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Having proper representation throughout a real estate transaction is crucial. The real estate agent posting an ad in a magazine or newspaper represents the OWNER. This real estate agent has legal responsibilities to that SELLER, not to you as a buyer. As a buyer, it is to your benefit to create a similar agency relationship with a real estate agent who will represent you in the transaction. This is referred to as a "Buyer's Agent." The good news is the Seller will pay the commission to your Buyer's Agent for all property listed for sale with the MLS in Teton County.
If/when you find a Realtor® who provides you with the level of service you are looking for, establishing a Buyer's Agency may be recommended. It may serve to protect yourself and instill confidence with your Realtor® of your level of commitment. This way you could outline specific details and let this person go to work for you. Your Buyer's Agent may be more likely to dedicate the time and expend the extra energy needed to locate the real estate best suited to your needs.
What is a good definition of a Buyer's Agent? A Realtor® would be required to act as an agent for the Buyer if/when they signed a written Buyer Agency Agreement with the Buyer. The Buyer's Agent would then owe the Buyer certain duties. These duties include the utmost good faith, loyalty, fidelity, and duties of disclosure to the Buyer.
Be aware of a similar duty of disclosure between a Seller's Agent and the Seller. For example, imagine you are looking at real estate to purchase and the Seller's Agent is present. If you mention during informal conversation any information regarding your willingness to pay a certain price, this information will be shared with the Seller. It may reduce your ability to negotiate the best price, because you may have accidently mentioned how much you are willing to spend.
The most compelling reason to establish a Buyer's Agency relationship in Jackson Hole is because the killer deals in Jackson Hole don't last long. The buyer who stands the best chance of jumping on these 'opportunities' are those people who have an established relationship with a Buyer's Agent. They will get the phone call first.
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