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The Case For Exclusive Buyer Agents

Media and Consumer Groups Recommend an Exclusive Buyer Agent

Exclusive Buyer Agents are recommended throughout the media, by consumer organizations, and by HUD.

"Best Resources for Buying and Selling a Home - In the market for a new home? Associate editor Pat Mertz Esswein, who covers housing, recommends that you consider hiring a member of the National Association of Exclusive Buyer Agents, who represent only buyers and don't list homes for sale. 'They are fonts of well-grounded, strategic advice and among my best sources,' says Pat."
http://www.kiplinger.com/article/saving/T023-C000-S002-best-personal-finance-products-and-services-2015.html#jvtyBXYmEHDedKoZ.99

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
http://www.abuyerbroker.com/aware.htm

"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
https://www.familyfocusfcu.org/post/2011/01/18/Top-10-Things-to-Know-When-Buying-a-House.aspx

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
http://books.google.com/books?id=d_4DAAAAMBAJ&pg=PA67&lpg=PA67&dq=Buyer%27s+brokers+work+only+with+buyers+and+don%27t+take+listings.+They%27re+obliged+to+help+you+find+the+best+deals+and+lowest+price.+-+Kiplingers&source=bl&ots=c-XRuaTzdK&sig=eDC8G9ztMnDVJT1BSmw152-ptgU&hl=en&ei=D7DaTbOoFsHFgAeKkdVY&sa=X&oi=book_result&ct=result&resnum=2&ved=0CBwQ6AEwAQ#v=onepage&q&f=false

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
http://www.businessweek.com/archives/1995/b3441130.arc.htm

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
http://www.businessweek.com/archives/1995/b3441130.arc.htm

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
http://articles.latimes.com/1996-01-07/realestate/re-22075_1_traditional-agents

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
http://realtytimes.com/rtinteractive/19990924_okladecesion.htm

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
http://www.consumerfed.org/pdfs/realestagn.pdf

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
http://www.kiplinger.com/magazine/archives/2007/03/buyers.html

“…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
http://www.nytimes.com/2009/03/15/realestate/15lizone.html?scp=3&sq=buyer%27s%20broker&st=cse

"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
http://money.usnews.com/money/personal-finance/real-estate/articles/2010/02/18/10-rookie-home-buyer-mistakes-to-avoid/comments

“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