There may be some really strange questions presented to you while your home is listed in Northern Utah. No matter how much you want to sell your home, there are some questions a seller does not have to answer – and shouldn’t.
Your real estate agent is there to field those for you. Real estate agents have a fiduciary duty their clients.
According to REALTOR® Magazine, “Seller’s representative (also known as a listing agent or seller’s agent) is when a seller’s agent is hired by and represents the seller. All fiduciary duties are owed to the seller. The agency relationship usually is created by a listing contract.
Buyer’s representative (also known as a buyer’s agent) is when a buyer’s agent is hired by prospective buyers to represent them in a real estate transaction. The buyer’s rep works in the buyer’s best interest throughout the transaction and owes fiduciary duties to the buyer. The buyer can pay the licensee directly through a negotiated fee, or the buyer’s rep may be paid by the seller or through a commission split with the seller’s agent.”
This relationship between a buyer and their agent or seller and their agent is called an “agency”; which can be created by a written contract, actions/deeds, or an oral agreement between the client and agent. The agent has a legal fiduciary duty with this created agency not to say or do anything that would put their client at a disadvantage in any transaction. In other words, to keep private what is private.
In this blog, we’re going to cover what a selling agent may disclose when asked. A buyer can ASK ANY question they want, but there may be some questions which could put the seller at a disadvantage, so can’t (or shouldn’t) be answered – unless the seller wants to disclose.
Here are a few examples of questions sellers may be able to answer:
- Will the seller accept buyer’s closing costs if an offer would be presented?
- How firm is the listing price?
- How soon can you close?
- Will the sale depend on purchasing a new home?
- And of course, if there are any questions which may come up on the property disclosure, you definitely need to ask questions about those.
Questions sellers do not have to answer:
- Why are you moving? Where are you going?
- What’s your bottom dollar?
- What did you buy this for back in such and such a year?
As a seller, you do want to sell your home and make sure everything is disclosed about the property; however, your personal reasons for selling do not need to be known by the buyer. This could put you at a disadvantage especially if you’re divorcing; have a terminal illness or other “need-to-sell” type of situation. Your agent will make sure any questions are answered appropriately and not place you, the seller, at a disadvantage.
As intimidating as the home selling process looks, that IS the reason you call the Spring Bengzten Realty Group. We make all of the paperwork understandable and the home selling process easier. Not only will all the necessary forms be explained, but your home will be priced right for the Northern Utah housing market. We use proven marketing plans and create outstanding campaigns customized for your home. Once you list with the Spring Bengzten Realty Group, the path to sell your home will have gotten so much easier.