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Buyer Agency Explained:
In the mid 90's, the notion of buyers being represented by buyers agents and
sellers being represented by sellers agents came into practice. And it was long overdue too.
Some Basics:
When a Realtor takes a listing on a property, they represent the seller.
Simple enough. This is the way it is supposed to be.
Many buyers who call the listing broker to arrange for a showing never fully
appreciate that the listing broker does not and cannot represent their interests In fact, if a buyer tells the listing broker inside information the listing broker is duty bound to
report this to the seller.
Buyers at Open Houses remember it is not advisable to disclose your personal
financial circumstances, the maximum you might offer for a property, or what your negotiation strategy might be. You would be shocked at how many buyers sit down at work up a
negotiation strategy with their opponents agent when making an offer to purchase.
Types of Agency:
Buyer Agency: Agent declared fiduciary responsibility to the buyers and not the seller.
Seller Agency: Listing Brokers and Agent-don't represent the buyer
Facilitator: Due to possible conflict, agent acts as facilitator only and not as a buyer or seller agent.
Buyer Agency: We don't recommend that you sign any buyer agent contracts as these are not customary in the industry. Some buyer agents request
them but what happens later if you aren't comfortable with their services and want to opt out.
If you are a buyer, why not ask the agent you are working with to
represent you as a buyers agent?? You realize the law requires the agent that you meet at a property present you with an agency form at the first meeting and for them to disclose to
you whether they plan to represent you or the seller. You should be walking away with a clear understanding that the person you shook hands with is either on your side or not.
I have represented hundreds of buyer clients over the
years and never once had them sign any kind of restrictive buyers agency agreement.
We are seasoned professionals, give us a try.
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