Video 35: The seller has a signed contract with an agent to have the agent represent them, why should the buyer not have the same representation. A Buyer Broker Agreement looks out for both the buyer and the agent who is hired to represent the buyer. Should you hire an agent to represent you? If you can get a good qualified agent to look out for your best interest I say absolutely. If the agent is not doing their job, you just fire them. A defendant in a legal case has their own lawyer to represent them, and does not rely on the plaintiff’s lawyer, why should you rely on the seller’s agent to represent you? Would love to hear your thoughts, you can leave a comment or e-mail me Dean Ouellette.
{ 3 comments… read them below or add one }
Part of fiduciary responsibility is the confidentiality that you enter into with your Realtor. Suppose, for example, your mortgage professional told you that you were qualified to buy a house for $500,000 but you only wanted to offer $450,000. With a Buyer Broker Agreement, the Realtor is bound to confidentiality and cannot disclose your true financial position to the Seller or Listing Agent without the Buyer’s specific permission.
This is hugely important during contract negotiations. After all, the buyer doesn’t know how anything about the Seller and the Listing Agent has no responsibility to share anything about the Seller.
So yeah. Buyer Broker Agreements are extremely important.
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Dean,
I’ve noticed a lot of conversations on this topic recently. If a consumer finds an agent they like and trust, there seems to me to be great advantage in signing a buyer-broker agreement.
I think we will see a proliferation of BBA in the not too distant future as buyers will discover a greater degree of customer service and representation in having one signed.
Doug
Ken thanks… that is a great point and something I should have covered, was trying to keep it short, but great point.
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