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“The Safier Rights” – You Have The Right To Be Informed

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February 18th, 2010

Perhaps it’s time to create Miranda rights for would-be home purchasers.

It is amazing that with internet access to virtually all homes for sale, would-be purchasers are naïve as they continue their knee jerk reflex to contact the listing agency if they have interest in a particular home. They seek the listing agent thinking she should know more than anyone about the home and be best able to answer specific questions.

That may well be true, but with a big “But.” It is vital to remember the listing agent represents the interests of the seller and is not about to disclose any negatives to a prospect, unless obligated to do so by law or code. (if they are material facts) But so much in determining value for a purchaser is not based on material facts.

The listing agency is committed to getting the asking price of the seller, or the highest price they can for the home. And, though agents are required in most states to disclose their agency status at first substantive contact, there is no “Miranda” rights paragraph they are required to give to the prospective purchaser. I know from years of anecdotal reporting by buyer prospects, that many, if not most agents neglect to disclose who they are working for in an introductory email, or via a phone conversation or first meeting. So the buyer might be revealing more than they should.

How about giving real estate licensees a pocket card, like we give police officers, with Miranda rights printed on it, so that they can always be read to prospective buyers. I’d call them the Harris rights:

I represent the interests of the seller, and you have the right to remain silent and refuse to answer my inquiries about your finances, your motivation level, and your cash on hand. You have the right to a personal buyer’s agent. If you think you cannot afford a buyer’s agent, you should know that the fee for same may be built into your transaction and paid for by the seller at closing. Should you choose to share information with the listing agency (me) about your interest, ability to finance or purchase the house, that information can and will be used against you in the negotiation process if you reveal them to me. You may make arrangements to be represented in a transaction.

Perhaps with Harris rights, more home-seekers would know why they need an agent who represents their interests, and that they may require their agent to create a comparative market analysis to help them determine fair market values in the local market, and to negotiation hard, on their behalf, in a buyer’s market like we have in most places today.

At a licensed concierge can discuss the issues of representation with registered site users and inform them about available buyer’s agents in the communities surrounding the city. Then the concierge can connect you with a top real estate professional who matches your wishes in skill sets, knowledge and communication style. Get what you deserve out of the transaction and have the professionals help you find the right home for sale at the right price in today’s market.

Find Your Real Estate Professional Match Now!

Harris L. Safier
CEO Licensed Real Estate Broker
Best Place 2 Move, Inc.

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