A fiduciary is someone legally committed to act solely in the interest of a client; the relationship demands uncompromised loyalty, disclosure, accounting, and confidentiality. A fiduciary is bound to promote and protect the client’s interests, avoiding any self-dealing and all conflicts of interest. As a home buyer or seller, you expect your agent to be 100% in your corner – your fiduciary. It’s commonly-assumed that real estate brokerages and their agents owe a fiduciary duty to their clients. In Georgia, nothing is further from the truth…
This article was inspired by a recent conversation with one of my neighbors. She wondered why everyone wouldn’t just sell to an iBuyer rather than list their home with an agent.
The “iBuyer” is the latest thing in residential real estate. An iBuyer (short for “instant buyer”) is a company that will make an on-the-spot, cash offer to buy your home at a guaranteed price. iBuyers offer liquidity and convenience – you receive a market price for your home, close on the date you select and avoid the time and inconvenience associated with listing and selling the home. Because iBuyers purchase with cash, they can close quickly. Sounds awesome; so what’s the catch?
Most home sellers understand the traditional real estate commission structure. The Listing Agreement provides for half of the (typically 6%) total commission to be paid to an agent bringing a buyer. If the buyer has no agent, however, the listing agent is entitled both sides – the entire 6% commission. The “double dip” opportunity built into the customary commission structure holds the potential for a serious conflict of interest between the listing agent and his/her client where there are two or more competing offers on the home. Don’t get sold out by your agent…
In many north-metro Atlanta sub-markets, like Brookhaven, Buckhead and Sandy Springs, single-family home sales have slowed; properties are staying on the market longer and sellers are dropping asking prices. Are home values falling or is it simply time for sellers to adjust their expectations?
A recent study shows that more than 2/3 of By-Owner sellers (FSBOs) end up listing with an agent. Marketing and selling a home is like any business; if you are not immersed in it day-to-day, you won’t have the knowledge, experience or resources to do it well. Moreover, you won’t know what you don’t know. This reality can be costly in terms of both time and money. These are the top six reasons why FSBOs fail.
A fun, but interesting question in the Halloween spirit: If your house is haunted, are you legally required to disclose the haunting to a prospective buyer?
When thoughtfully incorporated into a photo-marketing strategy, professional aerial (drone) photos can showcase a home or capture a perspective that ground-based shots just can’t. Gratuitous or poorly thought-out aerial photos, on the other hand can actually hurt the home marketing effort.
Name recognition or un-vetted referral are too often the criteria for hiring a real estate agent . There’s a lot at stake in buying or selling a home; deciding with whom to place your trust and confidence warrants digging deeper and demanding more. ACCESS, ADVISE and ADVOCACY offer a meaningful framework for evaluating a real estate agent.
If you are a buyer touring a home, be careful of what you say and do; the seller (or the listing agent) may be watching, listening or recording. That’s right, the nanny cam, security camera or other audio and video devices may be active in a home during a showing, watching and listening to what […]
Anyone who has bought or sold a home in Georgia is familiar with the Seller Property Disclosure Statement. This multi-page checklist is designed to help sellers disclose to buyers known property defects, as required under Georgia law. The comprehensiveness of the form gives the impression that Georgia imposes a high disclosure standard on Sellers. The disclosure […]