Buyers - Realtor Representation
Do you have a Real Estate Agent working in YOUR best interest?
If you want to have your own Real Estate Professional working for you and in your best interests, it is important that you enter into a buyer agent contract with the Real Estate Professional. There is normally no cost to you to have your agent under contract; the seller pays the commission unless otherwise arranged with you. However the agent you are using is now under contract to work only for you and in your best interests.
By law, unless your agent is working as a buyer agent and is under contract with you to do so, he is working for the seller. All realtors…..even the one showing you homes, listening to your dreams about the house you want and your financial worries about the cost… work in the best interest of the seller. That means that by law Realtors must pass on to the seller of the home you are bidding on any information that may influence the home buying negotiations.
While for years most Realtors have, at least subconsciously, been working for their buyers after getting to know and care for them, there has been no law that says they are …in fact the opposite is true. But how can a Realtor work on your behalf if he doesn't know your financial picture, know where you will compromise in your wants, what are your essential needs. In short, how can a realtor find you your dream home if you can't tell them your dreams?
Vivienne offers a guarantee that any buyer who hires her as a buyer agent can cancel the agreement at any time
Who is that REALTOR working for?
In real estate there are 3 different possible forms of agency relationships: Seller's Agency, Buyer's Agency, and Dual Agency.
When a real estate company is a "seller's agent," it must do what is best for the seller of a property.
A seller's agent must tell the seller anything known about a buyer. For instance, if a seller's agent knows a buyer is willing to offer more for a property, that information must be shared with the seller. Confidences a seller shares with a seller's agent must be kept confidential.
A buyer can expect fair service and disclosure of pertinent information about a property.
Nothing will be misrepresented about a property. All questions will be answered honestly.
2. Buyer's Agent
A real estate company acting as a "buyer's agent" must do what is best for the buyer. A written contract establishes buyer agency. It also explains services the REALTOR will provide, spells out who will pay and specifies what obligations a buyer may have. Typically, buyers will be obliged to work exclusively with that REALTOR for a period of time.
A REALTOR working for a buyer will keep information about the buyer confidential from the seller.
3. Dual Agent
Occasionally a real estate company and its sales representative will be the agent of both the buyer and seller. Under this "dual agency" arrangement, the REALTOR must do what is best for both the seller and buyer and strict procedures must be followed. A REALTOR can be a dual agent only if both the buyer and seller agree in writing. Ask your REALTOR for more specific details.
- REALTORS will be paid by the seller unless otherwise arranged with the buyer at his request. The listing agreement states the REALTOR's fee.
- Buyers & Sellers will ALWAYS be told - in writing - who a REALTOR is working for.
- Ask your REALTOR for more information
- The Buyer's Agency Agreement is for your protection and Vivienne agrees to cancel at any time if you are not satisfied with her service.