A new trend is emerging among real estate agents. And it’s not good. More and more Realtors are “representing” home buyers by writing offers without viewing the home. In a multiple-offer situation, how can your Realtor advise you on what price to offer if they haven’t seen the home? Isn’t that what a Realtor is paid for? What are a buyer’s agent’s duties?
Open houses are a highly effective way to bring large numbers of potential home buyers into a home in a short period of time. At Harb and Co., we prefer to have a broker’s open house followed by Saturday and Sunday public open houses. Our logic is that local Realtors can preview our listing and then send their clients to one of our open houses.
It is customary for a real estate agent to leave a business card when they visit a home. When we receive offers, one of the first things we will note is whether the agent has seen the home. The seller may accept an offer when a real estate agent hasn’t viewed the home. But this information is worth knowing. Multiple offers are a competition of sorts, and the offered price is not always the deciding factor. Most Los Angeles home sellers want a buyer who will close without further negotiations. The home may not appraise, and the inspection may reveal issues. A buyer’s agent’s first duty is to view the home.
Although the Los Angeles real estate market has stabilized, some homes continue to sell in multiple offers. A serious home buyer deserves every advantage.
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