Many
visitors to this Web Site, in their search for a
home, pass by some of the most important
information in it--the discussion on agent.
They, like many home buyers before them, believe
that the Agent with whom they are
working--sometimes on a daily basis--represents
them and their interests. Without certain
disclosures, this definitely is
not
the case.
The
Agent, unless specifically disclosed otherwise,
represents the
seller
in any transaction for the sale of a home. It is
that Agent's fiduciary duty (where their loyalty
lies) to protect the seller's position at all
times.
Buyer's Agent, however, may be an option
available to you. Simply put, it allows the
Agent with whom you are working to be your
representative and to put your interests above
all others.
Example 1:
You see a house advertised in the newspaper, a
home magazine, or the Internet. You contact the
Listing Agent (this is who will be advertising
the home) and make an appointment to see the
house. The Agent is friendly, informative, and
tells you what you believe to be everything
about the house. The Agent represents the
seller, not you.
Example 2:
You are working with an Agent, who shows you 25
different homes over 3 weekends. The Agent buys
you lunch twice, knows all 4 of your children by
name as well as all of your personal likes and
dislikes, but does not offer Buyer Agency. You
feel comfortable with the Agent, revealing
important personal information. Without Buyer
Agent, "your" Agent represents, and owes loyalty
to, each and every one of those 25 sellers--not
you. Any information you reveal to the Agent
must be relayed to the sellers.
"Okay," many buyers say, "so the Agent
represents the seller and not me. Is that a big
deal?" Maybe not, but it is important to
understand that if the Agent represents the
seller, they cannot reveal certain things to
you, as the buyer:
-
The reason for selling (unless the seller
specifically authorizes it)
-
Any concessions, in price or otherwise, that
the seller may be willing to give up.
-
Any conversations that the seller and the
Agent may have had.
-
Any information that could be detrimental to
the seller, or give you, the buyer, an
advantage. This would include a
CMA
(Comparable Market Analysis) that could put
the seller at a disadvantage.
Buyer
Agent turns the tables. If a Buyer's Agent
agreement is struck between you and the Agent,
it is
you,
rather
than the seller,
who has
the representation from the Agent with whom you
are working. If you are represented by a Buyer's
Agent, some of the potential benefits include:
-
The Agent can develop a
CMA
(Comparable Market Analysis), revealing at
what price similar properties in the area
have been listed for and sold for.
-
The Agent can reveal to you any information
about the seller that the Agent has been
able to ascertain. This may include reasons
for selling, potential concessions, or other
information that may be to your advantage.
-
Information about property value trends that
may influence your decision about a certain
area can be relayed to you.
Summary.
Is it necessary to have a Buyer's Agent? No.
Thousands of home buyer's have been well served
dealing with the seller's Agent. (For years, it
was the only way it was done). The important
thing is to understand your options, so that you
don't unintentionally accept less representation
than you want.
If you would like to use Richard Hewins as an
Agent who will represent you as a buyer,
click here
and make sure that you note "want a Buyer's
Agent." (You can compare a selection of
top-performing Agents and
remain
anonymous
throughout the search process.)
More information.
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