BUYER’S REPRESENTATION: WHY SHOULD I WORK WITH A MILWAUKEE BUYER’S AGENT?
2014 Real Estate Advice
What are the advantages of working with a Milwaukee buyer’s agent?
Despite what some people may think, being a Milwaukee buyer’s agent doesn’t mean that he or she will rush in and hammer the seller into submission. The buyer’s agent works for the interests of the buyer, but also must know how to work with the listing agent so that the seller sells and the buyer buys. Acting in an adversarial manner is not the most effective way to represent a buyer. Only a Milwaukee buyer’s agent can:
- Give a negative opinion or critique of a seller’s property beyond disclosing defects;
- Recommend or suggest an offering price, or give you an opinion about whether a particular house is priced too high or low;
- Structure the offer and draft offer provisions with the buyer’s best interests in mind;
- Recommend and assist the buyer with negotiation strategies for the best price and terms;
- Disclose all information and research about a property’s history and liens so the buyer can make an informed decision. The level of additional investigation and research that a Milwaukee buyer’s agent may conduct for a buyer may vary from agent to agent;
- Give advice within the scope of the agent’s expertise as a licensed real estate agent.
How are selling agents and buyer’s agents different?
The first thing to remember is that Wisconsin law does not allow real estate agents to be adversarial for or against the seller or the buyer. They are legally required to treat all parties fairly.
If you work with a selling agent there is no contract between you and the agent, and you are not the agent’s principal. You will, however, receive a Disclosure of Real Estate Agency form that lists the fair treatment duties owed by all agents to all parties, and which indicates that the selling agent is an owner’s agent. The selling agent will show you properties you are interested in seeing, get more information about properties of interest, and draft the purchase contract as you direct. The selling agent must provide you with information about any known or potential property defects, and help identify those situations when you should consult a professional – such as a home inspector or building contractor – to help you evaluate a property condition, or an attorney or accountant to advise you on legal or tax matters.
If you work with a Milwaukee buyer’s agent, you and the buyer’s agent sign a WB-36 Exclusive Buyer Agency Agreement that includes a Disclosure of Real Estate Agency. This disclosure lists the fair treatment duties owed by all agents to all parties and the duties owed to principals or clients, and indicates that the buyer’s agent is the agent of the buyer. You are the buyer’s agent’s principal or client, and the buyer’s agent receives a fee when he or she successfully helps you find a property and negotiate a purchase contract in accordance with your buyer agency agreement. You have the right to negotiate the fee with the buyer’s agent and determine whether the fee is paid by the listing broker, the seller, by you, or by some combination of these. A buyer’s agent helps you get the best possible price, negotiates for beneficial contract terms, and generally assists you throughout the transaction. A buyer’s agent owed you the fair treatment duties owed to all parties plus the higher level of agent-client fiduciary duties. These services are available to you from a Milwaukee buyer’s agent at no additional cost.
All you need to do is call or email me for more information. As a 24/7 Milwaukee Buyer’s Agent, I look out for you. My experience with home builders, home inspectors, and lenders gives you support and a dependable ally working for you.