If you are considering the purchase of a new construction home in the Reno-Sparks area you should know WHO IS WORKING FOR YOU before you step into the new homes sales office. Most area builders REQUIRE you to be accompanied and registered by your buyer’s agent if you want your agent to get paid for representing you. Let’s take a look at who represents who.
Sales Agent in Builder’s Sales Office: These agents, most of whom are not REALTORS, represent the builder/seller exclusively. They are often knowledgeable and helpful, but are not required to ask you if you are working with an agent. (REALTORS who are subject to a Code of Ethics are required to determine upfront if you are working with another agent.)
Builder/Seller: The seller in your purchase is always represented by a licensed real estate agent. This agent represents the seller exclusively.
Buyer: Most often buyers who walk into a sales office “just looking” on a Sunday afternoon without their REALTOR will be UNREPRESENTED in a new home purchase. When you sign your contract you sign a “Duties Owed” agency disclosure that indicates the agent presenting the contract to you works for the seller exclusively. They may or may not make it clear to you that you don’t have representation in the purchase.
Buyer’s Agent: If you are lucky enough to know the builder’s rules regarding buyer’s representatives getting paid in advance of walking into a sales office you could be represented by a qualified buyer’s agent/REALTOR and for your agent to get paid for their representation. If not the builder will still allow you to be represented by your own agent but they will not pay your agent’s commission. Agents/REALTORS earn their commission and will most likely not work for free.
Before you purchase new construction in the Reno-Sparks area know who’s working for you and the builder’s rules regarding compensation to a buyer’s agent who represents you. Don’t be an unrepresented buyer. The Shocket Team knows the process of purchasing new construction and can help. Just call us BEFORE you visit. Reno-SparksRealEstate.com