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Who pays the fee for an Exclusive Buyer’s Agent? Almost always the fee is paid out of the transaction, which means that the listing agent charges a fee to the seller and in turn pays the Buyer’s Agent from that fee.
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Will I have to sign a buyer’s agency agreement? Yes! The State of Tennessee requires that a buyer’s agency agreement must be in effect before the agent can legally represent or advise you. That agreement legally creates a relationship and spells out the agent’s fiduciary duties to you and also your commitment to the agent.
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How many agents should I interview before I make a choice? As many as you need to! When you talk to someone and feel that they understand your needs….when you feel good about “the fit”……then chances are that you have found the right agent to work with. But, until you find that person…..keep on looking.
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Do agents make a salary? No. They work strictly on commission. Be careful to honor the commitment that your agent is making to you.
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If I see a home on the Internet or a home with a sign in the yard, should I make contact with the agent to get more information? No. Let your buyer’s agent earn their money and obtain the information that you need. You should never talk with a listing agent, because they are there to get as much information as they can about you…..and they convey that information to the seller, which could possibly be to your detriment in a negotiating situation.
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Should I sign all forms that an agent presents to me? No! Be sure you fully understand all documents before signing. Ask questions, and if you’re still unsure, consult an attorney.
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Can I attend open houses without my agent? Yes…..if you make it clear to the attending agent that you have your own representation. We provide you with a “Buyer’s Passport” that will include all the information that the attending agent will need.
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If I’m using a traditional agent and decide to purchase one of his/her listings, what should I do about the conflict of interest? That’s a tough one. What kind of agreements have you signed? You should understand that when they ask you to sign the “Confirmation of Agency Status” form, you will have to consent to the agent being a “facilitator”. This means that legally they are not representing anyone. They are simply doing the paperwork. You could tell the agent that at this point, you would like to have your own representation. But that’s a call you will have to make.
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What if I sign an agency agreement, and then decide that I don’t want to work with the agent? You should have a conversation with the agent and let them know why you’re not happy with their service. If the problem can’t be worked out, then the agent should release you from the agreement. I can’t speak for all agents, but that’s our policy. We put it in writing that if we cannot correct a problem within 3 days, then we release the client from the agreement and they are then free to work with another agent.
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How can I be a better client? By being upfront with your agent on any issue. He/she can do a better job for you if they know all the facts. If you trust an agent enough to hire them, you should trust them enough with the truth. We all have our own problems and issues, and your agent has seen most of them. But, remember he/she is on your side and will help you work out any problems that you have. Many times, they will have already had the same situation and know an easy way to correct it. They are not mind readers, so always tell your agent about your expectations. Communication is the key!
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How will I know when I’ve found the right house? That’s easy! If you feel at home when you walk through the front door…..you’ve found the right one. Most of the time, you will look at houses and not become emotionally involved. But then…..wham……you walk into the right one and just fall in love. I had a client one time that told me that he was looking for the home that “sings” to him. I’ve seen it over and over. You’ll know when it’s the right one….I promise!
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Should I have a home inspection on a newly constructed home? Absolutely! Just because a home is new doesn’t mean that you won’t find problems. A good home inspection is crucial for any age home.
