I was reading a post featured on Active Rain this morning.
The post was written by Canadian Realtor Lindsay Walls and titled "The Real Reason you should sign a buyer representation agreement."
I know my opinion won't be popular amongst the real estate agents, but...
I DON'T USE BUYER'S AGENCY AGREEMENTS. IF I WERE A BUYER, I WOULDN'T SIGN ONE.
Yes, I understand the arguement. Buyer's agency agreements explain both parties responsibilities in a real estate transaction:
The Agent's Responsiblity: LOYALTY, OBEDIENCE, DISCLOSURE, CONFIDENTIALITY, REASONABLE CARE, DILIGENCE, and ACCOUNTING.
The Buyer's Responsibility: Must make sure the agent gets paid if they buy a house. Any house. A for sale by owner. New construction. Even dear old Mom and Dad's house. Your Realtor must get paid. And if the seller isn't going to do it, then you, the buyer, will have to.
The agent's responsiblity seem fair enough. But do I need a written contract to tell me how to do my job?
I believe the buyers agreement is there to cover the agents butt. I can assure you, it wasn't written by buyers...
Realtors as a workforce don't like working and not getting paid. Who does?
So if the Realtor getting paid is the buyer's main concern, they should sign the agency agreement.
If the buyer's concern is great service? Then how in the heck signing a contract binding one to a Realtor is going to accomplish this.
As a consumer, the one way you can GUARANTEE great service is by maintaining your right to go elsewhere. Once a buyer signs the agency agreement, they lose that right.
As a Realtor, I would never ask my clients to give up that right...