FAQs
BUYER
What is a “Buyer’s Agency Agreement”?
A buyers agency agreement is a contract between a buyer and a real estate agent. The agreement outlines the commitments of the agent to the buyer and the buyer to the agent.
How does a Buyer’s Agent get paid?
Real estate agents make a commission off the selling price of the home only if the transaction closes successfully. Agent compensation is determined through negotiation within the offer, contract, and/or agency agreement.
Where and how do I find out about new properties on the market?
As your agent I will communicate new properties with you based on your preferred method of communication. You can utilize AtHomeWichita.com to search all available properties in Wichita and the surrounding areas or to save your favorite properties by registering on my website through At Home Wichita Real Estate.
What if I find a property on my own?
You will often come by properties on your own, please feel free to contact me at any time for more information. As your designated agent working together is going to be the easiest and best way for you to get everything you need. Since we are working together please contact me instead of the listing agent, I have the ability to get all the information from our MLS system.
Can I go to open houses without my agent?
Yes. When meeting the agent hosting the open house it’s best if you immediately identify yourself as working with another agent.
What is earnest money?
Earnest money is a deposit that you put down to show the seller your intent and good faith to purchase the property. It is deposited into escrow after mutual acceptance of the purchase agreement and applied toward your purchase price. Unless you breech the contract- back out of the deal with no legal basis- you will not be at risk of losing your earnest money.
Can you help me with homes for sale by owner?
Yes! Home owners selling their own homes are usually very happy when a professional, experienced, licensed real estate agent brings them a buyer. I can provide you with invaluable assistance in negotiating the price and terms of the sale and help you through a process that can be confusing and overwhelming.
Can you assist me with the sale of my current home?
Absolutely! The term buyer’s agent simply means that I have your interest in mind during the purchase of the transaction. I can “switch hats” and help you get your home sold as a seller’s agent and would be happy to assist you.
We want to place an offer on a house but cannot afford the house until we sell ours. Can we still make an offer?
Yes, we will make a contingent offer, where we will agree to the terms of the purchase and will work toward closing but not close until your home is sold. The seller will still have the ability to market the property but would have to disclose to any potential buyers of the contingency. If other buyers make an offer you will have the opportunity to either remove the contingency and buy the property or remove your offer all together.
We do not have the funds to pay closing costs. Can we ask the sellers to pay the closing costs?
Yes, although it is good to remember that this decreases the final amount to the seller. ANYTHING is negotiable.
What does the home buying process look like?
SELLER
What is a Seller’s Agent and who do they represent?
The Seller's agent represents the Seller only. The Buyer may be unrepresented or represented by another agent. The Seller’s agent is responsible for performing the following duties:
- Promoting the interests of the Seller with utmost good faith, loyalty and fidelity
- Protecting the Seller’s confidences, unless disclosure is required
- Presenting all offers in a timely manner advising the Seller to obtain expert advice
- Accounting for all money and property received
- Disclosing to the Seller all adverse material facts about the Buyer that the agent may know
- Disclosing to the Buyer all adverse material facts actually known by the agent
- Environmental hazards affecting the property that are required to be disclosed
- The physical condition of the property
- Any material defects in the property, or in the title to the property
- Any material limitation on the Seller’s ability to complete the contract
What does it mean when an agent has been designated exclusively to represent the Seller?
A Designated Agent is a Seller’s agent who has been designated by the broker to represent the Seller to the exclusion of all other licensees affiliated with the firm. The designated agent performs all the duties of a Seller’s agent, while the other agents in the firm perform the duties of a transaction broker, unless they have a Buyer agency agreement.
What role does the Transaction Broker play when involved in the sale/purchase of property?
A Transaction Broker is not an agent for either party, so the transaction broker does not advocate the interests of either party.
