Question about buying a house in Greenland Chase. (lease, condos)

[TheRandomEvent]

Now I'm curious about loans. For instance, we were shown an offer based on Pulte's mortgage program, yet told the agent we would probably go through BoA. He seemed fine with it, but I'm wondering does the price change at all if I go through BoA? Or do I just apply for a loan at the amount I was told I could get the home for, and BoA would figure everything out? The sheet I got was a printout of everything the house would cost, yet if I go through BoA, does everything change? Or can I still get the house for the price I wanted? In the end, I'm not worried about BoA screwing me, since I work for them. I'm worried about getting screwed over by the builder somehow.

I'm committed to buying this townhome at this point, yet I'm floundering in regards of how to get the house. Supposedly I can get the house I want at the price I want already. I know that a thousand things will probably get in the way, but what they are, I don't know. In retrospect, I probably should get an agent to figure this out for me. However, I'm worried that I won't get what I want if I bring an agent to the table since I've already made an inquiry without one. Should I just call an agent and say, "Yeah, I found a home I want, told the builder what I want to pay for it, and they said they can do that. What do I do now and can you help me?" Is this sort of thing common? I really want to get the townhome now before it disappears, so I'm wondering if using an agent will make it take longer, or if they can act quickly after I let them know the details.

I wouldn't mind calling someone to help me, I'm just over worried, I guess. I know an agent/broker is going to get their commission from the sale, but is there any money I have to pay them out of my pocket?

What I was thinking to do was to make an agreement with the seller, and I would assume they draw up the contract. Then I read it, and sign if I want to. Or could I hire a lawyer to read the contract for me?

[EricBoyd]

Just sent you a DM.

[Robyn55]

Originally Posted by EricBoyd

Yes, you can go directly to the builder's site agent, who is also a licensed real estate agent. Just remember, though, that they work directly for the builder, not for you. So, in that regard, having your own agent is beneficial, because you'd still have someone "on your side". That's not to suggest, though, that the builder's agent will treat you unfairly, because they are still bound to the real estate laws in FL. And, just because you don't have an agent doesn't mean that you're saving any money on commissions. The builder pays that out of their advertising budget and not off their home prices. Sure, it still affects their overall bottom-line, but I've been told time and time again that agent/no-agent doesn't affect the sales price of a new construction. And, before anyone else says it, yes, the builder would be paying your agent's commission, but their still YOUR agent.

Good luck!

I disagree. A real estate agent is always the seller's agent unless you specifically get a buyer's agent (and the latter are far less common than the former).

Doubt an agent would change the price - if only because I've found that agents aren't particularly good in terms of negotiating (mostly because they're representing the seller - and have no incentive to lower the sales price and therefore their commission).

I do recommend that the buyer research recent property sales in this particular development to see what the builder has sold similar units for. To see if he's getting a good deal. He should also get a good home inspector - and a lawyer to handle the contract and the closing.

The buyer should also be aware that there are various closing costs he will have to pay that he should determine before he signs a contract. Robyn

[EricBoyd]

Originally Posted by Robyn55

I disagree. A real estate agent is always the seller's agent unless you specifically get a buyer's agent (and the latter are far less common than the former).

Feel free to share your source(s) on this, as I'm always open to some enlightenment.

You're right about there not being many exclusive buyer representations, though. The few times I've tried to "commit" a buyer to an exclusive buyer/broker relationship, none would want to sign that contract. That type of representation just isn't widely accepted here, and too many agents will gladly work for free without any written commitment from the buyer leads they get.

[fsquid]

I noticed that when I moved down here last year. I never had to sign anything with my buyer's agent until the home closing. In other states, I've had to sign an exlusive contract with my buyer's agent.

