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What is Buyers Agency, and what
does it mean for you?
A buyer’s agent usually owes duties like
these to their home buyer:
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Loyalty
Diligence
Confidentiality
Obedience
Full Disclosure
Accounting
Care
Honesty |
These responsibilities are defined by state law, the REALTORS® Code Of
Ethics, general principles of agency and court decisions.
That’s the legal definition. But what does a buyer’s agent actually do
for a home buyer? Like other agents, a buyer’s agent will show the buyer
available homes, point out the property’s features, provide financing
information and submit the offer to purchase.
But that’s not all. As your representative, a buyer’s agent will share
valuable and essential information with you if the agent knows it, such
as:
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How long the home has been on
the market.
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Previous offers and
counteroffers for the property.
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Strengths and weaknesses of the property.
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Most important for many buyers, you can ask a buyer’s agent for advice
and assistance in setting your offering price and structuring the other
terms of your offer. What’s more, you’ll have the peace of mind knowing
an advocate is working on your behalf to help you buy at the best
possible terms. |
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Who Needs A Buyer’s Agent?
If you want to make sure you buy smart, you need a buyer’s agent. If
you’re a first time buyer, if you’re relocating or unfamiliar with the
local real estate market, if you’re buying for investment and want
negotiating help, or if you need to purchase anonymously, you’ll be best
served by a buyer’s agent who puts your interest first.
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