New Guide For Home Buyers Published by the Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau released a new guide for home buyers, called “Shopping for Your Home Loan, CFPB’s Settlement Cost Booklet”. This guide details the home buying process including deciding whether you are ready to buy, determining how much you can afford, and steps in buying a house including working with a real estate agent or an exclusive buyer’s agent.
The CFPB Recommends Working with An Exclusive Buyer’s Agent To Protect Your Financial Interests
In their booklet, they highlight the role of working with a real estate agent during your transaction. They warn consumers that while real estate agents may provide helpful advice, they may legally be representing the rights of the seller, not the buyer. They recommend:
It is your responsibility to search for an agent who will represent your interests in the real estate transaction. If you want someone to represent only your interests, consider hiring an “exclusive buyer’s agent”, who will be working for you.”
(source: http://www.gmmllc.com/pdfs/HUDBooklet.pdf, page 4)
The Consumer Financial Protection Bureau works to protect American consumers in their financial decisions, including things like mortgages, credit cards, and student loans. They work to educate and protect consumers by informing consumers, watching over financial institution to ensure they are following all laws, and studying the markets to understand and help them work better. They also accept complaints from consumers in order to offer better protection from individuals.
CEBAA: Exclusive Buyer’s Agents Working to Protect Your Financial Interests
At CEBAA, we encourage you to use the resources provided by the CFPB to make the best financial decisions and stay protected in all of your decisions, and especially buying a home. CEBAA members are all exclusive buyer’s agents as described in the pamphlet, meaning that all of our agents work exclusively to protect home buyers and never home sellers, therefore providing Colorado consumers the best possible protection during this process.
To find a Colorado exclusive buyer’s agent that works in your area, fill in our find an agent form or call the association today.