Who recommends Buyer Agency?
The federal government explains buyer’s agency. Read the U.S. Department of Housing and Urban Development’s suggestions in the latest version of Buying Your Home.
Read what CNN’s Money Magazine says about the way a smart buyer uses an exclusive buyer agent.
“When calling in response to a listing broker’s advertisement or showing up at an open house, be clear on one thing. This person is employed by the seller of the home. That seller . . . [is] paying the agent’s commission. If you want to be sure you have a pro looking out for you, enlist a buyer’s broker. This type of agent signs on to work exclusively for you in whatever deal you may strike, and can help you through the buying process, from search to offer, to contract, to closing.” 15 Secrets no Real Estate Broker Will Tell You, This Old House Magazine
“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 Magazine
“You can’t have partial loyalty. An agent either works for you or works for someone else.” Consumer Reports
“In many cases buyers may be at an advantage when they work with a buyer’s agent – at least compared to relying on a seller’s agent for advice or guidance. A seller’s agent is contractually obligated to help make the sale happen in the seller’s favor, often as close to the asking price as possible.” Smart Money
“It is vital that the buyer understand that the listing agent does not work for the buyer and does not owe a duty of confidentiality to the buyer. Anything a buyer reveals to the listing agent may be disclosed to the seller. Only a buyer’s agent has a fiduciary duty solely to the buyer.” The Washington Post
“Buyers do need to be educated on the benefits of working with a Realtor in a single agency client relationship which affords them the highest level of service and the agents expertise. It saddens me when I go on a listing appointment and have to tell the homeowner they paid too much for their home and usually I find out they have used the sellers agent as their agent in the transaction and weren’t educated as to who the agent was working for and what role they would play in the transaction.” Sally Morris ,Greenwood Realty, Greenwood SC
“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 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 of Physicians