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On the subject of property. Here in England the Realtor only acts for the seller. So, when a realtor offers to act for me as a buyer how does that work? I have seen a business considering to buy, would I ask the realtor to represent me, or do I just continue to get the info myself from the sellers agent?
Thanks, just wanted to check!
There are agents that just represent a seller and agents that just represent buyers and then there are agents that do both. The general idea is that if you have someone representing you just as a seller or buyer then they are looking out for your best interests. An agent covering both ends may try to get a higher price for the seller to up his commission. Over here the seller pays the realtor's commission. Theoretically a buyers agent works to get you as a buyer the best deal. A good buyers agent should be familiar enough with the local market to advise you as to whether a house or business is a good deal and makes sure the contracts are all done properly. However, to protect yourself you really have to do the research to know whether you are getting a good deal or not. Good luck
Thanks. Would a realtor know about buying a business? We are looking at buying a shop in Asheville, not real estate in this case. I have a realtor sending me emails about houses and real estate businesses such as b&b's should I tell them about the shop we are interested in? Here in England we are paranoid to trust any agents! It is interesting that in England no qualifications are required to be an Estate Agent (sell houses) and they never work for the buyer, as a buyer we do our own negotiating.
If you are buying a business only, and not the real estate in which it is located, you need to hire an accountant to look at the "accounts" "bookkeeping" of the business as to current and future profit or loss; to investigate what the business itself and the inventory are worth etc. You may also need a tax attorney to advise you relative to citizenship, dual citizenship, and so forth. Someone who can hold your hand throughout the transaction.
Good luck in this venture, you have a lot of homework to do.
If you are buying a business only, and not the real estate in which it is located, you need to hire an accountant to look at the "accounts" "bookkeeping" of the business as to current and future profit or loss; to investigate what the business itself and the inventory are worth etc. You may also need a tax attorney to advise you relative to citizenship, dual citizenship, and so forth. Someone who can hold your hand throughout the transaction.
Good luck in this venture, you have a lot of homework to do.
Hi, yes this is what I thought. We are coming to Asheville again to find out more, if all still looks good we'll then hire an accountant.
Anyone have experience of how retail businesses are doing in downtown Asheville generally? Seems hotel room sales were up last year, so are the tourists still coming!?
Thanks
Cofga is correct about Buyers Agents, Sellers agents and dual agents although I disagree with a dual agent trying to jack up the price. As a dual agent, we are no longer allowed to discuss money with our clients. To tell the seller to hold out for more money - or tell the buyer that you need to pay more (or less) - is highly unethical when in a dual agent situation. If an agent is representing only one party, then they are obligated to tell their party everything they know so they can then make the best decision when negotiating.
As far as Realtors representing someone looking for a business - if you don't get your own agent, the sellers agent will then represent you and become a dual agent. That's not always a bad thing but it should be choice you make, not one that is made for you. If you choose to have your own agent then pick one who specializes in commercial real estate. I sell homes and land. I would never represent a commercial client. I don't know nearly enough to protect my clients interest. By the same token, anyone looking to buy land should consult someone who knows land. It's completely different from houses. A friend of mine once met a Realtor and his buyer/client at a large tract of land. My friend was the listing agent and was there to walk the land with the buyer and show him boundaries and other aspects. The buyers agent stayed in his car. He said his shiny loafers never left pavement. Then why is he selling land? Every area of real estate has it's own quirks. It's best to get a realtor who specializes in those quirks.
I have had a retail business downtown since 2004. The sellers were represented by a broker. We represented ourselves. Things are going pretty well, but many of our neighbors are moaning. We still get plenty of tourists.
I also have an accountant who is qualified to practice in both the US and the UK. He's in Raleigh, but that has not been an issue.
Send me a DM or an E-mail if you want to get a little more specific about the shop you are looking at.
On the subject of property. Here in England the Realtor only acts for the seller. So, when a realtor offers to act for me as a buyer how does that work? I have seen a business considering to buy, would I ask the realtor to represent me, or do I just continue to get the info myself from the sellers agent?
Thanks, just wanted to check!
jukes, in NC you definitely want to find a good buyers agent to represent you!
A little known fact those relocating don't always know...in NC ALL realtors represent ALL sellers UNLESS they specifically sign a buyers agency agreement with a buyer.
Until you sign a contract with someone to be your buyers agent DO NOT share any real info with any realtor that you wouldn't want a seller to know too. They have an obligation to use this info against you, so to speak, to help the seller even when they don't know the seller! Once you sign an exclusive buyers agency agreement with a realtor they work for you alone and will protect you better than you can protect yourself.
Best of luck!
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