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I found something I really love in Downtown Raleigh. The building is just taking reservations at this time and has made it very clear, if anything the prices will go up and no incentives.. Should I just go ahead and deal with the on-site agent. I don't know if I still need a buyer's agent. The deposit is refundable and it is sketchy when a closing will take place.. Thanks
Especially if you're using the builder's contracts, which are written to favor the builder, I would highly recommend using a buyer's agent. They're not coming off the price if you don't use one, but they typically pay the buyer's agent's commission if you do, so it doesn't cost you anything to use one. The onsite agent represents the builder's interests, not yours. Not that they're trying to cheat you, but by law, they're on the opposite side of the table, so to speak.
You should've seen this already, but here is the brochure explaining agency relationships in the state of NC:
Especially if you're using the builder's contracts, which are written to favor the builder, I would highly recommend using a buyer's agent. They're not coming off the price if you don't use one, but they typically pay the buyer's agent's commission if you do, so it doesn't cost you anything to use one. The onsite agent represents the builder's interests, not yours. Not that they're trying to cheat you, but by law, they're on the opposite side of the table, so to speak.
You should've seen this already, but here is the brochure explaining agency relationships in the state of NC:
Thank you, I never saw that before... It is done so differently here in the North... One more question, I have been talking to a buyers agent about Cary and such, I don't know if she is experienced in Downtown.. Would I gain from using an agent that has experience in the type of property in a familiar location..?? In other words, should my buyers agent be familiar with the project I am buying...thanks
Being a Realtor...of course I think it's always beneficial to use one. When you purchase a home, the commission is already in place and is in essence "free" for you to have representation. The listing agent represents only the Builder and has their best interest in mind. Considering you are in the situation where construction is not yet complete, you have a considerable amount of time between contract and closing. There will most likely be design choices that you have to make along the way that can either benefit you for resale purposes...or harm you. Again, this is why it's beneficial to have a professional opinion.
Depending on how many times you have visited the listing agent and how much work the two of you have done with one another...it may be too late for an agent to step in and receive compensation from the listing. It's what we call "procurring cause". If you would like to speak with me more about it...I'd be happy to get in touch with you.
Thank you, I never saw that before... It is done so differently here in the North... One more question, I have been talking to a buyers agent about Cary and such, I don't know if she is experienced in Downtown.. Would I gain from using an agent that has experience in the type of property in a familiar location..?? In other words, should my buyers agent be familiar with the project I am buying...thanks
It certainly helps if the agent already knows the area, since they might have an overall grasp of how the area is growing/changing, what is coming up soon, what plans are in the works in that area in the future, how it has changed over the years... Knowledge is power, and in this profession especially, a good agent needs to be on top of what's happening in their market.
On the other hand, if you have a good relationship with this person, it is reasonable to expect them to at least spend a good amount of time researching and learning about the area if they are not already very familiar with it. It sounds like you've already done a lot of research yourself, so this might work for you where it wouldn't for others. Much depends on your comfort level both with the area as well as the person.
Thanks guys, I need to think this out..I thought it was strange, when I called the realestate that is representing the builder, got a very nice woman who said she was a buyer's agent and could help me.. BUT at her insistance, gave me over the the builder's agent who worked in the same office..
The first woman acted like she could help me search for many properties in the area, but If I had already decided on THAT building, I had better talk to so and so... And she put her on the phone.. This new women is not a buyer's agent, but is selling the units in the builing for the builder..
Talk about confusion!!!
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