HOW TO BUY FLORIDA REAL ESTATE – FLORIDA BUYER BROKER

As stated by AARP and the Consumer Federation of America from  REALTOR® News

 The #1 mistake Florida buyers make is to assume a real estate licensee represents them as a buyer’s agent!

This website focuses on helping buyers understand the challenges of purchasing Florida real estate and explains the duties of Beverly Howe, Florida Buyer Broker. 

When you are going to make one of the most significant financial investments in your life … Ask Beverly Howe, to buy Florida real estate with Florida Buyer Broker, first!

Call 1-800-283-7393 for your no obligation Florida real estate buyer consultations to get the Buyers Advantage.

Beverly Howe, is the owner and buyer broker of Florida Buyer Broker.  Beverly is a Florida real estate career professional with decades of real estate experience as an exclusive buyer broker.  She is one of the few Master Certified Negotiation Experts (MCNE) in the US and a 1031 Exchange Specialist.  Beverly will help you find the best property and negotiate the best price and terms for you.

Beverly Howe helps the buyer evaluate the asking price of Florida real estate.

The value a property has to a buyer depends upon each individual buyer’s needs.   This includes all aspects of the cost of ownership including location, location, location. Beverly Howe, Florida Buyer Broker helps buyers find the best property suited to the buyers wants and needs.

Florida’s 2024 property inventory offers many new homes for sale in new developments.  There is a growing inventory of resale single family homes, and high rise condominiums.  Investors will benefit from her 1031 Exchange specialist expertise.

Beverly Howe, Florida Buyer Broker, has extensive knowledge of Florida geographical areas and the Florida real estate buying process. 

Contact Beverly Howe, Florida Buyer Broker at 1-800-283-7393 for a list of 21 Critical Mistakes Buyers Make.

Please read the important information below about Florida real estate broker relationships. 

What is a Buyer Broker?

In Florida real estate transactions only a buyer broker or their buyer agents can legally negotiate for the lowest price and best terms for the buyers. 

Florida Buyer Broker,  Beverly Howe, takes care of the buyers’ best interest throughout the purchase process.  Only working with a buyer broker will your financial status and motivation to buy remain confidential.  Florida Buyer Broker always takes the buyer’s side of the real estate purchase transaction. 

Florida Statutes 475.278, says there are 9 Fiduciary duties Florida Buyer Broker owes to buyer clients.  Honesty, Loyalty, Confidentiality, Obedience, Full Disclosure, Accounting of all Funds, Skill, Care and Diligence, Presenting all offers, Disclosing all known facts that materially affect the value of residential real property and are not readily observable.

Beverly Howe, Florida Buyer Broker is a real estate buyer broker offering Single Agency, services to buyers only.  

What does Single Agency mean in Florida real estate?

Single Agency means the real estate office and broker intend to represent either the buyer or the seller exclusively.  The broker never represents both in the same property sale.

Only a Single Agency firm which does not list seller’s property for sale can guarantee the buyer ALL 9 fiduciary duties owed  Florida buyers.  Beverly Howe, offers buyers true private client relationships in their property purchase. 

The Single Agent Notice,   is a mandatory disclosure which establishes the buyer broker relationship and must be presented to the buyer before showing a property.  When the disclosure is required by Florida Law, it has specific wording.  It is not the same as a Buyer Broker Agreement or Contract.  The disclosure notice obligates the buyer broker and their buyer agents to represent ONLY the buyer.  The Single Agent Notice is included with a Buyer Broker Agreement/Contract when the buyer is represented by the real estate firm. 

Why should a buyer work with a buyer brokerage?

Single Agency real estate buyer brokers have LIABILITY in the real estate property sale.  Transaction brokers have limited liability.

What is the difference between a Buyer Broker and a Buyer Agent?

Buyer agents work under the supervision of the buyer broker.  The buyer broker is fully liable for all the buyer agents in their office. 

This website focuses on helping buyers understand the challenges of purchasing Florida real estate and explains the duties of Beverly Howe,  Florida Buyer Broker. 

What is the difference between a real estate team and a real estate brokerage?

Real estate teams have 2 or more licensees working together.  Often, one person will list the property and the another person works with the buyer.  The buyer specialist may show the listing agents properties, but may not actually be the buyer’s exclusive agent. Unless the buyer specialist discloses in writing with the Single Agent Notice, they would be a transaction associate who does not represent the buyer exclusively, even when the buyer signs a Buyer Broker Agreement with the “buyer specialist.

To avoid misleading the public, Teams must  include the brokerage company name they work for in their advertising.

When must a buyers agent disclose to the buyer?

At the first meeting or before showing a property the buyers agent must give written disclosure. See Broker Relationships for more information. 

Florida Buyer Broker provides services to the buyer when they sign the  Single Agent Notice required by Florida real estate laws for buyer brokers. 

Who pays Florida Buyer Broker compensation?

Sellers agree to pay a share of their proceeds on behalf of the buyer for the buyer broker real estate compensation. 

The reason the seller pays the buyer broker is because the majority of buyers do not have enough funds to pay their closing cost plus any compensation to a broker.  And the majority of lenders and banks do not allow the buyer broker compensation  to be financed into the price of the home.  They DO allow the seller’s broker commission to be included into the listing price of the home. 

Consequently, financial institutions keep many buyers from obtaining help with their real estate transactions.  Financial institutions and the government are owners of mortgages or they own property and foreclosures marketed for sale to buyers. 

The seller’s listing agreement may have a specific amount agreed upon by the seller which they will compensate the buyer broker.  Buyer brokers should inquire prior to showing a property what the amount of compensation is to be paid to the buyer broker.  

Beverly Howe,  Florida Buyer Broker fees are negotiable.  

