The Home Buyer's Agent of Ann Arbor, Inc. A different kind of REALTOR.
1908 W. Stadium Blvd., Ann Arbor, MI 48103
734-662-6240 or email to send a note
1. "We can be your buyers agent." Commonly heard at open houses.
What the agent probably means is "we can be your dual agent". Does the company have homes for sale? If so, you will be losing out on some of the most important benefits of having a buyer's agent. Don't get "suckered" into the bait and switch. Ask for a written guarantee of loyalty, if you don't get one, you're working with a dual agent.
2. "We do everything that The Buyer's Agentsm does for you." Often heard when you ask a traditional real estate agent about our company.
Not likely, but just in case, ask them if they provide:Written guarantee of loyalty 100% of the time. Never any bait & switch buyer agency, never any dual agent double cross. At The Buyer's Agentsm of Ann Arbor, we will always be on your side.Written guarantee of savings. At The Buyer's Agentsm of Ann Arbor, we are never sure before hand how much we will save you, but we are committed, in writing, to save you money on your home purchase.
Written guarantee that they will not take kickbacks from title companies, home warranty companies, home inspection companies, lenders, or any other service providers. At The Buyer's Agentsm of Ann Arbor we arrange any bonuses or kickbacks come back to you.
OR, FOR A DIFFERENT TWIST,
Ask them how they saved home buyers money when they were working as a buyer's agent compared to how they cost buyers money when they were showing buyers homes as a seller's agent. If they didn't negotiate hard to get money out of a buyer when they were working for the seller, why would you think they would negotiate hard for you when you are a buyer?
3. "Buyer Agency laws have changed real estate." Internet web page 12/24/96
There are no "buyer agency laws". The truth is that buyer agency has been around for decades. The "new" law just requires real estate agents to tell home buyers the truth about who they are working for. Real estate companies didn't want you to know.
4. "Now you have choices you never had before." Handout from one of the largest Ann Arbor real estate companies 2/13/94. Or "Buyers and Sellers have new choices." Ann Arbor News Advertisement 4/24/94.
The truth is buyer agency has been around a long time. Real estate companies didn't want you to know about it.
5. "The new law creates a significant amount of paperwork for us, but we believe in fully informing the consumer." Ann Arbor News Advertisement 12/19/93
The truth is that if this company believed in fully informing the consumer, the law would have made no difference in their paperwork. It made no difference in our paperwork because we have always told home buyers (and sellers) the truth.
6. "All title companies charge buyers the same." Commonly heard from naive real estate agents.
Some naive real estate agents do actually believe this. The truth is, if you are using a mortgage to buy a home the title company will normally charge a closing or escrow fee. Our national leverage enables us to save buyers thousands of dollars every year on these fees. Most real estate companies just let you pay whatever the title company wants to charge you.
7. "Our office doesn't make any money on home warranties." Heard at a title company on 6/30/95.
The truth is that most real estate companies make about $50 or $60 for each home warranty they sell. If the real estate agent is a REALTOR, they are required to disclose this to you by the REALTOR code of ethics.
8. "All mortgage companies charge about the same." Commonly heard when a buyer is asking a real estate agent for advice on who to use for a mortgage.
Some naive real estate agents do actually believe this. The truth is that for many types of mortgages rates can vary up over 1/2% between lenders on any given day. On a $100,000 loan this is equal to about $2,000 out of your pocket. Our local lenders also vary by as much as $700 on their "junk" fees. At The Buyer's Agentsm of Ann Arbor, we shop rates for you with as many as fifteen different lenders, both local and national. Then you can choose the best loan for your needs at the lowest overall cost. The savings is often in the thousands of dollars!
9. "Even though the property is listed by our office, I'll still be representing you and the other agent will be representing the seller." Heard when a home buyer starts to get concerned about getting the dual agent double cross.
The truth is that in Michigan, two agents from the same office cannot represent different sides of a transaction without being dual agents. The company becomes a dual agent and the agents take on the agency role of the company. There is no other choice.Some agents are still confused by this and some agents would rather lie that tell their buyers and sellers the truth.
In a case like this, read the dual agency papers the agent wants you to sign. Believe what is written, not what is said. Excerpts from an actual example of the Michigan Association of REALTORS recommended dual agency form is available below:
If you are ready for something better than these real estate lies, click here: send a note or give us a call at (734) 662-6240.
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Note: We feel this form is not in the buyer's or the seller's best interest and we recommend consumers refuse to sign it! This form is commonly used in our area, many home buyers end up signing it because they didn't do the research you are doing right now!Actual excerpts from the Michigan Association of REALTORS® DUAL AGENCY AGREEMENT:
Seller and Buyer acknowledge that in connection with the possible sale/purchaser of the Property, Broker will be acting as a disclosed dual agent of both the Seller and the Buyer. This is true even if one of the Broker's salespersons is working more closely with the Seller and the other more closely with the Buyer. As a dual agent of both the Seller and the Buyer, Broker will be working equally for both parties to the real estate transaction and will provide services to complete the transaction without the full range of fiduciary duties owed by a buyer's agent and a seller's agent. By working with a dual agent, Buyer and Seller are giving up their rights to undivided loyalty, and will be owed only limited duties of disclosure, obedience and confidentiality.
Broker will prepare and present offers and/or counteroffers at the direction of the Seller or Buyer. In the preparation of the offers and counteroffers, Broker will act as an intermediary rather than as an active negotiator for either party. In the event a purchase agreement is entered into between Seller and Buyer, Broker will assist both parties in undertaking all steps necessary to carry out the agreement such as the execution of documents, the obtaining of financing, the obtaining of inspections, etc.
Seller and Buyer acknowledge that Broker is not acting as an attorney, tax advisor, surveyor, appraiser, environmental expert or structural or mechanical engineer for either party.
As a dual agent, Broker will not disclose any information as to either parties' motivation or any other information that one party has not authorized Broker to disclose to the other party. To avoid any possibility of misunderstanding, however, Seller and Buyer agree not to disclose any confidential information to Broker.
Prior to entering into this Agreement, Broker has acted as:
_____ listing agent for Property
_____ selling agent for Property
_____ buyer's agent for Buyer
_____ other: ________________________________________________
Notwithstanding the terms of any contract between Broker and Seller or Buyer as provided above, Seller and Buyer hereby release Broker from any fiduciary duties inconsistent with the terms of this Dual Agency Agreement. Broker will preserve all confidential information to the detriment of the former client.
If you are ready for something better, we can help, click here: send a note or give us a call at (734) 662-6240.
Back to The Home Buyer's Agent of Ann Arbor, Inc. home page.
6/29/99