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Another “somewhat” good article about buyer’s agents popped up over the weekend in the Columbus Dispatch newspaper.  Buyer’s agents work on clients behalf, using one can help bring a better deal on home purchase.  This story was written by Mary Ellen Slayter of The Washington Post.  Mary has a decent history of writing informative articles (for example, Watching Out for You, the Buyer) that help educate home buyers and explain the virtues of using a buyer’s agent.

But, like many writers, Mary’s articles fall  short of providing accurate information.  Mary’s main sources and references in her articles are mainly tainted by traditional  real estate agents and organizations that are trying to promote the real estate industry in general, and NOT really promoting true buyer advocacy.  The most important issue for any potential home buyer is to first find a qualified Exclusive (true) Buyer Agent (EBA).  Articles like Mary’s do more harm than good because they don’t clearer state the important differences between a traditional real estate buyer agent and an Exclusive Buyer Agent.

Many traditional buyer agents will sell homes and take listings.  This creates a huge, conflict of interest to any home buyer and exposes them to being “sold” properties by their so called buyer agent instead of their buyer agent being their advocate and adviser.  Almost all Exclusive (true) Buyer Agent have access to all homes in their market but they do NOT SELL homes or take listings at all!  An Exclusive Buyer Agent is the highest, best representation possible for any home buyer.

Many traditional buyer agents are just using the “title” to try and capture business.  Mary’s suggestion for finding a buyer agent, “Another way to find a buyer’s agent is to visit open houses” is probably one of  the most negligent and craziest suggestions that I’ve ever heard.  Home buyers should start at the National Association of Exclusive Buyer Agents (NAEBA) if they are trying to find a good, qualified buyer agent.  Good luck!

HomeBuyer Advocate Mike 

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Last week, National City Bank announced that they will lay off 900 employees from their National City Mortgage division.  National City has decided to shut down their wholesale mortgage department.  The wholesale department was responsible for originating first and second mortgages with other mortgage brokers.   National City will still originate Office Picturemortgages to the consumers through their branch office networks.

National City Bank is the the state of Ohio’s largest bank.  The layoffs can be directly tied to the problems in the sub-prime mortgage crisis.  This is another example of Banks “circling the wagons” and tightening credit options.  As an Exclusive Buyer Agent I am actually more concerned with the trend of banks restricting or tightening credit options then with the layoffs.  Tightening credit options & layoffs are both terrible for our economy.  But, in my opinion, the bank management decisions to tighten credit and make it harder for the consumer to obtain mortgages will be a lot more detrimental to our economy and recovery in the long run.  Contact me if you have any questions or if you are looking for a lender.

HomeBuyer Advocate Mike

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Finally some good news for Central Ohio home buyers.   Cincinnati’s largest home builder, Fischer homes will be entering Framingthe new build home/condo market in the Columbus, Ohio area.  Fischer homes saw a good opportunity to finally enter the Central Ohio market.  Fisher homes was able to purchase land and lots from Centex homes, that pulled out of the Columbus market last year.  Fischer Homes acquired more than 280 lots in Central Ohio.

Fischer Homes appears to be a fairly strong builder with a good reputation.  As an Exclusive Buyer Agent I looking forward to working with my new home build clients to compare Fischer Homes to the other good home builders that are already established in our market.  The increased competition with new home builders will be GREAT for my buyer clients.  In my opinion, the competition between builders will increase QUALITY and LOWER PRICES in the long run.  For more information on buying a new build home or condo check out this section in our main company web site.  Good luck to Fischer Homes!

HomeBuyer Advocate Mike

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Representing People, NOT Property in Columbus, Ohio. If you are a home buyer, then you need me to protect you. I can help you get the best price and terms for your next home purchase. You must use a true Buyer Broker! 1.614.805.7607

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