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2011-01-29 15:31:25
How Buyer Agency Works in Colorado

Its Important to know how Colorado Realtors work with Buyers.

Definitions (attached) – Shows your legal options as far as how to be represented. We act as Buyer’s Agent. The most protective to you at NO COST. *Notice the Transaction Broker is …Not an agent or advocate for you!…Very important. When you go directly to the listing agent he can write up an offer as a Transaction Broker but can NOT be your advocate. See Colorado Division of Real Estate form below. They often won’t tell you that which is why we are providing buyers with these legal definitions J A listing agents primary duty is to their seller. You can be their 'customer' No relationship, no protection. They can act as Transaction Broker, very little protection for you, not your advocate, cannot advise you etc. or... you can have your OWN Buyer Agent represent you at no cost who can show you any property in the MLS and can often tell you more about the property than the listing agent can.

Colorado was the first to offer 'Buyer Agency' We represent you, act as your advocate, negotiate for YOU and then protect your interests (and earnest money) throughout the entire process. At NO COST to you the buyer. We get paid from the sellers net proceeds via Title Company but legally represent YOU. You are a 'client' not just a customer. Because we actually represent you Colorado requires that we establish a relationship via Buyer Agency Agreement hence the definitions or choices. Colorado law requires it before we can advise, negotiate or write an offer for you. The buyer agency is also exclusive. We commit to each other. Unlike car salespeople who really work for a dealership, we as Realtor / Buyer Agents work for YOU. We do, however, believe trust has to be earned so we (most agents don't do this) include a clause in our agreements stating that: Buyer may cancel without cost or obligation anytime prior to being under contract' That is our promise to you in return for your commitment to us. We also have lots of references from past clients.

True Story:

A buyer went directly to a listing agent thinking they would be able to eliminate the middle man and get a deal! What a deal they got! The listing agent was able to get the seller to come down $3,000 off the MLS price (which was really $10,000 over market value) Half way through the under contract process they decided to get the property inspected. (remember a transaction broker cannot be an agent or advocate of either party so he wasn't there) They found a crumbling foundation and wanted to bail out. Oops the listing agent said we just happen to be past that objection point in the contract so if you terminate you will lose your $5,000 earnest money. Purchase contracts are complicated, legal and binding! They had a decision to make, Lose the $5,000 or stay in the deal and HOPE the foundation repair won't be that bad. They bailed, lost their $5,000 and came to see us. We found them a better home for way less money, got their closing costs paid for (over 5K) and got them a 14 month Home Warranty. A good Buyers Agent will save you money and protect you! In 14 years we have never let a buyer lose their earnest money. Come feel the difference Commitment makes!

 
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