HUD has just released its latest version of "Shopping for Your Home Loan - HUD's Settlement Cost Booklet". In this pamphlet it discusses the role of a real estate broker or agent. It states that “It is your (the buyer) responsibility to search for an agent who will represent your interests in the real estate transaction.”
Because 98% of all Real Estate Brokerages are Seller orientated they can not provide buyers fiduciary representation since they sign a contract with the seller. Fiduciary representation means full disclosure, complete confidentiality, seeing all properties that meet the buyer’s requirements and putting the buyer’s best Interests first.
An exclusive buyer agent can be found at brokerages that do not contract with sellers. These Exclusively Buyers Brokerages never list properties for sale and work directly for the buyer, often on a flat-fee basis with the buyer agent commission going directly to the buyer at closing.
A directory of Exclusive Buyer Agents in the US can be found at http://www.ExclusiveBuyerAgent.us, or http://www.ExclusivelyBuyersRealty.com
