subject: Exclusive Buyers Agency-who Cares [print this page] Ironic that the best kept secret in residential real estateexclusive buyers agencyis a foreign concept when it is actually the way most buyers THINK they are being represented when they buy a home. Most home buyers assume that the agent who writes up their offer has their interests foremost. The agent talks like they do. They ask the buyers what terms they want. They offer to arrange an inspection. Everything looks like it is set up to help the buyer. But NOT SO.
Agents Historically Represented only the Seller
In residential real estate, all agents represented the seller, not the buyer, until the 1980s, when some brilliant person did a study that found out that most home buyers thought their agent was really their agent (imagine that!). But in truth, their agent had a responsibility to the seller to get the best price and terms. The agents taking the buyers around to see the houses were actually working for the seller beneath the listing agent. Called a sub-agent. NOT what the buyers thought was happening.
Lets Confuse the Buyers Yet Again
Once the truth was disclosed about home buying agency, some forward-thinking folks suggested it be fixed. So the leaders in the industry developed a type of agency call buyer agency and let everyone do it whenever they wanted as long as they got the buyer to sign something saying they understood it. Many regulations assume that disclosure equals information understood. Again, NOT SO. Buyers do not understand that the agent representing the seller can be their agent too just by handing them a paper. When that happens, who do you think the agent will prefer? The seller, with whom they have had a long relationship, or the buyer, whom they just met?
Even the Paperwork Involved is (Intentionally?) Misleading
Then, just to make things even more interesting, the industry came up with a contract for the unsuspecting buyers to sign so they would think they had an agent who was looking out for them. What did they call it? An Exclusive Right of Representation Agreement. That sound good, right? Seems like the agent is required to just represent the buyer. NOT SO, again. This contract says the BUYER cannot use any other agents. The buyer is bound to this agent exclusively.
True Exclusive Buyers Agency
The type of residential real estate agent that is a true fiduciary in every sense of the word is what is called an exclusive buyers agent, working only at an exclusive buyers agency. These agents are trained and focused on buyers needs, always looks out for their interests, never have listings to tout, are not expected to push the companys listings or their friends homes. They just want to get their buyer clients the best overall deal. What a refreshing concept for an agent!
Dont Let Them Confuse You!
Get the facts! Learn more about how using an exclusive buyers agency can make a difference by contacting Linda Walters at Sage Realty, 37 West Avenue, Suite 103, Wayne, PA 19087, LindaWalters@FindAHomeInPA.com or by calling 610-687-4000 or by visiting www.FindAHomeinPA.com or blog.findahomeinpa.com.
by: Findahomeinpa
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