𝗗𝗶𝗱 𝘆𝗼𝘂 𝗸𝗻𝗼𝘄? Alabama is known as a “caveat emptor” state, which in Latin means “let the buyer beware.”
𝗪𝗵𝗮𝘁 𝗱𝗼𝗲𝘀 𝘁𝗵𝗮𝘁 𝗺𝗲𝗮𝗻? When buying a home, you need an expert on your side! A Seller is only expected to inform the Buyer of the SPECIFIC issues they may ask about or defects that may pose a health or safety risk, such as lead-based paint hazards.
𝐖𝐡𝐨 𝐜𝐚𝐧 𝐡𝐞𝐥𝐩? Whether it’s a new build or a resale home, choosing the right Buyer’s agent is a crucial step in ensuring a smooth and successful experience. Buyer’s agents are legally bound to help Buyers, whereas listing agents—the real estate agent representing the home listing—have a fiduciary duty to the Seller (or Builder).
𝐇𝐨𝐰 𝐝𝐨 𝐲𝐨𝐮 𝐜𝐡𝐨𝐨𝐬𝐞? By considering factors such as experience, local market knowledge, negotiation skills, communication, marketing strategy, and professional network, you can make an informed choice that aligns with your goals. Remember, a reliable agent is not just a facilitator but a trusted partner on your real estate journey.
𝐂𝐚𝐧 𝐲𝐨𝐮 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭 𝐲𝐨𝐮𝐫𝐬𝐞𝐥𝐟? Sure. It’s a lot like representing yourself in court or performing surgery on yourself. You absolutely have the right, but it may not be in your best interest. There is more to buying a house than just finding it online, making an offer, and then going to a closing. You will have to do the work your agent would have done, and know what needs to be done in the first place. The Sellers’ agent won’t be doing the work of the non-existent Buyers’ agent.
...𝐓𝐡𝐞𝐫𝐞’𝐬 𝐦𝐨𝐫𝐞 Not all real estate agents are REALTORS®. A REALTOR® is a member of the National Association of REALTORS® (NAR) and adhere to its strict Code of Ethics and Standards of Practice.
𝐖𝐡𝐲 𝐢𝐬 𝐭𝐡𝐢𝐬 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭? The Code of Ethics represents the commitment REALTORS® make to operate with integrity, competency, and transparency. It’s a roadmap for professional behavior, and it’s a significant part of what gives the title “REALTOR®” its weight and distinction.
𝐀𝐮𝐠𝐮𝐬𝐭 𝟏𝟕, 𝟐𝟎𝟐𝟒 A Buyer’s agent must have a signed Buyer’s Agency Agreement BEFORE showing a Buyer a home...NO EXCEPTIONS! If they do not require it, they are breaking the rules and therefore the Code of Ethics - this is a punishable violation!
𝐖𝐡𝐲? In response to litigation, the National Association of REALTORS® (NAR) has agreed to enact a new rule that would require MLS participants working with Buyers to enter into written agreements with their Buyers. NAR continues, as it has done for years, to encourage its members to use Buyer Brokerage Agreements that help consumers understand exactly what services and value will be provided, and for how much.
𝐈𝐬𝐧’𝐭 𝐜𝐨𝐦𝐩𝐞𝐧𝐬𝐚𝐭𝐢𝐨𝐧 𝐝𝐢𝐬𝐜𝐥𝐨𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐌𝐋𝐒? The Multiple Listing Service (MLS) cooperative compensation model rule (MLS Model Rule) that was introduced in the 1990s in response to calls from consumer protection advocates for buyer representation. A new rule takes effect August 17, 2024. Sellers and their agents won’t be allowed to offer a commission to buyers’ agents within their listing through the MLS. However, that doesn’t mean that a Seller isn’t allowed to pay Buyers’ agent’s a commission.
𝐖𝐚𝐧𝐭 𝐭𝐨 𝐤𝐧𝐨𝐰 𝐦𝐨𝐫𝐞? Ready to begin your journey to homeownership? Contact me today!
Amanda Spears Harper
REALTOR® | ABR®, AHWD, C2EX
Your Coastal Alabama real estate resource!
Baldwin County Certified Specialist
Eastern Shore | Resort | Rural
