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Ignorance is Not Bliss in Real Estate

Photo by Darius Bashar on Unsplash
The Consumer Federation of America
released a report in January 2019 titled,
The Agency Mess
Home Buyer & Seller Confusion and Costs related to diverse and poorly enforced State laws about the Role and Responsibility of Real Estate Agents
 
I encourage all home buyers and sellers to read this extensive report since it impacts one of the most expensive financial decision you will make in your lifetime. The author of the report Stephen Brobeck had this to say,
 
"Today, many home buyers and sellers do not know whether their agent is representing their interests, those of the other party, or those of neither. Given the huge expenditure of a home purchase and the conflict of financial interests between seller and buyer, it is important that consumers know who their real estate agent is actually representing. "
 
Every State has different rules about representation but all States are required to disclose the relationship between the agent/Brokerage and the buyer or seller. The problem is-these disclosures are really confusing.
 
According to the CFA survey, two-thirds of consumers think real estate agents are required to represent the best interests of the buyer or seller they are working with. This is a case where not understanding who represents whom could ... more

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