In Wisconsin, a homebuyer can choose to work with a buyer’s agent or a selling agent. Either way, your agent is a specially trained professional, licensed by the state of Wisconsin, who is obligated by law to treat all parties to a real estate transaction fairly.
If you work with a selling agent, there is no contract between you and the agent, and you are not the agent’s client. You will, however, receive a Disclosure of Real Estate Agency form that lists the fair treatment duties owed to you and indicates that the selling agent is the home seller’s agent.
If you work with a buyer’s agent, you are the buyer’s agent’s client. You and the buyer’s agent sign a WB-36 Exclusive Buyer Agency Agreement that includes a Disclosure of Real Estate Agency. The Disclosure lists the fair treatment duties owed to all parties and the duties owed to you as the client, and indicates that the buyer’s agent is the agent of the buyer.
The buyer’s agent works for the interests of the homebuyer, but also must know how to work with the listing agent. A buyer’s agent can:
- Give a negative opinion or critique of a seller’s property beyond disclosing defects.
- Recommend or suggest an offering price or give you an opinion about whether a particular house is priced too high or too low.
- Structure the offer and draft offer provisions with the buyer’s best interests in mind.
- Recommend and assist the buyer with negotiation strategies for the best price and terms.
- Disclose all information and research a property’s history and liens so the buyer can make an informed decision.
- Give advice within the scope of the agent’s expertise as a licensed real estate professional.