Philadelphia, Bucks and Montgomery Counties Real Estate. Tips for home buyers, home sellers by Gita Bantwal,Realtor at Re/Max Centre Realtors.: September 2010

Buyer Broker Agreements. Don't Leave Home Without Them!!

This is a great post by Broker Bryant about Buyer Broker agreements. If a buyer signs it willingly we atleast know they want to work with us. This does not prevent some  from going to other agents but most buyers will work with you if they have an agreement. 

Happy Tutas Towne Realty CustomerHi folks, today I want to write about BBAs (Buyer Broker Agreements) and why they have never been more important than they are right now. 

I expect I'll get all the usual responses about "My clients would NEVER buy a house behind my back" and "The commission doesn't matter to me". If you believe these things to be true this post may not be for you OR maybe it's EXACTLY for you! 

This post gives one reason why a BBA should be important to the Buyer. In fact, it's my opinion, that a BBA is MORE important to the Buyer than it is to the REALTOR® and here‘s why. 

I spoke with a Buyer, earlier this week, who has cash and is ready to buy. It seems he has been trying to find an agent to assist him but everyone is too busy. Of course, after reading how slow the market is, he finds this hard to believe. So being the good little Broker that I am I explained it to him. 

His problem is....he is looking to purchase a deal, a foreclosure, a cheap rental property. And he should. There are some good properties that he can purchase for less than $50,000. As an Investor, these properties are the ones he SHOULD be buying. The only issue is the prices are so low, that the co-brokes (commissions being offered to sell the property) aren't worth the time involved in helping him find the right property. So he gets placed on the back burner. We may help him.....but only when we get some extra time. 

In fact, I have the same problem. He wanted me to go look at a property before he made an offer and I said I would......tomorrow. Today I was busy doing other things......that have a higher return. 

The reality is I can't afford to spend hours previewing cheap foreclosures that he may or may not be able to or want to purchase. 

This is where the BBA comes in. If an Investor is truly wanting to get a deal, in the very low price ranges, then it is to his advantage to give his Broker/agent an incentive to put in the time. Maybe he'll have to chip in $1,000 or so to meet the minimum compensation outlined in the agreement but surely, by agreeing to this, he'll get better service and therefore a better deal on a property. 

I have always been a firm believer in getting the commission out of the equation right up front. The best way to do this is to get a BBA signed. Unless of course you like working for peanuts. I don't. And won't. My Buyers deserve better than that. Do yours?

Learn more about how to work with Buyer Broker Agreements

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved


 

When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.

Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com

 

She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com

If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491

 Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others  in my post and comments is not to be construed to be  legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.

IF YOU WOULD LIKE TO SUBSCRIBE TO MY BLOG         CLICK HERE   OR EMAIL ME AT Gita01@aol.com

 

Comment balloon 6 commentsGita Bantwal • September 29 2010 07:48AM
Buyer Broker Agreements. Don't Leave Home Without Them!!
share
This is a great post by Broker Bryant about Buyer Broker agreements. If a buyer signs it willingly we atleast know they want to work with us. This does not prevent some from going to other agents but most buyers will work with you if they have an… more
203K: "I am handy with a hammer" Can a borrower be their…
share
Brent Kluge has written a good post explaining how the fha 203 loan program works It should be read by people considering doing their own renovations using the program. 203K Renovation loans are an amazing tool in this market. … more
Do not post your vacation plans on Social Media sites.
share
I read a report recently that burglars are looking at internet sites- social networking sites for information about people going on vacation and breaking into their homes when the people are away. We usually write posts on ActiveRain about… more
Should we buy a townhouse or a Single home
share
'Should we buy a townhouse or a single house ' When I work with first time buyers they are not sure what they are looking for Most of them would like a new or newer single home in great school district Ofcourse they have to look at homes… more
Attention Buyers and Buyer's Agents Please be considerate of…
share
This is a Buyer's Market and agents are busy setting up appointments and showing homes to many buyers hoping someone will buy. Buyers are taking their time as they have a large inventory to choose from. Sometimes agents make too many appointments… more
Sellers I did not show your home to my clients because…
share
Sellers sometimes list with an agent and do not ask questions about how showings will be scheduled sometimes they make it difficult to show and sometimes it is the tenants who make it difficult. When an agent has many homes to choose from… more
Attention Investors This is a good time to buy an investment…
share
Here are five reasons why this is a good time to buy an investment property. 1. There are many motivated sellers. There are opportunities to buy short sales and foreclosures. 2. There is a large inventory of homes to choose from 3… more
Mountain View In Jamison, Bucks County. Market report
share
Mountain View Community in Jamison is a wonderful community close to Guinea lane park. There are 7 active listings at present. The lowest price is $429, 900 and highest list price is $489, 900. I have listed a wonderful home for sale at… more
Bucks County Real Estate Market update August 2010
share
I looked up the mls for Real Estate activity in Bucks County in August. This is what I found. Market statistics for single family homes (does not include multi units and commercial) Inventory … more
Windrush townhomes in Jamison, Bucks County, Market update
share
Windrush townhomes in Jamison are located close to the township park The community has a tot lot and tennis courts. There are 6 homes on the market right now The lowest price is $284, 900 for a 2 bedroom home. There is one… more