"Seller's
agents owe their allegiance to the Seller. Dual Agents invite a conflict of
interest. A Buyer who relies on the Seller's agent or a Dual agent does not receive
the same degree of legal protection as that afforded by an agent acting soley on behalf of
the buyer."
Oklahoma Supreme Court - 1999 |
Home buyers need to be very careful that they are getting the full value and quality of
having a REAL BUYER'S AGENT on their side (REPRESENTING THEM) when purchasing their home (New or Resale).
According to a Federal Trade Commission study, most buyers fail to
understand that the agent who normally shows them homes is actually working on/for
(REPRESENTING) the Seller's side. Consequently, buyers often unknowingly reveal too
much information to the agent showing them homes. Few Buyers realize
anything they say will be revealed to the seller and will be used to substantially
help the seller obtain the maximum (even inflated) price from the buyers.
According to Alice and Denise Fields, authors of Your New
Home, the Buyers best protection is to hire a Buyer's Agent by signing an Exclusive
Right to Represent the Buyer Agreement, the same as a seller does by signing an exclusive
right to represent the Seller Agreement when the seller lists a home with the listing
company. Professional real estate experts agree. A Buyer's Agent can open more of
the market to the Buyer, including For-Sale-By-Owner (FSBO) properties and properties not
even listed yet. But, the Fields caution Buyers should be aware of
Buyer Agents who will say they will offer you Buyer Agency,
and do business the same way they always have, as Dual Agents
representing neither the Buyer nor the seller --- JUST MAKING THE
AND THEIR COMMISSION from BOTH sides of the transaction. Remember --- a Commission
cannot be paid without the Buyer's MONEY he uses to buy his home. According to Fields, Buyers should never hire a real estate agent without a written agreement
that spells out the details of how the agent will work and how the process works all the
way to Settlement. Also, Buyers should always ask the agent to see: 1.)
If the agent possesses the Accredited Buyers Representative (ABR) Professional Designation
2.) How long the agent has been practicing Buyer Agency, and 3.) What percent of the
agent's business is Representing Buyers versus Representing Sellers (ask for the agent's
list of references broken down by Buyers versus sellers.)
Confirm these facts BEFORE entering into the
business/transaction relationship!! |
All real estate advertising is subject to the Federal Fair housing Act. Homes
advertised are available on an equal opportunity basis. All real estate subject to prior
sale or withdrawal without notice.