• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Helen Miltiades Realty

  • Home
  • Blog
  • Search MLS
    • My Listings
    • Advanced Search
    • Map Search
    • Address Search
    • Listing ID Search
    • Rental Application
  • Buyers
    • Email Updates
    • Mortage Calculator
  • Sellers
    • What’s Your Home Worth
  • Communities
    • Ardsley Park
    • Fairway Oaks
    • Isle of Hope
    • Kensington Park
    • Midtown
    • Parkside
    • Tybee Island
    • Burnside Island
  • Contact
  • Applications
    • Tenant Application
    • Rentals
Home » Blog » buyers agent

buyers agent

Dual Agency and Savannah Real Estate

April 29, 2016 by Helen Miltiades

Is dual agency necessarily a bad thing?

Dual agency is the term given when the same agent represents both the buyer and the seller in a real estate transaction. Typically this is where confusion and controversy intertwine and many agents stay far from this situation but is it really all that bad? Let’s discuss the circumstances and instances where dual agency is not the bane of Realtors® existence.Dual Agency and Savannah Real Estate

The most natural setting where this occurs is when a listing agent shows a buyer their own listing and the buyer decides to purchase the property. Simple, clean and easy. Most of the time, the agent will mention that the seller sought the services of the agent first so first come first serve, sort of situation, even though the listing agent will do all that is necessary to ensure that the buyer is well taken care of in addition to the seller.  This usually happens at an open house but not always.

State law has different rules for whether dual agency is even allowed. For the state of Georgia a broker may act as a dual agent the written consent of all clients. According to Georgia US law, the written consent must contain:

  • A description of the transactions or type of transactions in which the broker will serve as a dual agent
  • A statement that, in serving as a dual agent, the broker represents to clients whose interest are at times could be different or even adverse
  • A statement that a dual agent will disclose all adverse material facts relevant to the transaction
  • A statement of the broker or the brokers affiliated licenses will time disclosed to each client in a real estate transaction the nature of any material relationship the broker in the brokers affiliated licensees have with the other clients
  • A statement that the client does not have to consent to the dual agency
  • A statement that the consent of the client has been given voluntarily and that the engagement has been read and understood

In some instances dual agency can even be referred to as one brokerage with the same real estate transaction even though there are two distinct agents involved. This typically is not an issue as each party has their own representing agent even though the brokerage is the same.

It’s very easy to understand why dual agency is wrapped in so much controversy. How is it possible for one agent to represent both parties whose interests are in conflict? Many agents feel that this simply can be done or can be done with at least one party being at a disadvantage. However, as long as the steps are taken above, both parties understand the situation and they should also understand that there are severe penalties for agents who fail to disclose dual agency. The law specifically prohibits someone acting as a dual agent from telling the buyer how low the seller will go over from telling the seller how high the buyer will go. This keeps the fiduciary duties but also protects the agent. The agent is simply facilitating the transaction on behalf of both the buyer and the seller.

Another natural consequence were dual agency might be applied in the case of your buyer and seller and need for real estate license involvement. For instance, let’s say two neighbors want to buy and sell particular properties. Perhaps one neighbor was a renter and now wants to buy his or her neighbor’s property. They’ve already discussed the details of the transaction and just need an agent to facilitate the deal. The buyer and seller are both well aware of dual agency and just prefer to have one agent involved in the transaction. The agnet is simply acting as a mediator between the two and facilitating the transaction with legal paperwork and documents needed.

While Dual Agency slippery slope can be done in the right context. For the buyer that comes to me to purchase one of my listed properties and informed them that I am the listing agent and will be conducting the transaction on behalf of both the buyer and the seller. If you agree to this in writing, we can have a fairly amicable transaction however, the buyer is free to acquire representation if they feel is necessary.

I always recommend my buyers to have full representation on any real estate transaction they conduct. It’s important to have your own representation for your interests as many details of a real estate transaction can be confidential and used as an leverage.

For more information on dual agency or for answers to your questions about this or similar buyer representation please contact my office today.

Filed Under: Real Estate News Tagged With: buyers agent, dual agency, dual agents, listing agent, savannah real estate

Savannah GA Residential Buyer’s Agent

March 22, 2016 by Helen Miltiades

Need an agent on your side? All buyers should have one whether they realize it or not. Listing agents hold contracts with homeowners and sellers. Their primary responsibility is to sell the property for the seller. They first priority is not to the buyer. Although listing agents can be honorable and ethical, they really owe their fiduciary duty first to their seller, then the buyer. Savannah GA Residential Buyer's Agent

For personalized care and guaranteed service, it’s best for buyers to enlist the help of their own buyer’s agent. This is an agent that’s sole responsibility is to the buyer of a home and not the seller. It protects the buyer from losing out on a negotiating strategy and helps advice the buyer as to the best plan of action in a real estate transaction. It’s difficult to negotiate for a buyer and a seller when you always have one party’s interest at heart.

