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The most important thing you can do when buying a home is to
find the right real estate agent to represent your interest.
There are many agents and choices available. The traditional
agent whose real estate office takes listings and usually
represents the seller, would not hesitate to act as a “dual
agent” and also represent the buyer of the same property.
Consequently, neither party is truly represented due to the
conflict of interest. Think about it…. How can you possibly
get your seller the highest price possible and at the same
time negotiate the best price and terms for the buyer! It
can’t be done. Other real estate agents may work for offices
that take listings, but will only represent one client in a
real estate transaction as a designated or non exclusive
buyers agent. These agents are still actively involved in
representing sellers from within their own agency. Just
because the selling agent may be a different person doesn’t
preclude you from the same conflicts of interest under the
same brokerage or company. If buying a property listed by a
different company, the emphasis of other agents is still on
seeking and representing sellers. They will be hesitate to
show you all the property types as well as “for sale by
owners”. Their training generally has an emphasis on
sellers. (click 4 types of agency)
The Exclusive Buyer Agent (EBA) works for an office that
does not take listings of any kind and represents only
buyers. An EBA gives you 100% loyalty, representation and
fiduciary duty 100% of the time. Your interest are best
served not by a “buyers agent”, but by an “exclusive buyers
agent” (EBA). “Only an EBA can guarantee to represent only
you in your home purchase and guarantee to negotiate on you
behalf,” says Tom Early, President of the National
Association of Exclusive Buyer Agents (NAEBA). The listing
agents job is to get the highest price. An EBA’s job is to
get the buyer the lowest price on the best possible terms
and provide the true facts as to value, market, neighborhood
conditions and obvious physical defects. Don’t fall into the
“Dual Agency” trap! A listing agent cannot tell you about
things that would be detrimental to the buyer because of
their fiduciary duty to the seller. Your EBA has the legal
and ethical obligation to put your interests first!
Reasons to use an EBA
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An
Exclusive Buyer Agent provides 100% buyer representation
100% of the time and always knows they are working for
the buyer.
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An EBA
will ALWAYS place the Client’s lawful interest above
their own and others in the transaction.
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An EBA
will ALWAYS advocate only for the Client’s position when
negotiating with others.
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An EBA
will never coerce consent from the Client, but will obey
the Client’s lawful instructions.
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An EBA
will ALWAYS maintain confidentiality concerning all of
the Client’s information unless permitted by the Client
to disclose or if required by law or court order.
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An EBA
will ALWAYS represent the Client in every part of the
“home buying process”, ensuring their interests are
protected.
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An EBA
will ALWAYS help the Client to formulate an offering
price.
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An EBA
will ALWAYS recommend professional services the Client
will need including title companies and inspectors.
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An EBA
will NEVER list a property for sale.
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Working
with an EBA means you never have to settle for being
represented by an intermediary or a Dual Agent.
Remember, it’s not necessarily what you sell for-
it’s how
you buy!
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