The Buyer just Asked you What?? When you have your home on the market in La Quinta, Indian Wells, Palm Desert, and Rancho Mirage area, some real doozies of a question may be presented to you. No matter how much you want to sell your home, there are some questions a seller does not have to answer. And your real estate agent is there to field those for you. Real estate agents have a fiduciary duty to their clients.
According to REALTOR® Magazine, “A Seller’s representative (also known as a listing agent or seller’s agent) is hired by and represents the seller. All fiduciary duties are owed to the seller, meaning this agent’s job is to get the best price and terms for the seller. The agency relationship usually is created by a signed listing contract.
A Buyer’s representative (also known as a buyer’s agent) is hired by prospective buyers and works in the Buyer’s best interest throughout the transaction. The Buyer can pay the agent directly through a negotiated fee, or the Buyer’s rep may be paid by the seller or through a commission split with the seller’s agent.
This relationship between a buyer and their agent or seller and their agent is called “Agency.” A relationship may be created by a written contract, actions/deeds, or an oral agreement between the client and agent. The agent has a legal fiduciary duty with this created agency not to say or do anything that would put their client at a disadvantage in any transaction. In other words, to keep private what is private.
What can a Seller’s Agent disclose to other parties in a transaction?
A buyer can ASK ANY question they want, but there may be some questions that could put the seller at a disadvantage, so they can’t (or shouldn’t) be answered – unless the seller wants to disclose.
Here are a few examples of questions a seller’s agent may be able to answer with permission:
· Will the seller accept the Buyer’s closing costs if an offer is presented?
· How firm is the listing price?
· How soon can you close?
· Will the sale depend on purchasing a new home?
· And, of course, if any questions may arise on the property disclosures. It would be best if you always answered those when they are asked.
Questions sellers do not have to answer:
· Why are you moving? Where are you going?
· What’s your bottom dollar?
· What did you buy this for back in such and such a year?
As a seller, you want to make sure everything is disclosed about the property; however, your reasons for selling do not need to be known by the Buyer. This could put you at a disadvantage, especially if you’re divorcing; or have a terminal illness or other “need-to-sell” type of situation. Your agent will make sure any questions are answered appropriately and do not place you at a disadvantage.
As intimidating as the home selling process looks, that IS the reason to contact Mary L. Williams and Associates. We make all the paperwork understandable and the home-selling process easier. Not only will all the necessary forms be explained, but your home will be priced right for the La Quinta, Indian Wells, Palm Desert, and Rancho Mirage housing markets. In addition, we use proven marketing plans and create outstanding campaigns customized for your home.
Once you list with Mary L Williams and Associates, the path to selling your home will have gotten much smoother.