If you are buying real estate in Sequim, Washington, you may want to consider a buyer's agent. More and more consumers are becoming aware of the potential and obvious conflict of interest when a Realtor represents both the seller and the buyer in the same transaction. Is it legal? Yes. Can it be done? Yes. Is it a good idea in most cases? No.
In 1983 the Federal Trade Commission concluded that 72 percent of all buyers believed the agent they worked with was representing their interests. The report was the catalyst for a nationwide legislative movement that forced the real estate industry to disclose who their Realtor represents. By 1988, most states had disclosure laws. This also woke consumers up to the need to be sure they addressed this issue when hiring an agent. Agents began to respond to the need as buyer's agents.
Janet Branton, executive director of the 44,000-member REBAC (Real Estate Buyer Agent Council) said, "A survey conducted in 2001 found 46 percent of home buyers used buyer representation. Buyer representation is not the exception anymore, it's the norm. Consumers now know they have the right to be represented."
Here's something I find interesting. Many buyers from outside the Sequim or Port Angeles area will see a sign and simply call the agent off the sign. That's fine, but here's where it gets interesting. The majority of these callers assume that the listing agent they call can represent them as their agent, too. Many hire that agent to write an offer on that agent's listing without any thought to the inherent conflict of interest. I've interviewed many buyers and other agents, and there is almost never any attempt by buyers to interview their agent, to do their due diligence on experience and knowledge, or to discuss dual agency.
Dual agency is legal in Washington, and it is codified as legal in RCW 18.86. That certainly doesn't prove it's in your best interests. As much publicity as dual agency has gotten (and all the lawsuits over it), and as much as "buyer's agency" has been discussed and written about, many buyers are still unaware of the need to hire their own buyer's agent.
I think a buyer needs his own agent, representing his or her interests and not the interests of the seller. I strongly recommend all buyers find an agent they can trust to represent their interests. Dual agency is a conflict, in my humble opinion.
Enough said today on this subject. Buying a home in Sequim or Port Angeles? I would love to represent you as your exclusive buyer's agent. Twenty years as a real estate lawyer and now a broker, I will bring what you need to the table to negotiate the best price and terms. Email me or call me at 360-775-5424. I'm Sequim Buyer's Agent Chuck Marunde. You can read Sequim's largest real estate blog at Sequim Real Estate.
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