Q: (Single Agent) Dual Agency – Who Benefits? A: The Realtor
What are Your Favorite Bills in this Year’s General Assembly?
These are the bills I’m tracking on Richmond Sunlight – bill ranging from real estate licensing to the castle doctrine to eminent domain – and quite a few more.
The Charlottesville real estate market has gotten busier since the General Assembly’s session started so my time has been more limited (and this highlights why the only ones able to really influence legislation are the ones paid to do so).
As a consumer, agreeing to Single-Agent Dual Agency would take an awful lot of consideration and trust …
HB 1907 – Agency in Virginia, Disclosures and More
The bill has unanimously passed the Committee and the House of Representatives . 
Discussing the perils of single agent dual agency has long been my windmill; while not perfect, this bill clearly is a step towards representation .
…That following the commencement of dual standard agency, the licensee will be unable to advise either party as to the terms, offers or counteroffers; however, under the limited circumstances specified in subsection C, the licensee may have previously discussed such terms with one party prior to the commencement of dual standard agency;
…That the licensee cannot advise a buyer client as to the suitability of the property, its condition (other than to make any disclosures as required by law of any licensee representing a seller), and cannot advise either party as to repairs of the property to make or request; 3. … That the licensee will be acting without knowledge of the client’s needs, client’s experience in the market, or client’s experience in handling real estate transactions unless he has gained that information from earlier contact with the client under the limited circumstances specified in subsection C; and 5.
How Much is the Buyer Broker Fee?
That question is one of the many reasons that I choose to use Buyer Broker agreements with my buyer clients . (and why ending cooperative compensation would be a boon to the real estate world ). 1 – The Seller and the Sellers’ Realtor are going to do whatever they can (legally and ethically) to induce a buyer to look at the house … and hopefully buy it.
…(this argument becomes much harder when the seller has no or negative equity) – “It’s none of the Buyer’s business how much I’m being paid!” (as argued by the Buyer’s Agent who ostensibly is seeking to “represent” said buyer) Look, I’m not begrudging Realtors earning livings what I do encourage is for buyers to be aware of what may be going on behind the scenes.
Prepping to Buy a House in Charlottesville
Now is the time when people really start to talk about these things in earnest, so here is the thing: if you’re thinking about buying a house, it’s a great time to buy! … But if you’re thinking about buying in the Spring: – now is the time to start researching. – Drive through neighborhoods, see how they’re decorated if that interests you or if it disinterests you. It’s good to know what you might be getting yourself into. – Start scouting things out, ask questions, search for homes and find a realtor (I am one) and start looking for vacant houses so you have a feel for what you’re going to see come Spring when houses come on the market. – Prices now are starting to moderate even more. … Start interviewing buyers agents , ask questions, because when you’re talking about interviewing buyers agents , you’re really talking about spending a lot of time with somebody who is hopefully going to be someone you like, trust, and is a professional who is experienced.
Blog Wayback – Why Use a Realtor – Decoding NAR-Speak
In many markets across the country, over 50% of real estate sales are cooperative sales ; that is, a real estate agent other than yours brings in the buyer. … Your Realtor will generally prescreen and accompany qualified prospects through your property. a – I want to see that study. b – Allowing strangers into your home is the whole point of the MLS and lockbox system we use!
Buy Local
We pay Realtor buyer agents commissions on the homes’ final sales price after all upgrades, selections and options are chosen and not pay on a “bogus†base price that is much lower than the final sales price, we love contributing to the Charlottesville area and market by offering a great value and quality product and we offer outstanding warranty, customer service and prompt follow-up. Some do not bank locally, they do not buy building materials locally, they do not us local subcontractors, they require buyers to obtain financing from their out of town lender, they do not like to work with Realtors and make every effort they possibly can to sell to the public directly, they pay Realtors on a “bogus†base price that is always much lower than the final sales price, they have very strict walk through policies as you described in your blog and do not encourage or allow buyer agent participation in the final walk through and offer very very minimum warranty and customer service follow up after sales.