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I have recently had the honor and pleasure of being invited to speak at two different Mastermind groups of lawyers and mortgage representatives. It has amazed me how much the topic of a buyer brokerage has come up.
This is a bit surprising to me because we've been practicing this for more than 10 years, but people are finally starting to grasp this idea. Our question here is: Who represents who in the real estate transaction?
Often times you will find that a buyer gets an agent and trusts him/her to work in their best interests. Buyers assume because this agent knows about their family and their finances that the agent will surely be working to get them the best deal on a home. However, every home that this type of agent shows you, he/she is trying to sell for full price and negotiate in favor of the seller. You need full disclosure on who is representing who in this transaction, because this is an extremely important financial decision in your life.
Ask your broker if they know about buyer brokerage. Over the next few weeks we're going to bring you more videos on relationships within the real estate process. We want to inform you on the good, the bad, and the ugly. If you want the full set of emails then please reach out to us, or follow us on Facebook. You can also just keep paying attention to these video emails.
Unless you're absolutely certain of who your real estate agent is working for, you should always assume that they are working in the favor of the other party. Do not be taken advantage of in this important process.
Give me a call with any of your questions and concerns. You can reach me at (516) 248-5007 or email me at Dean@MillerGroupOfLI.com
