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Agency Disclosure - How agents work in Wisconsin
WISCONSIN STATE LAW & YOUR REALTOR®
Wisconsin allows buyers to choose how their agent works for them.
You can choose to have your agent work as a buyer’s agent or as a seller’s agent. State law says, by default every agent represents the seller. Even though your agent shows you properties, writes & negotiates your offer, they must have the seller’s best interests in mind even though they have probably never met the seller. When you hire me as your buyer’s agent, I represent you and negotiate with your best interests in mind. I can also show you a properties MLS history, how long it has been on the market and any price reductions it may have had. As a buyer’s agent I can also show you what neighboring properties have sold for and suggest an offer price. I can even make you aware of reasons to buy or not to buy a specific property.
Simply put, without a buyer agency agreement you’re on your own when purchasing your single largest possession because your agent is representing and negotiating for the seller. For 99% of all buyers, a buyer agency agreement costs you nothing because sellers pay the broker fee. Remember, there isn’t anything your seller wants more than to have you on your own when purchasing their house. Protect yourself and hire a buyer agent and have representation when buying your next home!
For example, if you are a REALTOR's client, your agent will seek to negotiate the most favorable transaction terms for you—and will not disclose any material facts about your situation that could hurt your negotiating position. If, however, you are only a customer, your agent may not be in a position to answer even basic questions, such as “Why are they selling?” or “Is this home priced competitively?” This is because they are acting instead as a sub-agent for the seller and the answer may not be in their best interest for you to know.
Wisconsin is a Designated Agency state. If you consent to multiple representation with designated agency, you receive the full benefits of buyer agency when writing an offer on any EXP Realty listed property – meaning your agent represents you as they would in any other transaction. The only exception to this would be dual agency where the same agent represents both the buyer and seller (you have a buyer agency agreement, and they are the listing agent). In this case your agent can still give you the information you need to make an informed decision but must remain impartial and cannot offer advice to either party.
Important: There is something in real estate called procuring cause. What that means to you is, whomever is responsible for putting a buyer and a seller together has the rights to the commission for that property. Whenever you to go an open house make sure you tell the showing agent you are working with a REALTOR. If you were to say you were just driving by and stopped in, that agent now has procuring cause and I can no longer help you with that property. If you come across a property on your own, make sure you call your agent to inquire about any questions you may have.
Information regarding the Wisconsin sex offender registry can be obtained at
www.widocoffenders.org or by phone at 877-234-0085.