In today’s market, a question that lingers is this: Do real estate agents get first dibs for good properties? If you’re a real estate agent, you’ve probably been asked this question before. The answer is probably a resounding yes. After all, most agents have a huge following among the most elite buyers in the world. The website’s users include wealthy buyers, architects and designers, and real estate junkies.
There are a variety of reasons why agents might get the first crack at a property. Sometimes, unscrupulous agents depress property prices by buying a property for a fraction of its market value. They also may arrange for a strawman buyer to buy the property for the agent, either for a percentage of the profits or for a straight kickback. These unscrupulous agents are likely to take advantage of their customers and lower their prices.
A right of first refusal is often written into a homeowners association contract or other property agreement. It gives a potential buyer the first opportunity to buy a property before it is listed on the market. If a right of first refusal clause exists, the right of first refusal can be extended to the other interested parties. In some cases, the right of first refusal clause is negotiated at the beginning of the lease. If the property is not sold within that time, the right of first refusal goes to the other party.
When you’ve decided on a home, you’ll want to talk to the private owner. You can ask them about the property, price, and how long it has been on the market. Asking about the condition of the property will allow you to make a more informed decision based on this information. In some cases, the owner of the property may be willing to make some concessions.