Builders compensate buyer brokers to help buyers with the new home purchase.  Buyers do not get a property for less by going to the builder without a buyer broker.  Builder’s contracts have pre-written paragraphs to compensate buyer brokers.  Builders know buyer agents often help buyers with the new home selection and purchase process. 

Florida Buyer Broker earns the buyers loyalty. 

Seller’s agents and builders are confident when Florida Buyer Broker guides the buyers’ side of the transaction smoothly and professionally as their buyer broker.

Click this link to find out why home prices are so high.

What is a Florida real estate Transaction Broker?

Florida real estate law FL Statutes 475.278 assumes ALL brokers are transaction brokers and the real estate licensees who work for them are transaction associates. 

Transaction Brokers do not represent the buyer or the seller exclusively.  They have limited liability.  The broker and their transaction associates are NOT required to disclose anything to the buyer in writing.

Transaction brokers and their agents are NOT supposed to negotiate in the favor of the buyer or the seller.  When a buyer agrees to work with a transaction broker, they give up undivided loyalty and confidentiality of the transaction associate.

How do you know if a real estate agent is working for your best interest or the seller?

Most Florida real estate offices in Florida DO NOT offer Single Agency to buyers because they list seller’s property for sale.  When representing only the buyer the buyer broker is required to disclose in writing by giving the buyer a Single Agent Notice.   This must be done before showing a property or before the first meeting.  It is the ONLY way a Florida buyer can be sure they will be represented in the sale.

Many Florida real estate offices have 500 or more licensees working under the broker.  These large companies do not want the liability that goes along with representing hundreds of buyers and sellers. They are called Transaction Brokers and have limited liability.  Transaction associates often say, “I can’t say.”  When you ask them a question that would be detrimental to the seller or to the buyer. 

In Florida real estate Transaction brokers can switch from representing buyers to transaction brokers who not longer represents the buyer.

A transaction associate often ask the buyer to sign a Single Agent Notice and at the same time a  Transaction Broker Disclosure.  

Transaction Brokerage is NOT Dual Agency.  Dual agency is when the broker represents the buyer and the seller at the same time.  Dual Agency is illegal in the State of Florida. 

Florida Buyer Broker does not require a retainer fee or administration fee for services.

 Other offices may require a retainer or administrative fees.

As of August 17. 2024 Buyer Broker Agreements or Contracts are required between buyers and the real estate brokers prior to showing the buyer any property.   This is a real estate requirement created in the Settlement Agreement in UNITED STATES DISTRICT COURT WESTERN DISTRICT OF MISSOURI WESTERN DIVISION agreed upon by the National Association of REALTOR organization on behalf of its members and every licensed real estate broker and agent in the US. 

Florida Buyer Broker duties are spelled out in the Single Agent Notice disclosure.  The disclosure is not a contract, when it is signed by the buyer it commits Beverly Howe, Florida Buyer Broker to work exclusively on the buyers behalf in the real estate transaction.  It does not commit the buyer to anything.  Beverly Howe, Florida Buyer Broker ask our buyers for what we give, honesty, integrity and loyalty from the buyer in return. 

Florida real estate Buyer Broker Agreements may NOT include a commitment for exclusive representation from a broker. 

The buyer broker contract does not guarantee the buyer exclusive representation in Florida.  The buyers may commit to paying additional fees when the seller’s portion of their fee to the buyer’s agent is not sufficient to match what is in the Buyer Broker Agreement.  How much time will it take to find the right property?  The Buyer Broker Agreement limits the time it takes to finding a property.  Will the broker pressure the buyer to make a decision based on a time limit given in a Buyer Broker Agreement?  

Does Florida real estate allow a buyer to cancel a buyer broker agreement?

Unless the buyer has a completed and signed purchase agreement with a seller, there is usually not much to keep the buyer tied to a Buyer Broker Agreement.   Some buyer brokers may require a retainer or administrative fee that is paid up front and would not be refundable when the buyer cancels a Buyer Broker Agreement. 

Florida Buyer Broker does not ask for retainer or administrative fees from buyers, other offices may. 

When a buyer decides they no longer want to work with a broker or agent, they are not going to work with them.  Regardless of any signed agreement no one can force a buyer to buy a property based on a Buyer Broker Agreement.  The agreement is a way for the broker to try to enforce payment by intimidation from a buyer to the broker.  The broker may not have performed a beneficial service for the buyer.

Florida Buyer Broker likes to get paid, but we don’t want to commit the buyer to something that is unfair to any party to the sale.

Buyers are entitled to be told what the compensation offered to the buyer’s broker is BEFORE they make an offer on a property. All compensation is  negotiable up until the buyer and seller sign a contract and the sale closes. 

At the time a buyer wants to begin negotiations on a property, negotiations involving compensation to the brokers are not uncommon.  It is in the best interest of all parties to include the compensation amount in the purchase contract, who will be paying the compensation and to which brokers.  

To put it simply, when it comes to compensation, sellers’ agents don’t get paid anything until the property is sold.  Buyer’s Brokers don’t usually get paid until the buyer closes the sale on a property.

Real estate transactions are based on the good-faith, honesty and integrity of all parties involved in the transaction. 

What is an Accredited Buyer’s Representative?

Accredited Buyers’ Representative (ABR) is a class taught by the REALTOR® organization.  They may also list seller’s properties and may need to switch from a buyer’s agent to a transaction associate who can no longer represent the buyer.  

Call Now for a list of  21 CRITICAL MISTAKES BUYERS MAKE!  1-800-283-7393

Beverly Howe, Florida Buyer Broker, is friendly and loves to talk to buyers about their Florida real estate goals.

Call NOW for buyer consultations and get the Buyers Advantage 1-800-283-7393

It is never too soon to start preparing to buy your piece of paradise!