Who Represents YOU?

I want to pose a simple but often misunderstood question to you:

Who represents you in your real estate transaction? Well, when you list your home, the listing broker obviously represents you as the seller. In NH, there is no designated agency, so this means that every agent working for that brokerage owes certain specific duties BY LAW to you as the seller. Pretty straight forward, right?

OK, so now you're a buyer. Who represents you? Most buyers would assume that the agent showing them the property does, but they would be wrong! It's critical that you know this, as I'll explain in a moment. That is why before you look at any properties with a real estate agent you MUST be presented and Agency Disclosure to assure you know where you stand. This is not a contract, it is meant to make you aware of who represents who... and who doesn't!

Pay attention, now...

In years passed, real estate agents almost always represented the seller, not the buyer, in the real estate transaction. Even the real estate agent that drove you from home to home was not working on your behalf. By law, the agent was required to work on the seller’s side- to get the highest price and best terms for the seller.

Today, many real estate agents and companies are offering to represent the buyer in the real estate transaction. From the initial selection of properties, all the way through contract negotiation and settlement, you can now have an agent specifically committed by law and code of ethics to your best interests when buying a home.

So you ask... "Bill, what does this mean to me?" Well, I'll tell you.

If you call the real estate agent whose name is on the sign of that adorable home you just passed or that open house you just stopped by, you may not be doing the best thing for you.
The agent that listed that property is bound by law to represent the SELLER, not you. If you casually say to that agent that you could pay more but want to put in a lower offer to see if the seller goes for it, guess what? The listing agent is bound BY LAW to tell the seller that! Good luck getting that offer accepted!

So the remedy? Clearly find and hire a buyer's agent with the right qualifications and experience to represent you!