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If I Were Selling or Buying a Home on the North Fork of Long Island

January 21st, 2008 category: Buyers, East End LI Foreclosures, Real Estate Philosophy, Sellers

If I were a seller on the North Fork of Long Island, New York, I would ask the following question of the Realtor offering their services: Do you understand fiduciary?

What is fiduciary, from a seller perspective? Here are some good questions:

1. Will my property be entered into the MLSLI immediately? I want all agents with buyers to know that it’s for sale; that will potentially increase the offer that is made to me.

2. Are you seeking the best offer for ME, or are you interested in excluding Realtors that may have a good offer, but will take half of the fee that I’ve offered you to sell the property, preventing you and your company from getting it ALL? I don’t want an agent or company that’s not complying with fiduciary here; what you and your company receive is what I’ve agreed to, and I don’t care who it goes to. Nor should you, if you understand your fiduciary to me.

3. Will your sign out front be welcoming to all that might have an interest, without that antiquated “exclusive” part attached to it? I don’t want to discourage anyone from seeing my house. What’s up with the “exclusive” on my sign?

4. Will you provide me with ALL binders, so that I can make the decision? I think that I deserve that- after all, I’m paying your fee. Can I trust you with this?

If I were buying a home on the North Fork of Long Island, I would demand a buyer agent. Buyers agents operate with fiduciary- that’s what the Realtor code of ethics requires.

If I want a home, the “fee” for the buyers agent is already in the price. Hey, I’m not stupid. And no, I don’t want to be a “customer” of the listing agent or anything else- my agenda is to locate the best value, and that means my own Buyers Agent. Period. If I want to make a low-ball offer through the listing company, that’s my right, too- respect that I do NOT want to buy through the selling company, but they can facilitate a low-ball. Anything else and I’m compromising my own money.

AND, I want to see ALL of the available homes. I’ve given a price range, and I want to see them all. If my buyers agent wants to show a home that I may have to “pay” him or her for, no thanks- I’d take it off of the offer price, anyway- we all KNOW that sellers have included some kind of payment if you offer it to agents that only represent sellers- “SUB-AGENTS”. What are those types of agents still doing around, anyway? If you can pay a sub-agent, you have made financial room for a buyers agent- they often have buyers. I want their offers.

What? You’ve counseled your seller to pay less to a buyers agent, or nothing to a buyers agent? Hmm. I wonder what’s wrong with the house- is there a problem that a buyers agent will uncover?

Oh- and if you want to make it difficult, so what. The market is declining anyway. Hey, I want to buy a house. You can make it easier, or I’ll just wait.

Really, it’s all so simple, this FIDUCIARY stuff. And well worth understanding.

Make sure that your Realtor “gets it”- after all, it’s required.

At Options Realty, we “get it”, whether you are selling or buying a home. Your interests come first.

One Response to “If I Were Selling or Buying a Home on the North Fork of Long Island”

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March 11th, 2008 at 1:00 pm
[…] help you be successful without having to spend a fortune. Clean the clutter! LESS = MORE … If I Were Selling or Buying a Home on the North Fork of Long Isla Blog - By Laurie Mindnich Really, it’s all so simple, this FIDUCIARY stuff. And well worth […]