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We Believe in Representation for Buyer and Seller
The next time you drive by a property with a real estate agency's FOR SALE sign in the front
yard, you are seeing an advertisement by a broker representing the seller or property owner.
In this case, the broker has his client's best interests in mind. You would want no less if
you were selling a property. But would you, as a buyer, want to hire that broker to work for you as well? It depends.
If the property looks good and you want to learn more, dial the
number on the sign. When they answer, say you saw their sign, and ask if they provide buyer representation. They should
tell you that they represent the seller and hold the seller's interests above all others, including his/her own. In other words, the listing agent is obligated to try to sell the property for the best deal to the seller.
Knowing this, as a potential buyer, why would you ever dial that number? You do not have to.
You can contact any real estate brokerage and tell them you are interested in the property and
wish to be represented by a buyer's agent. This puts buyers on an even footing with sellers.
A buyer's agent will represent the buyer's interests above all others including his/her own. That means the agent will use all of the professional tools available to get the best deal for you.
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However, it is possible for an agency to treat both sides honestly and fairly while representing both sides.
For example, the listing agency that posted the sign may say they can provide buyer representation. The broker can agree to
act as an intermediary.
BuyHUDVA does this for private properties it lists with owners when we also find a buyer for the property. It requires written agreements from
seller and buyer to allow the broker to appoint different agents for the seller and buyer so that
both have fair representation with no conflict of interests. We will always represent you honestly and fairly.
In the case of HUD homes, all HUD brokers, such as BuyHUDVA, normally represent the seller.
However, HUD allows the broker to represent the buyer, if the buyer enters into a buyer's representation agreement with
the broker. HUD pays commissions (except for Lottery properties), regardless.
In a nutshell, buyers should make sure that formal buyer representation is available to
them to assure their interests are upheld. BuyHUDVA always recommends and provides buyers with the option
of entering into a formal buyer's representation agreement. We want to provide the best possible representation for our clients.
- Mike Duermyer, BuyHUDVA
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