What's being said about
Exclusive Buyer Brokerages
and Exclusive Buyer's Agents

"Until recently, all residential real-estate agents and brokers represented the sellers. A fact lost on many home buyers. Now, arguing that the traditional arrangement does buyers a tremendous disservice by, for example, jacking up prices and limiting selection--a new new breed of brokers has emerged to fend for them." - THE WALL STREET JOURNAL

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"Sellers' agents and dual agents do not and cannot by law give a buyer the same degree of loyalty as an agent who acts on behalf of a buyer. ... A buyer who relies on the seller's agent or on dual agency does not receive the same degree of legal protection as that afforded by an agent acting solely on behalf of the buyer." Oklahoma Supreme Court, SNIDER v. OKLAHOMA REAL ESTATE COMMISSION, June 1, 1999. The Whole Story

"Level the playing field when you buy a home...You may get a better deal with your own broker pulling for you...The introduction of buyer brokers takes a horribly one-sided process and simply makes it fair," says one broker." Medical Economics

"Though some buyers assume that the agent who shows them a house is on their side, in fact, it's just the opposite. Legally, the agent usually represents the seller and is obligated to get the seller the best possible price and terms. This is not true, however, when the buyer hires a broker to represent him or her."
-CONSUMER REPORTS

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You may save big bucks by hiring a buyer-broker

If it's been a while since you went house hunting or if you're new at the game, you may not have heard of buyer-brokers. A relatively new phenomenon, and still a tiny slice of the real estate business, buyer-brokers work for the owner-to-be. That's a market switch from traditional real estate agents who show you houses but whose legal duty is to the seller, who pays them a percentage of the sales price. Confide to a traditional real estate broker that you're prepared to bid as much as $150,000 on a house, and the broker will tip off the seller. Tell a buyer-broker, and the seller will never know. - MONEY - June '96

"You can't havepartial loyalty. An agent either works for you or works for someone else." - CONSUMER REPORTS Feb '94 

Should you use a buyer’s agent? The vast majority of buyers don’t and that’s unfortunate. The only way to get an agent really on your side is to use an exclusive buyer’s agent. I wholeheartedly suggest you look for one when you get ready to buy - TIPS AND TRAPS WHEN BUYING A HOME - Robert Irwin

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“Most agents who show you homes don't represent your interests. They work for the seller, and their object is to sell the house at the highest possible price.” - USA TODAY

Question: Do I need a broker to help me when I’m buying? That depends on how informed and assertive a buyer you are. Unlike the traditional agent who looks out for the seller, a buyer-broker acts as your advocate, helping you find the home you want and then negotiate the lowest possible price. The best buyer-brokers are so called exclusive agents - that is they represent only buyers, never sellers - TODAY’S BEST IDEAS FOR HOME BUYERS AND SELLERS -MONEY

"Under present law, both real estate agents in any house-buying transaction are bound to do everything in their power to see that the seller gets the highest price. In millions of deals, year after year, home buyers have been confiding financial information to the broker. Even disclosing their highest bidding price, not knowing that the broker is obliged by law to relay that intention to the seller and make sure the seller gets the highest price possible." - THE WALL STREET JOURNAL

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"You can be candid with a buyer broker without fear of aiding the seller; in turn, buyer brokers will use what they can ferret out about the seller to your benefit." - US. NEWS & WORLD REPORT

The buyer's best protection is to hire a buyer's agent.

"Exclusive agencies are best. They remove any conflict of interest, which is the main reason for considering a buyer broker in the first place" - Your New Home - Denise Fields

"Buyer's brokerage is becoming accepted. Unlike a traditional real estate agent, under which the agent works for the seller, buyer brokers work for the buyer." - Florida Today

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"Don't ever buy a property directly from the listing broker. Having your own agent will help you get the best price and terms. It won't increase your costs, because your agent shares the commission with the listing broker. This percentage amount is previously determined in the listing agreement and will be paid according to that agreement, usually from the escrow when the sale closes." - Hume Publishing's SUCCESSFUL REAL ESTATE INVESTING

"Exclusive buyer's agents work only for consumers and often can save them money – and they don't cost more to hire...exclusive buyer's agents are not tied to any particular property or agency, so they will show buyers any home, even those for sale by owner." - Los Angeles Times

"Only by using an exclusive buyer agent can a buyer be sure all information is kept confidential. Only an exclusive buyer agent can give the buyer an objective, experienced opinion of the homes viewed to ensure the buy gets the right home, in the right location, at the right price." - Mobility

Hire a buyer´s broker. When in the market for a home, the best defense is a strong offence. - WORTH

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"You´ve got to have someone representing you who represents only you," - Ralph Nader

"Your goal should be to engage an agent who will represent only your interests. Not just a `buyer broker´, but an exclusive buyer broker. Make sure that is what you are getting." - Joseph Eamon Cummins, Author, Not One Dollar More!

