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willing to give you this “out” in your contract, you can bet they are fairly confident of their ability to represent you effectively. Keep in mind you would not be able to cancel a contract for a property on which you are already negotiating, and every contract will have what is called a “holdover” clause. That means if, after terminating the contract with your broker, you go back to a property you saw with that broker and buy it, they may be entitled to a commission. The entire contract should be designed to be fair to both parties. It is fair to be able to cancel a contract when two people cannot work together. It is not fair to have someone do a lot of work for you and then cancel. You should be able to determine in the first or second meeting with your Realtor® whether or not you are compatible. Don’t spend several weeks or months together and then decide to go with someone else.

In-House Transactions There are various ways to handle in-house transactions. There are some brokerage firms that only represent buyers; they never take a listing. Their belief is that they are the truest buyer representatives, that their business is uncluttered with seller representation. That may be true, unless you believe the individual is more important than the company. While a real estate salesperson must work within the philosophy and policies of their brokerage, a broker who meets all the criteria discussed in the previous chapter will serve you well regardless of what company they work for or the policies by which they are bound. After you have purchased your home, you may also decide in the future to sell it. Naturally, if you had a good experience with your broker in the purchase, you would want to consider the same person to help you sell your house. So it’s always good to keep your options open. 75

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