It is a common misconception among home buyers that the role of a real estate agent is the same from one transaction to the next. In reality, many buyers are not even sure what the role of a real estate agent is, other than to  market the home.  Since buying a home is such an important decision, being misinformed about this topic can have a huge impact on how well your home purchase will go. The real estate agent can be your opponent or your ally, depending on what type of agent you are dealing with.

On the seller's side… …is a professional called the Listing Agent.  If you have ever called on a For Sale sign or a newspaper ad to ask about a home that was advertised, you probably talked with a Listing Agent or Listing Office. The Listing Agent (also called a Seller's Agent) is hired by the seller to find a buyer for the property. But more importantly, this type of an agent has a written contract with the seller represent the seller when negotiating. This includes obtaining the best possible price for the property and making sure the purchase contract is written so that the seller’s interests are protected. As a buyer this is something you must keep in mind. The Listing Agent should answer all of your questions about the property honestly, but if you divulge any information that may give the seller a negotiating advantage, the agent will make sure that his client knows about it. It’s not because they are “out to get you,” but because that’s the law. This sure gives the seller a certain advantage, doesn’t it? “And what about the buyer?” you might ask. 

Can an agent work both sides of a transaction as a Seller's Agent and a Buyer's Agent?  Sure, if both buyer and seller consent a Dual Agent situation occurs.  If a buyer asks the Listing Agent to write a contract, the Listing Agent needs to have both buyer and seller sign an Dual Agent consent form.  In this case the agent now represents both the buyer and the seller.  An Agent can also remain a seller's Agent and proceed with the the offer to purchase, the Agent's loyalty remains with the sellers and not with the Buyers in this case. A Dual Agent shall be nuetral with regard to any conflicting interest of the seller and the buyer. A Dual Agent does however owe a duty of confidentiality of material, information and accounting of funds.

So what if you have not signed a Buyer's Representation Agreement and you are talking with an agent about a home and that agent is not the Listing Agent?  Can you talk freely?  You need to realize that in Massachuttes, unless you have signed a Buyer's Representation Agreement with that agent, the person is actually a subagent of the seller.  Any agent you talk with about a property who is not your exclusive Buyer's Agent is a subagent of the selling agent.

To obtain more information on Buyer's Agents and how the process covers YOU click Tell me more Suzette

See a Video, to help explain click me (Please remember to hit your back browser button to come back here)