Real Estate Perspectives
October 16, 2019 | Suzanne Powers

Why Buyer Agency?

Buyer Agency explored. What buyers need to know.
Why Buyer Agency?

Why Buyer Agency?

Why Buyer Agency?

Every client should be afforded the opportunity to have an advocate in the purchase of a home. Did you know if you do not have a signed Buyer Agency Agreement ( WB-36 ) with your agent, the agent in the State of Wisconsin is required to work in the seller’s best interest?

Frustrating Selection Experience

We believe at Powers Realty Group that every good client relationship should start with a meeting. So, we strongly suggest your home purchasing journey with us begins with an initial buyer consultation. It is very important to us that you understand the buying process and your agency relationship with your broker, before we ever show you a home. Most people only purchase a home a handful of times in their lifetime. The process has changed over time, so whether you are a first-time home buyer or a seasoned purchaser of real estate, this meeting will be very important in educating you on the process and setting the tone for negotiations in your purchase of real estate.

The Offer to Purchase ( WB-11 ) has been recently revised, is 10 pages long, and has a mandatory use date of January 1, 2020. The changes and the order of the document are significant.

Choosing Buyer Agency affords your agent the ability to negotiate in your best interest, seek out the home of your dreams and helps you identify details of purchasing you may not fully understand. Buying an older home in Whitefish Bay? You may need the advice of your buyer’s agent to help you navigate old basement foundations, chimney masonry, and the home’s history. If you are a first-time home buyer, having an advocate in your process may be critical as you make the most expensive purchase of your lifetime. Make sure you have a sit-down meeting with your agent before you begin the process of buying your first home.

What is Buyer Agency?

Buyer Agency is a contract ( WB-36 ) that a buyer signs with a broker to be the exclusive agent for a buyer’s property search. In order for the broker to be able to give opinions or advice in writing an offer and negotiations, there needs to be a signed buyer agency agreement. The Broker in this capacity, works as the buyer’s fiduciary in the transaction. NOTE: Without the Buyer Agency agreement, the agent owes allegiance to the seller.

“When you strip down buyer agency to its bare bones, it’s a buyer’s opportunity to have an agent provide them opinions and advice regarding the properties covered under the agreement. When the buyer asks, “how much should I write the offer for?” a buyer’s agent can respond with a specific number or advice. This is in contrast to an agent working with a buyer customer, who can only respond in general terms, such as, “submit your best offer.” It’s all about the client relationship the buyer agency contract creates.” – Cory Lamont | WRA Attorney

Regardless of the agency agreement, there are certain things ALL agents MUST do for a buyer:

  • Protect your confidentiality
  • Treat you honestly and fairly
  • Respond honestly and accurately to questions concerning the property
  • Provide community data and current market conditions
  • Present contract proposals in an objective and unbiased manner
  • Accompany you to the closing and assist you through the process
  • Disclose material adverse facts about the property

The additional services you receive by entering into a buyer agency agreement with an agent are:

  • A professional opinion of the seller’s asking price, based on a comparable market analysis prepare for YOU.
  • Assist YOU in negotiations strategies in your best interest
  • Critique a seller’s property for you, beyond the required disclosing of defects
  • Advise on, write the offer and draft provisions in YOUR best interests

We hope this blog post provided insight for you in the pursuit of your real estate. Powers Realty Group is here to help assist you with any questions you may have regarding the purchase of real estate. Please feel free to comment here or reach out us with any questions.

Experience a seamless home selling and buying process with Powers Realty, Milwaukee’s trusted local experts for over 2 decades. Our tailored approach ensures optimal results. Contact me today to discuss your home needs.

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Powers Realty Group is a distinctive boutique real estate broker focused on the needs of customers delivering exceptional results. We are the trusted local experts. Call us at 414.870.7175 about buying or selling your home.