[Robyn55]

Think we're all at least partially wrong. Here's the current law (thought it was easier to post the whole law than trying to explain all of it). I had never heard of a transaction broker - that's new since the last time I was involved in a real estate transaction. Note that different kinds of brokers have different legal obligations to buyers and sellers. Robyn

475.278 Authorized brokerage relationships; presumption of transaction brokerage; required disclosures.--
(1) BROKERAGE RELATIONSHIPS.--
(a) Authorized brokerage relationships.--A real estate licensee in this state may enter into a brokerage relationship as either a transaction broker or as a single agent with potential buyers and sellers. A real estate licensee may not operate as a disclosed or nondisclosed dual agent. As used in this section, the term "dual agent" means a broker who represents as a fiduciary both the prospective buyer and the prospective seller in a real estate transaction. This part does not prevent a licensee from changing from one brokerage relationship to the other as long as the buyer or the seller, or both, gives consent as required by subparagraph (3)(c)2. before the change and the appropriate disclosure of duties as provided in this part is made to the buyer or seller. This part does not require a customer to enter into a brokerage relationship with any real estate licensee.
(b) Presumption of transaction brokerage.--It shall be presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer.
(2) TRANSACTION BROKER RELATIONSHIP.--A transaction broker provides a limited form of representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent. The duties of the real estate licensee in this limited form of representation include the following:
(a) Dealing honestly and fairly;
(b) Accounting for all funds;
(c) Using skill, care, and diligence in the transaction;
(d) Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;
(e) Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
(f) Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and
(g) Any additional duties that are mutually agreed to with a party.
(3) SINGLE AGENT RELATIONSHIP.--
(a) Single agent-duties.--The duties of a real estate licensee owed to a buyer or seller who engages the real estate licensee as a single agent include the following:
1. Dealing honestly and fairly;
2. Loyalty;
3. Confidentiality;
4. Obedience;
5. Full disclosure;
6. Accounting for all funds;
7. Skill, care, and diligence in the transaction;
8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and
9. Disclosing all known facts that materially affect the value of residential real property and are not readily observable.
(b) Disclosure requirements.--
1. Single agent disclosure.--Duties of a single agent must be fully described and disclosed in writing to a buyer or seller either as a separate and distinct disclosure document or included as part of another document such as a listing agreement or other agreement for representation. The disclosure must be made before, or at the time of, entering into a listing agreement or an agreement for representation or before the showing of property, whichever occurs first. When incorporated into other documents, the required notice must be of the same size type, or larger, as other provisions of the document and must be conspicuous in its placement so as to advise customers of the duties of a single agent, except that the first sentence of the information identified in paragraph (c) must be printed in uppercase and bold type.
2. Transition to transaction broker disclosure.--A single agent relationship may be changed to a transaction broker relationship at any time during the relationship between an agent and principal, provided the agent first obtains the principal's written consent to the change in relationship. This disclosure must be in writing to the principal either as a separate and distinct document or included as part of other documents such as a listing agreement or other agreements for representation. When incorporated into other documents, the required notice must be of the same size type, or larger, as other provisions of the document and must be conspicuous in its placement so as to advise customers of the duties of limited representation, except that the first sentence of the information identified in subparagraph (c)2. must be printed in uppercase and bold type.
(c) Contents of disclosure.--
1. Single agent duties disclosure.--The notice required under subparagraph (b)1. must include the following information in the following form:

SINGLE AGENT NOTICE


FLORIDA LAW REQUIRES THAT REAL ESTATE LICENSEES OPERATING AS SINGLE AGENTS DISCLOSE TO BUYERS AND SELLERS THEIR DUTIES.


As a single agent, [SIZE=2] (insert name of Real Estate Entity and its Associates) owe to you the following duties: [/SIZE]
1. Dealing honestly and fairly;
2. Loyalty;
3. Confidentiality;
4. Obedience;
5. Full disclosure;
6. Accounting for all funds;
7. Skill, care, and diligence in the transaction;
8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and
9. Disclosing all known facts that materially affect the value of residential real property and are not readily observable. __________
Date______________________________
Signature
2. Transition disclosure.--To gain the principal's written consent to a change in relationship, a licensee must use the following disclosure:

CONSENT TO TRANSITION TO

TRANSACTION BROKER


FLORIDA LAW ALLOWS REAL ESTATE LICENSEES WHO REPRESENT A BUYER OR SELLER AS A SINGLE AGENT TO CHANGE FROM A SINGLE AGENT RELATIONSHIP TO A TRANSACTION BROKERAGE RELATIONSHIP IN ORDER FOR THE LICENSEE TO ASSIST BOTH PARTIES IN A REAL ESTATE TRANSACTION BY PROVIDING A LIMITED FORM OF REPRESENTATION TO BOTH THE BUYER AND THE SELLER. THIS CHANGE IN RELATIONSHIP CANNOT OCCUR WITHOUT YOUR PRIOR WRITTEN CONSENT.


