Buying Agents: Are They Really Working For You?
By Grace on May 12, 2008 in Realtor Tips
Actually, yes, they really are.
The laws on agency can be very confusing, even to those who work with them all the time. Then add to that the ethical questions and you have a mix ready to hand someone a headache.
The law of agency basically works this way. Agents always represent the seller, unless you have contracted with a realtor to be a Buyer’s Agent. It does not matter whether the agent came with you to show you a home that is listed by an agency other than the one they work for. By law, without that contracted understanding between you and the agent, the agent is working for the seller.
Part of that means that they are required to look out for the best interest of the party they are bound to. They will — or should — disclose information that has been given in a disclosure statement, but they may not dig around to see if there is anything else that may be an issue for you.
What Can I Do?
Contracting with the Realtor to be your buying agent binds the agent to you. The Realtor is now legally bound to look out for your best interests; to get you the best deal and make certain you have every bit of information you will need to purchase a house that will suit all your needs.
Interview Realtors before you sign with one. Choose your Dallas real estate agent as carefully as you would pick an attorney or a doctor. Talk to them; make certain that the two of you really can deal with each other. There is no reason you have to take an agent that just doesn’t ‘get it’ about what you are looking for. You are looking for someone who doesn’t show you a ranch/rambler repeatedly when you’ve hate them.
Take the time to find the right ‘partner’ for your real estate deal. Then, take the step of making it official with a Buyer’s Agency Contract. Just like any other business arrangement, get the terms in writing, and read the terms before you sign.
You Will Get the Best Possible Help!
You’re spending thousands on a house, and this house will be your home for a long time. You deserve the best house you can find for your money, and a good Buyer’s Agent will make sure you get that, and more. Choose your Buyer’s Agent carefully, and they’ll be ready when you need a Seller’s Agent!
2 Comment(s)
By Jay Carter, Austin Real Estate Agent on May 15, 2008 | Reply
Very good advice! I tell my clients all the time to be very careful who they talk to and what they say when looking around at listings. One time, when working for a home seller, I had a young couple approach me (knowing I worked for the seller!) and tell me way too much about themselves, their loan approval status and their strong desire to buy my clients’ house! Long story short, they ended up paying full price - no price break whatsoever. Because the buyers had told me too much, I advised my seller to accept nothing less than full price, and that’s exactly what the buyers paid.
By admin on May 15, 2008 | Reply
Jay, great job! Just go to show that home buyers need representation, espically when its FREE.