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You engage me to list your home for sale.
We agree to list at $400,000.
You tell me that you would accept $380,000.
3 months later, you ask me to cancel the listing, and I do.
I cannot capriciously blab to others that you would have accepted less than list price.
That is my duty to you, and it survives termination.
However, in another 3 months, you list your home at $400,000 with Agent X at another firm.
And now I have another client, a buyer who is interested in your house.
At that time, I must tell my buyer client that you had indicated you would accept $380,000.
That's a very good argument for engaging the services of a buyer's agent rather than trying to save a few bucks by contacting the listing agent directly and getting her to concede some commission since she's getting both sides. The more involved your buyer's agent is in the market you're buying, the more likely he is to know something like this and be able to use it to get you a better deal.
Absolutely! Because the millions of people who buy condos and houses every year should always consult an attorney before submitting to the seller their pre-printed, boilerplate, purchase offer with the the blank spaces for the price and a couple of other variables filled in. Legal advice is absolutely, positively needed in all of these routine transactions. And of course, the sellers of the property should absolutely, positively, have an attorney review the buyers' pre-printed, boilerplate, purchase offer with the the blank spaces for the price and a couple of other variables filled in before they countersign the contract. Not to mention that during the negotiating process, each time a price or other change is proposed, both parties should consult with their respective attorneys before initialing said contract.
Let's not reserve the use of attorneys for complex and/or difficult real estate transactions. Instead, we should just advise everyone who is contemplating buying or selling a residence to always hire an attorney to review every aspect of every routine transaction.
That's a very good argument for engaging the services of a buyer's agent rather than trying to save a few bucks by contacting the listing agent directly and getting her to concede some commission since she's getting both sides. The more involved your buyer's agent is in the market you're buying, the more likely he is to know something like this and be able to use it to get you a better deal.
That is a pretty weak selling point for using a buyers agent. Maybe by a big coincidence, the agent may have listed a house you want to buy and have some relevant inside information.
As expected. You risked the cost of the home inspection. The seller risked the cost of septic and well inspection.
And the seller's risk wasn't really much of a risk; he's going to have to test the well & septic for any buyer. This test is likely acceptable for at least the next 60 days.
That is a pretty weak selling point for using a buyers agent. Maybe by a big coincidence, the agent may have listed a house you want to buy and have some relevant inside information.
It isn't just that he may have listed it previously. He may have negotiated unsuccessfully for another buyer. He may have heard something from a neighbor, another agent, co-worker, etc. One thing you can be sure of; the listing agent is prohibited from assisting you getting a better deal. Your buyer's agent is mandated to advocate for you. If there is only a 1 in 100 chance that he has knowledge that will help, it beats zero chances all day long.
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