A home is usually the biggest purchase most people make in their lifetime, so it makes sense to research the options and make smart decisions. The Balancing Act gives viewers expert advice on how to choose a real estate agent who will be in their corner and on their side when purchasing real estate.
According to Kim Kahl, the Executive Director of The National Association of Exclusive Buyer Agents (NAEBA), the organization was founded in 1995 with the goal to help protect the interests of real estate buyers. Ben Clark, the President of the organization, joins her in discussing how exclusive buyer agents avoid the conflict of interest of dual or designated agency, which can occur in traditional real estate transactions.
Their advice is to avoid going into a real estate transaction that has the other party's best interest in mind. By using an Exclusive Buyer Agent, a consumer can rest assured that they have someone on their side working for them and representing their best interests.
Exclusive Buyer Agents (EBA's) work solely for buyers, avoiding the conflicts of interest inherent in the traditional seller-oriented purchase transactions. This unique relationship of committed trust and care assures buyers the best possible home buying experience.
The biggest misconception among home buyers is that all real estate agents are the same, but they are definitely not. Furthermore, consumers want to believe that their real estate agent is representing them. Unfortunately, this isn’t always the case. Lawsuits happen every year because buyers who didn't feel “quite right” about their transaction as it was happening found out after their purchase that "their" real estate agent wasn’t fully representing them… Instead, the agent was actually representing both the buyer and seller.
Historically, real estate agents represented sellers.
Exclusive Buyer Agents, on the other hand, represent only the buyer. An EBA has no dual agenda. An EBA has your back, specifically helping you to:
• locate and evaluate property
• negotiate the best price and terms
• evaluate loans and financing options
• facilitate inspections, disclosures, contract compliance and the closing.
An agent who knows the market in your area can help a buyer avoid wrong turns along the road to home ownership. EBA's can help buyers identify everything from preferential school districts to mass transit options--issues that are (or should be) concerns of every buyer. An EBA’s insights are priceless, particularly because the EBA is concerned solely with solutions that fit the buyer’s needs, versus trying to balance the buyers’ and sellers’ desires.
To learn more about how to protect your interests in your next real estate purchase, and to select an EBA to guide you, visit www.naeba.org.
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3 Comment(s)
Page : [1]An excellent interview by our Presidenct and Executive Director that presented the benefits of using an EBA from an office that takes no listings. As a member of Naeba since 1991, I totally advocate to buyers that having an Exclusve Buyer Agent on your side 100% of the time is a no brainer.
Great explanation of what we do as EBA's. None of my clients over the last 13 years has had a foreclosure.
Thanks for posting this so quickly! There are many "buyer's agents" out there using the word "exclusive" in their agreement forms with clients and in advertising their services. It is very misleading and this interview cuts right to the chase with the information provided by the NAEBA reps - a true Exclusive Buyer Agent not only represents buyers exclusively (never taking listings) but additionally, does not work in an agency with those who take listings and represent the seller. This is an issue that I have found firsthand on ActiveRain (the top real estate blogging website) is an elephant in the room - real estate agents do not want to talk about this because they know the general public is clueless, EBA's have never established their brand adequately and those who are not EBA's can continue to appear like they work only for the buyer because they claim they fulfill fiduciary responsibilities set forth by each state. Malarkey! They are scared to death (as has been evidenced here in Rochester, NY) of the average Joe learning about EBA's. Imagine the potential condition of the housing market had millions of buyers hired EBA's. We contend we would not be in the mess we're in! Thanks again for the interview!
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