The
ABR Designation
The ABR designation requires extensive classroom training, a formidable
written examination, and substantial experience in buyer representation. An
Accredited Buyer Representative is fully committed to the real estate buyer.
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Why Use An ABR?
Across the country, advocacy groups and licensing laws now encourage
buyer representation. From locating suitable properties to contract negotiations
and settlement, seek a real estate agent who will be YOUR representative in
buying new property.
As a consumer, how often do you buy real estate
property? Once, twice, three times in your lifetime? Purchasing real estate is a
complex and major transaction with many details to be handled. In the majority
of cases the seller will be represented by an agent. Wouldn't you want to have
complete and fair representation in the real estate transaction?
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The Benefits of Using a Buyer's Agent
Using a Buyer's Representative offers the consumer many benefits. A
Buyer's Representative will:
- Evaluate the specific needs and wants of the
buyer and locate properties that fit those specifications.
- Assist the buyer in determining the amount
that they can afford (pre-qualify) and show properties in the price range
and locale the consumer has determined.
- Assist in viewing properties and either
accompany the client on the showings or preview the property on behalf of
the client to ensure that the identified specifications are met.
- Research the selected properties to identify
any problems or issues to help the consumer in making an informed decision
prior to making an appropriate offer on the property.
- Advise the client on structuring an
appropriate offer to purchase the selected property.
- Present the offer to the seller's agent and
seller on client's behalf.
- Negotiate on behalf of the buyer client to
help obtain the identified property. Keep in mind that the buyer agent will
be doing so with their client's best interests in mind.
- Review and explain all legal documents to
their buyer client.
- Recommendations and assistance in securing
appropriate financing for the selected property.
- Provide a list of potential qualified vendors,
e.g. movers, attorneys, and carpenters, if these services are needed by the
consumer.
Most importantly, the buyer can be confident that
they are fully represented throughout the real estate transaction.
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How do you hire a Buyer's Agent?
To have an agent represent you, the Buyer,
requires an "Exclusive Buyer Agency Contract" to be executed between
the Buyer and the Agent. This Contract details what is involved with a Buyer
Agency and also what should occur if there is a possibility of a Dual Agency
situation.
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Buyer
Agent vs. Traditional System vs. Dual Agency
|
Traditional
System (Seller's Agent)
Under this system all Brokers
and Agents (including the agent who sells you the home) are Agents for the
Sellers and have a duty to represent the Seller's best interests,
including:
- Negotiate for the highest price
possible
- Structure the transaction to the Seller's
advantage
|
Dual
Agency Relationship
A dual agency results when the buyer
(client) wishes to purchase property that is listed with the same company
that the Realtor representing them works for. In this instance the
Broker/Agent cannot disclose:
- Price Seller is willing to accept
- Price Buyer is willing to pay
|
Buyer
Agency
Under this system the Selling Agent is the
Agent for the BUYER and has a duty to represent the Buyer's best interest,
including:
- Negotiate for the lowest price
possible
- Structure the transaction to the Buyer's
advantage
This method could save you thousands of
dollars, provides you with a Competitive Market Analysis of the property
before you make an offer, allows the agent to show you both listed and
unlisted properties and costs you absolutely NOTHING! |
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Comparison
of Services Provided
|
Comparison
Checklist |
| Services
& Duties Provided |
Seller
Agent |
Buyer
Agent |
| Arrange Property Showings |
Yes |
Yes |
| Assist with Financing |
Yes |
Yes |
| Provide accurate information |
Yes |
Yes |
| Explain forms &
agreements |
Yes |
Yes |
| Monitor escrow and closing |
Yes |
Yes |
| Give you advice &
counsel |
NO |
Yes |
| Keep your bargaining and
financial position confidential |
NO |
Yes |
| Promote and protect your
best interests |
NO |
Yes |
| Negotiate the best price and
terms for you |
NO |
Yes |
| Point out reasons not to buy |
NO |
Yes |
| Pass on info that may
enhance your bargaining position |
NO |
Yes |
| Assist in writing the offer
with your best interest at mind |
NO |
Yes |
| Provides exposure to both
listed and unlisted properties |
NO |
Yes |
| Provides a competitive
market analysis |
NO |
Yes |
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