Why does a home buyer need an Exclusive Buyer’s Agency (EBA)?
Using an EBA is the only way to insure that you, as a buyer, have a realtor looking out for your own interests. This will save you money!!!
How does an EBA save a buyer money?
Other realtors are legally obligated to get the best possible terms and price for the sellers. Consumer Reports wrote: "Home buyers may not realize that the friendly real estate agent who may show them dozens of homes, and shared their secrets with, is legally obligated to use that information to help get the best possible terms and price for their sellers." (July 1997)
Who pays for EBA services?
Sellers. EBA fees are (like any other realtor fees) included in the purchase price and mortgage financing. If you choose not to use an EBA, the seller's agent may make twice as much commision for not representing you. To be more specific, the fees come from the transaction which the buyer brings the money into. When a seller lists their home with a listing office, they agree to pay a fee to any agent that brings a buyer to the home, regardless of whom they represent. This is how we noramlly are paid. There are other circimstances and options that we can discuss in person with our clients.
What if I am still not convinced?
Consider this: "A recent study by U.S. Sprint found 233 relocating Sprint employees who hired buyer brokers paid an average of 91% of a home's list price. People who used traditional agents typically pay about 96% of a home's list price. On a house priced at $150,000, that's a difference of $7500." Money Magazine
What's the Catch?
There is no catch. You pay no money up front to your EBA. If you are not happy with their services, you are welcome to go back to the realtor who has the seller's best interest at heart.
Your Exclusive Buyer’s Agent will not:
•Show you homes that have not been previewed.
•Give preference to other clients with whom they have home listings.
•Expect you to do the leg work to find your new home.
Your Exclusive Buyer’s Agent will:
•Represent your interests and your interests alone.
•Save you money.
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