Revised for 2005
We are committed to providing the highest level of professional service to you. If you are planning to buy a home, this service is possible only if we're working as your buyer’s agent. Our Buyer's Agency Agreement offers important advantages to you as a buyer. The alternative, having an agent who’s working in the seller’s best interest, is not an option you should consider. In 1998, we were the first firm in Ulster County to abolish the practice of working with buyers while serving only the interests of sellers.
Finally, last year, a new Code of Ethics requirement was enacted. This specifies that a Realtor must have a written agreement with every buyer he/she works with so that the rights and responsibilities of both parties are clearly stated and understood. Having buyers working without having an agreement clarified in writing had long seemed questionable to us; this welcome clarification is long overdue.
A written agreement avoids the dilemma that buyer’s agents faced in the past without it: namely, dealing with properties on the market for which the seller offered no compensation to a buyer’s agent. The problem was this -- if their client bought such a property, the agent would end up working for free. On the other hand, if the agent concealed suitable properties from a buyer because the compensation was inadequate and only showed them the properties that paid well, that buyer might miss some of the best opportunities. You can imagine the result; in the past, many buyers were only shown properties that their agents would profit from.
As one example, until fairly recently, we were the only local broker to enable our clients to benefit from using a buyer’s agency agreement. Our tax auction page lists some of our clients’ successes over the years.
So, the advantage of our Buyer Agency Agreement is to offer you access to more properties to choose from. As members of Multiple Listing Service (MLS), we have quick access to information, photos and maps of most properties for sale. So do other MLS brokers. As Buyer's Agents, however, we can extend our search for you to other properties for sale. We can consider foreclosures, properties not currently on the market, FISBO's, tax sales, and other auctions. Some of these properties may be for sale at below market prices, but without a commission being offered, many buyers never are shown them. Our agreement allows us to show you all available and potentially available properties. You never have to purchase a property that would
require you to pay a commission, but if it’s the right property at the right price, it may be the best choice. It’s always your decision.
Another important benefit of having a diligent agent working for you is having the new listings checked each day to see if any may be right for you. A fair number of properties, especially if they are interesting and well priced, are sold within days, before reaching any website, often to those with a buyer's agent who has called to let them know about it as soon as it came on the market.
If you will be purchasing a home, we would like to work as your agent. In return for our commitment to do our best for you, we ask that you become our client with a Buyer Agency Agreement. This allows us to devote our time and knowledge to find you the property that's right for you considering all available properties.
Please review it and let us know if we can be of service.
Thank you. Andrew Peck and Chloe Dresser, Teran Realty
|If you'd like to work with us please review our Buyer's Agency Agreement|
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