Working With A Buyer's Agent

It is not entirely untrue that real estate agents invariably represent sellers. Agents owe their loyalty to the sellers they represent when they work with you as a buyer. It wasn't too long ago that buyers worked with these agents only. Then why was there a need for a buyer's agent?

If you are buying a home, you need to be represented by an exclusive buyer's agent to safeguard against certain things, such as a seller's agent who is loyal only to the seller. In contrast, a buyer's agent will be loyal to you, protecting only your interests during the real estate transaction.

Duties of A Buyer's Agent:

Your buyer's agent will make every effort to locate a home that suits your requirements at the lowest possible price. Since he is loyal to you, your agent will disclose all that he/she knows about the property that could benefit you, or prevent you from taking a loss during the transaction. Information such as the reason for selling the property, concessions the seller would make, and all conversations your agent has had with the seller will be disclosed to you. Information like this, however small it may seem, could potentially promote your interests as a buyer.

Some other duties of a Buyer's Agent:

1. Make a sincere and reasonable effort to find a home suitable for you
2. Follow all lawful instructions you may give
3. Should develop a CMA (Comparative Market Analysis) for you
4. Advise you on the property value
5. Handle all monies and keep records of all transactions

Hiring a Buyer's Agent To Work For You:

An agreement hiring a buyer's agent to represent you becomes necessary from the time you decide to buy a home. When you sign a contract with a buyer's agent, make sure that it clearly states both the agent's and your duties and obligations along with any fees charged to you, and how they will be paid. Typically, the buyer's agent is paid by the seller in the form of a commission.