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2010-06-19 06:44:14

Don't Get Duped, Get a Buyer Agent

If there is one other factor, apart from the usually high price involved, that discourages an individual from buying a property is the fear of being duped.

Being duped into buying a property worth less than what is the offer price, property with not too clear titles and so on. One is never sure, if they made the right purchase, if they have considered all the alternatives and if they could buy it for a lesser price. Real estate agents can’t be trusted blindly, since they act for seller of property as well and they are keen on making a sale, buyers’ interests be damned.

Well, it might look like an overtly scary image. As a matter of fact, majority of transactions are quite transparent these days. Still, when a realtor is involved, which is usually the case, who acts on behalf of both the buyer and seller, there is a conflict of interests. You are never sure if the realtor’s words can be completely believed, since he has seller’s interests also in mind. What you need is a realtor that acts solely for the buyer.

Sure enough, there are such real estate agents, called, Exclusive Buyer Agents (EBA), who act exclusively for buyers as the name suggests. The EBA concept started in the late 1980s. National Association of Exclusive Buyer Agents (NAEBA) was formed in the early nineties. Members of the association started representing solely for the buyer and today, there are EBAs in all the 50 states. With progress of time, state level associations came into being.

Typically, an Exclusive Buyer Agent would show buyers all possible property listings. In consultation with the EBA, a buyer will finalize on a property. Exclusive Buyer Agent assists the buyer in property evaluation, selection, negotiation, inspection and closing processes. After the completion of the process, EBA will take their fee only from the buyer.

Richard Vorel is a member of Turning Point Buyers Realty -- an Exclusive Buyer Agency, providing real estate services throughout West Michigan, with an emphasis on the Greater Grand Rapids area and the Lake Michigan Lakeshore. Turning Point Buyers Realty helps buyers search all kinds of Grand Rapids property for sale, including a home, cottage, or a piece of land. Turning Point Buyers Realty assists buyers in all of their Grand Rapids real estate needs.

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