Living Lake Livingston!

head_left_image

Why a Residential Buyer Representation Agreement?

 

Why do you require a Residential Buyer's Representation Agreement to be signed before you show me property?

 

Unfortunately, a few bad apples spoil it for the whole bunch. Both buyers and agents have been burned by each other. Residential Buyer Representation Agreement (RBRA)  spells out the expectations for both the buyer and the agent. Basically, what it boils down to is LOYALTY. 

Here's just three of MANY things that frequently happen to real estate agents selling Waterfront Homes For Sale on Lake Livingston.

 

  1. For Your Protection and Mine - Get a RBRA SignedBuyer from Houston calls about waterfront homes. They are not working with anyone and want to look for lake front homes. We take them all over the lake (which is located in FOUR counties). Spend much time, effort, GAS, etc. and then they go back to Houston and write it with their cousin who is a part time agent and unfamiliar with the Lake Livingston area. All that work for ZERO compensation. Ouch.
  2. Buyer calls about a gated subdivision. We meet with them and show them property in the subdivision. They go and purchase property from a FSBO that had property listed on Craig's List. They just wanted through the gate to check out the subdivision. They never had any intention of purchasing property from us. Again -- Mucho work - Compensation, NADA!
  3. Agent has been showing buyer for the past three weekends each county on Lake Livingston. They only have 1 county left to cover. Agents family member dies and they have to attend a funeral that Saturday, so they move the appointment to Sunday. Buyer decides to just DRIVE AROUND that Saturday just for fun. Buyer see's something they like, calls the listing agent who tells them that they are getting a contract on the house from another agent TODAY -- so if they want to see it and make an offer on it, they have to do it RIGHT THEN. They do. The agent in mourning for their family member is now  also in mourning over the loss of their buyer.  Once More -- A crazy amount of work for ZILCH!

 

Here are just two of MANY things that frequently happen to buyers who do not have a buyer's reprensation agreement.

 

  1. Buyers are shown only the properties that that particular agent wants to show them, not necessairly the ones that best suit the buyer's needs.
  2. Buyers tell the agent information about themselves that should not be disclosed, and that information is passed on to the seller.

 

Buyer Reprensation Agreements spell out that the agent MUST put the needs of their buyer first. This means they must show them ALL homes that suit their buyer's needs. This includes any For Sale By Owner (FSBO)  that the agent may know about.

 

The RBRA covers the amount of commission that the BUYER will pay THEIR AGENT if the seller has not agreed in their listing to compensate the selling agent. For MOST properties that you see on MLS the seller and their agent have agreed to compensate the listing agent. A FSBO may or may not agree to pay commission. This part protects the agent from buyers who may otherwise be tempted to be disloyal to their agent.

 

I have had buyers specifically ask NOT to see FSBO properties because they did not want to have to pay a commission. I noted this in the RBRA  so that it was clear that I was instructed not to show the buyer any FSBO properties.

 

 

As far as confidential information is concerned, if you are looking with an agent that shows you one of their company listings and you DO NOT have a RBRA signed, they are REQUIRED to pass on your confidential information on to that seller. If you have a RBRA signed, they are not allowed to. 

 

Many buyers mistakingly think, HEY, I KNOW. I'm not going to share any confidential information! Then they tell the agent what they do for a living, why they are looking for a home, how soon they have to move, how much the LOVE the property, etc. You wouldn't believe how the most innocent thing can be used against you in negotiation. IE: We've been looking at waterfront homes over the winter and we KNOW this one is the most beautiful one, even OUTSIDE of its price range. (Why thank you!!)

 

If you are serious about buyng propery on Lake Livigston, there is no reason you wouldn't hire someone who knows the area, understands your needs, and is looking out for your best interest. Just caling around and talking to anyone that answers the phone is NOT in your best interest.

