Disclosure of Real Estate Agency
In Wisconsin, a homebuyer can choose to work with a buyer's agent or a selling agent. Either way, your agent is a specially trained professional, licensed by the state of Wisconsin, who is obligated by law to treat all parties to a real estate transaction fairly. Here's the difference between the two, as well as the advantages to you as a buyer.
If you work with a selling agent, there is no contract between you and the agent, and you are not the agent's client. You will, however, receive a Disclosure of Real Estate Agency form that lists the fair treatment duties owed to you and indicates that the selling agent is the home seller's agent.
When working with a Seller's Agent, it's important to understand that the agent works on behalf of the seller's best interests and will not negotiate on your behalf or be able to provide you with advice intended to help you make a decision that's best for you.
If you work with a buyer's agent, you are the agent's client. You and the buyer's agent sign a WB-36 Exclusive Buyer Agency Agreement that includes a Disclosure of Real Estate Agency. The Disclosure lists the fair treatment duties owed to all parties and the duties owed to you as the client, and indicates that the Buyer's Agent is the agent of the buyer.
The Buyer's Agent works in the interests of the homebuyer, but also must know how to work with the listing/selling agent. A buyer's agent works on your behalf to help you find the right home at the best price.
What Can a Buyer's Agent Do for You?
Working with a Buyer's Agent comes with quite a few perks. Here are just some of the things a Buyer's Agent can—and should—do for you:
Give a negative opinion or critique of a seller's property beyond disclosing defects.
Recommend or suggest an offering price or give you an opinion about whether a particular house is priced too high or too low.
Structure an offer and draft offer provisions with the buyer's best interests in mind.
Recommend and assist the buyer with negotiation strategies for the best price and terms.
Disclose all information and research a property's history and liens so the buyer can make an informed decision.
Give advice within the scope of the agent's expertise as a licensed real estate professional.
Ready to Get Started Buying a Home in Northwestern Wisconsin?
If you're thinking of purchasing a home in Northwestern Wisconsin, then it's time to contact McKinney Realty. We'd love to represent your best interests as Buyer's Agents, or connect you with some of our featured homes for sale at Seller's Agents. Give us a call today to discuss your real estate goals and learn more about how we can help you find the right property in Northwestern Wisconsin.