A thoughtful piece for real estate buyers before they go out and look at real estate listings.
January 15, 2013
John Sullivan, Vice President and Associate Broker with Buyer’s Edge answers this important and frequently misunderstood question.
“National Association of Realtors defines Exclusive Buyer Agency as “the practice of representing only buyers never sellers in a transaction. The company never lists a seller’s property and thus never has a seller as a client.” Only agents affiliated with an Exclusive Buyer’s Agency, EBA, can call themselves an exclusive buyer’s agent.
A designated buyer’s agent is an agent that works for an agency that represents both buyers and sellers and has been selected by the broker to represent either the buyer or seller in a transaction where both the buyer and seller are represented by the same agency. This practice is commonly known as dual agency.
In Kenneth Snider vs State of Oklahoma Real Estate Commission, the Oklahoma Supreme Court declared that “dual agents do not and cannot by law give a buyer the same degree of loyalty as an agent who acts on behalf of a buyer… A buyer who relies on the seller’s agents or dual agency does not receive the same degree of legal protection as that afforded by an agent acting solely on behalf of the buyer.”
To ensure that you receive the best representation available, you should consider using Buyer’s Edge. Please contact me at 301-873-8975. "I will be happy to answer any other questions you might have about the home buying process.” says John Sullivan.
At Buyer’s Edge, we just look at things differently. We go out of our way to illuminate all of the positives and negatives about every house our clients see. We really have such a clear vision and such an obvious job to do. To help our clients find the very best homes available, evaluate them correctly and then negotiate the best possible deals at the Lowest prices…