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Don’t be misled. If
you’re buying a home, the real estate agent you choose should be
representing you, not the seller.
 Many prospective purchasers of real estate
assume that the Realtor who assists them in purchasing a property is
representing them as “their agent”.
This is not always the case.
The listing agent (seller’s agent) legally represents the
seller. As a result,
that listing agent is under legal obligation to promote the best
interests of the seller – to obtain for the seller the best offer
possible. This includes
new construction.
Of course, any real estate agent owes both
parties to a transaction good faith and honest dealing and the duty
to disclose all material defects affecting the property and known by
one party, but not reasonably ascertainable by the other party.
It’s the other category of facts which is an entirely
different issue. These
facts may include the following which might hurt the buyer’s
negotiation position
ü
Buyer’s motivation
ü
Ability or willingness to pay a
higher price
ü
Personal information about buyers and
their situations
As a buyer, you are never exclusively represented by the agent who
is also the listing agent of a particular property.
As a buyer, it is not in your best interest to use the agent
whose name also appears on the yard sign.
This agent is legally the seller’s agent first.
There are several advantages of having your own agent
representing you, the buyer.
It is clearly a benefit to be represented by an agent who has
no qualms about saying “You don’t want this house!” or “We can do
better for you!, by giving you a more knowledgeable and honest
assessment of a house.
And when it comes time to negotiate, the buyer may well pay less for
the home. Having a
negotiator on your side also means that you can be more candid about
your financial situation without jeopardizing your bargaining
position. Remember,
your agent is legally bound to confidentiality of your disclosures
to her, just as the seller’s agent is bound to the disclosures of
the seller.
 And
best of all, it costs you nothing to be professionally represented
by an exclusive agent – a Buyer’s Agent. Even though commissions are
paid by the seller, Washington State’s Agency Law clearly states
that a buyer’s agent represents the buyer and is subject to all the
fiduciary and ethical relationships with their clients that the law
provides.
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