At Home in Upland: August 2010

Sellers Becoming Buyers - A Question Asked

Sellers becoming buyers - A question asked ....  "I'm selling a house and will be looking for a replacement property to move to. Do I have to use my listing Realtor(R) to buy my new home as we have a contract for him to sell my home?

This is a very good question because there is a perception that because the seller is "working" with a Realtor(R) and has a listing agreement, a contract, that this agent is "their" agent for all of their needs. While you may accept this philosophically because your agent is GREAT, and there may be good reason to select the same Realtor(R) to handle the purchase transaction also, please understand that the listing and buying functions are separate transactions in California requiring separate agreements. There is no tie-in from one contract obligating you to use the services of that agent for the other function.

Food for thought: Is my listing agent doing a good job and are we in tune with each other? Does your listing agent specialize in listings? Is this agent actively seeking buyers for ALL listings, not just his own or those for his brokerage? Does the agent show buyers his company listings before all others, or are your wants and needs considered above all else? Does the agent know the city or neighborhood that you want to move to really well?

Think also about whether your agent will get all of the information needed about your progress in finding your new home from another agent? Is that even necessary/ selling and buying at the same time can be a tricky couple of transactions from a timing standpoint, but ultimately do-able. Individually, they are likely to be straight forward, but when one is conditional (contingent) on the success of the other, timing and availability are everything for both of your transactions.

You may want to consider your listing agent for the other transaction if: 1.) your replacement home will be in the same area, 2.) your agent understands your needs completely, 3.)your listing agent is not so totally involved in property LISTING that he/she does not have the time of a buyers agent to devote to your search. You'll think of other questions too.

As a Seller Becoming a Buyer, the questions YOU need to ask depend on the results you want to achieve. BY ALL MEANS< ASK THEM. Selling your home with a replacement contingency will likely have more far reaching effects on your sale AND purchase... but that is a subject for another article.

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Brad Rachielles, REALTOR.    Helping Inland Empire Buyers and Sellers with their Real Estate needs in the Communities of: Upland, Rancho Cucamonga, Fontana, Claremont, Ontario, Chino, Chino Hills, Pomona and La Verne, CA.

CDPE Certified Distressed Property Expert, Brad Rachielles, Real EstateCell: 909-816-7333  B.R E. # 01489453

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Comment balloon 3 commentsBrad Rachielles • August 25 2010 12:25PM
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