In The Media
What Others Are Saying About Buyer Agents:
"Exclusive 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
"Unlike the traditional agent, who looks out for the seller, the buyers broker acts as your advocate, helping you find the home you want and then negotiating the lowest price."
Money Magazine
"If you ever doubted the value of real estate agents who work solely for home buyers (as oppose to trditional agents who report to sellers, consider this: A recent study by U.S. Sprit found that 232 relcation Sprint employees who hired buyer's brokers paid an averge of 91% of a home's list price. Please who se traditional agents typically pay abou 96%. n a house originally priced a $150,000, that's a difference of $7,500."
"House Hunting? Save By Hiring Your Own Broker"
By Carla A. Fried
Money Magazine
"A conflict of interest is more likely when a real estate firm that represents sellers and assigns you one of its brokers as a buyer agent."
Business Week
"A listing real estate broker doesn't work for you, but for the seller. If you want someone on your side, get a Buyer's Agent."
Readers Digest
"Today Buyers overpay for housing by more than $10 billion annually due to poor representation." Be a smart consumer. Use a Buyer's Agent.
Ralph Nader of the
Consumer Federal of Americas
"Your goal should be to engage an agent who will represent only your interests.Not just a "buyer broker," but an exclusive buyer broker.Make sure that is what you are getting."
-from the book Not One Dollar More! (How to Save $3,000-$30,000 Buying Your Next Home) by Joseph Eamon Cummins
"To protect themselves, buyers can retain their own exclusive representation, called a "buyer's broker."Your local agent may offer such services, but be aware that buyer's brokers who also want to work as seller's brokers can sometimes end up on both sides of the deal."
Business Week
"Only by using an exclusive buyer agent can a buyer be sure all information is kept confidential.Only an exclusive buyer agent can give the buyer an objective, experienced opinion of the homes viewed to insure the buyer gets the right home, in the right location, at the right price."
-Mobility Magazine article by Joseph Eamon Cummins
"Exclusive buyer's agents work only for consumers and often can save them money – and they don't cost more to hire….Buyer's agents 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
"Realizing your agent isn't on your side is a little like learning there is no Santa Claus."
-This Old House
"Get a broker on your side.In most states, real estate agents work for the seller, not the buyer. This means that the agent wants to get the seller the best possible price.Using a buyer's broker, who has your best interests in mind, may help you shave thousands off a home's purchase price, mortgage or various other costs, and there is no fee to the consumer."
Woman's Day Magazine, article by Karen J. Bannan titled "Cutting Your Expenses"
When Sallye and Jim Ryan wanted to move from their Tampa apartment to a three-bedroom home this spring, the busy couple used a buyer broker, Beth Tansey, to help. Within a week, they had bid on the house they now own. Sallye liked being able to delegate the house-hunting. "With both my husband and me working, it was a lot easier," she says. "I don't think I would have found this house that I really love without her. There are so many homes for sale here, I would probably still be looking.
Because Tansey is a buyer broker, who exclusively represents the home buyer's interests, the Ryan's trusted her to find the best deal on a house that suited their needs. By contrast, a traditional real state broker is legally bound to work for the seller who pays the commission and therefore may be more intent on selling listed homes than finding your dream house. Even Realtors who don't hold the listing on a given house act as subagents to the seller. So unless a broker says that he or she is working for you -- brokers are now legally obliged to disclose who they represent -- you can assume the broker is working for the seller. Such agents must pass on information such as the buyer's income to the seller, who then has a better idea of what price to hold out for.
Because these brokers are obliged to get byers the best deal possible, they approach houses with a critical eye for apparent flaws. You'll still need an inspector to uncover hidden defects, however. Buyer brokers also show properties sold by the owner, which can be cheaper because the only commission is what you agree to pay your broker. Sellers' agents usually won't show these homes because they don't make commissions on them.
Brokers representing buyers should also appraise the value of the house, negotiate the price, and pre-qualify you for a mortgage, sometimes at a better rate. Buyers' Agent brokers, for instance, narrow mortgage bids from 15 lenders nationwide to the three best offers -- and then get those three to rebid. "A well-trained, experienced buyer broker is a great asset," says Peter Miller, author of How to Sell Your Home in Any Market ($12, Harper Perennial) and other real estate guides. "You won't do any worse, and you may do a lot better.
Usually, the buyer broker splits the sales commission with the seller's agent, just as a subagent who didn't have the listing would with the broker who did. So the fee still comes out of the sale price. Some people might assume that buyers' agents have an incentive to keep the price high. But again, the broker must get you the best deal. "In my experience, all of them do," says Stephen Brobeck, executive director of the Consumer Federation of America.
"Smart Money: A Personal Shopper For Your Dream House"
By Pam Black
Business Week
