Are you buying real estate anytime in the near future? Do you know what consequences that being an unrepresented buyer can bring? I’m going to go over them today.
As you know, buying real estate can be ultra-competitive, stressful, and complicated. It’s very possible that you will make an offer on multiple properties and not get any of them. It can be frustrating. Maybe you’re thinking of buying directly with a listing agent to give yourself a leg up. However, you should only work with an agent under a designated agency, and not as an unrepresented party.
If you’re unrepresented as a buyer, you’re not entitled to any special legal duties. That means no loyalty, no full disclosure, and no confidentiality. What’s wrong with that?
Well, the agent helping you under this arrangement can share your information with other parties, even the seller. They can use your offer to write an offer for another client or use the information to help multiple buyers against you on the same property.
If you purchased real estate as an unrepresented party, you may not have much legal recourse if things don’t work out the way you hoped.
For these reasons, you should take the time to get to know a few agents so you can hire one as your designated agent before you begin your home search. If your current buyer’s agent is also your listing agent for the property you love, then you should write an offer with the second agent that you found so that you aren’t an unrepresented buyer.
If you have any questions for us or you’re looking to buy a home in Greater Vancouver, don’t hesitate to reach out and give me a call or send me an email today. I look forward to hearing from you soon.