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reading through a lot of threads complaining about buyer's agents and I'm left wondering what the duties/responsibilities of a buyer's agent really are. my understanding is 1. find and show homes that meet buyer's needs/budget 2. help determine offer amount based on comps 3. write offers/counter offers 4. explain and recommend things like contingencies 5. coordinate inspections and appraisals
reading through a lot of threads complaining about buyer's agents and I'm left wondering what the duties/responsibilities of a buyer's agent really are. my understanding is 1. find and show homes that meet buyer's needs/budget 2. help determine offer amount based on comps 3. write offers/counter offers 4. explain and recommend things like contingencies 5. coordinate inspections and appraisals
am i missing anything or including too much?
I would add that they should point out basic red flags, be able to explain concerns and issues around radon, asbestos, lead paint, etc., should have knowledge about flood plains and how flood insurance works, know about area hazards like landslide zones, tsunami zones, etc, builder knowledge, etc.
The basic duties of the transaction aren't that complicated. People that complain about a buyer agent are generally doing so because the one they picked doesn't have any kind of base knowledge about the area and issues material to a buyer. I mean if I were interviewing buyer agents and I would look up some basics like where the flood zones are or I think in Florida they have areas susceptible to sink holes. I'd ask them directly the general areas in that city that are in a hazard zone. They can't tell you with 100% precision without looking up an address, but they should generally know that a certain part of town is in one. If they don't know, move on to the next agent.
Agents are generally nice people. Doesn't mean they know anything.
Help with valuation analysis.. competitive market analysis?
Help with any abnormalities through the inspection or appraisal process. I'd also say the paperwork and legal support throughout the offer and close process to protect the buyer is also important.
Per my state guidelines they offer to their client obedience, loyalty, disclosure, confidentiality, accounting, reasonable care and skill, and assistance in negotiations.
What that translates to is show homes, write and negotiate offers and addendums, assist with scheduling inspections/closings/etc, offer general knowledge and advice, answer questions/concerns. If they do it right the buyer agent hopefully saves the buyer time/money/stress and has access to every listing on the market for sale. Sometimes they also babysit, become a psychiatrist, a financial adviser, a mediator between spouses, and try to counter the bad advice given from family and friends.
Buyer's agents also can offer you insights that you wouldn't have otherwise. For instance, they may know why a previous offer fell through, or have inside information on the motivations of a seller. It also gives you a layer of distance between you and the seller's agent, which can be a good thing.
Buyer's agent also will help set up the inspections, find the right house for the specific loan, negotiate. I always say buyers should use their own agent instead of the seller's agent as it lessens the likelihood of conflict. Besides, here in CA the seller's tend to pay commission so the buyers won't end up paying fees (unless they sign an agreement to do so).
Buyer's agents also can offer you insights that you wouldn't have otherwise. For instance, they may know why a previous offer fell through, or have inside information on the motivations of a seller. It also gives you a layer of distance between you and the seller's agent, which can be a good thing.
This right here. An agent active, especially in smaller markets, will often have a wealth of intel not available to non-insiders.
reading through a lot of threads complaining about buyer's agents and I'm left wondering what the duties/responsibilities of a buyer's agent really are. my understanding is 1. find and show homes that meet buyer's needs/budget 2. help determine offer amount based on comps 3. write offers/counter offers 4. explain and recommend things like contingencies 5. coordinate inspections and appraisals
am i missing anything or including too much?
They do nothing, just collect commission, because finding a skilled and HONEST realtor is nearly impossible. Besides they are NOT on your side, as they claim, they benefit from a higher sell price, so they are on SELLER side. There's no information that they have which you cannot find for free from internet and other resources.
Make sure you do as much as you can yourself, market research, school quality research, etc., otherwise you can be sure they will rip you off.
They keep driving you around looking at places hoping you will buy. After you say yes, they handle it like an real estate agent would.
I know all the hooey about how they work for and protect you. BS. They need the sale to make money like any other agent does.
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