I recently read an article where the author (a mortgage broker) had a prospective buyer come by to see a home he was selling himself. Because of his vocation he knew the right questions to ask about mortgage pre-approval and if they had their own real estate agent.
They had been pre-approved for a mortgage. They had previously worked with a real estate agent but dropped them because the real estate agent had asked them to sign something.
The document they had been asked to sign was an exclusive buyer brokerage agreement. The real estate agent wanted then to commit to them during the process of searching for a home to buy or rent.
Real estate agents do not get paid based on hours or effort expended (only get paid for results - bought, sold, leased) this is a way to get them to personally commit to the process in writing.
Click here to read more about "Who pays the real estate agent."
As a routine practice I do not usually have a buyer customer sign anything when I am am working with someone wanting to move to Brevard County, Florida.
At the time of first contact with a prospective client I ask a lot of questions. And I do ask for a verbal commitment from them. In some cases I will ask for a signature.
As a buyer's real estate agent, this agreement is my employment agreement with a buyer (although I will ultimately be paid by the seller). This is very much like listing a home for sale where the listing agreement is my employment contract.
Again, although I don't use the buyer brokerage agreement very often if one is asked to sign one its not a bad thing or a trick!
Ready to buy or sell a Viera, Florida home? Call me at 321-693-3850 if I can help in any way.
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