Why a special section on
Many visitors to this Web
Site, in their search for a home, pass by some of the most important
information. They, like many home buyers before them, believe that the
Agent with whom they are working -- sometimes on a daily basis - represents
them and their interests. Without
certain disclosures, this definitely is not the case.
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
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.
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.
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.Some of those items
reason for selling (unless the seller specifically authorizes it)
concessions, in price or otherwise, that the seller may be willing to give
conversations that the seller and the Agent may have had.
information that could be detrimental to the seller, or give you, the buyer,
an advantage.This would
include a (Comparable Market Analysis) that could put the seller at a
Buyer Agency turns the
tables. If a Buyer 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:
Agent can develop (Comparable Market Analysis), revealing at what price
similar properties in the area have been listed for and sold for.
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.
about property value trends that may influence your decision about a certain
area can be relayed to you.
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.
Choice is Yours...Is Buyer Agency
Right For You?
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Licensed in the State of Vermont