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These agents work exclusively for home buyers. They never take property listings to avoid the conflict of interest that arises when trying to represent both buyers and sellers in the same transaction. Exclusive buyer agents are 100% loyal to buyers 100% of the time as true fiduciaries. They generally adhere to a strict Standard of Practice and Code of Ethics through membership with the National Association of Exclusive Buyer Agents (NAEBA). There obligations to home buyers include negotiating for the lowest price and most favorable terms for the buyer. They also conduct an extensive search for property, give buyers reasons not to buy, advise them on property flaws for negotiation purposes, and they render opinions of value. This is our favorite choice (of course) and the number one recommendation of consumer advocates! |
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These buyer agents work in offices where listing agents represent sellers. Some of them specialize in providing buyer agency service but will resort to "dual agency" when the buyer is interested in a property listed by the firm. When interviewing this type of agent you need to ask how they handle conflicts of interest. This is the next best choice if you can’t find an exclusive buyer agent to work for you. |
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These traditional agents represent the property seller in all dealings with potential buyers. Many traditional agents are “listing machines” and specialize in the listing side of the business. They treat buyers as customers and while helpful in providing information and showing property, they are legally bound to negotiate the best price and terms for the seller and to disclose to the seller all they know about the buyer (including your top dollar!!) An adequate choice for sophisticated home buyers who can conduct their own research (property value, environmental, community, schools, etc.) and do their own due “DUE DILIGENCE”. But if you do not get a discount on the commission, why lose out on the opportunity to get representation at no additional cost? |
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Theses licensees attempting to represent both the buyer and the seller in the same transaction. Undisclosed dual agency is illegal. Disclosed dual agency is only legal if there is full disclosure of potential conflicts of interest and the implications of this watered down service. Under this arrangement both the buyer and the seller agree to give up their rights to loyalty, advocacy, opinions of value, and negotiating help. |
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www.TheBuyersBroker.com |
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