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That would be salaried agents working for a developer and are onsite only.
This scenario has the potential of being a legal mind field. The employee can be nothing more than a combination of Carol Merrill and Sargeant Schultz.
Last edited by Bill Hitchcock; 04-12-2011 at 07:22 AM..
That would be salaried agents working for a developer and are onsite only.
This scenario has the potential of being a legal mind field. The employee can be nothing more than a combination of Carol Merrill and Sargeant Schultz.
Supposedly they are "trained" by the developer who may be required to have a NC license, I'm not sure about that part. Interesting 'eh. But knowingly charging 3 or 4 times market value is atrocious ... and buyers should educate themselves as to whether or not the onsite "sales" people are licensed agents or not. There are many commercial home shows held in hotels such as "Live South" that attract large numbers with "invitations" to visit the various developments in the booths, and there may be other marketing shows throughout the country.
Then there is the legal definition of "fair market value" which could come into play. A legal minefield 4 sure, and the public needs to know who they are dealing with and have a licensed buyer's agent represent them at all times.
buyers should educate themselves as to whether or not the onsite "sales" people are licensed agents or not.
And the mines start exploding. A licensed North Carolina Real Estate Broker is required by law to identify themselves as such upon "first substantial contact" with someone. They are also required by law to make clear who they represent.
Another big mine to explode is that the buyer usually assumes that the person "helping" them is in fact doing just that-Helping them the buyer! and working for their (the buyer) best interests. The "helper" is not.
I am a licensed NC Real Estate Broker and an Accredited Buyers Representative. I have represented buyers at developer sites like you mention. Going unrepresented to a developers site and having one of the developers "helpers" be your guide towards a real estate transaction is highly ill advised.
Bill
There are many commercial home shows held in hotels such as "Live South" that attract large numbers with "invitations" to visit the various developments in the booths, and there may be other marketing shows throughout the country.
Some of the Brunswick County developments listed on Live South's website have no properties listed in the Brunswick County MLS. I wonder if that is because those developments don't have a licensed agent handling their real estate or because they don't feel a need to market to the local population? I suspect it may be both.
buyers should educate themselves as to whether or not the onsite "sales" people are licensed agents or not.
And the mines start exploding. A licensed North Carolina Real Estate Broker is required by law to identify themselves as such upon "first substantial contact" with someone. They are also required by law to make clear who they represent.
Another big mine to explode is that the buyer usually assumes that the person "helping" them is in fact doing just that-Helping them the buyer! and working for their (the buyer) best interests. The "helper" is not.
I am a licensed NC Real Estate Broker and an Accredited Buyers Representative. I have represented buyers at developer sites like you mention. Going unrepresented to a developers site and having one of the developers "helpers" be your guide towards a real estate transaction is highly ill advised.
Bill
You are correct Bill. But I would alwayscall the development office first and ask if they "cooperate" on their sales and pay a commission to a licensed agent. Most have no problem whatsoever with that and welcome agents, and pay them. I would think they don't have to have licensed agents to do the Live South shows, but some do. I retired after 24 years in the business over three states; with CRS, GRI and ABR. As long as I've been in NC the "Working With Real Estate Agents" brochure has been in effect, and as you say, is to be signed at first substantial contact; and you also need to have an Exclusive Right to Represent Buyer if you want to get paid. For many years, it was pure "trust" even though the agent always represented the seller; and if you lasted in the business long enough, you knew enough to represent each party with the utmost fairness and stay out of trouble. If we sold our own listing up until forms were needed, the pros didn't have to think whether or not they were saying something for or against either client. Fiduciary duty was drilled into your cranium. Now they have to "teach" that and have form after form signed. Why? because exactly what you said; buyers thought the agent was "their" agent and litigation reared its ugly head. And the lawyers love revising the forms they drafted...
I have good credit rating, any my questions is , what are the chances of my finding a lender with a fair % for a mortage on a second home property? I hear it's very difficult.
Looking at St Regis, North Topsail Island.
Thanks
traveler55,
As a licensed real estate broker I must advise you to not reveal anything about your financial capabilities, intent/desires or any personal information that may disadvantage you later on in a real estate transaction. You as a buyer do not want to make known to a seller or seller's broker certain information regardless of how "harmless" or insignificant in may seem.
Best advise for your financial questions-Ask a lender direct.
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getting a mortage
