Real Estate Market is Coming Up Roses but Buyers Should Beware of Thorns

Here’s the latest from NAEBA…

AVONDALE, AZ May 7 2010 – The end of winter signals the beginning of the busy real estate season and the National Association of Exclusive Buyer Agents (NAEBA) is renewing an effort to educate buyers about the various choices for agent representation in the home buying process. While most states in the United States require agencies to disclose relationships, buyers are not always clear about what those relationships mean.

“We believe it is important that home buyers understand their options so they will make the best choice when selecting an agent,” commented Benjamin Clark, 2010 President of NAEBA. “It is our mission to educate buyers on the advantages of using Exclusive Buyer Agencies and we want buyers to have that information before they sign a binding agreement with a real estate brokerage.”

A “buyer’s agent” is not always an Exclusive Buyer Agent (EBA). Agencies may have singular relationships, representing buyers or sellers only or they can be a dual agent that represents both sellers and buyers at the same time. Within a dual agency brokerage, there may be “buyer agents” but this differs from NAEBA (http://www.naeba.org) member companies where both company and agents exclusively represent buyers and never take listings. In fact dual agents and dual agency companies may represent buyer and seller in the same transaction, with written consent.

Michigan resident and recent home buyer, Darrell Perry, learned one of the potential pitfalls of using a dual agency. “Our first agent showed us homes in areas we did not want to live and that offered none of the features we required,” commented Perry. “He told us there were no houses in our price range in our preferred area. We later discovered he only showed us homes listed with his agency. We thought he was working for our best interests.”

Consumers who use an EBA can be certain that their partnership will be maintained throughout the purchase process. “We weren’t very familiar with the concept of an Exclusive Buyer’s Agent at the outset, but during the home buying process learned how valuable it can be to have our Realtor® looking out solely for our interests. The seller of the home we purchased commented that she wished that she had someone like our EBA on her side when she had bought the home,” said Utah home buyers, Jonathan and Laura Tanner.

Home buyers can learn more about Exclusive Buyer Agency and locate an Exclusive Buyer Agent at http://naeba.org/.

This entry was posted in MN Housing Market. Bookmark the permalink.

One Response to Real Estate Market is Coming Up Roses but Buyers Should Beware of Thorns

  1. CARLA THOMAS says:

    The Building Envelope Science Institute (BESI) endorsed a remediation protocol back in October 2009 that more than exceeds the recommendations by the CPSC & HUD interim remediation guidance. In fact, the institute has been certifying qualified candidates for inspection and remediation of structures with defective drywall since last year. The institute has a national directory for those looking for those qualified to perform an inspection or remediation. Those that have earned a designation as a remediator or consultant through the institute have attended a two-day course with a written final exam; inspectors attend a one-day course with a written final exam. There are prerequisites they have to meet, which includes being in good standing with the state if they are licensed (required for those performing remediation).More information about the protocols and requirements can be found at http://www.BESInstitute.org.

Comments are closed.