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Things Real Estate Agent Need To Know Illinois

Real estate agents would say that the more you tell them, the better they can negotiate on your behalf. However, the degree of trust you have with an agent may depend upon their legal obligation.

Local Companies

James W. Klopfenstein & Associates, Inc.
(309) 673-9111
320 E. Jackson
Peoria, IL

Lexington Realty Trust
(312) 386-8111
101 East Erie Street, Suite 950
Chicago, IL

Copley Advisors
312 324 3600
474 N Lake Shore Drive, Suite 3707
Chicago, IL

Catylist, Inc
877-595-5478
444 N. Wabash
Chicago, IL

The Real Estate Group, Inc.
217/494-0800
3701 W Wabash
springfield, IL

Tri-State Realty, Inc.
847-360-1375
P.O. Box 502
Gurnee,, IL

NAI True
217-787-2800
3500 Mitchell Dr
Springfield, IL

Chase Property Management, Inc
(309) 999-5500
219 Fulton St
Peoria, IL

Cohen Development Company
(309) 671-1000
406 S.W. Washington
Peoria, IL

Cullinan Properties, LTD
(309) 999-1700
211 Fulton St., Suite 700
Peoria, IL

Some states require agents to disclose all possible agency relationships before they enter into a residential real estate transaction. Here is a summary of the three basic types:

1. In a traditional relationship, real estate agents and brokers have a fiduciary relationship to the seller. Be aware that the seller pays the commission of both brokers, not just the one who lists and shows the property, but also to the sub-broker, who brings the ready, willing and able buyer to the table. It most cases you will have 2 broker’s splitting the commission.

Dual agency exists if two agents working for the same broker represent the buyer and seller in a transaction. A potential conflict of interest is created if the listing agent has advance knowledge of another buyer's offer. Therefore, the law states that a dual agent shall not disclose to the buyer that the seller will accept less than the list price, or disclose to the seller that the buyer will pay more than the offer price, without express written permission. Many times it makes sense to “assign” someone in your office one side of the transaction, thus assures there is no conflict of interest.

A buyer also can hire his or her own agent who will represent the buyer's interests exclusively. Sometimes a buyer's agent must be paid out of the buyer's own pocket but the buyer can trust them with financial information, knowing it will not be transmitted to the other broker and ultimately to the seller. More often the seller pays both the selling broker and the buyer’s broker.

About the Author:

Christine Hancock began her real estate career proving herself a top producer on a new high rise development. This experience gave her valuable knowledge of construction as well as the buying process and resulted in 4-million dollars in sales during her first year.

www.getanewhome.net

chris@getanewhome.net

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Featured Local Company

James W. Klopfenstein & Associates, Inc.

3096739111
320 E. Jackson
Peoria, IL

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