Have you worked with a Realtor Lately?

Like all things in todays world, things are not the same. As much as you would like things to remain the same, it can’t always be that way. Sometimes it can be for the best and sometimes it can be for the worst as it may seem. But one thing is for sure change takes time to get things together as it should. In todays market things are different for buyer’s and seller’s too. Beyond the market conditions and what is happening in your area. How things are handled between buyers and sellers has changed. Now, I know your going to say I don’t have to deal with this situation. But, if you are working with a Realtor you will have to deal with the new guidelines on how things are handled with agency and representation. The way you view property and even sell property is not the same as a few years ago. Even going to an open house is not the same as before.

Today you have to disclose agency up front with anyone you are working with as a buyer or seller. And you need to understand what is being stated from your agent. West Virginia is one of the states that does allow dual agency. Dual Agency is basically representing both parties in a real estate transaction. This means this could be one of your listing as a agent, or this could be a company listing in office. In any case the process of disclosing your agency has to be determined. If you of course selling another offices property, you automatically have a buyers agency. Meaning you are representing you as a client exclusively in the transaction working in your clients best interest. All confidential information relayed by the buyer(client) is kept confidential. This would of course no include anything known about the property in material defects as an agent. With dual agency the process of disclosing whom you are working for takes on two forms in agency relationships. Type one, is the Disclosed Limited Dual Agency: agents of the clients may not advocate for either or both clients, but must remain neutral. In other words you can give both parties the amount of guidance and both parties are treated fairly. The agent becomes the middle man on how the offer can be compiled and detailed to how the buyer wants it handled. The offer is presented openly between both parties and the parties make the decision on what they want to do as part of the offer being prepared. The amount of information the agent can provide will be limited to certain areas such as suggested price and your opinion of condition of the property and so on. The buyer must understand things like inspections and property disclosures will help determine the condition of the property. An offer details conditions inside the offer to warrant further investigation into the property with home inspections and so on. These are contingencies in the purchase contract that basically a buyer is good with current condition as they see the property now. But they want to further investigate the property of other issues related to the property further.

The second type of Dual Agency is Disclosed Dual Agency. In this type of dual agency the Broker determines the agency. This can be a situation when the listing agent is working with someone and they only wants to be represented by a agent working for them. Much like Buyer agency with another companies listing. In other words the one to represent only the interest of the Seller and one to represent only the interest of the Buyer. In this situation the Broker becomes the disclosed dual agent. This would mean a listing agent would not be able to work with a buyer. The assigned agent would become the agent representing the buyers interest only. Meaning all interest and information is between exclusively their agent and no other agent in that office. As with agency if any defects or conditions are known about the property they have to be disclosed to a potential client (buyer). In both of these situations and along with buyers agency a guide to agency relationships has be completed by all parties. This would include even sellers if they are listing property. Also, including a Notice of Agency form that all parties have to complete. All agents are required to complete Notice of Agency whenever they are representing anyone in an offer situation. Agency Relationship is now also required by all agents.

In addition to Agency Relationships paperwork there is exclusive buyers agreement is now a part of representation. This is how an agent will handle the commission on the purchase of a property. Depending on how an agent wants to handle their commission will be detailed in the agreement. The agent can ask for a retainer fee upfront and that can be non-refundable and can subtracted from compensation due at closing. The agent can ask for percentage and or flat fee to be paid at closing. Agents can charge per showing or even by the hour. How an agent wants to handle getting paid should be detailed in this agreement. All parties need to understand how this is going to be handled. If the agent is getting paid at closing by the seller or if the agent is getting paid by the buyer at closing. If the agent is asking for the Seller to pay the commission for the buyer if there is a shortfall or the Seller will only pay a percentage of the asked commission, how will that be handled. Lots of work goes on behind the scenes that most clients do not see, so know that an agent works much of the time working for the offer to presented. This can be after hours and weekends and even holidays, as a agent there is really no time frame or 9 to 5 situation. After all you don’t work for free yourself and an agent should not be expected to do that. Most agents will be making a concession on the offer to ask for their commission to be paid by the seller as a part of the purchase contract. Understand, the Seller has the right to say if they will or will not pay the commission the agent has no say in how that will be handled by a Seller. Just because a commission is asked for in a purchase agreement doe not mean it will happen.

If you are considering purchasing or even selling your property. Know the ins and outs of todays market and what to expect. Knowing the market today is a part of being Coldwell Banker Stuart & Watts Real Estate agent. Putting the 120 years of experience of serving the public and the real estate community. Make a decision you can feel good about and help along the way in the entire process. Coldwell Banker The go-to place for buyers, sellers, and locals looking to navigate real estate in the Greenbrier Valley.

Keith S Shaver

Realtor/Salesperson

304-667-3411

www.keithsshaver.com

WV0025424

keithshaver1@gmail.com

Thomas H Johnson Broker of Record 174 Northridge Drive Lewisburg WV 24901 WV006300