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Old 01-02-2007, 07:56 AM
 
54 posts, read 314,986 times
Reputation: 42

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I'd be interested in getting opinions on this from both people in the business and buyers who have gone through the process. In short, is it okay to use two different buyers brokers, each for a different town?

I've narrowed my home search to two towns that are very different from eachother and about an hour apart. I believe in finding brokers who are experts in their area - perhaps even live in the type of home I'm looking for in the same neighborhood, are active in the community and know what's going on.

Would brokers be okay with working with me, knowing that I am also working with someone else? Of course everyone is different, but is this something that is common? It makes perfect sense to me, but the reason for my concern is that brokers in both these areas offer the MLS for both towns even though they are far apart, and I want to maintain good relationships while looking out for my own best interest. Thanks.
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Old 01-02-2007, 08:25 AM
 
Location: Cornelius
2,314 posts, read 304,177 times
Reputation: 287
Just be upfront with them. You may get lucky and find an agent that is knowledgable on both towns. If its an office with multiple locations you may be able to get the agents to work together on each town and they could split the commsion.

Just remember until you sign a buyers agency agreement the Agent must represent the seller to the fullest so becareful with anything you may disclose.

Good Luck!
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Old 01-02-2007, 09:38 AM
 
Location: Morehead City, NC
1,643 posts, read 3,572,956 times
Reputation: 1136
Buyer's Brokerage is for a finite time and for a finite area. You as the Buyer define both. The contract between the Buyer's Broker and Buyer is the, "Exclusive Right To Represent Buyer" and in reality is nothing more than an employment contract.
It is quite possible to have Broker "A" for area "A" and Broker "B" for area "B".
This must be clearly stated in your Agreement and both Brokers should be made aware of this.

Side Note: It is possible that the Buyer's Broker listed "North Carolina" as the area to represent you-I hope not. This would exclude your ability to utilize another Broker. All real estate is local-very local.
More often than not a Broker will list the term of employment as 6 months, but longer time periods are sometimes warranted. But remember-The Buyer is the Boss and sets the length of time of employment and also the employment coverage area.

Bill
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Last edited by xxman777; 01-06-2007 at 10:26 PM.. Reason: Advertising
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Old 01-02-2007, 10:26 AM
 
Location: Blacksburg, VA
823 posts, read 2,757,629 times
Reputation: 210
"Just remember until you sign a buyers agency agreement the Agent must represent the seller to the fullest so becareful with anything you may disclose."

I didn't realize this. Even without signing a buyer's agent agreement, I thought that if I used a broker to make a bid on a property that he/she would be my (buyer's) agent and represent my interests, not those of the seller, who would be represented by the listing agent. Please educate me further!

Thanks,
Alice
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Old 01-02-2007, 10:40 AM
 
Location: Morehead City, NC
1,643 posts, read 3,572,956 times
Reputation: 1136
All NC Real Estate Brokers represent the seller UNTIL a Buyer's Broker agency agreement is entered into. It is possible to "hire" a Buyer's Broker verbally-But no contract can be entered into until you sign a Buyer's agreement. Then and only then do you have a real estate Broker that is looking after your best interest. By law a Buyer's Broker has to put your interest first-even above their own.
Buying real estate without signing up a Buyer's Broker is like going to court without an attorney while the other side has full representation.
Bill

Last edited by Bill Hitchcock; 01-02-2007 at 10:49 AM..
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Old 01-02-2007, 01:17 PM
 
Location: Blacksburg, VA
823 posts, read 2,757,629 times
Reputation: 210
Thank you very much for that important information! Is this the case with all states? I wonder how I could find out?

Thanks,
Alice
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Old 01-02-2007, 01:20 PM
 
Location: Cary, NC
19,706 posts, read 31,536,127 times
Reputation: 16799
Alice,
Link to NC Real Estate Commission's "Working with Real Estate Agents" Brochure:
http://www.ncrec.state.nc.us/publications-bulletins/WorkingWith.html (broken link)

By NC law, EVERY NC agent must review this brochure with you at "first substantial contact." That means prior to learning any information you want to be confidential from the Seller.
Very clearly, if you do not formally engage an agent, it is legally assumed in North Carolina that the agent represents the Seller.


Quote:
Originally Posted by alice_61 View Post
"Just remember until you sign a buyers agency agreement the Agent must represent the seller to the fullest so becareful with anything you may disclose."

I didn't realize this. Even without signing a buyer's agent agreement, I thought that if I used a broker to make a bid on a property that he/she would be my (buyer's) agent and represent my interests, not those of the seller, who would be represented by the listing agent. Please educate me further!

Thanks,
Alice
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Old 01-02-2007, 04:18 PM
 
54 posts, read 314,986 times
Reputation: 42
Thanks! So the bottom line is to be upfront and to spell everything out with the brokers. Yes, who knows, Broker A might very well be an expert in City B after all, or be able to give me a referral and it will be win/win.

I'm glad the discussion has turned to the topic of agency. Unfortunately not enough people understand it. I'm sure this will be helpful to many!
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Old 01-02-2007, 06:33 PM
 
Location: Blacksburg, VA
823 posts, read 2,757,629 times
Reputation: 210
It certainly is helpful!

Thanks,
Alice
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