(CBR®) Certified Buyer
Representative
Buyer representation is one of the most important aspects to
consider when purchasing a home. Here are a few facts:
How can buyer
representation help you?
It depends on whether you want to be a client or a customer
... when a CBR® agent represents you, you are the "client"
and you are hiring that agent to professionally advise and represent you --
much like an attorney or accountant. Your agent is then obligated to work in your
best interests to gain the best price and terms for you. Your agent
also owes you a full range of fiduciary duties, including complete loyalty and
full disclosure.
Without buyer agent representation, you are the "customer"
– you are simply a purchaser, not represented by an agent, much as if
you were buying a boat, a car or shopping in general. The real estate agent
assisting you is employed by and works for the sellers and is obligated
to get the highest price and best terms for sellers. That agent will be
honest and will disclose material facts about the properties you are shown, but
must work in the seller’s best interest at all times.
Buyer
Agency
What is Buyer's Agency? Very
simply, Buyer's Agency is where the real estate agent represents the buyer,
not the seller. The agent owes fiduciary duties to the buyer, who is
considered the client.
What are the advantages of hiring a Buyer's Agent?
The biggest advantage is it provides you with full representation in the
purchasing process. The agent owes all fiduciary duties and other benefits to
the buyer including:
- Complete
Loyalty - Agent represents your best interests in
all dealings with other parties
- Control of
Agent - By terms laid out in the contract
- Commitment
from Agent - Agent is committed to doing their utmost
to find the right property for you
- Higher Level
of Service - Defined between the agent and client in
the contract
- Better
Selection - Agent can exhaustively search everywhere
for properties that meet buyer's requirements
- Opinion of
Value - Informed opinion by agent on value of
specific properties of interest Agent can assist you in determining a
fair, appropriate price to offer the seller
- Consultation - Agent advises client in various matters regarding real
estate to protect their interests
- Negotiation - Agent negotiates on behalf of the buyer, for the best
possible value
- Confidentiality - Agent must keep all information shared by client in
strictest confidence
- Accountability - Agent is legally and ethically accountable to the client
How much will this service cost me?
In many transactions, most of the buyer's commission is paid out of the
transaction, from the seller’s equity.
IN OTHER WORDS, THE BUYER DOESN'T HAVE TO PAY A
How do I 'hire' a professional Buyer Representative?
Contact a Certified Buyer's Representative (CBR) at www.CBRSource.com; a CBR
has received specialized training in how to work in your best interest. A CBR
is knowledgeable in handling the buyer's end of the transactions and taking
care of your real estate needs. When you feel comfortable with an agent whom
you feel will represent your interests professionally, you will sign an
agreement detailing the obligations the agent has to you and vice versa. While
this agreement commits you to work with that particular agent, the agent
becomes legally bound to represent your best interests in the purchase of your
new home or any other form of real estate detailed in the agreement.