Why You Should Sign A Buyer Agency Agreement

By
Real Estate Agent with The Bean Group

When you decide to purchase a property one of the last things you think about is signing a Contract with a Realtor to assist you in your property search, the fact is it should be your first thought. When making the decision to buy, you need someone with experience with Writing up a Contract, Determining Property Value, Negotiating the Contract, assisting you with the Home Inspection and many, many other things that will come up.

The idea of going it alone and purchasing a property with out the assistance of a Realtor that you have hired to represent you can be very costly to you in the long run. If you decide to "just use any Realtor" to show you property, you are not getting any Fiduciary Representation from them, in short they don't work for you or your interests. The Agent who is working with you as a  Transactional Broker or Non-Agent has only one thing that they legally have to follow and that is, they must treat you "honestly and fairly". This means that they need to be honest with you and tell you up front that they cannot provide for you the services stated above, they are their to just open the door and let you view the property. The Agent is also only suppose to write up the Contract for you with the terms you want and no input by them, they cannot negotiate it or advise you. At the time of Home Inspection the Agent should not even be at the inspection, since their showing up would imply "Buyer Agency" after all they are not suppose to be representing anyone there or advising you.

Many Buyers have asked over the years the same question, " Why do I need to hire you?, if you won't advise me, negotiate the contract for me etc.. then I will just go and get another Agent who will". My response has typically been to tell them that if they decide to work with an Agent who provides all the services a Buyer Agent gives, without a Contract, then they are working with someone who either does not know Agency Law or The Code of Ethics or they due and have decided to not adhere to either one. I tell the Customer that working with an Agent who does not know Agency Law or the Code of Ethics is like hiring a lawyer or doctor who doesn't know the basics of their own profession. If the Agent is very competent and is fully aware of Agency Law and the Code and is choosing to ignore the Law and Code, then what does that say about them as a Realtor? What may the Agent decide to withhold from you while the deal is going on, do they have to advise you fully when writing up the Contract, do they owe you all their negotiating abilities, will they keep your personal information confidential during the deal? Ask yourself do you want to take the chance with what is probably going to be one of your largest financial decisions in your life!

When picking a Realtor, understand what you are getting from them, ask questions and don't be afraid to question what you are being told. Every good and qualified Agent that I know will be more than happy to take the time and answer all your questions, to your full satisfaction.

In my real estate career I bring over 10 years of experience to the table, I work to represent my Client giving 100% to them. My job is to give you my advise, experience and knowledge and to help you navigate the wonderful and frustrating world of real estate. My job does not end when you purchase your home, it just begins because I will be there even after the closing keeping in touch with you and reminding you that I am always just a phone call away.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Diane Daley 11/22/2008 02:55 AM
Topic:
Home Buying
Location:
New Hampshire Rockingham County Londonderry
Groups:
New England Professionals
New Hampshire - Real Estate and Life in The Granite State!
Realtors®
Tags:
londonderry
nh
buying
rockingham county
blogs
windham
homes

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Show All Comments
Rainmaker
317,819
Monika McGillicuddy
Berkshire Hathaway HomeServices Verani Realty - Hampstead, NH
Southern NH & the Seacoast Area

I'd hire you if I wasn't an agent myself. Things will sure change come January.

Nov 21, 2008 12:05 PM #1
Rainer
51,183
Christopher Bonta
The Bean Group - Londonderry, NH
Realtor, Integrity and Honesty

Monika, thanks for the compliment it means a lot coming from you! I hope you and Jay have a wonderful Thanksgiving.

Nov 21, 2008 01:36 PM #2
Rainmaker
682,571
Diane Daley
Caron's Gateway Real Estate - Northumberland, NH

Very well written and stated.  Thanks for sharing I will reblog  this for my reads to see.

Nov 22, 2008 02:55 AM #3
Rainer
51,183
Christopher Bonta
The Bean Group - Londonderry, NH
Realtor, Integrity and Honesty

Diane, I'm pleased you enjoyed my post and honored that you like it enough to reblog it for your reads.

 

Thanks

Nov 22, 2008 05:12 AM #4
Rainmaker
61,135
Tami Vroma
West Michigan Real Estate Specialist-Five Star Real Estate - Grand Haven, MI
Realtor, Grand Rapids MI Real Estate

Wow this is good Christopher.  You should ad some pictures and bolding.  It makes it easier to read and to reblog:-)

Dec 03, 2008 05:40 AM #6
Rainer
51,183
Christopher Bonta
The Bean Group - Londonderry, NH
Realtor, Integrity and Honesty

Tami, thanks for the input one question though. Where do you get pictures to post onto blogs? I see everyone doing it but haven't asked where they get them from.

 

Thanks

Dec 03, 2008 06:34 AM #7
Rainer
73,921
An Marshall
Berkshire Hathaway - St. Augustine - Saint Augustine, FL
Your St Augustine Real Estate Consultant

I didn't know that a non-agent was not supposed to negotiate or advise you.  I wonder if this is indicative of certain states or times.... I will need to do some more research

Apr 07, 2010 12:47 AM #8
Rainer
51,183
Christopher Bonta
The Bean Group - Londonderry, NH
Realtor, Integrity and Honesty

An, not sure what the definition of non-agent/facilitator is in your State but in NH and MA there is a very clear difference between facilitiation and Buyer/Seller Agency, let me know what you find for your State.

Apr 07, 2010 01:00 AM #9
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Rainer
51,183

Christopher Bonta

Realtor, Integrity and Honesty
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