Home Buying in Lawrence>Question Details

Jfuller, Home Buyer in Junction City, KS

When using a transition broker, how much information do you disclose?

Asked by Jfuller, Junction City, KS Sun Apr 14, 2013

If we make an offer on a home through a transition broker, do we tell the broker why we have selected the amount we have? (i.e. repairs need, home is dirty, etc.)

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Marcia Kelly’s answer
I assume you mean "transaction broker, " a form of representation in KS that is not "agency." Here's what the law says: The transaction broker protects the confidences of both parties:

If the transaction is the sale of one to four residential units or the sale of agricultural real estate, the following information shall not be disclosed by a transaction broker without the consent of all parties:

1)that a buyer is willing to pay more than the purchase price offered for the property
2)that a seller is willing to accept less than the asking price for the property
3)what the motivating factors are for any party buying or selling the property
4)that a seller or buyer will agree to financing terms other than those offered; or
any information or personal confidences about a party to the transaction which might place the other party at an advantage over the party, unless the disclosure is required by law or failure to disclose such information would constitute fraudulent misrepresentation.

Marcia Kelly
Keller Williams, Topeka, KS
marcia@marciakelly.com
(785) 249-3989
0 votes Thank Flag Link Wed Oct 23, 2013
A well-trained Realtor will sit down with you and take the time to discuss the mechanics of purchasing a home in a manner that can be easily understood. Look for someone who is patient and has your best interests at heart. From there, everything else will fall naturally into place and make your real estate buying experience a pleasant one.

Best wishes,
Stan Trekell
0 votes Thank Flag Link Sun Apr 14, 2013
Just read your agency disclosure brochure over - you can tell anyone anything that you think would help explain your offer. Is this the listing agent? If not, you could ask the agent to represent you as a designated buyers agent. Work with people you trust (lenders, agents etc.)
0 votes Thank Flag Link Sun Apr 14, 2013
I agree with Nate. Absolutely "hire" a buyer agent (for FREE). All you have to do is search for advantages of a buyer agent on Google and you will learn quickly that you don't want to go without this advantage. If a REALTOR has one buyer with no written agreement and has another buyer with a written buyer agency agreement and both buyers want the same house, the buyer with the buyer agency agreement, per Kansas law, has to be best represented and therefore will take precedence over the buyer with no agreement. Do yourself a favor and "hire" your buyer agent. Also, have them set up email alerts for you as well so you find out about the property first. See the web reference below as a sample of where you can have those email alerts set up and also choose from all the MLS public search fields available on the IDX feed which comes from the MLS.
0 votes Thank Flag Link Sun Apr 14, 2013
Re: Transaction Broker. Explaining your reasoning for contract terms shouldn't place you at a disadvantage. You'd really do well to consider hiring a buyer agent though - the seller has very likely already agreed to cooperate with and compensate a buyer agent. That's essentially free representation.
0 votes Thank Flag Link Sun Apr 14, 2013
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