In the Media
What Others Are Saying About Exclusive Buyer Agents:
Exclusive Buyer Agents are recommended throughout the media, by consumer organizations, and by HUD.
What you need is what’s known as an “exclusive buyer agent.”
CNN Money. “Money 101, Lesson 8: Buying a Home.” Undated. http://money.cnn.com/magazines/moneymag/money101/
It is your responsibility to search for an agent who will represent your interests in the real estate transaction. If you want someone to represent only your interests, consider hiring an ‘exclusive buyer’s agent’, who will be working for you. U.S. Department of Housing & Urban Development, “Shopping for Your Home Loan: HUD’s Settlement Cost Booklet.” Rev. Dec. 2009. P. 6 http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_12164.pdf
Consider an Exclusive Buyer’s Agent
USA Weekend “A shopping list for first time home buyers.” July 23-25 2010 Pg. 4
You’ve got to have someone representing you who represents only you.
Get your own agent. Buying a home, “ EBA’s in the news.” Undated
If your agent isn’t a Buyer Broker – he works for the seller.
U S News “ The Buyer’s Agent.” Undated
“It is your responsibility to search for an agent who will represent your interests in the real estate transaction. If you want someone to represent only your interests, consider hiring an ‘exclusive buyer’s agent,’ who will be working for you.”
U.S. Department of Housing & Urban Development, “Shopping for Your Home Loan: HUD’s Settlement Cost Booklet.” Rev. Dec 2009 P.6
Get professional help. …most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.
Family Focus Federal Credit Union. “ Top ten things to know when buying a house.” January 18 2011. Line 6
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. “ Exclusive Buyer’s Broker.” April 1996. P. 67
Make sure you get one who’s genuine… You can find a true buyer’s agent only at a firm that does not accept listings.
Consumer Reports. “Real –estate agent or buyer’s agent? “May 2005. P.13
(Buyer) brokers are obliged to get buyers the best deal possible, they approach a house with a critical eye for apparent flaws.
Bloomberg Businessweek. A personal shopper for your dream House. September 11,1995
The [Exclusive Buyer] broker must get you the best deal. “In my experience, all of them do.
Bloomberg Businessweek. A personal shopper for your dream House. September 11,1995
Confide to a traditional real estate broker that you’re prepared to bid as much as [$xxx,xxx] on a house, and the broker will tip off the seller. Tell a buyer-broker, and the seller will never know.
Money Magazine. ‘You May Save Big Bucks by Hiring a Buyer-Broker.” June, 1996.
Exclusive buyer’s agents work only for consumers and often can save them money… [they] 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. “Collections” January 07,1996
Sellers’ agents and dual agents do not and cannot by law give a buyer the same degree of loyalty as an agent who acts on behalf of a buyer. … A buyer who relies on the seller’s agent or on dual agency does not receive the same degree of legal protection as that afforded by an agent acting solely on behalf of the buyer.
Realty times “Oklahoma Supreme Court slams real estate commission” dated 9/24/1999
If you want representation, work with a buyer broker. They are legally obligated to represent your interests in any negotiations with sellers.
Consumer Federation of America. Changes in Real Estate Agent Representation. P.4
Unlike traditional agents, EBAs don’t work for listing brokers, so they avoid the risk of dual agency — when one broker represents both parties. EBAs are still paid by the seller, but they can promise to represent your interests exclusively throughout the transaction and help you negotiate the lowest price.
Kiplinger. “Hire your own agent.” June 7 2011
“…A Buyer’s Broker is prohibited from disclosing to a Seller that the Buyer can, or will, pay more than what has been offered… To eliminate conflict of interests, exclusive buyer agents do not take listings. Buyer’s Broker make a great deal of sense”
The New York Times “Buyers Seek Brokers of Their Own” March 13, 2009
“A TRUE AGENT is one who provides 100% loyalty to his/her clients 100% of the time. No dual agency; no “designated agency”, no “transaction brokerage;” no “Chinese walls;” no weasel clauses!”
International Real Estate Directory “ Agency and True Agents” 1995
Like it or not, the real estate agent helping you house hunt is usually working for the seller and is legally bound to try to get the seller the highest price. But buyers no longer have to fend for themselves. You can hire a buyer agent to work on your behalf.
U S News and World Report “ 10 Rookie home buyer mistakes to avoid” Ted Guarino May 07, 2010
“But consumer advocates say [dual agency] cheats both buyers and sellers, denying them an agent’s allegiance and undivided attention at a time when they’re making a major financial decision. ‘You’re either loyal or you’re not. It’s like being slightly pregnant,’ says Maureen F. Glasheen, former counsel to the New York Secretary of State, who opposes dual agency.”
Wall Street Journal “Could Your Broker be a Double Agent” September 8, 1995
“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.”
“It’s always advantageous for the buyers to have their own representation.”
“If you were getting a divorce, would you ever use your spouse’s attorney?”
“Buyers Seek Brokers of Their Own”, The New York Times
“If you ever doubted the value of real estate agents who work solely for home buyers (as oppose to traditional agents who report to sellers, consider this: A recent study by U.S. Sprint found that 232 relocation Sprint employees who hired buyer’s brokers paid an average of 91% of a home’s list price. Those who used traditional agents typically pay about 96%.”
“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.”
“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.”
“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.”
“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 an Exclusive 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”
“You might want to start by finding an agent who can represent your interests in the search. This is not as simple as it sounds. Sure, 85% of sellers list their homes through an agent – but those agents are working for the seller, not you. They’re paid based on a percentage, usually 5 to 7% of the purchase price, so their interest will be in getting you to pay more.
What you need is what’s known as an “exclusive buyer agent.” Sometimes buyer agents are paid directly by you, on an hourly or contracted fee. Other times they split the commission that the seller’s agent gets upon sale. A buyer’s representative has the same access to homes for sale that a seller’s agent does, but his or her allegiance is supposed to be only to you.
To complicate matters, there are hybrid agencies called either single-agency or dual-agency brokers. In both cases, an individual agent in the firm may represent either sellers or buyers, sometimes both, in the same transaction. Potential conflicts of interest abound in this situation, so if you are seeking a buyer agent but no exclusive buyer agent is available, make sure to ask the agent about conflicts of interest.
“One option to consider that avoids the complications of dual agency and designated agency is to work with an exclusive buyer agent, who works in a brokerage, represents only buyers and never accepts listings.”
-The Washington Times
“The best buyer brokers are so-called exclusive agents … they represent only buyers, never sellers”
You can also engage what’s called an ‘exclusive buyer’s agent.’ This is the purest form of buyer representation …”
“It is your responsibility to search for an agent who will represent your interests in the real estate transaction. If you want someone to represent only your interests, consider hiring an ‘exclusive buyer’s agent,’ who will be working for you.”U.S.
–Housing and Urban Development Department’s “Shopping for Your Home Loan” booklet