real estate
Affordable Living For Seniors 55/62 Now Accepting Waitlist Applications Tenants must meet age, income and occupancy requirements. 100% Smoke-free or transitioning to be smoke-free. Small domestic pets welcomed with approval and pet deposit.
For Seniors 55+ St. Salome Apartments 4260 Culver Road, Irondequoit
Apply for 1, 2-bdrm Also Patio Homes Heat and hot water included in rent. Call 544.9151
Unio n Park
49 Union Square Blvd., North Chili
Apply for 1, 2-bdrm Heat and hot water included in rent. Patio or Porch Call 293.9150
West Town Village
60 Hendrix Road, West Henrietta
Apply for 1, 2-bdrm Heat and hot water included in rent. Patio or Porch Call 321.3420
For Seniors 62+ Atwood Park
4 Atwood Drive, Gates
Apply for 1-bdrm Rent is 30% of adjusted gross. Heat/hot water included in rent. Call 247.0985
Professionally managed by
Providence Housing Development Corp. 1150 Buffalo Road, Rochester, NY
585.328.3210 8
55 PLUS - July / August 2013
By Kimberlie Barrett
Who Represents You in a Real Estate Transaction
F
or decades there was no such thing as buyer representation. Historically, all agents worked for the seller because the seller paid the commission. Agents worked with buyers not for them. An agent would meet a buyer and show the buyer several homes. Upon deciding to purchase, the agent wrote the offer, called the seller’s agent and presented the offer in person. Prior to agency disclosure the agent presenting the offer was obligated to share with the seller anything that the buyer might have disclosed to the agent. If the buyer told the agent to present an offer for $85,000 and disclosed that they would go as high as $95,000, the agent was obligated to disclose this fact if the seller asked. At some point, the question became, “Who is representing the buyer’s interest?” and hence agency disclosure was born. There are four parties to a real estate transaction: A buyer’s agent, a buyer, a seller’s agent and a seller. Keep in mind that it is the real estate broker and company that have the relationship with the buyer or seller not the individual agent who is simply a representative of the brokerage agency. A real estate broker is held by law to owe specific duties to his or her principal/client in addition to duties or obligations set forth in a listing contract such as an Exclusive Right to Sell Agreement or buyer’s contract like an Exclusive Right to Represent Agreement. Fiduciary duties include honesty, confidentiality, disclosure, loyalty, obedience (of lawful instruction), reasonable care and diligence and accountability. If the brokerage represents the seller in a client relationship, then the buyer is considered a customer. In a customer relationship a seller’s agent still owes the buyer three things:
honesty, disclosure of material facts (that which can be seen as opposed to a latent defect which is hidden) and an obligation to define agency to a customer at the point of “substantive contact” or that point in the conversation where the buyer (in this example) begins to share information that could potentially compromise the buyer’s later position to negotiate should they pursue making an offer to purchase. It happens. Buyers wonder into an open house without their own agent to represent them and their excitement starts to grow as they find the home they were looking for. I tell buyers no matter how much they love a particular piece of property, it might be best if they contain their interest in the presence of the seller or seller’s agent. Remember the seller’s agent owes the seller disclosure, which might mean sharing how much the buyer loves the seller’s home and the likelihood that a higher price might be attainable if the buyer starts with a lower offer. More damaging to a buyer is a conversation in which the buyer discloses that they have inherited a lot of money or are in a position to purchase without having to sell their current property. This information could have the ability to affect the outcome of a potential offer and the price that is ultimately reached between the buyer and the seller. My best advice is to hire an agent to represent your best interest and not disclose sensitive information to agents who do not. Kimberlie Barrett is president, broker and owner of Magellan®, Inc. Real Estate & Relocation located in Brighton. She has more than 31 years of experience serving the Rochester real estate market. For more information, contact her at Kim@1Magellan.com or 585-233-6111.