Buyer Agency - Rochelle Gamauf
 

Buyer Agency

What is Buyer Agency in Wisconsin?

Let’s start with some real estate terms:

Agent–  A Seller or a Buyer hires a Broker to act as the Seller’s or the Buyer’s agent in a real estate transaction.  A Broker hires a salesperson to act as an agent of the broker.

Buyer Agency Agreement-is the agency contract that authorizes the firm to provide brokerage services to the buyer as a client.

Client– A party to the transaction who has an agency agreement, such as a listing contract or buyer agency agreement.  When a Seller signs a listing agreement Seller is now a client.  Buyer signs a Buyer’s agency they are a client.

CustomerA party to the transaction who receives brokerage services but doesn’t enter into an agreement with that agency.  Buyer that doesn’t have a signed Buyer agency agreement, this agent is often referred as Sub-Agent.  Another example would be a Seller that hasn’t signed a listing agreement.

Pre-Agency-stage when buyer is deciding whether to be a client or not.  We can show you properties, but no negotiations can occur.  

Multiple Representation-Relationship is when a broker represents two or more clients in the same transaction.

Duties owed to all (Clients and Customers):

  • Disclose-Material Adverse Facts are conditions which significantly and adversely affect the property value.
  • Accurate information-Provide community data or current market conditions
  • Fair and Honest Treatment
  • Confidential, information that another party wants to keep confidential.
  • Reasonable Skill and Care
  • Safeguard Earnest Money funds held by Broker
  • Objective presentation of offers

Advantages of working with a Buyer’s Agent:

  1. Critique a seller’s property, positive and negative impacts.
  2. A professional opinion of seller’s asking price
  3. Give advice about purchase price and talk more in depth about suggest price
  4. Buyer’s best interest structuring an offer
  5. Loyalty to Buyer
  6. Advise Buyer on solutions that are their best interest