As a transaction broker, [SIZE=2] (insert name of Real Estate Firm and its Associates) , provides to you a limited form of representation that includes the following duties: [/SIZE]

1. Dealing honestly and fairly;
2. Accounting for all funds;
3. Using skill, care, and diligence in the transaction;
4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;
5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
6. Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and
7. Any additional duties that are entered into by this or by separate written agreement.


Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Additionally, parties are giving up their rights to the undivided loyalty of the licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties.


____________________I agree that my agent may assume the role and duties of a transaction broker. [must be initialed or signed]
(4) NO BROKERAGE RELATIONSHIP.--
(a) No brokerage relationship-duties.--A real estate licensee owes to a potential seller or buyer with whom the licensee has no brokerage relationship the following duties:
1. Dealing honestly and fairly;
2. Disclosing all known facts that materially affect the value of the residential real property which are not readily observable to the buyer; and
3. Accounting for all funds entrusted to the licensee.
(b) Disclosure requirements.--Duties of a licensee who has no brokerage relationship with a buyer or seller must be fully described and disclosed in writing to the buyer or seller. The disclosure must be made before the showing of property. When incorporated into other documents, the required notice must be of the same size type, or larger, as other provisions of the document and must be conspicuous in its placement so as to advise customers of the duties of a licensee that has no brokerage relationship with a buyer or seller, except that the first sentence of the information identified in paragraph (c) must be printed in uppercase bold type.
(c) Contents of disclosure.--The notice required under paragraph (b) must include the following information in the following form:

NO BROKERAGE RELATIONSHIP NOTICE


FLORIDA LAW REQUIRES THAT REAL ESTATE LICENSEES WHO HAVE NO BROKERAGE RELATIONSHIP WITH A POTENTIAL SELLER OR BUYER DISCLOSE THEIR DUTIES TO SELLERS AND BUYERS.


As a real estate licensee who has no brokerage relationship with you, [SIZE=2] (insert name of Real Estate Entity and its Associates) owe to you the following duties: [/SIZE]
[SIZE=2][/SIZE]
1. Dealing honestly and fairly;
2. Disclosing all known facts that materially affect the value of residential real property which are not readily observable to the buyer.
3. Accounting for all funds entrusted to the licensee.


[SIZE=2] (Date) [/SIZE]

[SIZE=2] (Signature) [/SIZE]

(5) APPLICABILITY.--
(a) Residential sales.--The real estate licensee disclosure requirements of this section apply to all residential sales. As used in this subsection, the term "residential sale" means the sale of improved residential property of four units or fewer, the sale of unimproved residential property intended for use of four units or fewer, or the sale of agricultural property of 10 acres or fewer.
(b) Disclosure limitations.--
1. The real estate disclosure requirements of this section do not apply when a licensee knows that the potential seller or buyer is represented by a single agent or a transaction broker; or when an owner is selling new residential units built by the owner and the circumstances or setting should reasonably inform the potential buyer that the owner's employee or single agent is acting on behalf of the owner, whether because of the location of the sales office or because of office signage or placards or identification badges worn by the owner's employee or single agent.
2. The real estate licensee disclosure requirements of this section do not apply to: nonresidential transactions; the rental or leasing of real property, unless an option to purchase all or a portion of the property improved with four or fewer residential units is given; a bona fide "open house" or model home showing that does not involve eliciting confidential information, the execution of a contractual offer or an agreement for representation, or negotiations concerning price, terms, or conditions of a potential sale; unanticipated casual conversations between a licensee and a seller or buyer which do not involve eliciting confidential information, the execution of a contractual offer or agreement for representation, or negotiations concerning price, terms, or conditions of a potential sale; responding to general factual questions from a potential buyer or seller concerning properties that have been advertised for sale; situations in which a licensee's communications with a potential buyer or seller are limited to providing general factual information, oral or written, about the qualifications, background, and services of the licensee or the licensee's brokerage firm; auctions; appraisals; and dispositions of any interest in business enterprises or business opportunities, except for property with four or fewer residential units. History.--s. 3, ch. 97-42; s. 12, ch. 98-250; s. 9, ch. 99-384; s. 2, ch. 2000-198; s. 36, ch. 2003-164; s. 79, ch. 2004-5; s. 5, ch. 2006-210; s. 13, ch. 2009-20.