Buyer agents are Specialists in Property Searches, Negotiations and Buyer Protection

In some companies the broker/owner and all the agents in that office only work with buyers. This specialization is usually referred to as "exclusive buyer agency", and their office structure is referred to as an "exclusive buyer office" ("EBO"). (See the Colorado Exclusive Buyer Agents Association site for in depth information on EBO offices)

Because the EBO office does not have seller contracts ("listings"), they do not have a conflict of interest within their own firm, and can therefore concentrate all their efforts on finding the buyer exactly what he or she is looking for, wherever it may be: a for-sale-by-owner, foreclosure, not-yet-listed, or a property listed by traditional companies.

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Tuesday, March 14, 2000
Real estate buyers can hire agent of their own

By Andrea Jares
Caller-Times

When a buyer came into Frank Tompkins' real estate office in search of a specific Padre Island condominium, it was not for sale. So the client hired Tompkins to find one just like it.
   With some research, contracts and phone calls, Tompkins soon had not only the desired property, but for a price $55,000 less than it had originally listed.
   Tompkins was acting as a buyer's agent - a service that more buyers are using as a way of finding the home they want.
   Not enough customers realize that when they talk to a real estate agent, they are talking to someone who represents the interests of the seller, Tompkins said. That's how it works, unless the buyer enters a contract with the agent to act as a buyer's agent.
   "Without that agreement, there is the implication that the real estate agent works for the seller," he said.
   ...Consumers are starting to understand how a buyer's agent can represent them in a transaction.
   "You wouldn't go into court having the other side's attorney represent you," Martin said.
   Dalia Cortez, ... Realtor at Blue Ribbon Realty, said her responsibilities as a buyer's agent are to arm her clients with information about the property that will help them find the house they are looking for at the best price.
   She said she also helps clients understand what types of financing will help them get into a house in their price range. This requires market analysis of homes that are available. The research will help the buyer understand the true value of the house, which will in turn help the buyer make an offer on the house.
   Buyers' representatives under contract are paid out of a percentage of the sale price, Tompkins said.
   "The buyer, in effect, pays nothing," he said.

(The entire article can be found at http://www.caller2.com/2000/march/14/
today/business/2446.html)

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About EBO's - Exclusive Buyer Office

An EBO (Exclusive Buyer Office) is a real estate company where ALL licensees are agents representing only buyers of real estate.

"A conflict of interest is more likely when a real estate firm that represents sellers assigns you one of its brokers as a buyer agent. That's why many people believe an "exclusive" buyer broker is preferable. If there aren't any in your area, and you have to use a listing broker, "make sure they disclose when they are showing you properties they have a financial interest in," says Stephen Brobeck, executive director of the Consumers Federation of America." Business Week

"Buyer Advocacy appears to be taking off." "I'll never buy a house any other way." - Mrs. Renee Talley, Highland Park TX Wall Street Journal

"To Buyers: If you want representation, work with a buyer broker. They are legally obligated to represent your interests in any negotiations with sellers." The Consumer Federation of America

Groups such as the Consumer Federation of America and AARP recommend using buyer's agents. Smart Money Magazine, June 1995

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"Many people don't realize that, unless specifically stated otherwise, brokers are legal representatives of sellers. A buyer broker, representing only the buyer, may be able to secure a better price and better terms." Good Housekeeping

"When one salesperson has a home listed for sale, and another salesperson working for the same brokerage locates a buyer, the second salesperson can't be a true buyer's agent. Why? Because both people work for the same brokerage. Robert J. Bruss - Real Estate Weekly/The Virginian-Pilot

"Buyer brokers: agents that buyers can call their own...If your real estate agent isn't a buyer broker, he works for the seller...Buyers no longer have to fend for themselves." U.S. News & World Report

