Is my broker representing me or the seller?

Is my broker representing me or the seller or is the broker working with you to buy a property is actually on your side?……or is he really representing the seller? You need to understand real estate agency in this state.

In Colorado there are three choices of how buyers and sellers are represented. (1) Seller’s Agent where the broker is working for the seller to get him the best deal, the best price and the best terms. The broker is an advocate for the seller and is actually adversarial to the buyer. If you are a buyer, you can see why you would not want to be represented by a seller’s agent. (2) Buyer’s Agent or Buyer Broker has the same types of obligations and responsibilities as the seller’s agent, except that the buyer agent is working for the buyer as their advocate. In Colorado, in order for your Realtor to represent you as a buyer’s agent, there must be a written agreement to that effect. (3) Transaction Broker is a neutral position or party. The broker is not an advocate for either the buyer or seller. The broker is neutral to both sides. The broker is more like a middleman “brokering” a transaction to the mutual satisfaction of both parties.

To help answer “Is my broker representing me or the seller?”

When would transaction broker representation come into play? Under Colorado law it is the default position unless you choose one of the other two methods of representation. Generally, our team works as a buyer broker with our buyer clients. There are times, however, when we are unable to do that. Those few instances are when the property you want is a Team Lorenz listing, not just a Wells Group listing, but one that is actually listed by Team Lorenz. In that circumstance, our team members must act as a transaction broker and be neutral to both sides.