Have i been Brainwashed? (Denver: condo, houses, town)

[marcydarby]

Originally Posted by 2bindenver

You have not answered the question. Or maybe you have by not answering the question.

Do you have a Buyer Agency agreement with this Broker?

I would guess not. Your broker did not advocate for you, because you did not hire to do so her as your agent.

I don't really care. The broker you used did the best she could with both hands tied behind her back. Then after your "conversation" she crossed over to being your agent without the benefit employment agreement.

It all good, you got the house you wanted. You could have saved yourself some trouble by interviewing several brokers and educating yourself about agency here in Colorado.

You don't know what you don't know.

Huh?

[rtloucks]

My apologies. We did have an agreement in Place. We did hire here to be our agent. The only downfall and I acknowledged this in our conversation later and she even confirmed, but even a buyers agent technically works for the seller. Everyone actually works for the seller. Sounds confusing, but it is true. It doesn't meant they go back to the seller with things we say. It just means that they have to still act with the sellers best interest.

all said in done, everything has worked out to this point. It just took a serious talk that I think everyone should have.

[2bindenver]

You should turn her in to the real estate commission. She does not need to retain her real estate brokers license.

In no way shape or form do Buyer's Agents when hired via an Exclusive Right to Buy (Agency Agreement), work for the Seller.

I would bet a dozen doughnuts that you did not sign an agency agreement with this person.

[SkyDog77]

Originally Posted by rtloucks

My apologies. We did have an agreement in Place. We did hire here to be our agent. The only downfall and I acknowledged this in our conversation later and she even confirmed, but even a buyers agent technically works for the seller. Everyone actually works for the seller. Sounds confusing, but it is true. It doesn't meant they go back to the seller with things we say. It just means that they have to still act with the sellers best interest.

all said in done, everything has worked out to this point. It just took a serious talk that I think everyone should have.

Your broker should not be acting with the seller's best interest. Your broker is legally bound to act only with your best interest if they are representing you. If you can prove otherwise, they should lose their license.

[2bindenver]

I think there is a misunderstanding here between agency and payment.

The Seller pays the whole commission owed to the listing brokerage, they in turn share the coop fee with the buyer's brokerage.

[rtloucks]

Ill take your dozen doughnuts ! LOL

We did have to sign an agency agreement before we actually looked at anything. Especially before she would put an offer in for us. Don't get me wrong, she is obviously working for us, but in most states it is not uncommon that the general rule for thumb is that all agents work for the seller. This just means that they have the sellers interest at hand. We have bought and sold homes in 5 states, and over 13 homes total. This is nothing new, but where we started getting concerned is when she sounded like she was defending the seller and playing on their team more than ours. That's where the problem began. We got that all straightened out.

Its common for a buyers agent to feel sympathetic toward sellers (not sure why, especially in this market) but they do. Part of it is because they just want the sale, pat of it is because they feel that the sellers carry the most risk in choosing the best offer, part of it is the risk that the sale won't close...

I say the buyers are the ones putting all the money out there with inspections, appraisals, earnest money and of course the mortgage/cash price of the home. Everyone should be a little more accommodating to the buyer I feel .

Sure the agents will still sell the home whether one buyer buys it or another, but time costs money and sometimes the first offer is the best offer.

[2bindenver]

I think you owe me a dozen.

You told us about your specific real estate transaction in Colorado. How your agent was a Buyer's agent but really represented the Seller.

You are backtracking now about a conversation generalizing real estate transactions in other states.

[rtloucks]

No, Maybe I didn't communicate it well or it was taken out of context.

She was hired by us and was our BUYERS AGENT

but... like in most states, even a buyers agent has to act in the best interest of the seller. I didn't say that she told us she works for the seller. I was only saying that through a lengthy talk with her we began to feel as though she was going to bat for them rather than us. And that was what we needed to clarify with our conversation.

Buyers agents do in fact work for the sellers though, especially before they are under agreements with buyers. When you hire them you are really just earning a privilege similar to Attorney/Client Privileges. Doesn't mean the attorneys don't still have to follow the law of the courts, just means that they aren't obligated to share privy information.

I guess this wasn't meant to be a debate. It wasn't even the focus of my main point. I hope I clarified it though. If you are in Real Estate then you should know what Im talking about

[headingtoDenver]

Originally Posted by rtloucks

No, Maybe I didn't communicate it well or it was taken out of context.

She was hired by us and was our BUYERS AGENT

but... like in most states, even a buyers agent has to act in the best interest of the seller. I didn't say that she told us she works for the seller. I was only saying that through a lengthy talk with her we began to feel as though she was going to bat for them rather than us. And that was what we needed to clarify with our conversation.

Buyers agents do in fact work for the sellers though, especially before they are under agreements with buyers. When you hire them you are really just earning a privilege similar to Attorney/Client Privileges. Doesn't mean the attorneys don't still have to follow the law of the courts, just means that they aren't obligated to share privy information.

I guess this wasn't meant to be a debate. It wasn't even the focus of my main point. I hope I clarified it though. If you are in Real Estate then you should know what Im talking about

My thought is if you think your agent is working with the sellers interest, you need to ditch that agent. When I bought my house, my agent (buyers agent) worked with me to save every little dime I could without regard of the seller or seller's agent. Once we agreed upon a price and the inspection results showed up, she went to bat again and worked her tail off to get them to fix everything on the list. Again, that's what a buyers agent does.

[dfurlong]

Originally Posted by 2bindenver

www.recolroado.com has all the local listings as it is the public side of our mls. Realtor.com only has Realtor member listings.

Would that be through ziprealty.com? I clicked on the above link and found a lot of different links - so was wondering which one had the public side of the MLS.