the seller’s interests in the transaction. Without the agreement, there is certain information that the agent cannot disclose to the prospective buyer:
· The reason that the owner is selling the property.
· Any concessions that the seller is willing to negotiate.
· Any conversations between the seller and the agent.
· Any disclosed information that would harm the seller and/or give the buyer an advantage in the contract negotiations.
In Alabama the buyer has the right to their own representation in any transaction. It is essential that the buyer seek out and find a Buyer’s Agent that will best meet their needs. A Buyer’s Agent works on behalf of the buyer assisting their client in the negotiation of the terms of a contract. In addition, they will gather information on zoning issues, past tax data, schools and community services, and any other information deemed necessary by the buyer before making the decision to extend an offer on a home.
On MLS listed properties there are no extra costs associated with signing a Buyer's Agency Agreement. Any commissions paid to agents in a sales transaction are handled through a predetermined commission split paid by the seller.
Burton and Carolyn are both Accredited Buyer's Agents through the Real Estate Buyer's Agent Council of the National Association of REALTORS®. They look forward to helping you in any way they can in purchasing your new home or investment property.