Wednesday, November 22, 2006

It's getting busy!

Another beautiful day in the Keys! I know; I keep saying that but I can't help it: It's true! I had a couple of friends from Germany visiting me yesterday and today and I love showing off the Keys to visitors. They went kayaking and could not believe how clear the water was. While they were off enjoying the Keys, I was busy! I see a definite increase in activity. I have had several phone calls in the past few days from waterfront home to commercial property and condos.

I was talking with a buyer today and he expressed concern to work with me on a listing that is my listing because he felt that I am representing the seller and not the buyer.I realized that many people might feel that way and that it might be helpful to explain the matter of 'agency' in Florida briefly. It's a bit complicated so I will keep it as simple as I can and if you have any more questions you can always call me and I will explain it in more detail to you.

A Realtor in Florida is obligated to disclose to a buyer what type of agent he is: A single agent, a transitional transaction broker or a Transaction Broker. Most Realtors encourage their sellers to agree that their listing agent is a transaction agent exactly for the reason I mentioned above: If the listing agent has a buyer the buyer might shy away from making an offer if the agent is a single agent, meaning he is representing the seller. Most people don't like to work with an agent knowing that the agent is on the sellers’ side and the buyer has no representation.We used to have Dual Agency in Florida, which meant that the agent represented buyer and seller; but really that did not make any sense. Now we can be transaction agents and that means exactly what is says: The agent neither represents the buyer nor the seller but the transaction.That means that the agent has fiduciary duties to both parties but cannot disclose certain information to the other party. For example: If a seller tells me that he is listing his property for so much but will take this much; I can not disclose that information to the buyer as a transaction agent; vice versa can the agent not tell the seller he might know that the buyer is willing to pay more than the initial offer.

One of my duties as a Realtor is to make a Real Estate transaction go smoothly and make sure that all legalities are taken care off as well as provide buyer and seller with the information necessary to determine what would be a fair price. When it comes to negotiation there are really only two things that matter: What is the most a buyer will pay for a property and what is the least a seller is willing to take. (Of course sometimes issues such a quick closing might play a role) In the process of negotiation there is either an agreement of the mind or not. It is the Realtors job ensure that the negotiation process goes smoothly and negotiate between buyer and seller without 'taking sides' as a transaction agent. Conclusion: as a buyer or seller you need to know as what type of agent your Realtor is in a transaction and you need to trust your Realtor because of his professionalism and knowledge.

Several new listings came on the market today:Click'>">ClickA vacant lot sold: Click'>">Clickand one condo in Harbor92 went under contract today: Click'>">ClickHarbor 92 is a beautiful complex on the bay with great views.

Now I must take the cranberries off the stove.
I wish you all a very happy Thanksgiving!

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