Posted by HarryAtl on February 07, 2002 at 15:13:36:
You guys really amaze me. I come for just a little advice and you give some real gems from the mine of wisdom. Thanks very much.
Harry
Does Georgia Require Buyer’s Agency?!! - Posted by HarryAtl
Posted by HarryAtl on February 07, 2002 at 12:32:19:
I just talked with a realtor who won’t show me a property unless I sign a buyer’s agency agreement with them. She says she’s legally required to have an agreement before she can show me any properties. Also, she is trying to charge me an upfront fee for her services. I’m negotiating the upfront fee, but I’m not sure about this buyer’s agency agreement. Any Georgia investors here who’ve heard of this?
Thanks in advance,
Harry
Re: Dual Agency Disclosure - Posted by Rolfe Kurtyka (Mpls/StP)
Posted by Rolfe Kurtyka (Mpls/StP) on February 08, 2002 at 11:42:29:
In Minnesota (the Land Where Nothing is Allowed), a buyer’s agent is required by law to present prospective buyers with a “dual agency” disclosure form, which essentially informs the buyer that this agent from ABC Realty may show you properties listed by ABC Realty, which in Minnesota creates a dual agency. This form is not a contract, and does not have to be signed by any potential buyer. It is simply a disclosure.
Agents are encouraged by their brokers to obtain a signed buyer’s representation agreement, but that is also not required by law.
Most likely, the agent does not legally need to have you sign the buyer’s representation agreement. However, that could be the agent’s broker’s policy, and the agent would have to oblige
Everything is negotiable. Shop around.
Rolfe
Hogwash!!! - Posted by Tim (Atlanta)
Posted by Tim (Atlanta) on February 07, 2002 at 18:07:56:
Absolute good old fashioned pile of pig poop!!! Nothing but. That agent is trying to pull one over on you. Find another one. Better yet, don’t deal with a buyer’s agent. I have never had a buyer’s agent bring me a deal. I have had listing agents call me and I deal with them alone. It cuts down on the commission and simplifies the deals.
Could you recommend an Agent in Atlanta? - Posted by HarryAtl
Posted by HarryAtl on February 07, 2002 at 13:28:16:
Thanks for the quick replies, can you guys recommend an agent you like. I’ve got like 4 properties I want to make offers on in the Decatur/DeKalb area.
Your help is so greatly appreciated.
Harry
Re: Does Georgia Require Buyer’s Agency?!! - Posted by Tom in Atlanta
Posted by Tom in Atlanta on February 07, 2002 at 13:24:08:
As far as the fee is concerned:
I had the same thing happen to me. He wanted $1000 upfront. I walked. Find an agent on the same page as you and knows the investment side of the business.
The fee is basically a means to keep the not so serious investors from wasting their time looking at houses they never intend to purchase. The problem I see is how is it decided when you start losing some of that fee and at what point is all gone and have to replenish the funds. 1 month? 6 months?
Their “fee” is the commission they get when I buy and/or sell. I say pass on the fee part.
As far as the buyer’s agency agreement:
If using an agent is the route you want to take, the agreement is just protecting them. Just make sure that the commission is paid only when they bring you a house you close on. If you find one on your own, and DO NOT use or require their services in order to close on the house, do not agree to any commission. Make sure it is spelled out in the agreement. Again, I say pass.
Tom
Don’t do it, Harry! Find a new agent…nm - Posted by Bob in Atlanta
Posted by Bob in Atlanta on February 07, 2002 at 13:15:35:
a
Thank you very much (nt) - Posted by HarryAtl
Posted by HarryAtl on February 12, 2002 at 24:00:40:
no text
Re: Could you recommend an Agent in Atlanta? - Posted by Tom in Atlanta
Posted by Tom in Atlanta on February 07, 2002 at 13:35:22:
Sorry, I’m in the Cherokee, Cobb and Bartow counties.
For the best result, deal directly with listing agent. They like it when no other agent is involved.
Tom
Re: Could you recommend an Agent in Atlanta? - Posted by Mark (Atl)
Posted by Mark (Atl) on February 07, 2002 at 14:57:43:
If you go directly through the listing agent they should be willing to cut their fee in half, since they won’t be splitting the fee with your agent. This will effectively discount the price to you by 3%. Not a lot but every little bit counts.
Thanks for the suggestion! (nt) - Posted by HarryAtl
Posted by HarryAtl on February 07, 2002 at 13:49:32:
nt