In Texas,
the real estate industry has been governed for years by a doctrine known by its latin
name, "Caviet Emptor" which translated means Until just recently, all real estate brokers and sales agents in Texas were required by the Texas Real Estate Act to represent the Seller. Therefore, as a Buyer, even though you had your own real estate agent showing you property and assisting you in the negotiations to purchase a property, that agent was obligated at all times to protect the interests of the Seller. Fortunately for Buyers, the Texas Real Estate Act has been changed to enable real estate brokers and agents to truly represent the interests of their client, when their client is a Buyer. BUT WAIT, BUYERS, YOU STILL NEED TO BEWARE! Real estate brokers and agents are paid commissions on property they sell. Sellers list their property for sale with a particular real estate agent of their choosing. By being the "Listing" agent, that real estate agent will typically receive 1/2 of the commission no matter who sells the property. The agent that brings a ready, willing and able buyer to purchase the listed property will typically collect the other 1/2 of the commission. Most real estate agencies agressively work at listing properties for sale. As stated above, this immediately qualifies them to receive at least 1/2 of the commission. The typical listing contract gives the listing agent an exclusive right to represent that Seller for a period of 90 days. This guarantees the listing agent that during the contract period, all prospective buyers of that property will have to be brought to him or her. Agents representing prospective buyers, on the other hand, do not have an exclusive representation agreement. As such, most real estate agents prefer to be the listing agent and focus their attention on representing Sellers. BEWARE! As a buyer, if you go to an agency that agressively lists properties for sale, you can be absolutely certain that the agents within that agency are going to try very hard to sell you the properties they have listed. In doing so, their agency gets to pocket the entire commission. If the agent you happen to deal with is the same agent that the Seller listed the property with, who do you suppose that agent is going to represent? The higher the selling price, the higher the commission! KENT LESLEY REAL ESTATE - A BUYER'S REPRESENTATIVE! Although we do list a few properties for sale, the listings we manage are typically income producing properties and ranches. When it comes to Residential real estate, WE PREFER TO REPRESENT BUYERS. As a member of The Highland Lakes Association of REALTORS® we have access to all of the property currently listed for sale with all of the REALTORS® in the Highland Lakes region of Central Texas. There are currently (as of April 23, 2002) over 7,500 properties to choose from. Our goal as a BUYER'S REPRESENTATIVE is to LISTEN to what YOU want. We will then search the database of properties listed by ALL of the REALTORS® in the area and provide you with a comprehensive report of ALL PROPERTIES meeting your requirements. We will consult with you regarding the available properties, their location, property values, available amenities, deed restrictions, jurisdictions, property taxes, school districts, churches and other relevant area information. One of our experienced representatives will take you on tours of the area and arrange for you to view any of the properties you wish to see. As we visit various properties, our representative will assist you in your inspections to help discover any defects in the structures or point-out any potential draw-backs to that particular property. Although you have the right to require an inspection by a licensed real estate inspector, and you have the right to terminate the purchase if the required repairs exceed a certain value, if the majority of the defects can be identified before an offer is made, it will prevent a significant level of frustration and wasted time. What about some of the things you won't see during a tour of the property? Here is an excellent example: One of the primary subdivisions in the Highland Lakes Region is a resort community called HORSESHOE BAY. Horseshoe Bay's amenities are owned and operated by Horseshoe Bay Resort, Inn & Conference Club. These amenities are only available to Members and guests of the Resort. A majority of the property within Horseshoe Bay entitles the owner of the property (if the individual is otherwise accepted at the discretion of the Resort) to a membership in Horseshoe Bay Resort, Inn & Conference Club without an initiation fee. BUT BEWARE! If a previous owner failed to pay their utility district taxes, their water bill, or their membership dues in a timely manner, their property may have become disqualified! If so, and you buy that particular property you may be faced with thousands of dollars in initiation fee to join the Club. Frankly, as a buyer, if you don't know enough to ask, you probably will not discover this until after you have closed and you apply for membership. Another prime example of what you won't see during a property tour is deed restrictions. These are rules associated with the use and enjoyment of a particular piece of property (or an entire section of a sub-division). Different properties on the same street can potentially have different deed restrictions. Horseshoe Bay has numerous sets of deed restrictions associated with the properties within the various sections of that sub-division. Just because you see one house in the neighborhood with a fence around it, doesn't necessarily mean that you can erect a fence around the yard (for your dog) at the house you would like to purchase nearby. Again, unless you know enough to ask, you may not find this out until it is too late. Once we have helped you locate a property suitable to your needs and taste, we will work with you to prepare the best possible offer (EARNEST MONEY CONTRACT) for submission to the Seller's agent. Earnest Money Contracts contain a large number of variables which can dramatically impact the ultimate price that you will pay for a new home or property. Your experienced representative will help you to understand what each of those variables means and how it will affect YOU. Properties in the Highland Lakes Region are currently, on average, selling for approximately 92% of their stated Asking Price. Because KENT LESLEY REAL ESTATE has years of experience in the Highland Lakes Region, we are able to provide guidance in determining what price to offer, depending on the type of property you are buying, where it is located, and other factors. Once an offer has been made, we will continue to assist you with any negotiations working diligently to pursuade the Seller on the merrits of your offer. When your offer is finally accepted, we will monitor the transaction as it passes through the Title company and consult with you regarding any additional decisions which may be required as a result of the title investigation, real estate inspection, survey or other issues. Our representative will accompany you to the closing to provide any assistance you may require understanding the closing documents you will be asked to sign. Our fee will be 1/2 of the sales commission which the Seller has contracted to pay his listing agent. There are no additional fees for our representation of your interests. SO BUYERS YOU STILL NEED TO BEWARE! MAKE THE WISE CHOICE KENT LESLEY REAL
ESTATE
|
