Many people think that if a real estate agent is showing them houses, that means the agent is their agent and looking out for their best interests. This is not the case in Texas, which is why the Texas Real Estate Commission requires that real estate agents go over the Information About Brokerage Services before they start showing you houses. That document explains that there is a difference between the various roles that agents perform in the home buying/selling process.
With over 35 years of combined experience in the real estate business and close to a billion dollars of sales volume closed, we, the Licona Team aim to be the best for our clients in all facets – from the initial conversation to the closing. We want to ensure that our clients understand the paperwork, including the Information About Brokerage Services and other Buyer Representation documents, and at the same time discuss their needs and propose a game plan before we show them houses that fit their needs and budget.
Here is a quick overview of our home buying process to give you an idea of how we will be working with you from start to finish:
1. Find a Real Estate Agent
Contact the Licona Team and we will schedule a complimentary buyer consultation with you to discuss your needs.
2. Discuss Home Preferences
Meet with our expert real estate agent to discuss the home buying process and current market trends.
3. Get Approved
A pre-approval letter will give you, your lender, and the home seller confidence in knowing the home that suits your budget.
Start home shopping with our Licona Team agent and find your dream home.
5. Make an Offer
Our team will guide you through making the right offer on your dream home providing a market analysis and strategy conversation.
6. Option & Earnest Money
Option and earnest money due within 3 days. Option money is estimated to range from $100-500 and earnest money is estimated 1–2% of the sale price.
7. Get a Home Inspection
Order an inspection of the home. Our agent will negotiate any necessary repairs.
8. Home Appraisal
Your lender will order an appraisal on your behalf.
9. Clear to Close
Lender give the ‘clear to close’ and reviews your closing disclsoure numbers with you ~2-3 days prior to closing.
10. Your Home Is Funded
Sign off on closing paperwork, obtain keys, and you’re ready to move!
Now that you already have an idea what the Buyer’s Agent role is, it is helpful to understand the difference between a Buyer’s Agent and a Subagent. This will save you from entering into a contract that has the seller’s best interests over yours. By default, a real estate agent who is a member of the MLS is always representing the seller as a Subagent, UNLESS they have a signed Buyer’s Representation Agreement with the buyer to become the Buyer’s Agent.
These are some examples of the various roles of how a Buyer's Agent can work with a home buyer vs. how a Subagent can work with a home buyer.
Working with a subagent sounds great upfront, but the bulk of the issues come in during the price and offer strategizing process, along with "repair" negotiations and then it's just a downhill spiral from there. Remember, it is common practice that the seller is in an agreement with their agent to offer the co-broker fee to the buyer’s broker. As a buyer, you do not traditionally save that buyer agent commission by avoiding the hiring of a buyer’s agent, but rather it leaves the listing agent and their brokerage to retain the entire commission that was agreed upon being paid by the seller. That said, some mistakes could be avoided in the first place if people learned from the mistakes of others. As Eleanor Roosevelt said, “Learn from the mistakes of others. You can’t live long enough to make them all yourself.”
Our “say-do” ratio is 100%. You’ll find that we’ll be a committed ally to negotiate on your behalf and have the backing of a trusted company.
They take the word "concierge" to heart so that each and every client has a wonderful experience in buying, selling, investing and/or leasing, and that they can lean on The Licona Team for everything from requesting contacts for house cleaning, great CPA, establishing an LLC to finding a personal assistant or lawncare company.Contact Us