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Buyer Representation Buying
property in Mexico involves many steps, not only finding the right villa or condo
in the right area and at the right price, but also complying with a system of
property ownership quite different from what is usual in one's home country. Traditionally, prospective buyers drive around the
desired neighborhood, find a property for sale, and write down the number of the
listing office. After meeting the listing agent, inspecting the property and deciding
it is the one, the haggling over price begins. Although
an offer can be presented and negotiated, how do buyers know that they are getting
the best deal? The listing agent/ office can provide buyers with great service
and unfaltering attention, but should not reveal anything that is detrimental
to the seller in achieving an optimum price. The listing agent's responsibility
is to the seller, under the listing contract. Are there any hidden factors, such
as title problems, incomplete condominium regimes, or debts that burden the property?
The listing agent is required to disclose any material defects to a prospective
purchaser. The listing agent's loyalty is to the Seller, and he should endeavor
to achieve an optimum selling price and terms. To help
give the buyer equal representation, an agent trained as a "Buyer's Representative"
or "Buyer's Agent" is available to help prospective purchasers negotiate
the best price and terms, after helping buyers find the right property. A
Buyer Representation Agreement can detail the buyer and buyer agent duties. The
cost of the buyer agent can be handled through the selling side of the listing
commission for the property. Or the buyer and buyer agent can work out a private
agreement. It is wise to enter into the written agreement
that clearly spells out the duties for buyer and agent. This agreement will read
that the agent owes loyalty to the buyer. The agent will keep strictly confidential
any personal or financial information that could adversely affect the buyer's
position. Benefits of buyer representation: SERVICE:
Buyers will receive the agent's full attention in helping meet the buying objectives. FULL
DISCLOSURE: The agent will give all the information that he/she can gather
about the seller's position, motivation and intent in the transaction, well as
another other information related to the property. NEGOTIATING:
The agent will work, plan and research how to achieve the best terms and price
possible. If you are considering working with a buyer
representative, be sure to ask these questions: 1. Why
are you going to work to get me the best price if your commission is based on
a percentage of the sales price? 2. How will I know you
are working diligently for me? This is an Update of the
Article on "Buyer Representation" written by Ms.
Murray for Today's Dallas Woman Success Magazine in 1994. Harriet
Murray, Broker For additional information
on properties for sale or lease within the bay, please call or e-mail me at: harriet@pvmirror.com
Thanks and until next week. Archives
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