In the traditional home buying process, a real estate agent who is working with a buyer without an agency contract is, by law, working on behalf of the seller. They will work with the buyer but are required to advocate for the seller’s best interests. Did you know that?
So… how do you get an agent to work on behalf of YOU, the Buyer?
Sign a buyer agency contract.
Signing a buyer agency contract creates a legal responsibility between the home buyer and the agent. It allows your buyer’s agent to work for you, not the home seller.
What are the specific benefits of having a buyer’s agent?
A buyer’s agent can advise on, write the offer and draft provisions in your best interest.
A buyer’s agent can prepare an estimate of value for a property of interest and express a professional opinion of the property.
A buyer’s agent can negotiate on your behalf throughout the transaction.
Both traditional agents and buyer agents have certain duties such as to treat you honestly and fairly, disclose “material adverse facts” and assist you in the process to closing. But a buyer’s agent has a legal obligation to dig deeper into any situation which might jepordize your best interests.
Where can I learn more about First Weber’s buyer agency/buyer representation?
A discussion on agency will be one of the first conversations you’ll have when you talk with an agent. The very basics were covered in this article – see firstweber.com for more on buyer agency and explore your options. You can conduct a search for a First Weber agent who is accredited in buyer representation, too. Be sure to select “Accredited Buyer Representation – ABR” in the Agent Credentials pull down menu on that form.
So, does buyer agency sound good to you? Are you likely to sign a buyer agency contract? Have you used a buyer agent before? Feel free to ask us questions or comment and we’ll do our best to help you out.
Thanks for reading the First Weber Wisconsin real estate blog about buyer representation and buyer agency.
Happy house hunting!