Does My Real Estate Agent Represent Me or the Seller?
When I bought my first house in the mid 1990s, Texas was kind of a “Buyer Beware” state. In fact, a home Buyer could spend weeks looking for a home with a real estate agent, telling her secret information (like how much you were willing to pay for a house), not knowing that everything you told that real estate agent would be told to the Seller because the real estate agent was actually representing the Seller–not you (the Buyer)!
Here’s what you need to know…
Things Are Different in 2024!
There are BIG changes hitting the entire real estate industry as of August 2024, so make sure you watch my videos to understand those changes and how they will impact you.
RECOMMENDATION: Change the video Quality setting to 1080p. You can also change the Playback Speed.
Agency Relationships in Texas
Another fact that you need to know is that Texas is a dual-agency state…meaning that a real estate broker (such as Keller Williams Signature) can represent both the Buyer (you) and the Seller (them) in a the same transaction. This is called “intermediary agency.” These visual aids will help you to understand…
Typical Agency
In this case, you are represented by one broker while buying a house listed by another broker.
Intermediary Agency With Appointments
In this case, one broker is representing both you and the Seller…because the house that you are buying is listed with the same broker, but with a different agent. However, you have an appointed agent (Sheila Cox) and the Seller has an appointed agent (Unknown) and both agents have to maintain their fiduciary duties including confidentiality. So I am not allowed to share your private information with the other agent. This situation may occur frequently with large brokerages who have lots of listings.
Intermediary Agency WithOUT Appointments
This situation may only occur if both the Seller and the Buyer agree to it in writing. In this situation, you are buying a house that I have listed for one of my other clients. I would be representing both you and the Seller, so my fiduciary responsibilities would be limited. Frankly, I don’t work these types of deals. If you wanted to buy one of my listings, then I would step back and find another real estate agent to be your appointed agent…so you would still have full representation.
Now you need to understand two more important things:
Who Pays Real Estate Commissions in Texas?
How To Get Dedicated Buyer Representation in Texas?
Buying & Selling Real Estate Is a Huge Investment
Don’t You Deserve a Five Star Real Estate Agent?
Sheila is the author of KatyHomesForSaleTX.com – so you know that she knows the area! Winner of Five Star award every year since 2010.
|
REALTORS DON’T “JUST” SELL HOUSES Real estate agents don’t “just” sell houses; we sell a SERVICE to effectively guide home buyers and sellers through the entire real estate transaction, which usually takes several months. We are more like real estate consultants than we are salespeople. That’s probably why 88 percent of all home buyers and sellers choose to hire a real estate agent when buying or selling a home! Buying or selling a home is not like buying or selling a TV, a computer, or a car. You can’t buy/sell a home on the Internet with a couple of clicks. There are MANY legal aspects, deadlines, and requirements that most people are not trained to handle. What’s more…mistakes along the way can cost you thousands and even hundreds of thousands of dollars. The financial risk is much greater than just about anything else you may buy.
Please read the list of my value-added services for home buyers |
FREE GUIDES & REPORTS by Sheila Cox, Five Star Realtor
Click Image Below to Download a Guide or Report
Client Reviews of Sheila
