Exclusive Buyer Agent Idea Takes Off

Everyone should know about an exclusive buyer agent

. This is someone you MUST HAVE to buy your next home, and others have ALREADY figured it out! Home buyers in all areas of the country are starting to use and tout the concept of an exclusive buyer agent for residential real estate.

Wikipedia says: With the increase in the practice of buyer brokerage, especially since the late 1990s in most states, agents (acting under their brokers) have been able to represent buyers in the transaction with a written "Buyer Agency Agreement" not unlike the "Listing Agreement" for sellers. In this case, buyers are clients of the brokerage. Some brokerages represent buyers only and are known as exclusive buyer agents (EBAs).

Consumer Reports states, The advantages of using an Exclusive Buyer Agent is that they avoid conflicts of interest by working in the best interests of the buyer and not the seller, avoid homes and neighborhoods likely to fare poorly in the marketplace, ensure the buyer does not unknowingly overpay for a property, fully informs the buyer of adverse conditions, encourages the buyer to make offers based on true value instead of list price, which can sometimes be overstated, and works to save the buyer money. A buyer agency firm commissioned a study that found EBA- purchased homes were seventeen times less likely to go into foreclosure.

Here are some answers to the questions asked most often about using an Exclusive Buyer Agent:

Why Use An Exclusive Buyer Agent?

You get an agent who focuses entirely on you and your needs as a buyer. They do not have listings to push and they do not work in an office with listings they need to show.

They educate themselves on the issues facing buyerslending problems, construction issues, and trends in designnot how to take photographs of houses for sale or what newspapers to advertise in.

How Can it be Free?

An exclusive buyer agent usually relies on the contractual obligation from the multiple listing website to be paid the offered amount they dont need you to pay them. The commission to both the buyer and the seller's agents is paid out of the transaction price. Who is really paying the commission? It doesnt matter as long as it is not different for some transactions (like FSBOs). A buyers agent never meets the sellers, never agrees to do anything for them and never expects to receive any future benefit from them. There is no incentive to get them a high price. To get referrals and loyal clients, an exclusive buyer agent wants to get a great deal for his or her home buyersthat is the main incentive.

Will They Be Able to Show Me All the Houses?

Absolutely. That is the beauty of this systemall the houses are available to be shown through the multiple listing service by all agents. No one company has a monopoly.

Where Can I Find One?

They are few and far between but worth the search. Learn more on how an exclusive buyer agent can help you by contacting Linda Walters at Sage Realty, 37 West Avenue, Suite 103, Wayne, PA 19087, LindaWalters@SageRealtyLLC.com or by calling 610-687-4000 or by visiting www.FindAHomeinPA.com. She will direct you to an EBA in your area if she cannot help you.

by: Findahomeinpa

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