conflict of interests

“…A Buyer’s Broker is prohibited from disclosing to a Seller that the Buyer can, or will, pay more than what has been offered…

To eliminate conflict of interests, exclusive buyer agents do not take listings. Buyer’s Broker make a great deal of sense” The New York TimesBuyers Seek Brokers of Their Own” March 13, 2009 http://www.nytimes.com/2009/03/15/realestate/15lizone.html?scp=3&sq=buyersbroker&st=cse

Source: Buyers Agents, Buyer Brokers, Buying a Home

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EBAs don’t work for listing brokers

Unlike traditional agents, EBAs don’t work for listing brokers

, so they avoid the risk of dual agency — when one broker represents both parties. EBAs are still paid by the seller, but they can promise to represent your interests exclusively throughout the transaction and help you negotiate the lowest price. Kiplinger. “Hire your own agent.” June 7 2011 http://www.kiplinger.com/magazine/archives/2007/03/buyers.html

Source: Buyers Agents, Buyer Brokers, Buying a Home

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National Assocation of Exclusive Buyer Agents

Learn How The National Association of Exclusive Buyer Agents Can Help Home Buyers

The National Association of Exclusive Buyer Agents (NAEBA) is an organization of real estate professionals who have dedicated their business lives to representing only buyers of real estate. We don’t list homes for sale and never represent sellers. This restriction to one side of the real estate transaction stands out as vitally important in light of what has happened in real estate in the last decade or so.

Since several states discarded the common law of agency in the mid-nineties, the real estate agent’s duties of obedience, undivided loyalty, confidentiality and reasonable care have been greatly diminished. More importantly, most consumers are not aware of agency concepts. The net effect all too often has been that real estate salespersons, and frequently affiliated loan officers, have pushed home buyers and speculative investors into inappropriate loans. This practice went largely unnoticed and unregulated, playing a major role in the mortgage and financial crises that began in August of 2007. It continues to plague us today.

Real estate agencies that represent both sellers and buyers, known in the industry as dual agency brokers, maximize their income but shortchange both buyer and seller clients. Though dual agency is legal in almost all states, the ethics of such representation is questionable even when the seller and buyer understand and consent.

Disclosing whom the real estate agent represents is an accepted standard. The timing of such disclosure varies by state in a patchwork of requirements by law or regulation. However, as Blanche Evans pointed out in a 2006 article in Realty Times, a study by the National Association of Realtors revealed that only 30% of homebuyers received a disclosure statement at the first meeting, 28% when the contract was written, 22% didn’t receive one at all and 20% were uncertain if they received one.

First time home buyers, as a group, fared worse with only 23% receiving disclosure at their first meeting.

When you purchase a home, whether it’s your first or fifth, you deserve an agent who is trained and dedicated to serving only you the Buyer. The NAEBA members continue to provide full agency duties of obedience, undivided loyalty, confidentiality, full disclosure, accounting and utmost care to their clients. I hope that when you buy your next home you will choose one of our members and benefit from 100% representation 100% of the time.

Sincerely,

Benjamin Clark, 2009 – 2010 NAEBA President

via National Assocation of Exclusive Buyer Agents.

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Buyers Agents, Buyer Brokers, Buying a Home

See Why The Media and Consumer Groups Recommend an Exclusive Buyer Agent

Exclusive Buyer Agents are recommended throughout the media, by consumer organizations, and by HUD.

 

What you need is what’s known as an “exclusive buyer agent.”

CNN Money. “Money 101, Lesson 8: Buying a Home.” Undated. http://money.cnn.com/magazines/moneymag/money101/

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.
U.S. Department of Housing & Urban Development, “Shopping for Your Home Loan: HUD’s Settlement Cost Booklet.” Rev. Dec. 2009. P. 6
http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_12164.pdf

Consider an Exclusive Buyer’s Agent
USA Weekend “A shopping list for first time home buyers.” July 23-25 2010 Pg. 4

You’ve got to have someone representing you who represents only you.
Get your own agent. Buying a home, “ EBA’s in the news.” Undated
http://getyourownagent.com/news.html

If your agent isn’t a Buyer Broker – he works for the seller.
U S News “ The Buyer’s Agent.” Undated
http://www.abuyerbroker.com/aware.htm

“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.”
U.S. Department of Housing & Urban Development, “Shopping for Your Home Loan: HUD’s Settlement Cost Booklet.” Rev. Dec 2009 P.6

