Home Buying in Wisconsin>Question Details

Bee, Home Buyer in 34209

What is a buyer's agent?

Asked by Bee, 34209 Fri Aug 19, 2011

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Every real estate transaction involves a buyer and a seller. The Buyer's agent represents the buyer only and the Seller's agent represents only the seller. These agents owe 'fiduciary' duties to their clients. Those duties include Obedience, to do as you instruct them to (as long as it is not illegal or immoral...lol); Undivided Loyalty, Disclosure (In other words, they must disclose to your client, all important information about the property, the seller, and the transaction), Confidentiality (they must also keep confidential any information you give them about yourself, your financial situation, what you are willing to do or not do during negotiations and so on), Accounting for any and all monies, and Reasonable Care.

In some states, including mine, New Jersey, agents are permitted to act as 'dual agents' and represent both the buyer and the seller at the same time. They still owe both parties the very same duties, except of course, Loyalty. Obviously we cannot give our 'undivided loyalty' to two parties and our role changes slightly. If we do our job properly it really affects us more than it does our clients but it is an important distinction and some clients prefer to have someone who is working strictly on their behalf.
1 vote Thank Flag Link Fri Aug 19, 2011
You have gotten very good answers. When dealing with buyer's, I always use Buyer Agency Agreements. It is a contract which lets the agent work with the buyer on behalf of the buyer and not the seller. We negotiate on the buyer's behalf. There are many places in the country where this is not so widely used as sellers figure if they are paying commissions, all agents should be working for them. It means you are a client and not a customer. So, we owe you more than if you were a customer. If you want me to send you literature on it to make it simpler, just let me know.

Nina Kraus
Coldwell Banker Residential Brokerage
Web Reference: http://www.kraushouses.com
0 votes Thank Flag Link Sat Aug 20, 2011
Bee,

You have received two very good answers so far. In addition, I'd just like to add that signing a buyer's agency contract with your agent will show your agent that you are a serious buyer and also that you are committed to working with them.
0 votes Thank Flag Link Sat Aug 20, 2011
Suzanne's answer is textbook, as it should be. If shopping in the Eau Claire, Menomonie or western Wisconsin area, buyers agency is underused. Many people in this area still beleive in calling the listing agent to show them properties. Big mistake unless you sign a buyers agent contract and even then you may be dealing with an agent favoring the seller. In a buyers market like today, you should consider buyers agency especially if you are weak with negotiating skills. There's more to buying a home than price and location and that's where an experienced, ambitious realtor can represent you successfully (from financing to inspections to closing). Good luck with your shopping experience - hope it's fun and you are successful.
Charlie Tiffany, Broker
Prime Realty, LLC
715-495-1022
0 votes Thank Flag Link Sat Aug 20, 2011
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