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Excerpts from recent articles appearing in
the Media.
Kiplinger's Personal Finance Magazine
Buying A Home
by Elizabeth Razzi
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.
Unfortunately, agency standards have changed so much in the past ten
years that real estate agents themselves are likely to be confused
about their obligations to buyers and sellers, even though in most
places they are supposed to give you a disclosure form explaining
your relationship.Bottom line: You don't truly have an advocate in
your corner unless you both sign a contract saying so.
Money Magazine
House Hunting? Save by hiring your own Broker
by Carla A. Fried
If you ever doubted the value of real estate agents who work solely
for home buyers - as opposed to traditional agents who report to sellerso,
consider this: A recent study by U.S. Sprint found that 232 relocating
Sprint employees who hired buyer's brokers paid an average of 91%
of a home's list price. People who use traditional agents typically
pay about 96%. On a house originally priced at $150,000, that's a
difference of $7,500. Do I need a buyer's broker to help me buy a
house? by Lisa Scheer A new breed of broker, known as an exclusive
buyer's agent, acts as your advocate. Like a traditional broker, an
exclusive buyer's agent steers you toward attractive homes and helps
you scout out banks or mortgage companies, where you can borrow what
you need to make the purchase. Unlike a traditional broker, however,
the exclusive buyer's agent guarantees to protect your interests in
negotiations with the seller on the price of the house and any necessary
repairs.
Business Week
Smart Money: A personal shopper for your dream house
by Pam Black
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.
The New York Times
About Real Estate: More Agents Represent Home Buyers
by Diana Shaman
Buyer brokers say they can negotiate the best price for their clients.
We act in a sense like an attorney or an accountant to protect the
buyer, so that they can make an informed decision and buy the best
home for them, Mr. Hathaway, the Memphis broker, said. Although there
are variations, the buyer broker generally receives the same amount
as a seller broker's subagent who produces a buyer. The amount that
the seller receives for the home is the same as would be the case
if the home's purchaser had been found by an agent representing the
seller. Representation is something buyers could and should have had
all along, said Maureen F. Glasheen, a former general counsel to the
New York state Department of State and now a business and legal consultant
in Albany.
Business Week
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.
USA Today
Most agents who show you homes don't represent your interests. They
work for the seller, and their object is to sell the house for the
highest possible price.
Kiplinger's
Buyer Advocacy appears to be taking off. I'll never buy a house any
other way. says Mrs. Renee Talley Highland Park TX.
The Wall Street Journal
Exclusive agencies are the best. They remove any conflict of interest,
which is the main reason for considering a buyer broker in the first
place.
SmartMoney Magazine
To Buyers: If you want representation, work with a buyer broker. They
are legally obligated to represent your interests in any negotiations
with sellers, states The Consumer Federation of America. Groups such
as the Consumer Federation of America and AARP recommend usingbuyer's
agents.
Good Housekeeping
Many people don't realize that, unless specifically stated otherwise,
brokers are legal representatives of sellers. A buyer broker, representing
only the buyer, may be able to secure a better price and better terms.
U.S. News & World Report
Buyer brokers: agents that buyers can call their own...If your real
estate agent isn't a buyer broker, he works for the seller...Buyers
no longer have to fend for themselves.
Medical Economics
Level the playing field when you buy a home...You may get a better
deal with your own broker pulling for you...The introduction of buyer
brokers takes a horribly one-sided process and simply makes it fair.
The New York Times
Confusion often arises because many buyers believe that the agent
who shows them houses works on their behalf. In fact, subagents of
the listing broker - often they are agents who work for another office
- also act on behalf of the seller.
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