This sounds like a Catch-22 situation, doesn't it?
Part of a buyer's reluctance stems from the fact that many buyers do not understand why agents want them to sign an employment agreement, because buyer's broker agreements have not always been considered standard in the real estate industry. For years, buyer's agents and buyers worked together on a verbal promise. But that ship has left the dock.
Growing numbers of buyer's agents today sign agreements with their clients. It protects the agent in case the buyer decides to switch agents, and it lays out the duties the agent is supposed to perform for the buyer. It also establishes representation, which is generally a wise move for a buyer who wants to avoid dual agency. In fact, in some states, dual agency -- representing both the seller and the buyer -- is not legal.
Here are workable solutions for buyers who don't want to be automatically locked into hiring the first agent who comes along waiving a buyer's broker agreement . . . read more about Buyer's Broker Agreements.
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©2007 Elizabeth Weintraub
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.