"Yvonne is great! She sold my home and helped me find a condo. She’s very honest, business-like, and hard-working."
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Ms. Lorraine Splinter - Read what others are saying!
Buyer Agency…
What is it and how will it benefit you, the
Buyer?
In Wisconsin, a Real Estate Buyer can choose
to work with either a Selling Agent (also referred to as
a subagent or co-broke agent), or a Buyer’s Agent.
A Buyer’s Agent works on the Buyer’s behalf—representing
you in the transaction. Price, terms and conditions
are negotiated with your best interests in
mind. In both cases, the agent is a trained professional,
licensed by the State of Wisconsin, and is obligated by
law to treat all parties in the transaction honestly and
fairly and to exercise reasonable care and skill. They must
make you aware of material adverse facts, keep your information
confidential, provide accurate market information and safeguard
all funds. However, the Selling Agent represents the seller
/ listing broker, not you!
How are Selling Agents and Buyer’s
Agents Different?
If you work with a selling agent and have
no contractual agreement between you and the agent, you
are not the agent’s client! The agent does owe you
the duties outlined on the reverse side of this brochure
and is obligated to give you a Disclosure to Customer’s
indicating these duties. The agent can show you properties
you are interested in seeing, get more information about
the properties and draft the offer to purchase but cannot
negotiate on your behalf.
An agent who works as an agent of the Seller/Listing
Broker is limited, however, in the degree of service they
can provide you, the buyer, because of their obligations
to their clients (Listing Broker/Seller) and the duties
owed to them.
A Selling Agent cannot work with you to analyze
other properties currently on the market, recent sales and
make suggestions of what price to offer on a given property.
They cannot suggest that a property is overpriced and recommend
strategies which might create a more attractive deal for
you. They cannot suggest that you ask for appliances, home
warranties or similar items which might make a better buy
for you.
A Selling Agent is obligated to loyally represent
the Seller and the Listing Broker. They cannot provide advice
or make recommendations which would be contrary to their
interests. While they must comply with laws requiring fair
and honest treatment of all parties to a transaction, they
cannot negotiate with your best interests in mind. Their
objective is to get the highest price, best terms and least
amount of problems for the Seller and Listing Broker.
How does Buyer Agency Work?
Entering into a Buyer Agency is easy. You
and the Agent complete and sign a WB-36—Buyer Agency/Tenant
Representation Agreement. The Agent will explain the duties
owed to you and to all other parties in the transaction.
The agreement will specify the amount and method of all
compensation which will be received by the Agent if a successful
transaction is consummated. In effect, you are hiring the
Agent to represent you.
 In
one particular circumstance, where you were interested in
buying a property listed by Coldwell Banker Action, a situation
could develop called “Multiple Representation”.
With your consent, and the consent of the seller, the listing
agent can represent the seller and the “buyers agent”
can continue to represent you. This is referred to as “Multiple
Representation with Designated Agency” and it allows
your buyers agent to continue to represent your interests—you
have the choice of how you want to work with your agent
should that situation occur.
Your “Buyer Agency Agreement”
includes the Coldwell Banker Buyer Services Guarantee and
can be cancelled at any time upon your request if you are
not happy with the service provided.
I will be happy to explain and discuss the
advantages and mechanics of buyer agency with you at any
time.
Give me a call—let’s sit down and see if Buyer
Agency is for you. You’ll be glad you did!
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