Let's face it, looking at homes is fun! Understanding some of the legal part of it is not. I see so much confusion among buyers who think their real estate agent is working for them when they really are working for the seller.
Massachusetts it is state law that an agent reveals to a prospective client their agency relationship to that prospective customer/client.
Let me ask you a silly but important question. If you were a baseball player would you sit it the opposing teams dugout and let the opposing teams coach tell you how you should play your game?
Of course not, and I know many of you are snickering. Yet many buyers will buy a home directly from a listing agent of a home and let them guide them through the process and then say how great their agent was. That is equally as ridiculous. They are working for the seller, not the buyer.
Take Suzy agent, you meet her at an open house:
* She is very nice.
* She is very informative
* She seems to care....
But of course, her job is to sell you that home at the highest possible price in the shortest amount of time. She will do whatever it takes to sell you that home or any other home listed by her company.
As a seller's agent she owes her client a fiduciary responsibility. She must give her clients, complete obedience, loyalty, disclosure, confidentiality, accountability and reasonable care.
Her seller's needs must come before her own or your needs. If you happen to reveal something confidential about yourselves, like how much you love the home, your need to buy quickly... she must immediately disclose this to her seller's. She is going to justify every red cent her client is asking for the home and spin a very positive light. A seller's agent can only paint a spin that benefits her seller with in the law. A seller's agent must do what is best for the seller.
In Massachusetts, you can now run into what is called a facilitator, a facilitator does not owe anyone obedience, confidentiality or loyalty or reasonable care. There job is to put a deal together between buyer and seller and make the deal go as smoothly as possible. A facilitator will paint a spin that befits putting a transaction together with in the law basically you are on your own as far as negotiating, tracking time lines and making decisions.
On the opposite side of the coin, you can work with a buyer's agent. A buyer's agent owes their buyer complete obedience, loyalty, disclosure, confidentiality, accountability and reasonable care. A buyer's agent must do what is best for the buyer. They can provide you with an accurate opinion of value on a home, recommend vendors like attorneys, home inspector's, mover's and more... They can negotiate on your behalf and layout negotiating strategies that makes sense for you given the marketplace.
The great thing is most buyer's agents are paid by the seller at no cost to the buyer!! Most people are concerned about getting the best deal possible. If a buyer's agent can save you a $1000.00 would it be worth it?
What if a buyers agent could save you $2500 or even $5,000 or $10,000.
I think most of you would agree that even a $1000 would be worth it. A good Buyer's Agent, will have the pulse of the real estate market. This is our business I do it every day. There are many good buyer's agent, who can help you if you let them. You do not need to go it alone.
Agency law varies from state to state, as a buyer. Don't let the other teams coach, guide you through the process.... get your own...it is free!!
For more information on what a Buyer's Agent can do for you visit thehousewiz.com/Buyer_Services/page_2103457.html Buyer Agency
This article was provided by Kevin Vitali
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