What does being unrepresented mean?
Are you Buying real estate soon? Do you know what being an unrepresented buyer means?
Hi I am Alex Lam from Royal Pacific Realty , and if this is the first time you are here, and you are interested in all things real estate in the Vancouver area, be sure to hit that subscribe button and that little bell. I post videos every Tuesday, this way you won’t miss anything important.
As you know buying real estate can be ultra competitive, stressful, and complicated. Sometimes you write offers on properties and never get it. Hey, I understand!!!!! Its frustrating. Maybe you are thinking of buying real estate directly from the listing agent, and this would give you a leg up on the competition.
In this video I will show you why you should only work with an agent under a designated agency and not as an unrepresented party.
As an unrepresented party you are not entitled to the special legal duties. That means No Loyalty, No duty to avoid conflict, No full disclosure, No confidentiality. So whats bad about that??? That means that the agent helping you under this arrangement can share your information to other parties , even the seller, even use your offer to write their own offer and even help multiple buyers compete against you on the same property.
Also If you purchased real estate as an unrepresented party you may not have much legal recourse except if something was fraudulently represented.
Here is a pro tip. Get to know a few agents that you can hire as your designated agent before you begin your home search. If it happens that your current buyers agent is also the listing agent for the property you love, then you can write an offer on that property with that second agent you found. This way you will not become an unrepresented buyer. So thats it, If you are looking to buy real estate in the greater vancouver area please reach out to me.
Here is what you would get as a client:
Question of the day, Would you ever want to be an unrepresented buyer? Answer in the comments below.
If you like this video please give it a thumbs up and subscribe. I will be posting new videos every Tuesday from now on. Bye for now.