Most first time home buyers don't realize there are different types of real estate agents, it is important to get the facts and choose the agent that is right for you:

Agencies:

SELLER AGENCY:
When a Seller appoints a company to market their property ALL Agents of the company are required to provide the Seller with the following Fiduciary Duties: UNDIVIDED LOYALTY - CONFIDENTIALITY - OBEDIENCE to Lawful instructions - ACCOUNTABILITY for Actions, Money & Documents - DUE DILIGENCE - FULL DISCLOSURE about the Buyers Ability to Close.

The Agents working for the Seller are there to SELL YOU A HOUSE.

They are obligated to get the Highest Possible Price for the Seller.

This is great for the SELLER - but what about the BUYER?  

BUYER AGENCY:
As a buyer you can appoint a company to represent your best interests. They are then required to provide you with the same Fiduciary Duties that the Seller receives, and it does not cost you any additional money.

The Agents working for the Buyer are obligated to get the Lowest Price and Best Terms and Conditions for the Buyer. BUT no company can offer Buyer Agency on a property that they have listed.

The best buyer agents will be on your side and give you undivided loyalty. They will not share how much you are willing to pay or any other information about you. They are Obedient to Your Lawful Instructions. They are Accountable to You for their Actions, Your Money and Documents. They provide You with Full Disclosure of all known information on a particular property. They do their very best to provide you with Advice and Council and Negotiate the Best Price and Terms for You.

Their Objective is to help you to Purchase a Home.
They function as Purchasing Agents - Not Selling Agents.
It is a Totally Different Mind Set


BUYER BEWARE!
There is a third option Dual Agency. You will see media ads, that an Agent with a selling company can be "Your Buyer Agent". Nearly all Agents who say they are Buyers Agents also take listings to sell property, and spend most of their time SELLING. Please remember that they have already PROMISED FULL FIDUCIARY to the SELLERS of the properties they are marketing. You can not be shown that Company's listings without being advised of the potential for DUAL AGENCY. Should you decide to make an offer your "Buyer Agent" now becomes a "Dual Agent" If you agree to this YOU LOSE the following:
  • UNDIVIDED LOYALTY - The Agent can not offer this to 2 opposing interests.
  • CONFIDENTIALITY & FULL DISCLOSURE The Agent can not keep both parties information Confidential and Disclose all information to Both Parties.
  • OBEDIENCE The agent can not be obedient to 2 opposing parties.
  • BOTH PARTIES - Buyers and Sellers - must understand that Neither is being represented and the Agent is not working for either party. Here is the catch - is the commission reduced? If that ever happens it will be a first!

It is often said that the Seller pays the commission, we have a different understanding.

The Buyer brings the Money to the closing. Who ever gets paid at closing gets paid from the BUYER'S Money

It is Your Money… It is Your Choice.