What is the role of the buyer’s agent?
Once you hire a buyer’s agent, the first step is to create a customized home-buying plan around your needs, lifestyle, and schedule. The process of searching for your dream home, the times it will be done, the communities you will consider, and the data sources you will use must all be covered.
Your agent should accompany you to showings, advice you and point out features you may overlook (either good or bad). An experience buyer’s agent will know how to guide you from the seemingly endless amount of information and details to focus on what matters. But most of the buyer’s agent work only begins once you find your home.
Think of your buyer’s agent as your home-purchase adviser and manager. From submitting an offer, negotiations, inspection, purchase and sale contract, mortgage commitment to closing, the buyer’s agent role is to ensure every part of the process and is done, and represent your interests doing so. Learn more about all the moving parts in the home buying process page.
What is Fiduciary Obligation?
The role of the buyer’s agent is to advice, consult, guide and oversee the process of your buying process. At every step of your home buying, from the initial home search to the closing, (and after), my job is to ensure your interests are represented and protected.
Fiduciary Obligation. Wikipedia’s definition: “A fiduciary duty is the highest standard of care at either equity or law. A fiduciary (abbreviation fid) is expected to be extremely loyal to the person to whom he owes the duty (the “principal“): he must not put his personal interests before the duty, and must not profit from his position as a fiduciary, unless the principal consents.”
A buyer’s agent has a fiduciary responsibility to the buyer client. This fiduciary obligation includes every aspect of the home buying process, from the home search through he transaction negotiation, a home buyer’s interest are my only priority.
Buyer’s Agent Compensation FAQ
How does real estate commission work?
A listing contract between a broker and a home seller includes a commission clause. The commission is to be split between the seller’s agent and the buyer’s agent. For sale by owners almost always offer a commission to buyers and I require this in writing to avoid misunderstandings.
How does a buyer agent save me money?
Some people mistakenly think working without a buyer’s agent will save them money. This is not the case! The total commission is included in the listing agreement between seller and his broker, and already figured into the price of the home.
The buyer’s agent compensation is posted on multiple listing service. This listing serves as a contract between the brokers.
When working with a buyer agent you will make better choices about the price you’ll be willing to pay. You will also be represented in negotiations not only in the offer stage, but after inspection and through the whole transaction. Better decisions will save you time and money.
What happens if the seller’s commission is less than the buyer agency contract’s?
If the unlikely event buyer agency compensation offered is less than what has been agreed upon in the contract, then we have two options:
– Write a buyer agent’s compensation into the offer, so it is the seller’s responsibility
– Buyer pays the difference at the closing directly