Who Represents Who?
For Sale By Owner
Some homeowners put their own property on the market and attempt to circumvent hiring a real estate agent. These properties are known as For Sale by Owner. The majority of homeowners who try to sell on their own eventually realize they don’t know how to handle a sale by themselves, and they turn to a professional for help.
For Sale by Owner Facts:
- The average FSBO property sells for more than 20 percent less than comparable homes that are listed by an agent
- REALTORS® work as a buffer for sellers and that you are trained to screen buyers to protect sellers.
- REALTORS®—through the MLS and their relationships with other in the industry—can expose FSBOs’ property to the widest pool of buyers in the most efficient time frame.
What does a Real Estate Agent Provide?
Fiduciary Responsibility: When a real estate agent or broker is acting in an agency capacity for a buyer or seller, they must act in the best interest of the client. These specific fiduciary duties include:
- Loyalty – Act at all times solely in the best interests of the client to the exclusion of all other interests, including the broker’s own self-interest
- Avoid steadfastly any conflicts of interest that might compromise or dilute the broker’s undivided loyalty to his principal’s interests.
- Confidentiality – Keep confidential any information that might weaken his principal’s bargaining position if it were revealed.
Does not include any obligation on an agent or broker to withhold from a buyer known material facts concerning the condition of the seller’s property or to misrepresent the condition of the property. - Obedience – Obey promptly and efficiently all lawful instructions of his principal.
- Reasonable Care and Diligence – Use reasonable care and diligence in pursuing the principal’s affairs. Affirmatively discover facts relating to his principal’s affairs that a reasonable and prudent real estate broker would be expected to investigate.
- Accounting – Safeguard any money, deeds, or other documents entrusted to him that relate to his client’s transactions or affairs.
- Disclosure (Seller) – A real estate agent or broker representing a seller must disclose:
- All offers to purchase the seller’s property.
- The identity of all potential purchasers.
- Any facts affecting the value of the property.
- Information concerning the ability or willingness of the buyer to complete the sale or to offer a higher price.
- The broker’s relationship to, or interest in, a prospective buyer.
- A buyer’s intention to subdivide or resell the property for a profit.
- Any other information that might affect the seller’s ability to obtain the highest price and best terms in the sale of his property.
- Disclosure (Buyer) – A real estate agent or broker representing a buyer must disclose:
- The willingness of the seller to accept a lower price.
- Any facts relating to the urgency of the seller’s need to dispose of the property.
- The broker’s relationship to, or interest in, the seller of the property for sale.
- Any facts affecting the value of the property.
- The length of time the property has been on the market and any other offers or counteroffers that have been made relating to the property.
- Any other information that would affect the buyer’s ability to obtain the property at the lowest price and on the most favorable terms.
Tony Clark Realtors believes every family should feel confident when buying and selling a home. We are here to be your trusted adviser. Since 1976, we are the Owensboro Kentucky market expert.
Tony Clark Realtors | 2934 Frederica Street Owensboro, Kentucky | (270) 683-SOLD
Tony Clark Realtors®, LLC is located in Owensboro, KY, and has been representing home buyers and home sellers for over 40 years. Tony Clark Realtors® is also trusted by many property owners to manage their rental properties, having one of the largest portfolios of rental properties available in the area. When you choose Tony Clark Realtors® for your real estate needs, you can have peace of mind as to the high value and quality of service you'll receive.