Buyer Only Broker Representation

1. What is buyer only broker representation and how did it develop?

2. Isn't the agent who shows me homes representing me?

3. Exactly how does "Buyer Only Broker" Agent establish this contractual relationship to represent me?

4. My agent agrees she "technically" represents the seller, but says he/she will be fair and "take care of me."Isn't that all I need?

5. How is "Buyer Only Broker Representative" Agent get paid for it's services?

6. Does the legal responsibility that accompanies this type of contractual relationship really matter to me?

7. What is the difference between 1st Time Home Buyer   (vs) Other Buyers?

8. What is V.I.P Buyer Program & why do I need it & what benefits do I get?

 

1. What is exclusive buyer representation and how did it develop?

In 1983, a Federal Trade Commission study revealed that over 72% of all home buyers nationwide mistakenly believed they were being represented by the agent who was showing them homes. As a result, laws requiring agents to disclose exactly who they represent have been passed all over the country. When consumers became aware that most agents worked for the seller, they began demanding their own representation. In response, Alex’s Real Estate Consultant team began offering "buyer only broker representation" to home buyers.

Back to Top

2. Isn't the agent who shows me homes representing me?

Don’t count on it, unless you have a written Agency Agreement. Agents who list property normally enter into a signed contract with the sellers to represent them in the sale of their property. This same contract may permit the listing agent to use “sub-agents” to help secure a sale. Unless you have a written Agency Agreement with a real estate agent promising to represent only YOUR best interest, you most likely will find yourself working with an agent who is obligated to act in the best interests of the seller.

 

3. Exactly how does "Buyer Only Broker Representative" Agent establish this contractual relationship to represent me?

Just as sellers establish a contractual relationship by signing a listing agreement with their agent, you establish a contractual relationship with us by signing a buyer’s agency agreement. This agreement makes us legally accountable to you and not to any seller. Only an office like Home Solutions Realty that represents buyers exclusively can represent buyers 100% of the time. 

4. My agent agrees she "technically" represents the seller, but says he/she will be fair and "take care of me."Isn't that all I need?

Of course agents try to be fair and nice to the buyer since they want to make a sale. But, because they are bound by Real Estate License Laws, the Law of Agency, and their Code of Ethics, they can only do so much without jeopardizing their license to practice. For instance, traditional agents cannot tell you if a property is overpriced or how to negotiate the best purchase price. In this case, "technically" means legally, and if the seller has representation, shouldn't you? At Home Solutions Realty, we always negotiate only in the best interest of the buyer.  

5. How is "Buyer Only Broker Representative" Agent get paid for it's services?

There are several ways that The Buyer's Agent representing you can be paid. It is always your choice. The most common way is the same way other real estate agents are paid: the typical commission paid at closing is usually divided between the listing broker and broker of The Buyer's Agent. The only difference is that our contract says our portion of the commission is paid "on behalf of the buyer" and comes from the proceeds of the transaction. This statement also secures your representation and discloses it to the seller. Because our fee comes from the proceeds of the transaction, THERE IS NO NEED FOR YOU TO INCUR ADDITIONAL COSTS FOR OUR SERVICES.  

6. Does the legal responsibility that accompanies this type of contractual relationship really matter to me?

Absolutely. If you had to go to court, would you use the same attorney the opposing side was using? Responsibility and accountability to a client are two legal requirements of agency representation. By law, real estate licensees who act as seller's agents must negotiate in the best interest of their clients (the sellers), not withholding information from them, and must present their property only in a favorable manner. Exclusive buyer's agents negotiate in the best interests of the buyer, do not disclose confidential information about the buyer, and reveal all facts affecting the value of properties to the buyer.

  

7. What is the difference between 1st Time Home Buyer   (vs) Other Buyers?

As a 1st Time Home Buyer in Bay Area, you have many once in a life time privileges -There are several additional Helps & Assistance programs available from Government & Non Profit Organizations. Followings are some of them:

1) You can Buy Home with "ZERO" OR  Low Initial Investment  (Varies From 0% to 5% of purchase price*)
2) You can get Govt Down Payment Helps for your home purchase  (Up to $90,000 down payment helps*)
3) You can get Below Market Interest Rate Home Loans  (Rates 0.25%-0.5% Below comparable conventional programs*)
4) You can get Closing Cost Helps  (Up to 3% of Purchase Price - Subsidized Interest Rate Closing Cost Loan*)
5) You can Choose From Many Bay Area Homes that fits these Special program’s guidelines. 

Please Click Here to see more detail information regarding 1st Time Home Buying.


Copyright © 2008 By Home Solutions Realty

Alex Aung's Team: Email: AlexAungRealEstate@Gmail.com Direct: (408) 646-4622

Alex Aung (Realtor - DRE# 01435381)