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Part Three

Confidentiality If you are to be represented effectively, it is imperative that the broker keep confidential any information they learn about you. In particular, the fact that you may be able or willing to pay more or accept concessions, and your motivating factors for the purchase should not be revealed, except as a valid negotiating tool with your prior consent. In addition, you have a right to be assured that confidential information remains confidential even after you have bought your home or after your contract with the broker has expired or been terminated in any way. If you make an offer on an in-house transaction (where the seller is also represented by the brokerage that is representing you), information about you should remain just as confidential as when you are negotiating for a property listed by another firm. (Refer back to Chapter 4).

Scope of Work The contract will contain a description of what type of property your broker is instructed to seek for you. Make sure the description fits your needs. If you are looking specifically for a residence, make sure the language limits the search to that. Do not accept language that says “any property.” If you are considering purchasing a home from a family member or friend, you may ask to have that property excluded from the contract. However, you may want to ask your broker what they would charge to handle that transaction for you. Pitfalls can still exist and in fact can be more serious and more heart-wrenching when dealing with someone close to you. Many close relationships have been damaged or ruined when friends and relatives have done business together. It’s usually not because of a lack of good intentions. It happens because objectivity is lost, personal feelings get exaggerated and hurt, and the process erodes. We’ve worked on numerous 72

Profile for Linda DeVlieg Real Estate

How to Make Your REALTOR Get You the Best Deal - Albuquerque, New Mexico edition  

A guide through the real estate purchasing process - co-authored by Linda DeVlieg and Ken Deshaies

How to Make Your REALTOR Get You the Best Deal - Albuquerque, New Mexico edition  

A guide through the real estate purchasing process - co-authored by Linda DeVlieg and Ken Deshaies

Profile for lindadev