Gregg and Lisa Whitney are pleased to provide their esteemed international clientele this helpful information about purchasing a home in La Jolla, California. We know that purchasing a property in another country can be confusing and that’s why we provide to all interested Buyers clear, concise, helpful and accurate information about the buying of property in La Jolla, California. Please contact us directly with any questions or to receive more information.

Working with U.S. Real Estate Professionals

When purchasing a home in the U.S., it is not always necessary to use a real estate professional. However, there are huge benefits if you do. First, by working with a professional you will have access to the power of the MLS (Multiple Listing Service). The MLS is a database available on the internet, for those with access, so that you can quickly and easily shop for homes from almost any location. This is an incredible resource to quickly see what is an available, compare price and get a feel for what is happening in the market, all from the convenience of your home computer.

Another perk of working with a real estate professional is access to their in-house listings. Not all agents are created equally. Having an agent employed by a large firm with great connections can give you access to a listing before it shows up and the MLS and the rest of the world have the opportunity take a look. Frequently, having the right real estate professional makes a difference by being capable of quickly finding your ideal home.

A good agent will do a lot of the legwork for you. Armed with your list of requirements, he/she will attend open houses and narrow the choices by eliminating homes that don’t meet your criteria. This will save you a considerable amount of time, energy and expense.

The right real estate professional will be someone with proven successful business experience. Experience is invaluable in the real estate business. There are negotiations and decisions to be made that will determine whether you will successfully buy your ideal home, all of which you will want to leave in capable experienced hands.

An experienced real estate professional will also be an excellent source of referrals for everything from lenders to pest control inspectors.In addition to all of these other benefits, there is one other large benefit to working with a real estate professional, and that is, that under typical conditions, it is free to the Buyer. In most cases, commissions paid to real estate professionals are paid by the Seller. There are actually three different types of agents available to you as a Buyer and in the
State of California an agent/broker must legally disclose to in writing which of the
following they are:

Buyer’s Agent – This person will represent you solely. This is your best possible option. Legally, as a Buyer’s agent your agent/broker has a responsibility to overlook the Seller’s interests in favor of yours. Unfortunately, since the Seller is most often paying the agent’s commissions, a Buyer is not legally capable of insisting upon an agent being a Buyer’s agent. But a Buyer should always ask. If all parties agree, your agent can be a Buyer’s agent. In the event that all parties cannot agree your second best choice is the Dual Agent Option

Dual Agent – As a Dual Agent the agent/broker has a responsibility to represent both parties fairly and equally. The Dual Agent option should only ever be entered into if all parties have a signed the appropriate documentation. A Dual Agent option is usually necessary when the agent you have chosen works for the same company that is listing the house you want to purchase. The rules of the dual agent agreement are in place to protect you. The agent is not legally able to disclose information to the Sellers about your willingness to pay more than the asking price, unless you give permission. Likewise, the agent is not able to disclose to you if the Seller is in a position to accept less than the asking price.

It is always better to have a Buyer’s agent, but, when necessary, a dual agent option can be very effective. The option that you don’t want is the Seller’s Agent.

Seller’s Agent - A Seller’s agent represents the interests of the Seller and has no legal responsibility to you, the Buyer. You may run into a situation where a Seller offers to pay the commission for your agent, but with a Seller’s agent option. This is not a good option and should be avoided. The exception to this rule is when buying a brand new home in a new development where all of the sales are being handled by the same broker or agent. In that case, it may be necessary to accept the Seller’s agent option.

Because of the benefits of having a Buyer’s agent, more and more people are choosing to hire and pay for a Buyer’s agent themselves. Thus, they insure that their rights are legally the responsibility of their agent. In most cases a Buyer’s agent in paid a commission based on a percentage of the purchase price. The Buyer and the agent enter into an agreement called a “Buyer’s List Agreement” or an “Exclusive Authorization to Locate Property (Buyer-Broker Agreement).”

The advantages to hiring and paying for your own Buyer’s agent are twofold. First, you insure that your interests are represented. Second, a Buyer’s agent is highly motivated to show you all properties that meet your criteria, even those that are not currently listed on the MLS.

The disadvantages are mostly financial. It could mean spending an additional 3-4% of the purchase price, beyond the down payment. However, in some cases the amount the Seller has agreed to pay the agent who locates a Buyer can either offset or replace this fee.

