I'm a first time home buyer still learning about the process. I am pre-approved and have seen a few open houses. I chatted up a few of the selling agents at the open houses and one or more seem like they would make a good buying agent. I had one of them set me up to get e-mails on homes entering the market.
In deciding which agent to utilize as a buying agent, I did some research on home buying and selling protections. It seems the seller is well protected. However, I am unclear on the buyer protections. I understand a buyer and buying agent can enter a contract which usually requires the buyer to work solely with a single agent and requires the agent to act as a fiduciary to the buyer. However, this was noted as uncommon, and I wouldn't like being 'stuck' with one particular agent. I am leaning towards not entering any contract with a buying agent.
My uncertainty is that I couldn't find any law stating that a buying agent must act in my interests without one of these contracts. Actually the only thing I saw regarding this was that the buyer agent is technically an agent of the seller by default unless there is a contract between buyer and buyer agent. I was only able to find 'ethics' standards, which appear to not bound by law. Let's say my buyer agent shows me a house that I really like and I put in an offer. Whats to stop the buyer agent from omitting something important about the house, just to get the house sold and collect his share of the commission? Do I have to depend on trust? Or can I depend on law? I guess I can start sifting through government websites, but was hoping for a response on here to give me warm fuzzies.
Thanks
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source https://www.reddit.com/r/RealEstate/comments/db3etk/what_laws_protect_a_home_buyer_wisconsin/
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