WHO SOLD MY HOME?

id-10086141When I talk with people and ask them who sold their home, they respond by saying “XYZ Realty sold my home” and after further research, I find that its simply not true. When I inform the person that “XYZ didn’t sell their home, they look at me like I have 10 heads. “What do you mean, I forget the name of my agent realty, didn’t sell my house? Their name that I can’t recall was on the for sale sign on my lawn?” When I explain to them yes, even though they hired “what’s their name” to put their home on the market, and represent them, “what’s their name”, did not also represent the buyer who purchased their home and so it was the Buyer’s Agent – “oh, that’s who that was”, who actually sold their home.

I think the confusion for most consumers arises because the term “sold” is used so loosely in the real estate industry. Once the a buyer is found and settlement occurs, the general public just assumes that the Realtor® who’s name is on the for sale sign sold the home. A possible solution to this issue in my professional opinion is that the agent who actually is responsible for selling the home be able to put a sign on the lawn that states: “sold by so-and-so” because when the public assumes the agent on the for sale sign sold the home, it puts the wrong information out there, the wrong real estate office takes the credit, it’s misleading and in my opinion, it’s simply not fair to the agent/broker who actually sold the home.

It is very important to know who represents who in a real estate transaction for so many reasons (possible legal problems, problems after settlement, issues with the home, to say thank you to the agent who did so much for you and when you want to sell your next home, you call the correct agent etc.) which is why it’s so important that consumers actually listen to the agent when they are trying to explain the Consumer Notice to them instead of brushing them off and simply being concerned with getting into a home. It’s also why  the Pennsylvania Association of Realtors, PAR requires all real estate brokers provide to each consumer a Consumer Notice which explains the various types of agency relationships a consumer can choose to have with an agent which are: 1. Buyer Agency 2. Seller Agency and 3. Dual Agency. Still, most buyers and sellers don’t even read the Consumer Notice even though they sign it until unfortunately something goes wrong and then they are looking to blame someone. Between the Consumer Notice and listening to the agent when they explain the differences between what a seller agent is and does and what a buyer agent is and does, everyone should be able to answer the question:

Who sold your home?

Renee Porsia is an expert real estate broker | owner of Sweet Digs Real Estate. If you would like to read more articles by Renee Porsia, or are interested in selling or buying a home in the Philadelphia, Bucks or Montgomery County areas, visit her website at Sweet Digs Real Estate or contact her directly at 215-669-0589 or in the office at 267-756-7065.

 

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