REAL ESTATE BUYER'S AGENT

Donna S. Williams, EBA, CBR
EXCLUSIVE REAL ESTATE BUYER'S AGENT
Representing Buyer's Only -
100% Loyalty 100% of the Time

WHAT IS A BUYER'S AGENT?
A Buyer's Agent represents and acts solely on behalf of the buyer in a real estate transaction. As outlined in the New York State Disclosure Law, the Buyer's Agent has legal obligations called fiduciary duties to the buyer and owes a full range of professional services to the buyer. These duties include, without limitation: undivided loyalty, full disclosure, reasonable care, lawful obedience, accountability, and the preservation of your confidential information. In short, a Buyer's Agent works for the buyer.

IS BUYER AGENCY SOMETHING 'NEW'?
The idea of Buyer Agency is not new. Buyers, just like sellers, need an experienced real estate professional to guide them through the often confusing and complex real estate transaction. Many sophisticated buyers across the nation have realized the importance of being represented by a Buyer's Agent. One major organization of Buyer Agents is the National Association of Exclusive Buyer Agent... (NAEBA). But still Buyer Agency is relatively 'new' to New York. Home Buyer's Resource Center is the largest, exclusive buyer agency serving Nassau, Suffolk, and Queens.

WHAT IS THE DIFFERENCE BETWEEN A 'TRADITIONAL' AGENT AND A BUYER'S AGENT?
The difference is in the buyer being a customer or a client. The 'traditional' agent works with you as a customer. When you are a customer, you are without representation, much like buying a boat, car, or when shopping in general. The agent or salesperson assisting you is employed by and works for the seller and is obligated to get the highest price and best terms for the seller. This agent or subagent should be honest and disclose all material facts about the property, but must work in the sellers best interest at all times. When you become a buyer client, you are fully represented. You actually hire an agent to professionally advise and represent you. Your agent will then work in your best interest to gain the best price and terms for you. At Home Buyer's Resource Center , buyers are our clients.

WHEN I GO INTO A REAL ESTATE AGENCY AND ASK FOR HELP IN FINDING A HOME, AREN'T THEY WORKING FOR ME?
Numerous consumer surveys have indicated that buyers and sellers of real estate have been confused as to who represents whom in the transaction. Our mandatory state disclosure law was enacted to help clarify that issue but still it is difficult for any agent to give undivided loyalty to a seller they have never met after spending time looking at different properties with the buyer. That is why we have chosen to honestly declare up front that we are working for the buyer. Unless you specifically enter into a buyer agency employment agreement requesting buyer representation, the agent must legally represent the seller of any property they may show you. Although we always treat sellers honestly and fairly, we never represent sellers and do not "list" any houses for sale. As an exclusive Buyer Agency, we only represent buyers.

WHERE DO YOU FIND PROPERTIES TO SHOW ME?
To name a few more common methods:
As a REALTOR (Member of National Association of REALTORS (NAR)/Long Island Board of REALTORS (LIBOR) and the Multiple Listing Service of Long Island (MLS), you as a client of Home Buyers' Resource Center, will have access to properties listed on the MLS system, homes listed for sale by owners (FSBO's - pronounced 'Fizzbo's), builders properties/new construction, properties available through relocation management companies as well as lending institutions - including foreclosures and U.S. Department of Housing and Urban Developm... (HUD) properties.

DOES IT COST MORE TO HIRE A BUYER'S AGENT TO REPRESENT ME?
I can show you how it can actually cost you less to purchase a home using a Buyer's Agent. Both buyers and sellers ought to be represented in a real estate transaction without it costing either party anything additional. In a typical transaction, you as the buyer are already paying real estate commission. Consider this, the seller hires a 'traditional' agent to represent them and list their house for sale. This listing price includes the agents' commission fee. Generally, the Listing Agent will hire a selling agent, or subagent, to help sell the home. This Subagent, who works with the buyer to purchase the home, will now be working for the seller and will be entitled to share in the commission of the Listing Agent. Upon closing, the buyer must now supply the purchase price to the seller, which includes both agents commission. In essence, the seller had two agents legally representing them in the transaction and the buyer supplied the funds to pay both of them. If the buyer is providing all of the funds for each of the real estate agents' commissions, doesn't it make sense that at least one of those agents should have been legally representing the buyers best interests?


Donna S. Williams, EBA, CBR

For a free information packet, or if you prefer to meet with us to formulate a plan for your home purchase, just E-Mail your request: reba4459@aol.com