What a Buyer’s Agent Actually Does

Yes, you can buy a house without one. Heck, you can even sell a house without an agent, but as with any major industry, using a professional is always a better way to go. There are so many legal issues when it comes to buying and selling a house that if something is done incorrectly you could be talking law suits here. When you entrust these legal and serious details to a professional that knows what they’re doing, you can trust that all things are getting take of in a timely manner.

A buyer’s agent facilitates the real estate transaction the buyer’s behalf. They negotiate with the listing agent on terms and price and help the buyer to get the very best deal possible.

Savannah GA Residential Buyer's AgentThe buyer’s agent is like the buyer’s lawyer. Financing and negotiating tactics are kept confidential and used appropriately in strategies to get what the buyer really needs. It’s best to be open and honest with your agent and let them know your finances and if you are pre-approved. They can tailor the purchase and sale contract to benefit the buyer and make certain that it’s a solid offer. Buyer’s agent can help with negotiations and understanding the sometimes fuzzy legal jargon that can be confusing to most people. (However, buyer’s agent and any licensed real estate agent cannot give legal advice)

Buyer’s agents also help advise on the best way to respond to reports, inspections, counter offers and disagreements. Having the experiences of hundreds of deals, buyer’s agents can help navigate the blurry waters of the real estate transaction.

What does it cost?

Everyone wants to know what it costs to use a buyer’s agent. Well, that’s the best part. It costs buyer’s absolutely nothing to use their services. Why? Because when a seller draws up a contract they agree to pay a commission to whomever sells the house. The listing agent usually gets half that commission and the buyer’s agent receives the other half. It’s a great deal because just about any home for sale will offer the buyer’s agent a commission to sell the property so it really costs the buyer NOTHING!

So why wouldn’t you want a personal buyer’s representative when looking for your next Savannah home? Free, on your side, and can actually save you money…. Sounds like a no-brainer to me.

Filed Under: Home Ownerhsip Tagged With: buyers agent, buyers representative, buying real estate, savannah real estate

Buying New Construction in Savannah Without a Buyer’s Agent

July 11, 2014 by Helen Miltiades

Buying New Construction in Savannah Without a Buyer’s AgentIf you’re thinking about buying new construction or pre-construction throughout the Savannah real estate area you might be considering the benefits of enlisting the help of a buyer’s agent. Of course, you certainly don’t need one; you can visit the model showroom and the development without a buyer’s agent and have the assistance and help of the listing agent or the buyer’s agent on duty. They can help you with colors, styles and facilitate the transaction all the way through to closing. Buyer’s agents can be the mediator between the sellers or the developers and your negotiating strategies, answering questions along the way in helping you close on time.

But remember, who is this agent really working for?

The buyer’s agents and the listing agents that work the model showrooms and homes are working specifically for the developers. They have contracted with the builders and the developers in order to sell these properties. They specifically are obligated to help sell these homes versus other homes. So do you think those buyer’s agents really have your best interest at heart?

When you work with your own dedicated buyer’s agent we have no hidden agenda or ulterior motive on selling one home or property over another. You can walk confidently into the model showroom or home and explain to them that you already have a buyer’s agent. The pressure is now off and you can browse through the colors, accessories and custom details and yet have a buyer’s agent that keeps your negotiating and financing strategies confidential.

It costs you absolutely nothing to use the help of a buyer’s agent, whether on-site or your own. Buyer’s agents that work specifically for a buyer and not through any developer or subdivision have no agenda on which property you buy as long as it’s the one you’re looking for at a price that meets your budget.

I’ve worked with many buyers and have saved them thousands of dollars by negotiating for their terms and their price. Remember, the listing agents that sits the model homes are trying to get as much profit for these properties as possible for their developer or builder. Using your own buyer’s agent means your budget is the most important financing tool, not the developers.

So yes, you can certainly buy new construction without the help of your own dedicated buyer’s agent but is it financially wise to do so? Feel free to give me a call at any time to discuss new construction homes and developments throughout Savannah and how you can save money using your own buyer’s agent.

Filed Under: Buyers Tagged With: buyers agent, new construction, pooler real estate, savannah real estate

Primary Sidebar

Contact Me

Please email me or call: 912-238-4915 "I am never too busy for YOU and YOUR referrals! I am here to help!"

Quick Links

  • Property Finder
  • Home Value
  • Email Updates
  • Rentals

Quick Search

Login

Copyright © 2021 · Genesis Sample Theme on Genesis Framework · WordPress · Log in

MENU
  • Home
  • Blog
  • Search MLS
    • My Listings
    • Advanced Search
    • Map Search
    • Address Search
    • Listing ID Search
    • Rental Application
  • Buyers
    • Email Updates
    • Mortage Calculator
  • Sellers
    • What’s Your Home Worth
  • Communities
    • Ardsley Park
    • Fairway Oaks
    • Isle of Hope
    • Kensington Park
    • Midtown
    • Parkside
    • Tybee Island
    • Burnside Island
  • Contact
  • Applications
    • Tenant Application
    • Rentals