[EricBoyd]

Originally Posted by Robyn55

[b]Think we're all at least partially wrong.

Again, please enlighten me as to where I'm partially wrong. Being that I'm a Broker, I'm quite comfortable with my knowledge of RE Law, specifically regarding agency and representation. But, if you say I'm wrong about anything I have said, please point me to what was wrong about it. Not trying to start anything, but if you're gonna say I'm wrong, I'm gonna have to ask you to back that up. Simply posting the law from Chp 475 doesn't really address the specifics of your claim.

[spaceguy]

Originally Posted by TheRandomEvent

Now I'm curious about loans. For instance, we were shown an offer based on Pulte's mortgage program, yet told the agent we would probably go through BoA. He seemed fine with it, but I'm wondering does the price change at all if I go through BoA? Or do I just apply for a loan at the amount I was told I could get the home for, and BoA would figure everything out? The sheet I got was a printout of everything the house would cost, yet if I go through BoA, does everything change? Or can I still get the house for the price I wanted? In the end, I'm not worried about BoA screwing me, since I work for them. I'm worried about getting screwed over by the builder somehow.

I'm committed to buying this townhome at this point, yet I'm floundering in regards of how to get the house. Supposedly I can get the house I want at the price I want already. I know that a thousand things will probably get in the way, but what they are, I don't know. In retrospect, I probably should get an agent to figure this out for me. However, I'm worried that I won't get what I want if I bring an agent to the table since I've already made an inquiry without one. Should I just call an agent and say, "Yeah, I found a home I want, told the builder what I want to pay for it, and they said they can do that. What do I do now and can you help me?" Is this sort of thing common? I really want to get the townhome now before it disappears, so I'm wondering if using an agent will make it take longer, or if they can act quickly after I let them know the details.

I wouldn't mind calling someone to help me, I'm just over worried, I guess. I know an agent/broker is going to get their commission from the sale, but is there any money I have to pay them out of my pocket?

What I was thinking to do was to make an agreement with the seller, and I would assume they draw up the contract. Then I read it, and sign if I want to. Or could I hire a lawyer to read the contract for me?

If you have done research on getting a new town home you may not need a realtor. Usually the seller pays the realtor 3% for his service. Some realtors pay you back 50% of his commission since, you have done all your all research

[Robyn55]

Originally Posted by EricBoyd

Again, please enlighten me as to where I'm partially wrong. Being that I'm a Broker, I'm quite comfortable with my knowledge of RE Law, specifically regarding agency and representation. But, if you say I'm wrong about anything I have said, please point me to what was wrong about it. Not trying to start anything, but if you're gonna say I'm wrong, I'm gonna have to ask you to back that up. Simply posting the law from Chp 475 doesn't really address the specifics of your claim.

You said this: "So, in that regard, having your own agent is beneficial, because you'd still have someone "on your side"."

The way I read the statute - the only person who will be 100% on your side - to the maximum extent allowed by law - is a seller's broker if you're a seller - and a buyer's broker if you're a buyer. The transaction broker doesn't seem to be on anyone's side in particular. Now perhaps when you said "your own agent" - you meant a seller's broker if you're a seller - or a buyer's broker if you're a buyer. In which case you'd be correct. I recall that the statute presumes that a broker is a transaction broker unless there's a contract to the contrary. Robyn

[EricBoyd]

OK, I understand what you mean, now. Thanks for clearing that up. I do believe, in the OP's case, it's still best for them to have their own agent. As I earlier stated, it doesn't matter from a purchase price standpoint whether there's 1 or 2 brokers in the deal. So, removing that from the equation, that means there's one more broker involved in the transaction to provide the duties of a Transaction Broker (specifically the parts "Deal Honestly and Fairly" and "Use Skill, Care and Diligence"). It's even more important in the case of a builder's site agent, when they may be operating as a Single Agent for the Builder. Know what I mean?