Why use a Buyers Agent when working with an agent to purchase a home on the North Fork?
In real estate transactions, buyer-clients are entitled to a higher level of service than buyer-customers. How do you know if you are a buyer client? Becoming a buyer-client typically involves signing a Buyers Representation Agreement with a buyers representative, who then owes you fiduciary duties. This means your buyer's representative is expected to exercise discretion when acting on your behalf, including adhering to very specific responsibilities, obligations, and high standards of good faith an loyalty.
For example, if you're a client with Jerry Cibulski, as your buyer's agent, Jerry will seek to negotiate the most favorable terms for you- and will not disclose any material facts about your situation that could hurt your negotiating position.
If however, you do not sign a Buyer Representation Agreement, as a buyer Jerry is woking with you as a buyer customer. As buyers rep may not be in a position to answer even basic questions, such as, "Why are they selling?' or "Is this home priced competitively?'. This is because Jerry is acting instead as a agent or sub-agent of the seller because the seller is the client and you are the customer.
My services vary, depending on your status
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If you are a CUSTOMER (no fiduciary relationship), an agent will: |
If you are a CLIENT (fiduciary relationship), your agent will: |
| Maintain loyaly to the seller's needs | Pay full attention to your needs |
| Tell the seller all they know about you | Tell you all that I know about the seller |
| Keep information about the seller confidential | Keep information about you confidential |
| Focus on the seller-clients property | Focus on choices that satisfy your needs |
| Provide just the material facts | Provide material facts as well as professional advice |
| Protect the seller | Protect and guide you |
| Negotiate on behalf of the seller | Negotiate on your behalf |
| Attempt to solve problems to the seller's advantage and satisfaction | Attempt to solve problems to your advantage and satisfaction |


