The seller has their exclusive agent. Shouldn’t you? Prior to the mid 90′s agents in Illinois were sub-agents of the seller, so buyers partaking in the largest single purchase of their life were doing so technically unrepresented! Pretty scary stuff!!

In the mid 90′s, Illinois became a Designated Agency state. Designated Agency now has 3 facets – Seller Agency, which is no different then what it has always been, Buyer Agency, which is explained in more detail below, and Disclosed Dual Agency in which one agent represents both the buyer and seller in the same transaction. This must be agreed to by both the buyer and seller, in writing.

What does an exclusive buyer agent mean to the buyer? They now have the right to have exclusive representation! Aside from sorting thru all of the MLS listings that meet your criteria to find those that best match your needs, taking you out to view those homes and ultimately writing the offer to purchase your new home, your buyer agent has other obligations to you:

-   Show buyers that are under the exclusive buyer agreement 1st those properties that fit their needs.

-  Provide you with a market analysis relevant to the home you are purchasing, thereby determining if your potential new home is priced fairly and how it compares to other homes of similar size, location and amenities. A buyer’s version of the seller’s Comparative Market Analysis (CMA).

-  Strategize and negotiate the contract on your behalf – helping you make informed decisions

-  Disclose any information that may materially affect your decision to purchase the property, strengthen or change your negotiating position

-  Protects  any confidential or proprietary information that you disclose to your designated agent

-  Facilitates the sharing of all documents relative to the property with you and your attorney

-  Assist in securing financing, coordinate and attend the inspection

-  Attend the final walk thru and closing to answer any questions that may arise

Given all that your buyer agent does for you, why would you attempt to go thru this process alone, and without an advocate who has your best interest at heart? All this service, plus, the seller of a house that is listed in the Multiple Listing Service pays your buyer agent’s fee*…how cool is that!

Another item worth mentioning. I suggest that you see if your buyer’s agent has anything in writing that itemizes all of the services they will provide while representing you in the purchase of your new home.

Your advocate…determining fair market value…Negotiating…Helping to protect your investment…isn’t that worth having exclusive buyer agent representation?

*there can be situations where your buyer agent may look to you to pay their fee. You should discuss this with your buyer agent to fully understand if/how/when this may come into play