Seller’s Information

 

I want to take a moment to let you know that the information that follows may seem a little lengthy, but I think that it is vital information for you to have. I want to make sure that you have a good understanding of what a real estate agent is and what they can do for you. With this knowledge you will feel more secure in the decisions you make while in the process of selling your home. Thank you for taking the time to read it.

 

First, let me say that I understand how scary it can seem when it comes to selling your home. It is the place you have called home and there is a lot of sentimental attachment that comes with it. You want it to be a rewarding and exciting time for you as you are taking the next step in home ownership. The process of selling your home can seem overwhelming at times. Are we asking the right price? How long will it take to sell? How do we find the buyer’s? Are they qualified to buy the home? There are so many different questions to consider that you wonder where to even begin. That is what I am here to help with, to answer all of those questions you have. I want to help make selling your home an exciting time for you and to put my experience to work for you.

 

Before selling your home I would like to take a few moments to talk about real estate agents and the term “agency”. The term “agency” refers to the real estate agent’s roles and responsibilities to you. Many of you have heard the terms Seller’s Agent, Buyer’s Agent, and Dual Agent, but what do these really mean? A true understanding of these terms will ensure that you are receiving the best possible service from a real estate agent when selling your home.

 

The state of North Carolina requires that real estate agents must, at first substantial contact with customers, disclose the nature of “agency”. This is usually done by giving you a pamphlet called “Working With Real Estate Agents” and reviewing what a Seller’s Agent, Buyer’s Agent and Dual Agents are. What does this mean to you? It explains the roles and responsibilities of a real estate agent and what they can or can’t do.

 

Did you know that every real estate agent works for the seller? It’s true; the state of North Carolina mandates this so there won’t be any confusion when you first talk to an agent. What this means to you as a seller is that any agent that shows your home to potential buyers is, by default, working for you unless they have signed an agreement with the buyer (Buyer’s Agency Agreement). That means that every agent that shows your home is protecting your interests in selling your home and not the buyers. If the buyers have signed the Buyer’s Agency Agreement then the real estate agents role changes to protect the interests of the Buyer instead of the seller.

 

So, why should you hire a real estate agent and their firm (Listing Agreement) to sell your house? There are many reasons to hire an agent / firm. Here are some reasons to consider:

·        You will be getting the experience of an agent and their firm to cover every aspect of the home selling process

·        Agents know the market and have the tools to help determine the right value for your house.

·        They will know the best way to market your home

·        They will have a pool of potential buyers already in the process of looking for a home (yours may be the one they have been looking for)

·        They will put your home in the MLS (Multiple Listing Service) system

·        The MLS is used by thousands of real estate agents in the area with potential buyers looking for their perfect home (maybe its your home they are looking for)

·        The buyers they work with are pre-qualified to purchase a home

·        They can show your home when you are not there. Imagine having your life interrupted to run home so you can open your home to a stranger so they can view it. Do you even know if they can afford it? A real estate agent does.

·        They handle all of the contract work and schedule or help you schedule anything that needs to be done so you can close on your home.

·        Advertising, advertising, advertising! Need I say more?

·        Open Houses to help market and sell your home.

 

These are just some of the things your agent will be there for you to do. Could you do all of these things on your own or would you even want too? Why not put the experience of those who do it for a living to work for you. I know that paying someone a commission to sell your home sounds like throwing money away but it isn’t when you consider what you get for it and the headaches that you don’t get!

 

What are some of the duties of the real estate agent if you hire him/her to list / sell your home? They must:

·        Promote your best interests

·        Be loyal to you

·        Follow your instructions as long as it is within the law

·        Provide you with any and all material facts that could influence your decision

·        Use reasonable skill, care and diligence

·        Account for all monies that they handle on your behalf

 

After you have signed a listing agreement, the real estate agent and its firm may not provide any confidential information about you to potential buyers or the agents of potential buyers without your permission as long as the represent you.

 

Cautionary note: Until you sign the listing agreement, you should avoid telling an agent anything you would not want the buyer to know.

 

The real estate agent and its firm will offer a number of services for you to help sell your property. These may include:

·        Helping you determine a marketable price for your property

·        Marketing and advertising of your property in local publications, the areas MLS (Multiple Listing Service) system and internet listings

·        Providing all required property disclosure forms

·        Reviewing of all written contract offers with you

·        Negotiation of best price and terms possible for you

·        Promoting your best interests

 

            For representing you and providing the services and duties listed above to sell your property, the listing firm will ask you to pay a commission or fee. The listing agreement must state the amount or the method by which the commission or fee is determined. It must also state whether you will allow the firm representing you to share the commission with real estate agents that represent the buyer.

 

 

What Is Dual Agency?

 

Many people are confused by the term “Dual Agent or Agency” and what it means. Here is the simplest explanation I can come up with on the matter. It is where a real estate agent or firm represents both the buyer and the seller during the same sales transaction. As an agent or firm, the same benefit is given to both the buyer and the seller. The job of the agent is still to get the seller the best price and protect their interest while negotiating the best price and protecting the interest of the buyer. Agents must treat both the buyer and seller fairly and equally.

 

An example of how Dual Agency may come about is when you are working with a real estate agent and have agreed to have them be your Buyer’s Agent. Afterwards, they take you out to show you properties and one of the properties happens to be listed by your agent. You like the house that is listed buy your Buyer’s Agent and want to make an offer to purchase the home. Your Buyer’s Agent working with you is also the Seller’s Agent for the home you want to purchase. As you can see, this would now create a situation where the agent needs to represent both sides during the negotiations and purchase/sale of the home. That is what Dual Agency is all about.