Real Estate Broker/Owner with Wilson-Shaffer Real Estate

February 20th, 2008

What is a Buyer's Agent and when and why might you want one?  A Buyer's Agent is a licensed real estate agent with whom you have signed a contract-a WB-36 Exclusive Buyer Agency Agreement.  In this agreement, the Buyer (you) agree pay the agent to find a property for you to buy.  In this agreement you agree to pay the agent, although in most cases the agent is actually paid a portion of the sales commission by the listing broker.  Also in the agreement you can specifically indicate what properties you want to find, be it Door County shore front, water view, condominiums, vacation homes, vacant land, price ranges, or any other criteria that you desire.

What is the difference between a Buyer's Agent and a Seller's Agent?  BOTH owe the following duties to BOTH buyers and sellers:

1. Provide fair and honest services and answer all questions fairly and honestly.

2. Disclosed any and all material adverse facts known to the agent.

3. Keep in confidence all information that a reasonable person would want to be kept confidential or any information that the buyer or seller instructs the agent to keep confidential (unless that information must be disclosed by law).

4. Provide buyers and sellers with accurate market information requested by them.

5.  The agent must make an objective and unbiased presentation of all offers, and indicate the advantages and disadvantages of each.

6. Every agent must be knowledgeable concerning real estate law, public policies, current market conditions, and the physical characteristics of the property being sold.  Because the agent is not an expert in every field, the agent should recommend you seek third-party advisers such as attorneys, home inspectors, contractors, accountants when appropriate.

So what else does a Buyer's Agent do for a buyer?

A Buyer's Agent helps you get the best possible price, negotiates for beneficial contract terms, and puts the buyer's interests ahead of any other party.  Only a Buyer's Agent can give you a negative opinion of a seller's property, give you an opinion of whether the property is priced too high or too low, structure the offer with the buyer's best interests in mind, and recommend negotiation strategies for price and terms.

By signing a Buyer Agency Agreement, you agree to work exclusively with that one agent. In return, that agent will work extra hard to find a property for you because the agent knows they have your loyalty just as you have theirs. 

Mary Jo Ehnert, an experienced member of our Wilson-Shaffer sales team, had earned the "ABR" designation- Accredited Buyer Representative - and can be reached to answer you questions about Buyer Agency or assist you as your Buyer Agent at maryjo@dcwis.com.

So remember, whatever type of real estate you want in Northern Door County--condominiums, inland homes, shore homes, inland vacant land, acreage, vacant shorefront, or commercial properties-a Buyer Agent can help you find it and help you negotiate your offer.

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