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        <title>The Monopoly Report®</title>
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            <guid>http://www.carlandcompany.com/blog/buyer-agency-agreement.html</guid>
            <link>http://www.carlandcompany.com/blog/buyer-agency-agreement.html</link>
            <author>Carl@CarlAndCompany.com (Carl Eschenburg)</author>
            <title>Buyer Agency Agreement</title>
            <description> <![CDATA[  I think one of the most misunderstood concepts in Michigan real estate today is that of the buyer agency relationship and what it means to have a Buyer Agency Agreement. I've heard an incredible number of people say that they prefer to just drive around or browse online while randomly calling real estate offices for information and they don't want to be "trapped" working with just one agent. I've heard an equally incredible number of gasps when they realize the truth about buyer agency and how it REALLY effects them as potential home buyers.

In the early 90s there was a significant shift in Michigan law regarding 
the legal relationships between real estate licensees and the clients 
they service. This change came in the form of a legally recognized Buyer 
Agency relationship which is easily explained and understood using the Michigan Agency Disclosure document. While this disclosure is mandatory, by law, to be signed by EVERY buyer an agent represents, the unbelievable truth is that most agents fail to present this disclosure when it matters most; when they first meet a potential client!


When working with an agent to purchase your home you would naturally assume that the agent is working in your best interests and in essence is working for you. The harsh reality is that this is not the case under Michigan law unless a written Buyer Agency Agreement exists. In fact, its quite the opposite!


EXAMPLE: If a Seller lists their home for sale with Agent X of ABC Realty Michigan law states that the listing agent, listing Broker and EVERY other agent at ABC Realty work directly for the Seller and are obligated by law to share any and all information they learn about a perspective buyer with that Seller. So when you call ABC Realty ANY agent you speak with actually works directly for the Seller! In fact, if you don't have a written Buyer Agency Agreement with an agent YOU selected ANY agent you speak with at EVERY real estate office in Michigan works for that same Seller! Yes, you read that right EVERY real estate agent that you talk to about ANY house on the MLS is actually working for the seller as a Seller's Agent OR Sub-Agent. This is true even if they work for a company OTHER than the office listing the home!


This amazing fact is supposed to be disclosed to you in writing by any real estate agent you speak with BEFORE you disclose any personal or confidential information about yourself, finances or goals as a home buyer. Unfortunately this is rarely the case and most agents simply slip both the Agency Disclosure and Buyer Agency Agreements in front of unsuspecting buyers as part of the purchase package AFTER they've worked together for an extended period of time and know everything there is to know about the buyer(s) and their situation. 


A written Buyer Agency Agreement is a powerful tool that was meant to empower you as a consumer NOT "trap" you or force you into working with someone you don't feel comfortable with. In fact it's the opposite! We recommend that our potential clients interview more than one agent and select the person they feel most confident can represent them best in their purchase BEFORE they start looking at houses.

By giving you the right to legally work with an agent YOU choose you are assured that you can work with Mr. or Mrs. "Right for You" instead of having to settle for Mr. or Mrs. "Right Now"; and no-one wants to make that mistake :-) ]]> </description>
            <pubDate>Wed, 14 Mar 2012 06:04:16 -0500</pubDate>
            <category>Agency,Buying a Home,Buyer Agency</category>
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