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U. S. News and World Report
"Like it or
not, the real estate agent helping you house hunt is usually
working for the seller and is legally bound to try to get the
seller the highest price. But buyers no longer have to fend for
themselves. You can hire a buyer agent to work on your behalf. "
Los Angeles Times
"Buyer agents work only for consumers and can save them money-and they don't cost more to hire."
Money Magazine
"Unlike the
traditional agent who looks out for the seller, the buyer broker
acts as your advocate, helping you find the home you want and
then negotiating the lowest possible price."
Click Here for a copy of The Business Week article on The Buyer's Agent.
Buying A Home
By Elizabeth Razzi
"Exclusive agencies
are best. They remove
any conflict of
interest, which is the
main reason for
considering a buyer
broker in the first
place."
Exclusive buyer's
brokers work only with
buyers and don't take
listings. They're
obliged to help you
find the best deals and
lowest price."
Unfortunately, agency
standards have changed
so much in the past ten
years that real estate
agents themselves are
likely to be confused
about their obligations
to buyers and sellers,
even though in most
places they are
supposed to give you a
disclosure form
explaining your
relationship. Bottom
line: You don't truly
have an advocate in
your corner unless you
both sign a contract
saying so.
House Hunting? Save By Hiring Your Own BrokerBy Carla A. Fried
"If you
ever doubted the value
of real estate agents
who work solely for
home buyers (as opposed
to traditional agents
who report to sellers,
consider this: A recent
study by a major US
company found that 232
relocating employees
who hired buyer's
brokers paid an average
of 91% of a home's list
price. People who use
traditional agents
typically pay about
96%. On a house
originally priced at
$150,000, that's a
difference of $7,500.
"Unlike the
traditional agent who
looks out for the
seller, the buyer
broker acts as your
advocate, helping you
find the home you want
and then negotiating
the lowest 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."
"Buyer brokers: agents
that buyers can call
their own."
"If
your real estate agent
isn't a buyer broker,
he works for the
seller." "Like it or
not, the real estate
agent helping you house
hunt is usually working
for the seller and is
legally bound to try to
get the seller the
highest price. "Buyers
no longer have to fend
for themselves." You
can hire a buyer agent
to work on your
behalf."
Several states have
legislated ground rules
for this so-called dual
agency and many of the
nation's biggest real
estate firms now
regularly practice it.
But consumer advocates
say it cheats both
buyers and sellers,
denying them an agent's
allegiance and
undivided attention at
a time when they're
making a major
financial decision.
"You're either loyal or
you're not. It's like
being slightly
pregnant," says Maureen
F. Glasheen, former
counsel to the New York
secretary of state, who
opposes dual agency.
Among other things,
dual-agent situations
means brokers can't
tell clients how to
best negotiate or pass
on information that may
be useful, but is
confidential. In
contrast, a buyer's
broker who knows that
the seller is being
transferred is
obligated to tell the
client.
"Buyer's
Agents work only for
consumers and can save
them money - and they
don't cost more to
hire."
"Most homebuyers
would prefer to have
their agent represent
them exclusively in the
transaction. That way,
they would be assured
of their agent's
undivided loyalty."
"Just be aware that in
a dual agency
situation, you may have
to advocate for
yourself, and take more
precaution to protect
yourself, than you
would if you had
exclusive
representation."
"In a house sale, does
it matter that the
agent representing the
buyer and the agent
representing the seller
work for the same
brokerage?" "...when
the agents work for the
same broker-they're
known as "dual agents"
in that case..." "The
representation dual
agents are able to
provide is not nearly
as expansive and
complete as full
representation."
"...some lawyers have
doubts about the same
brokerage representing
both sides in a real
estate transaction."
Mobility Magazine
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 buyer gets
the right home, in the
right location, at the
right price.
"Many people don't
realize that, unless
specifically stated
otherwise, brokers are
legal representatives
of sellers. A buyer's
broker, representing
only the buyer, may be
able to secure a better
price and better
terms."
"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."
A broker who has
developed a
relationship with a
buyer might know things
that the buyer might
not want a potential
seller to know--like
how much the purchaser
is willing to spend.
The broker, however,
more often than not has
a duty to disclose such
information to the
seller since most
brokers are really
working for the seller.
Hiring a broker as a
"dual agent" may have
its own built-in
tensions. "It's hard to
serve two masters,"
said William Colavito,
a Manhattan lawyer who
is chairman of the real
property section of the
New York State Bar
Association. "Just as
it would create a
problem for a lawyer to
represent both sides in
a transaction, it could
create the same problem
for a broker."
"Generally," Mr.
Colavito said, "a buyer
would get the most
protection and the best
advocation by dealing
with a buyer's broker."
Sound good? Want more information? Contact me via allentba@aol.com or give me a call (901) 753.4488
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