Do your homework before you interview a Real Estate Agent...
Massachusetts
has a Mandatory Agency Disclosure Law. This Disclosure must be provided
to you at the first personal meeting that you have with an agent to
discuss a specific property. This disclosure is for your protection.
Read it thoroughly, ask questions! Know your options!
1.
EXCLUSIVE BUYER AGENTS
Exclusive Buyer Agents only represent the home buyer...never the seller,
and are required by law to get the lowest possible price and
the best terms for the buyer.
Exclusive Buyer Agents never list property, thus avoiding the conflict of interest that arises by trying to represent both buyer and seller in the same transaction. Exclusive Buyer Agents are specialists in the home buying process, and are 100% loyal to the home buyer 100% of the time.They research all available homes including For Sale By Owner, new construction, and MLS (other Agent's listings). An Exclusive Buyer Agent is a true fiduciary to the buyer, providing guidance throughout the purchasing process.
2.
NON-EXCLUSIVE Buyer Agents
Non-Exclusive Buyer Agents subscribe to the practice that the agent
represents either the buyer or the seller, but never both in the same
transaction. Because these "buyer" agents work in offices
where listing agents represent sellers, find out how the agent will
handle a conflict of interest. Will they then become dual agents?
3.
SELLER'S AGENTS
Traditional agents list property and always represent the seller. It
is the legal obligation of the real estate company and it's agents to
get the highest price and the best terms for their client, the seller.
Any personal and financial information given by a potential buyer to
a seller's agent must by law be told to the seller. BUYER
BEWARE!!
4.
DUAL AGENT
Dual agents are real estate agents attempting to represent BOTH the
Buyer and Seller in the same transaction. Undisclosed dual agency is
illegal. Disclosed dual agency is legal only if there is full disclosure
of potential conflicts of interest and the implications of this discounted
service to both the buyer and seller. While dual agents attempt to justify
this practice, consumer advocates warn never to use a dual agent. The
National Association of Realtors wrote that the practice of dual agency
is as dangerous as playing Russian Roulette.
Under a dual agency relationship both the buyer and seller agree to relinquish their right to 100% loyalty, advocacy, property opinion of value, and negotiating on your behalf.
As a Buyer, demand Exclusive Representation...100% Loyalty...100% of the time.
Its your time...its your money...spend it wisely!!
**REMEMBER A SELLER'S AGENT...
-
can only prepare and provide market data information that will justify the Seller's asking price!!
- must by law negotiate the highest price, best terms and conditions for the Seller.
- is obligated to tell the Seller the Buyers financial qualifications and all personal information.
- is 100% loyal
to the Seller!
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