 

I'm Joni Staples, and I invite you to my office to go over the Buyer's Representation Agreement in detail. You can interview me, to make sure that you are comfortable with my knowledge of Lake Livingston. Then we can both sign the RBRA, get you pre-approved, and get to work finding that PERFECT Lake Livingston Waterfront Home FOR YOU! Regardless of WHO has it listed! Call me at (936) 650-9017, and let's get started TODAY!

 

 

Why do you require a Residential Buyer's Reprensentation Agreement to be signed before you show me property?

 

 

 

 

This has been brought to you by YOUR Huntsville / Lake Livingston Area real estate professional. Before you buy or sell, call Joni Bailey at (936) 650-9017. I look forward to earning your business and exceeding your expectations. Broker Associate with Berkshire Hathaway Home Services - Anderson Properties. Mike Huff, Broker.  BerkshireHathaway Hom Services is a member of the franchise system of BHH Affiliates, LLC. Each office is independently owned and operated.

TEXAS REAL ESTATE COMMISSION CONSUMER PROTECTION NOTICE

TEXAS REAL ESTATE COMMISSION INFORMATION ABOUT BROKERAGE SERVICESJoni Staples, Broker Associate BHGHRE-AP (936) 650-9017

 Copyright (C) Joni Bailey     (936) 650-9017  www.LivingLakeLivingston.com

 

Licensed in the state of Texas (0518539)                         

 

  LivingLakeLivingston@gmail.com

 

      

Comment balloon 29 commentsJoni Bailey • March 30 2013 08:36AM
Why a Residential Buyer Representation Agreement?
share
Why do you require a Residential Buyer's Representation Agreement to be signed before you show me property? Unfortunately, a few bad apples spoil it for the whole bunch. Both buyers and agents have been burned by each other… more
Welcome to Harbor Point on Lake Livingston
share
Welcome to Harbor Point on Lake Livingston Harbor Point is a gated community located on the northern end of Lake Livingston. Homes in Harbor Point are either traditional built or manufactured… more
Have Your Picture Made With the Easter Bunny!
share
Have Your Pictures Made With the Easter Bunny The Easter Bunny sent a Bonnie (pictured right) to remind you to d oll up the kids in their best Easter Egg Hunting Outfits and run them up to West Hill Mall… more
Why is there a mortgage lien when I payed off my home?
share
Why is there a mortgage lien when I payed off my home? When you take out a mortgage on your home, the mortgage company files a lien with the county to make sure that if you sell the home, they will be paid the… more
Tuesday's Treasures: Moon over Bethy Creek in Riverside, Texas
share
I wish that I had my regular camera to shoot this, but all I had was my phone. The moon was so pretty tonight as we were heading home. I followed it (the moon) around to Bethy Creek Resort just to see how it looked over the water. As… more
Riverside Community Sunrise Service ~ Riverside, Texas
share
Riverside Community Sunrise Service The Riverside Community Sunrise Service is to be held Easter Morning, Sunday, March 31, 2013 at the Riverside United Methodist Church Gazebo … more
Rita B Huff (Huntsville's Humane Society) Seeks Garage Sale Donations
share
Rita B. Huff Humane Society Seeks Garage Sale Donations Donation Items Needed! Accepting just about anything that WORKS! No old TVs or Old Computers, Please. Please Call Nelda at (936) 439-5455 … more
When do I get the keys to my new Phoenix AZ Home?
share
In our market in East Texas you typically receive your keys after closing and funding. This means when the seller receives their money, you get the keys. Check Out Anna's post as to why her market no loner sees many leases to the seller's so… more
How Do I Get Pre-Approved For A Mortgage?
share
George Souto has laid out the process for getting a mortgage pre-approval, right here in his easy to read, ActiveRain blog. Not only has he provided this great information, but he provides link to other frequently asked mortgage questions. Thank… more
It's Not A Low Ball Offer If The Listing Is Overpriced
share
When working with buyers, I like to do a CMA to make sure that our offer is in line with what other comparable homes in the area are selling for. Occasionally I will find that the listing is over priced. A nice cover letter explaining that we are… more