What The Real Estate Consumer Notice Really Is!
When buying a home, a Buyer must be informed of their right to be represented and should receive a hard copy of the Consumer Notice. The Consumer Notice is not a contract, it’s a document that explains the different types of Agency and your right to choose agency or not. Each state differs as far as Buyer Agency but the Consumer Notice is the same.
You can still purchase a home through a Realtor without signing a Buyer Agency contract; however, understand that the Realtor can’t represent your buying interest. In addition, they can’t show you any MLS data and they can’t suggest a starting price or give advice while negotiating. The Realtor can only facilitate the deal for you.
As a Buyer, why would you not want to be represented during one of the biggest transactions and investments of your life through Buyer Agency?
The Consumer Notice became part of real estate law around Thanksgiving of 1999, because Buyers felt that they weren’t being represented fairly and properly through sub-agency. The Consumer Notice and the Buyer Agency came about to enable Buyers to choose to be represented when purchasing a home, yet Buyers hesitate to sign and hire their own Buyer’s Agent!
Buyers should look at Buyer Agency the same way Sellers look at Listing Agency; they should interview a few Realtors and/or ask friends for references of a Realtor they used.
Below are a few interviewing questions you may want to ask:
- What percentage of Buyers versus Sellers did you work with last year? How many Buyer controlled sales did you have? (This will give you an idea of the Realtor’s experience)
- Do you have a Team and will I be working with you? (If working with one of the Team members, ask question #1 above)
- How often will we be communicating and what method will we use?
- How often will we be viewing homes?
- If I’m not happy with your services, what will you do for me?
- Can I get to know you before I sign an Agency Contract?
- Ask for references of Buyers who just purchased a home. (Ask them about the experience and would they use this Realtor again or refer them to a friend)
If you have any further questions about the Consumer Notice or Buyer Agency, The SAYHAY Team is available to answer your questions. Call us anytime at 412-303-3600. We have 21 years of experience servicing Buyers and Sellers in real estate transactions!