Buyer Agency
Buyers have become aware that there can be benefits to them in having a real estate agent represent them in a transaction.
When a buyer is represented by an agent, all the fiduciary duties are owed by the agent to the buyer and not the seller. The buyer has the freedom to discuss the value of the property, negotiating strategies and personal finances with the agent. The buyer can obtain the opinion and advice of the agent concerning the condition of the property, the structure of the offer, the seller’s motivation for selling, and a variety of information a seller’s agent cannot provide. The Buyer agent will keep all confidential information (that state law allows) about the purchaser from the seller or listing agent, thus preventing the seller from gaining an upper hand on negotiating strategies. Examples would be for whom the buyer works, household income and maximum price the purchaser is willing to spend.
Buyer representation is designed to allow the buyer an opportunity to have an agent represent him or her instead. The buyer becomes the client and the agent works with the buyer’s best interest in mind. Buyer representation should not cost you more; it may actually save you money.