Who's representing You?

Many homeowners spend weeks, even months working with a real estate agent believing that the agent is representing them, only to find out later that the agent was really representing the seller. There is an alternative. It's called buyer agency. This page will explain buyer representation so that you can make an informed decision about the agency relationship you will have with your Realtor.

WHAT IS AGENCY?

The real estate statutes in the State of West Virginia state that an agent is a licensed individual who represents the interest of another. In real estate, the agent can represent a seller to market their real property or represent a buyer in the acquisition of property.

Historically, real estate agents have represented only sellers. A seller hires a real estate firm to find a buyer for their property and to handle the details of closing. In this relationship the firm and its agent are legally bound to represent the best interests of the seller, to be loyal to the seller's best interests, to disclose everything they know about the buyer, and to take care to do what is best for the seller.

When an agent shows a listing of another real estate company, he or she is still representing the seller. This is called subagency. The subagent has the same responsibilities to the seller that the listing agent has, i.e. loyalty, disclosure, care, etc.

The only exception to this agency relationship is buyer agency. In buyer agency, the real estate agent and the real estate firm have a contractual and legal responsibility to represent the interests of the buyer.

WHEN IS BUYER AGENCY A GOOD IDEA?

Buyer agency is a good idea...

* When confidentiality is important.

* When the buyer is unfamiliar with the market or the buying process.

* When the buyer does not want to get involved with negotiating the contract or price.

* When the buyer is not familiar with housing requirements for loan programs.

* When the buyer wants representation.

HOW IS THIS BUYER AGENCY ESTABLISHED?

The agent and his or her firm enter into a written agreement which outlines the goals of the buyer as well as the responsibility of the agent as well as compensation for their services.

DO I HAVE TO USE A BUYER'S AGENT?

The choice of using buyer agency or working with a relationship where we represent the seller is your decision. We highly recommend that you make this relationship decision with your Realtor. This will save confusion and possible hard feelings later on. Let us know!

Good luck finding your new home!