Responsibilities of a Buyer's Agent? (Louisville: foreclosures, rent, condo)

[MoonlightFlight]

Since there may be different rules or regulations in different states, and my daughter will be buying in Louisville, I hope to get an answer here.

Would any of you be kind enough to give me a detailed list of what a Buyer's Agent does? Before my daughter signs a contract with a Realtor, I would like to know what to expect. I know about showing properties and making offers to sellers. But, for example, does the agent arrange for the mortage, or does the buyer have to find his own lender? What else? Thank you.

[tomocox]

A buyer's agents job quite simply is to represent the buyer in all aspects of the purchase of a property.

Not only should a good agent help you find the right home, they should also use their best efforts to discover potential issues with a neighborhood. For example, is there a new road coming through? Are there potential flood problems? What is the reputation of the builder (if determinable), what about the quality of life issues such as school, transportation, communting, shopping.

A buyers agent should assist the buyer in determining a fair price (not necessarily a low ball) for a property, he/she should understand the taxation of the property, help determine the expected energy costs to heat and cool, search for deed/hoa restrictions and fees.

A buyers agent should be able to help determine property lines (never replacing a qualified surveyor), help find a home inspector (some legal experts suggest that the buyer should not expect their agent to attend or observe the actual inspection), help find a competent mortgage provider.

The buyers agent should guide a buyer through a very emotional period through confident expertise and finally attend the closing following the previewing of the HUD-1 or other closing statement watching for errors and/or mistakes.

I hope this helps you.

[MoonlightFlight]

Thank you, Tomocox.

Okay, my daughter is already discussing a loan with several lenders to determine the best loan for her situation. In the case of a condo purchase, where I have already determined that there are no current plans recorded or projected for building on the surrounding property or for expanding major arteries/access roads, the complex is not anywhere near the flood plain, the complex has been completely updated in the past two years, property lines are not an issue, the title search will be done by the lender, and I already know what the taxes will be, what's left for the buyer's agent to do? Find a home inspector, but not be there for the inspection, and attend the closing?

I have not signed a buyer's agreement, and the agent has not yet shown us any properties but expects to do so this weekend. What happens if I have found an FSBO that we are going to look at before we meet this agent? Suppose we decide it's the right property for my daughter? Do I owe a buyer agent fee of $3,000 to this realtor?

I was told about a property by someone on this forum and contacted the owner immediately. The realtor found this property, by a sign out front, and told me about it after I had already been in touch with the owner. I told her I already knew about it and had discussed with the owner. The realtor says I owe her a buyer's fee if I purchase it. I may be from New York, but I've never heard of such a thing. What exactly do I owe this realtor?

[tomocox]

First, you have to be honest with yourself. You do not owe the Realtor a fee unless the Realtor was the procuring cause (she actually found the property which you otherwise would have not known about). If you discussed buying this home with a Realtor, then for goodness sakes pay them.

As a Realtor, I will advise you to be very very cautious about buying a condo. Some are wonderfully managed and maintained, but I have seen several unintentional foreclosures due to poor management such as green swimming pools, un-tended roofs, etc.

Kentucky is not a good condo state.

[MoonlightFlight]

Thank you for your advice, Tomocox. I appreciate it, and will be very cautious. We won't jump into anything. My daughter can rent for awhile.