What is a Buyer's Agent?

Real estate agents are frequently involved in real estate transactions and work under various arrangements. If you see an advertisement for a house for sale, the agent listed is working for the seller, as you'd expect. That agent has professional obligations to look out for the seller's interests, although that agent always has an obligation to treat all parties fairly. In recent years, a new type of agent relationship has become increasingly popular – that is, the buyer's agent.

The buyer's agent is professionally bound to represent only the buyer's interests. The agent can tell you information about the seller or the property that might be useful to you. And the agent won't disclose information you prefer the seller not know about you. Understand that the buyer agency agreement will obligate the buyer to pay a commission to the buyer's agent on any property purchased during the term of the agreement and for a period afterwards.

Is it necessary to work with a buyer's agent? No. Many buyers get a fair deal by working under the traditional agent arrangements. Whether the agent is primarily the agent of the seller (under a listing contract) or of the buyer (under a buyer agency contract), each type of agent owes a duty of "fair dealing" to the other party. Part of that duty is to keep confidential anything that someone would reasonably expect to be kept confidential, such as a buyer's top price and a seller's bottom price.

What can a Buyer's Agent do for me?

>Help you understnad and use market data (what's selling for how much)
>Help you form a negotiation strategy
>Suggest an offering price or give an opinion on the list price of a property
>Draft an offer with you, the seller's best intersts in mind Most important, a buyer's agent works for the buyer-YOU!

*Real Estate agents may not give legal advice, whether buyer's or seller's agents.