A common question we have heard from many home buyers is about the responsibilities of a buyer’s agent. Many home buyers, mostly first-time home buyers, have no idea what a buyer’s agent is or what kind of benefit they can gain from hiring them.
What is a Buyer’s Agent?
A buyer’s agent is a trained and often certified real estate agent who works for the buyer to help them make informed decisions about buying a property. We have seen many home buyers who begin working with the agent who had listed the property thinking the agent is working for them. In reality, the agent is working for the seller, and is a seller’s agent. A seller’s agent represents the seller; their loyalty and responsibility lie with the seller and they work in the seller’s best interests. They will not help the buyer make a good decision nor will they negotiate for a buyer to get a lower price.
What Are a Buyer’s Agent’s Responsibilities?
A buyer’s agent’s main fiduciary duty lies with the buyer. He or she is obligated to act in the best interests of the buyer which includes showing them properties, advising the buyer about the property’s advantages and disadvantages and negotiating a good price for the buyer.
Fulfill The Buyer’s Instructions
It is imperative for a buyer’s agent to obey all lawful instruction of a buyer immediately and to the best of their capability. For instance, if a buyer asks for certain repairs to be performed to the property, the buyer’s agent must inform the seller’s agent and the seller of these wishes. When the other party agrees, it is the duty of the buyer’s agent to ensure that all the repairs are done completely and properly.
A buyer’s agent is obligated to inform the buyer of all information related to the property and to their services. Any issues regarding the property – for instance traffic issues or problems with the condition of the property – must be communicated to the buyer before they begin the bidding process.
Responsibility and Care
A licensed buyer’s agent is first and foremost a real estate agent. He or she is expected to have the necessary skills and expertise required to do their job. A buyer’s agent must make sure they are fully committed to providing their client, the buyer, with the full benefit of their knowledge and skill in order to assist them in making an informed decision and a beneficial deal. However, at times when the agent has no knowledge or experience of any matter, they must communicate this to the buyer instead of giving them uninformed advice.
A buyer’s agent is working for the buyer therefore they are bound to keep all of the information provided by the buyer in confidence and not disclose them to anyone without the knowledge and permission of the buyer.
In short, a certified buyer’s agent will not only help you find a suitable home to buy, but will also walk you through the entire process from negotiating the price to signing the contracts.
If you are looking for a certified buyer’s agent to help you buy a home in Boston, give us a call at 617-734-8200, email us at email@example.com or join us on Facebook and Twitter.