Do you know the difference? Most people don’t. So let’s lay out the facts.
In the State of Wisconsin when a Realtor is working with a Buyer they are automatically an Agent of the Seller, unless they have a Buyer Agency Agreement with that Buyer, then they become a Buyers Agent.
What does this mean?
It’s actually pretty simple. When I’m showing properties to a Buyer as an Agent of the Seller, I can not give that Buyer advice on price, location, resale. etc. I’m still obligated by my Code of Ethics and the laws in the State of Wisconsin to represent that Buyer honestly and fairly, but even if I believe a property is over priced, I can not tell the Buyer that.
When I’m showing properties to a Buyer as a Buyers Agent, then not only can I give that advice, I’m contractually obligated to do so.
It is very important for potential Buyers to know the difference between a Buyer and Sellers Agent, but it’s also important for the Sellers in a transaction to understand this.
If you are in the process of selling your home and you get an offer on it, lines 1 and 2 of the offer indicate what side of the transaction the Agent that wrote the offer is on.
BE AWARE… If the Agent that wrote the offer on your home is acting as a Buyers Agent, then he/she may be advising the Buyer to make a lower offer based on comparable sales in that neighborhood. Just because you think your home is worth ‘X’ doesn’t mean everyone else agrees. As the Seller, you still have every right to counter or reject an offer you don’t like. No one can force you to take a lower offer.
No matter who your Realtor is, they should be explaining this to you in detail.
Questions – Comments – Concerns? Let me know.