Get professional help. …most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.
Family Focus Federal Credit Union. “ Top ten things to know when buying a house.” January 18 2011. Line 6
https://www.familyfocusfcu.org/post/2011/01/18/Top-10-Things-to-Know-When-Buying-a-House.aspx

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.
Kiplinger’s Personal Finance Magazine. “ Exclusive Buyer’s Broker.” April 1996. P. 67
http://books.google.com/books?id=d_4DAAAAMBAJ&pg=PA67&lpg=PA67&dq=Buyer%27s+brokers+work+only+with+buyers+and+don%27t+take+listings.+They%27re+obliged+to+help+you+find+the+best+deals+and+lowest+price.+-+Kiplingers&source=bl&ots=c-XRuaTzdK&sig=eDC8G9ztMnDVJT1BSmw152-ptgU&hl=en&ei=D7DaTbOoFsHFgAeKkdVY&sa=X&oi=book_result&ct=result&resnum=2&ved=0CBwQ6AEwAQ#v=onepage&q&f=false

Make sure you get one who’s genuine… You can find a true buyer’s agent only at a firm that does not accept listings.
Consumer Reports. “Real –estate agent or buyer’s agent? “May 2005. P.13

(Buyer) brokers are obliged to get buyers the best deal possible, they approach a house with a critical eye for apparent flaws.
Bloomberg Businessweek. A personal shopper for your dream House. September 11,1995
http://www.businessweek.com/archives/1995/b3441130.arc.htm

The Buyer broker must get you the best deal. “In my experience, all of them do.
Bloomberg Businessweek. A personal shopper for your dream House. September 11,1995
http://www.businessweek.com/archives/1995/b3441130.arc.htm

Confide to a traditional real estate broker that you’re prepared to bid as much as on a house, and the broker will tip off the seller. Tell a buyer-broker, and the seller will never know.
Money Magazine. ‘You May Save Big Bucks by Hiring a Buyer-Broker.” June, 1996.
http://slohomestore.com/support/articles/hireBuyerBroker.htm

Exclusive buyer’s agents work only for consumers and often can save them money… 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. “Collections” January 07,1996
http://articles.latimes.com/1996-01-07/realestate/re-22075_1_traditional-agents

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.
Realty times “Oklahoma Supreme Court slams real estate commission” dated 9/24/1999
http://realtytimes.com/rtinteractive/19990924_okladecesion.htm

If you want representation, work with a buyer broker. They are legally obligated to represent your interests in any negotiations with sellers.
Consumer Federation of America. Changes in Real Estate Agent Representation. P.4
http://www.consumerfed.org/pdfs/realestagn.pdf

Unlike traditional agents, EBAs don’t work for listing brokers, so they avoid the risk of dual agency — when one broker represents both parties. EBAs are still paid by the seller, but they can promise to represent your interests exclusively throughout the transaction and help you negotiate the lowest price.
Kiplinger. “Hire your own agent.” June 7 2011
http://www.kiplinger.com/magazine/archives/2007/03/buyers.html

“…A Buyer’s Broker is prohibited from disclosing to a Seller that the Buyer can, or will, pay more than what has been offered… To eliminate conflict of interests, exclusive buyer agents do not take listings. Buyer’s Broker make a great deal of sense”
The New York Times “Buyers Seek Brokers of Their Own” March 13, 2009
http://www.nytimes.com/2009/03/15/realestate/15lizone.html?scp=3&sq=buyer%27s%20broker&st=cse

“A TRUE AGENT is one who provides 100% loyalty to his/her clients 100% of the time. No dual agency; no “designated agency”, no “transaction brokerage;” no “Chinese walls;” no weasel clauses!”
International Real Estate Directory “ Agency and True Agents” 1995
http://www.ired.com/trueagent/

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.
U S News and World Report “ 10 Rookie home buyer mistakes to avoid” Ted Guarino May 07, 2010
http://money.usnews.com/money/personal-finance/real-estate/articles/2010/02/18/10-rookie-home-buyer-mistakes-to-avoid/comments

“But consumer advocates say agency 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.”
Wall Street Journal “Could Your Broker be a Double Agent” September 8, 1995
http://www.balchbuyersrealty.com/wsj.html

via Buyers Agents, Buyer Brokers, Buying a Home.

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