When you sell a house, it is a big deal. You are dealing with a lot of paperwork, a lot of emotions, a lot of money, and a lot of events. You have to find the right buyer’s agent. The last thing you want is to have some strangers handle all of this for you. You have to deal with the seller’s agent, the mortgage broker, and the title company. That’s where a designated buyer’s agent comes in.
Traditional Real Estate Agent
Represents sellers all the time.
Exclusive Buyer’s Agent (EBA)
Represents only homebuyers, never sellers – No matter if real estate agency buyers, EBA’s, or brokerage firms, they all apply a strictly focused business model and a definitive agency relationship with clients. Real estate brokers have chosen to forgo showing real estate listings so that you can have more available access to new housing options.
In order to acquire and safeguard a valuable home, buyers are required to seek out Exclusive Buyer’s Agent specialists and use a Realtor and buyers’ advocate who is completely on their side to review homes on a professional basis, and to provide continual support and guidance throughout the home-buying process.
“Represents” both sellers and buyers at the same time – A dual agent must remain neutral from beginning to end. As a result, buyers and sellers lose out on the negotiating expertise, real estate advice, protection, transparency, loyalty that a true fiduciary relationship should offer to their clients. It’s extremely ineffective to invest in a “buyer’s representative” if they’re no longer working for you.
Buyer’s Agent in Traditional Real Estate Companies
Sometimes they represent sellers, and sometimes represent buyers – As a result, they must break your buyer agency contract in order to appoint you a new in-house “Designated Buyer’s Agent” if you want to make an offer on their own item.
If you interest in an agent or one of their real estate listings. At least one of the real estate agencies’ listing agents may be able to break the original stipulation. Have an agent working two sides of the deal, but you can’t get out of it. You are now required to no longer have this in-house agent to work in your place. Examine that statement before you go any further.
Represents buyers or sellers in a specific transaction
This is the designated buyer’s agent’s “new” buyer’s agent that is “assigned” to buyers when buyers want to make an offer or buy a company or real estate team listing. This change will occur to homebuyers if their original buyer’s agent works on a large team or a traditional real estate company.
Let’s not kid ourselves, these agents affectionatel know as the de facto partners of the very same team. Always be sure to check, however. That the broker of a large traditional real estate firm is still a dual agent. He is only a hat trick. The broker expect to be representing the seller’s interest while at the same time the buyers’.
A designated property buyers advocate is an agent whose client is only working with them to find a certain property, and not representing them when they are under contract or at closing. This is not a problem if you have a good relationship with your agent. But you should make sure that if there are any issues, the agent can represent you on your purchase.