Friday, August 17, 2007

Open Houses and Agency

The inaugural blog...the pressure is overwhelming! What to talk about? Myself? Selling Real Estate? Buying Real Estate? I guess I'll just pick a topic and run with it...

How about a quick comment on open houses, since the weekend is coming up?

If you're working with a REALTOR, or you have someone in mind who you would like to work with, it's pretty critical that you let the agent working the open house know that. If not, the agent working the open house can refuse to pay YOUR agent a commission (and your agent isn't going to work for free). Agents get paid by being the "procuring cause" (or the person who finds the Buyer) NOT for writing the contract.

Now, as a professional courtesy, most agents will honor agency if they're informed up front that you're working with someone, but you can sometimes run into a problem when you try to bring in your own REALTOR later on.

Also,you don't have to use the Open House Agent if you don't have a REALTOR and you love the house. If you don't want to have that agent representing both you and the Seller in the transaction (or you just don't like the agent!) ask them to refer you to another agent to act as your Buyer's Agent for the transaction.

Happy Open Housing!

1 comment:

pjeary said...

Very interesting Real estate blog. Hope it will always be alive! Thanks for this

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