Exclusivity and buyer representation: Think of this as the “Don`t see other people” section. This requires you to cooperate only with the agent or broker you sign with – at least until the lifespan is extended. If this causes attachment problems and you feel a cold sweat, breathe deeply. You are not locked up when things go south with your agent. Just talk to the agency`s broker about your situation. They will likely be able to find another agent in their brokerage that is a better fit. A buyer representation agreement, like other contracts, must indicate an initial date and an end date. I hope the deadline will be the closure of the house they buy. However, there are periods when the contract ends before the indicated end date.
You should also discuss with the buyer what happens if the seller is not willing to pay a cooperative brokerage commission. You need to decide how much the buyer has to pay you at closing. This varies depending on several factors, including the buyer`s financial situation. You need to know if they can afford to pay your commission at the time of graduation. Later, I learned from the owner`s agent that the buyers told him they were not working with a broker. And when she asked them if they had signed a buyer representation agreement with an agent, they said no. They lied that they weren`t working with me, but they were honest that they hadn`t signed an agreement. In these cases, the commission is often added to the sale price and then paid by the buyer to the broker as part of the financing. If the buyer is able to buy the property with a substantial discount by the power of the broker/agent`s negotiating ability, the broker/agent has more than earned his fees. Exclusive representation means that the broker/agent is employed by the buyer and works diligently on behalf of the buyer. As soon as you find the home you want to bid for, the buyer`s agent will give you advice on what they think is a reasonable offer for the home. Then they write it down and present it to the listing agent to give to the seller.
If the seller declines the offer, the buyer`s representative will consult with you and negotiate on your behalf. Before you sign, read everything carefully and ask any questions you may have. . . .