There are fake buyers agents among us...you know, the agents that like to use the label of "buyers agent" without the added responsibility that goes with it.
Today home buyers are the ones suing the agent; sellers not so much. Buyers find suprises after closing; sellers are glad to be rid of the problem.
Buyers that hire a buyers agent look to that agent to waive all the red flags and not throw them under the bus.
Recently there was a blog feature about whose responsibility it is when the buyers closing cost credit addendum is not given to the tile company and not added as a buyer credit on the HUD.
A few of the responses were mind boggling:
- "Mistakes happen...." Not reading the HUD is not a mere mistake, it is a breech of fiduciary duty.
- "Closing agent should assure that all addendums are there" It is not the escrow agents job to babysit any agent.
- "Buyer can sue the seller" On what grounds? Buyer just signed legal closing documents confirming that everything was correct"
- "Agent must make good on it" What if buyer agents negliance costs more than the commission? what if it is double the commission? what then?
Every one that calls themselves a "Buyers Agent" has a fiduciary duty to put that buyers interest above their own. That means that the "buyers agent" needs to worry more about reading the buyers documents than being concerned about whats on facebook.
Scrutinizing the HUD (closing statement) is a must, not an option.
A HUGE misconception is that agents think that you can simply just re-do the closing documents after closing. Sure if the name is spelled wrong or an initial is missed that can be corrected...
However, the closing is the death of the contract. The terms of the contract are not in effect after closing. After closing, seller cannot suddenly remember that they forgot to replace the dining room chandelier and the buyer cannot complain that the refrigerator is not cooling properly. The home sale is over. Finished.
Try squeezing money out of a seller who has cashed the check and has no legal obligation to start paying. Sure the seller can be a nice person and pay...or they can change their phone number.
True Buyers Agents take the responsibility (and liability) for taking care of the buyer seriously and do not rely on the listing agent or the title company to do the work for them. They take nothing for granted.
A Fake Buyers Agent simply does not step up to do the job that they were hired to do, which of course is unfortunate for the home buyer.
For expert representation by buyers agent that do read the HUD, call Buyers Broker of Florida 407-539-1053