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AGENTS REPRESENT SELLERS UNLESS NOTED
(Letter to the Editor, Telegram & Gazette)
In 1983, the Federal Trade Commission published findings from a study of the real estate industry that found that 72 percent of home buyers thought that the agent who helped them buy a home worked for them. Since then the media, consumer groups and agents in buyer agencies have tried to set the record straight: The agent works for the seller unless otherwise disclosed. Massachusetts even has a mandatory agency disclosure regulation, which requires agents to disclose who they are working for. Although this regulation has a low compliance rate, it is an important step in educating home buyers and sellers about who work for whom...
That regulation took a giant step backwards in the July 5th issue of Home Source. "Working With an Agent" provides advice to home buyers that is in direct conflict to their financial interests. We were told: "Good real agents will ask about your financial ability. Please remember, this information is confidential." This information is not confidential unless you are working with a buyer's agent. Seller's agents have legal duties to sellers and that information must be passed on to the seller. The response to the question doesn't explain the different types of agency relationships offered to consumers and it makes no reference to our regulations regarding agency disclosure. Consumer advocates recommend that consumers get pre-approved by a mortgage lender before looking at properties.
Patricia Rioux
Shrewsbury
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