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Monday, October 24, 2011

Why You Need A Buyer Agent

Before you disclose confidential information to a real estate agent wouldn't you like to know who they are working for?

Unless you have hired them as your Buyer Agent, by law, that Realtor represents the Seller. Prior to 1993, all Realtors represented the Seller.

Now — to your benefit — we have Buyer Agency. Signing a Buyer’s Agency Agreement benefits you because it insures that the Realtor you are revealing your heart and sole to is actually working solely on your behalf and not just gleaning information from you to take back to the Seller.

Please understand that when you call the listing agent (Seller’s Realtor) to see a property, she or he is working in the best interest of their client — the Seller. It is their duty to get the best deal for their client — the seller — not you.

As a Buyer Agent, I step into a fiduciary (TRUST) relationship with you and it is my duty to:

  • Promote your best interest
  • Make you aware of all facts that might affect or influence your decision to tender an offer to purchase
  • Keep confidential all your motivations for buying while at the same time, disclose to you all information gleaned about the willingness of the seller to complete the sale, accept a lower price, motivation . . .
  • Never advance any interests adverse to yours, or conduct your business in such a way as to benefit another party to the detriment of your interest.
  • Act according to the law subject to your continuous control, but not exceeding the scope of authority conferred by you. In other words, “I don’t make decisions for you.”
  • Protect you from foreseeable risks of harm and recommend that the you obtain expert advice or assistance when your needs are outside the scope of my expertise.
  • Never communicate personal information about you that was given to me within the scope of employment as your Buyer Agent. This personal information must be kept confidential unless you tell me otherwise. 
  •  Disclose material facts (something that will affect your decision to buy the house or pay a different price) concerning the transaction and property which might affect the decisions that you will make. 
  • Promptly report to you all money and property received and paid out, and upon request, to tender an account of these actions. I must safeguard all money held on your behalf.

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