Does your Tampa Buyers Agent Understand your Contract?

Does your Tampa Buyers Agent Understand

...your Contract?

That's a really sore subject for me!  Why? Because the RE (real estate) contract is the most important thing to understand in a real estate transaction and there is no excuse for not knowing what the contract words mean or what gets filled in the blank spaces. Your Tampa buyer agent should know the contract.  What good is someone who can’t help you?

Tampa Buyers Agent understands Real Estate Contract

The local Board of Realtors offers a real estate contract class several times a year and in addition several Florida Real Estate Title Attorneys offer more intricate contract classes. 

The attorney’s real estate contract classes go into detail on how to protect the buyer when filling in the blanks and what happens when mistakes are made or details are left out. An agent can even ask questions and get legal answers.

These classes are offered for FREE! And are VIRTUAL!

Everyone can take the contract class in their PJ’s and not even bother with the tie, hair or makeup…what excuse can someone licensed have to not bother learning how to read or fill out a real estate contract correctly.

Here's the Scariest Contract Fact…

Agents that have never taken a contract class claim to be a buyer’s agent…(even if they are working as a transaction broker or seller's agent). A homebuyer typically does not know the difference so they assume that to be true…after all, the TV ads do say “Trust a Realtor”.

Many buyer agents gloss over their lack of experience and sell their “story” to the unsuspecting home buyer while at the same time they could not pass a test on real estate contracts. 

If you think that is an exaggeration, please google “The Danger Report”.  It is a 168 page report that NAR (National Association of Realtors) commissioned several years ago to determine what the problems in real estate were.

NAR has since tried to bury it but it is still out there…Watch Video about the Danger Report.

In a nutshell “THE DANGER REPORT”  says “The biggest threat to the real estate industry is the masses of marginal agents who are part time, untrained, unethical and or incompetent agents.”

Read the real estate contract

Think of this: The seller may get by using a mediocre agent who does not fully understand the real estate contract, but it is never OK for a home buyer to have incompetent buyer representation.

Are Homebuyers being too naive?  Absolutely!

The sellers are selling the house…getting rid of the home along with any potential problems. Without an experienced buyer agent, the buyer might just be buying problems.

Related:  Do Tampa Sellers Agent Disclose House Problems?

A buyer is buying a house they know very little about…or maybe they know nothing about it except the price and that they like it. They need to be protected from getting stuck with something that is not what they wanted or is going to cost more than expected.

The buyer's agent is writing the offer and the buyer is buying the house per the contract submitted.  The buyer is the one who needs to be extra careful who they choose to work with!

An agent who does not understand a real estate contract cannot adequately represent anyone. The buyer's offer is the first step to protect the buyer's best interest by how the contract is written and the duties that they have spelled out for the buyer's proper representation.

An agent can either skim through a contract and leave blanks empty or they can be diligent and fill in every blank.  When an agent fills in the blanks with something meaningful that at minimum means they probably did at least read that sentence.

In the State of Florida, ALL real estate representation must be a written agreement that spells out the duties of each party to the agreement…did you know that?  I bet not.

Florida has no mandatory agency disclosures so agents don’t have to tell you they don’t work for you. That is the best kept secret in town.

Should a Buyer read the contract before signing it

Of course! Tampa Buyers Agent understands Real Estate Contract

When I write an offer for my buyer clients, I always allow them to review and make changes or ask questions.  

They typically sign the contract and don’t read it.  If they do read it, rarely do they ask questions.  

I am OK with that because I have already gone over the real estate contract  with a fine tooth comb…besides I have taught real estate contract classes. I have also taught buyer representation so I am not confused on how to properly fill out contracts or the best way to make sure my buyer clients best interests are protected.

An Experienced Tampa Buyers Agent knows more than just the contract…they should know about everything that touches a real estate transaction.  They should understand the following:

  • Home inspections
  • Appraisals
  • Financing
  • Construction
  • How to negotiate
  • How to evaluate a property
  • How to differentiate between termites and ants.
  • Much much more…

What about my “TRANSACTION BROKER”? Do they know?

First of all, a transaction broker is not your advocate or your protector…they are a middle person that only protects the transaction to make sure it closes. They do not write a real estate contract offer to protect you.

Transaction Brokers offer no loyalty, limited confidentiality and cannot advocate for you.  Most also try to represent both the buyer and the seller in the same transaction…

How does that work?  It doesn't, which is why when you are buying a home using a “transaction broker” or the seller's agent, you should have an attorney read your contract before your offer is submitted.

Tampa Buyers Agents read a real estate contractBuyers working with a transaction broker or a part time Tampa buyer agent should either hire an attorney for document (contract and closing docs) review or at least take the time to read what is in your written contract.  

If in doubt, you can make the contract subject to the attorney’s approval. Not reading it means you will be at the mercy of what the real estate contract you signed says.

What's most important in a real estate contract?      

Mostly the terms of the offer: The home buyer at this point is in control…they are making the offer.  However the buyer needs to know some facts before making an offer.

How is the home priced?  What should I offer?

Every offer stands alone on its own; it is not the carbon copy of any  previous offer…what your buyer's agent fills in the offer, depends on the house, the price, the seller and your desire.

Some property is listed reasonably, some may be undervalued and some property may be overpriced…maybe a little or maybe a lot.  Tampa Buyers Agents read a real estate contract

Your buyer's agent should be able to determine the value and advise you on offer, counteroffers and whether or not the property will appraise.

A lot depends upon how badly you want the property.  Is this a one of a kind dream home? Or one of many?  Who is bidding?  A whole bunch of people or just you? 

  • Should you waive your contract contingencies?
  • Should you stretch on your Home Buying budget?
  • Should you buy sight unseen?
  • Should you renegotiate your contract after Home Inspections?
  • Should you skip your final walk through? What's that?

Only a Tampa Buyers Agent that is experienced, savvy and understands real estate contracts can answer all those questions while keeping your best interest in mind.  

It’s your money you deserve the best representation. Ask us why…

Call Buyers Broker for a no obligation chat…727-202-9130

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