Today I’m going to discuss builder representation and what my duties are to both the builders of new homes and to those looking to purchase them.
I’m now representing a builder who has been working in Treasure Coast for over 25 years, and he’s been working on a new build that I’d like to share with you.
This new model is called the Aria. It’s a beautiful, Key West-style, 4-bedroom, 2-bath unit with a metal roof. When finished, it will have quartz countertops, crown molding, and tile floors that look like scraped wood.
Now that I have the exclusive right to represent him on the selling side, this property will be going live on the MLS, available on the first week of June.
The builder and I were talking about representation when he asked me, “If a buyer came in and said that they wanted to buy this home and they asked you for representation, would you be representing my best interests?”
To that, I responded, “Absolutely.”
In this particular instance, I would be a transaction broker, which means that I have to use skilled care and diligence in the transaction account for all funds and disclose all known facts that materially affect the value of the property.
Suppose that you, as a buyer, were to tell me that you wanted to buy this house when it’s complete. In that case, we would write an as-is contract on that date to close. I would have all the fiduciary responsibilities to you as a buyer, but there’s one caveat which adds protection for both sides: I cannot represent one side to the detriment of the other.
Additionally, if you as a buyer are going to large building companies and expecting to get a better deal because you interact with them directly, you’re wrong. You’ll get the exact same price; the commission that you might have paid to an agent like myself to represent you would just go into the builder’s pocket as extra profit.
You’re really selling yourself short if you’re thinking about buying new construction and you’re not getting representation. It would be like going into court without an attorney and then using your opponent’s attorney. These builders have contracts that are written to their own benefit, so it’s in your benefit to have someone on your side looking out for you.
If you’re looking to buy new construction, we have new products coming online at very low interest rates which are great opportunities. We would love for you to visit our units in South Stuart, which are under $400,000 there within FHA and VA financing terms.
Feel free to reach out if you’d like to come walk the property or if you have any questions. I look forward to hearing from you.