“REALIZING YOUR AGENT ISN’T ON YOUR SIDE IS A LITTLE LIKE LEARNING THERE IS NO SANTA CLAUS”
As stated on This Old House TV program.
Article by Robert Bruss, Tribune Media Services – Over Paying
Q: We sold our old home for cash. The sale was due to a job transfer. We were not familiar with the new community and bought an overpriced home for cash in a poor location. Based on an appraisal and opinions from two other real estate agents, we overpaid by at least $40,000. Do you think the real estate agent who sold us the house had a duty to tell us the home´s true market value and its drawback. John Mck.
A: The answer depends on who the real estate agent was representing. If the broker was acting as a buyer broker, he or she should have informed you of the homes correct market value, as well as its poor location. However, if the broker was representing the seller, then it would be a violation of the sellers brokers’ fiduciary duty to the seller to disclose the house was overpriced and in a poor location.
Your situation is a classic example of why homebuyers should clarify who the broker really represents. About 30 states now require real estate brokers and agents to disclose to home buyers who the broker legally represents. This can be very important, especially in circumstances like yours where you were unfamiliar with your new community. In the future, when buying real estate, you may want to work with a buyer broker who represents your best interest.
Kiplinger’s Personal Finance Magazine “Exclusive agencies are best. They remove any conflict of interest, which is the main reason for considering a Buyer Broker in the first place.”
Money “Unlike the traditional broker who looks out for the seller, a buyer broker acts as your advocate, helping you find the home you want and then negotiating the lowest possible price.
Mobility “Only by using an exclusive buyer broker can a buyer be sure all information is kept confidential. Only an exclusive buyer broker can give the buyer an objective, experienced opinion of the homes viewed to insure the buyer gets the right home, in the right location, at the right price.”
Business Week “To protect themselves, buyers can retain their own exclusive representative, called a buyer’s broker.”
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