We should not offer anything less than 100% client-level services to our buyer/seller clients. We should reject all anti-consumer proposals that do not offer our clients protective fiduciary duties and responsibilities." - Robert McAvoy - President of the New Hampshire Assoc. of Exclusive Buyer Agents

"Buyer brokers have the buyer's interests in mind. They act as a personal advocate, hunting for the right house and haggling with the seller's agent. In fact, a 1992 study by a national long distance phone company, found that 200 relocating workers who used buyer brokers paid an average of 91% of the offering price, whereas those using traditional brokers paid 96%." - Diversion Magazine for Physicians

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EVERGREEN, CO (March 1, 1999)--About 2 million first-time buyers successfully walk the path to home ownership every year in the United States. The right real estate agent – or the wrong one – can have a great deal of impact on not only the outcome, but the entire process.

The most important thing you can do when buying a home is to choose the right real estate agent before you start looking.

Home buyers have choices of real estate representation. The traditional agent works in a real estate office that takes listings and usually represents the seller, but would not hesitate to act as a dual agent and also represent a buyer of the same property. Consequently, neither party is truly "represented" due to the conflict of interest. Other real estate agents may work in offices that take listings, but will only represent one client in any real estate transaction.

The Exclusive Buyer Agent (EBA) works for an office that does not take listings of any kind and represents only buyers.

Here are questions a future homeowner should ask before selecting an agent:

* How long have you been representing buyers as a buyer's agent?
* Do you, or the company you are with, take listings? Do you practice dual agency?
* What percentage of your personal business and what percentage of your company's business is representing buyers? Is the balance of that representing sellers?
* Will you try to sell me one of your listed properties before you show me listings from other real estate companies?
* Do you have information about For Sale By Owner properties?
* How many buyers have you successfully represented in the last six months? Can I have the names and phone numbers of three to six of your most recent buyer clients?
* What training have you taken that specifically relates to being a buyer's agent and representing buyers? Do you have any specific buyer's agent professional designations?
* Do you know the six fiduciary, client level duties you would owe to me if I chose to hire you as my buyer's agent? (Confidentiality, Accountability; Reasonable Skill and Care; Undivided Loyalty; Obedience to Lawful Instructions, Full Disclosure)
* What is your commission? Or do you have hourly rates or a set fee?
* Will there be a written contract?
* Do you have a list of home inspectors, insurance agents and reputable lenders for me to consider?
* What clauses will you incorporate in our offer to protect us as buyers?
* How will you help me save money ?
* Specifically, how will you protect my interests and why should I hire you rather than another agent?

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"Only an EBA can guarantee to represent you in your home purchase and guarantee to negotiate on your behalf," says Tom Early, President of the National Association of Exclusive Buyer Agents (NAEBA). "A listing agent's job is to get the seller the highest price on the best terms. AN EBA's job is to get the buyer the lowest price on the best terms, and provide the true facts as to value, market, neighborhood conditions and obvious physical defects. A listing agent cannot tell you about many things that would be detrimental for the buyer because they work for the seller."

Why Use an Exclusive Buyer Agent?

* Only an Exclusive Buyer Agent (often called an Exclusive Buyer`s Broker) can GUARANTEE to represent you in your home purchase.
* Only an EBA can GUARANTEE to negotiate on your behalf.
* An EBA provides the true facts as to value, market/neighborhood conditions, and obvious physical defects.
* An EBA will insist that the buyer utilize a qualified home inspector who will treat the buyer as their client, and not as a customer.
* Listing Agents (the ones with the sign in the front yard) and the company that they work for represent the SELLER, not the buyer. Their job is to get the SELLER the highest price on the best terms.
* An EBA`s job is to get the BUYER the lowest price on the best terms.
* EBAs will do a better job for transferees that anyone else. They will give you the facts, good and bad. A listing agent cannot tell you about many things that would be detrimental for the BUYER because they work for the SELLER.
* An EBA will help you with your financing alternatives. They may advise you to be pre-approved by a lender. Why? Because a fully approved loan makes you a cash buyer.
* EBA's have a legal and ethical obligation to put your interests first!
* It just makes sense!

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Exclusive Buyer's Agents are very successful in negotiations and typically save buyers thousands of dollars at the table. See Some of OUR Actual Savings HERE!