What a buyer’s agent will do for you when you’re looking for a new home

An unprecedented $418 million settlement between the National Association of Realtors and groups of home sellers, which has yet to take effect, has left many people confused about how much they might pay in commissions in the future.

An unprecedented $418 million settlement between the National Association of Realtors and groups of home sellers, which has yet to take effect, has left many people confused about how much they might pay in commissions in the future. But no matter how things shake out, people will continue buying homes. And a majority of them will consider using the services of a buyer’s agent. If you plan to be among them, here is what you should expect from any licensed buyer’s agent – legally, ethically and in terms of practical guidance – and how to choose one who best suits your needs. Buyer’s agents essentially run point for Team You. From house hunting to closing, such agents have a fiduciary duty to represent only your needs in the home-buying process. “They should always keep a buyer’s best interests at the heart of the transaction,” said Amy Lessinger, president of RE/MAX, LLC. “They put [your] interest ahead of their own.” That means a lot of things, including being shown homes that suit your stated needs and that are priced within the range of what you’d like to spend. That’s not to say they might not show you something above your initial stated range, but they have to be transparent about why they’re doing so. “What would be a violation [of their duty] is if they only show you homes above your budget,” Lessing said. Having a good buyer’s agent also means having someone who is knowledgeable about the local real estate market and who has the skills and competence to negotiate with the seller’s agent on your behalf.