Buyers'
Agents
Homeward
can represent you exclusively
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 Agency, 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 Agency, "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 Agency
turns the tables. If a Buyer's Agency 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 find an Agent who will represent you as a buyer, click
here.
