Having a written exclusive buyer agency agreement with a reputable local real estate agent is important when buying a home in Boise!
According to Idaho law, anyone buying a home in Boise is considered a “customer” unless there is a written and signed exclusive buyer agency representation agreement . If you are a customer buying a home in Boise, your real estate professional must:
- Perform necessary and customary acts to assist you in buying a home in Boise;
- Perform these acts in good faith and with honesty and reasonable care;
- Properly account for money or other property placed in the licensee’s care;
- Disclose “adverse material facts” which are known, or should be known, by the licensee.
That sounds good enough, right? WRONG! By buying a home in Boise with only customer level services, you are missing out on two important consumer protections:
- The promotion of your best interests
- The confidentiality of your private information, most importantly information that affects your bargaining power.
For these reasons, if you are buying a home in Boise, we recommend you find a local agent that you trust and become their “Client” by signing an exclusive buyer agency agreement. Once you've signed this type of agreement, your chosen brokerage and its licensees must act as your “agent”. In addition to the basic customer level services, they must provide the following:
- Perform the terms of your agency agreement with skill and care;
- Promote your best interests in good faith, honesty, and fair dealing;
- Maintain confidentiality of client information, such as bargaining power, even after the representation has ended.
Why is promotion of my best interests and confidentiality so important when buying a home in Boise?
When buying a home in Boise as a customer, you need to understand that while the Realtor you meet with may desire to promote your best interests and maintain confidentiality, there are some cases where they are obligated by law to do the opposite in order to act in the best interest of their CLIENTS. For example, imagine an agent shows you a home. You get to talking and happen to share some information that affects your bargaining power (i.e. how much you are willing to pay, what you are preapproved for, your family situation, etc.). Keep in mind that since you haven't signed an agency agreement with this Realtor, you are a customer. The next day one of her CLIENTS calls to see the same home. The client loves it and decides to make an offer. The agent finds out that you have also decided to make an offer. At this point, she has no obligation to you to keep your information confidential. More importantly, she DOES have an obligation to her client to promote his best interests and give him the best chance at getting the home. Promoting his best interests may obligate her to share your confidential information.
There are so many great benefits to signing an exclusive buyers agency agreement with a good local real estate agent when you are buying a home in Boise. Call or email me today to hear more about the options you have for agency and some of the pros and cons of those options. And click HERE to find out why we think you should choose TripleCord Real Estate as your agency when buying a home in Boise!