The other potential negative is that you could end up paying a sizable commission to an agent who didn’t even find you a home. If you enter into an agreement to hire and pay a Buyer’s agent you are agreeing to pay that agent if you purchase any home within a specified amount of time, even if they are not ultimately the agent who initially shows you the home.

A quick remedy for this is to specify a geographical area of specific criteria the house must meet in order to qualify for the agreement. It's also a good idea to include a release clause in the original agreement. This allows you to rescind the agreement with 48 hours notice, providing that you have not already made an offer on a home or signed an agreement to buy a home.

Whitney and Associates believes that you shouldn’t settle for just a good real estate professional, you deserve a great real estate professional.

What are the qualities of a great real estate professional?

Experience – You wouldn’t go to a surgeon with no experience and trust them to operate on you. And you certainly don’t want a novice assisting you in buying one of the most important purchases of your life.
Interest and Sensitivity to your Individual wants and needs – There are as many different types of houses as there are types of people. If you aren’t working with someone who passionately understands your needs and respects them, you will probably end up wasting an unfortunate amount of time.
Integrity – Integrity needs no explanation except to say that you owe it to yourself to only work with professionals of the highest integrity.
Strong, Sophisticated Business Sense – In this day and age you need a savvy agent who can negotiate the fast paced environment of today’s market and understand its nuances.
Knowledge – Knowledge is power.
An Excellent Rapport with other agents – A strong working relationship with other agents is necessary for you to receive the most up to date information and have the best negotiation/closing experience.
Dedication and Availability – With the advent of the internet, the real estate business has very nearly become a 24/7 business. Your real estate agent needs to be someone who can work with your schedule and is motivated to help you purchase your ideal home on your time line.

We at Whitney and Associates believe that we have all of the qualities of great real estate professionals. Our proven track record of excellence speaks for itself. We look forward to representing your interests and helping you to acquire your ideal home.

Here are some helpful definitions:

Agent or Salesperson: These are licensed individuals who work under the supervision of a broker. In almost all cases they are commission-only workers who receive no pay unless they help to close a sale. Agents or Salespeople show houses, attend open houses, hold open houses and take care of most of the tasks surrounding the sale of a property.
Broker: A licensed individual with at least 2 years experience as an agent or salesperson and is now in a position to oversee one or more agents or salespeople. The broker is the person with the most legal responsibility to make sure that business is conducted in a fair, honest, and responsible manner. Brokers can represent either Buyers or Sellers but are bound by a “fiduciary duty” to whomever they represent. Brokers receive commissions, generally from the Sellers.
Buyer’s Agent or Broker: Chosen by the Buyer, the agent is responsible only to the Buyer, but is generally paid by the Seller.
Dual Agent or Broker: In the case of the dual agent, they are usually paid for by the Seller, but are equally responsible to the Seller and the Buyer. It is advisable to get this agreement in writing.
Listing Agent: An agent who has facilitated putting a home on the market. The listing agent is a Seller’s agent unless they sign a dual agent agreement.
Real Estate Professional: This can interchangeably mean an agent, salesperson, or broker.
Realtor: A realtor is a broker, agent, or salesperson who is a member of NAR- the National Association of Realtors, which is a business trade group. Individual states also have state associations, such as the California Association of Realtors.
Seller’s Agent or Broker: This is an individual who owes a legal responsibility to the Seller, despite the fact that they might be assisting a Buyer to find a home.
Selling Agent or Broker: Not to be confused with a Seller’s Agent, a selling agent is the term used for an agent who finds a Buyer for housing. A selling agent can be a Buyer’s Agent, a Seller’s Agent or a Dual Agent depending upon the agreements made by the interested parties.
Subagent: A subagent is someone who works for the broker who is listing the house. A subagent will always be a Seller’s agent unless agreements are signed by both the Buyer and Seller to change that designation to a dual agent or a Buyer’s agent.

Full Name: Email: Phone Number:  Let us know if you have any information you would like us to provide to you

We at Whitney and Associates hope that you found this information helpful and enlightening. Experience the difference with Gregg and Lisa Whitney as embark on a lifestyle afforded exclusively to the rich, famous and utterly fabulous. Their exceptional service is unparalleled…Their knowledge and proven success in the La Jolla, California real estate market are beyond compare… unparalleled. For immediate answers to your questions and to begin your exciting home search in La Jolla, California, contact Gregg and Lisa directly at 848-456-3282.

click here to return to the International Buyers main page