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Is your real estate agent representing your best interest in your home purchase? 50% of respondents to a recent survey conducted by the Consumer Federation of America (CFA), answered “Yes Always” when asked, “Do you believe that real estate agents are required to represent the interests of the home buyer or seller with whom they are working?” Yet, this is rarely the case. Real estate agents are often not required by law to represent the best interest of the buyer or seller. The main reason for this confusion is the myriad of relationships (agency) between buyers and seller and most of the time the lack of proper disclosure. This excellent new report from CFA titled “The Agency Mess” is a great resource for home buyers. The Consumer Federation of America is one of the oldest non-profit consumer protection organizations that has been around since 1968. The CFA advances consumers interest through research, education, and advocacy.
The possible reasons for all the consumer confusion:
- Confusing, multiple agency relationships (designated, transactional, dual, subagency and single agency)
- Complexity and diversity of real estate disclosure laws from state to state.
- Inadequate or non-disclosure by agents of their roles and responsibilities.
Most states do require some type of consumer disclosure on the roles and responsibilities of agents. However, the state real estate commissions that are responsible for enforcing these disclosure laws rarely make it a priority.
The problems and confusion with real estate agency and lack of disclosure is a big issue with all consumers but especially worse for buyers. The CFA also mentions that home buyers are usually more focused on viewing home pictures instead of the legal responsibilities of their agent. I agree with this 100% and have discussed this many times in previous past blog posts. As a home buyer, we are naturally going to view pictures of active homes on the thousands of home websites like Zillow, Redfin, Realtor.com, etc. It is very important that you first find an agent that has experience and it needs to be someone that you trust will look out for your best interest and be your advocate and advisor. You don’t want to go too far in the home buying process until you have your own buyer’s agent.
The very best representation for a home buyer is an Exclusive Buyer’s Agent (EBA). EBAs are true Buyer agents that don’t take listings or sell homes. An EBA is the highest and best protection available for a home buyer.
If you’ve read this entire blog post and made it down here to the bottom then you should really take a few more minutes to read the CFA report, “The Agency Mess”. This report is an excellent resource and information is very important in the home buying process just as long as the information is accurate.
Be careful out there.
Contact me if you have any questions.
A home purchase is typically the largest financial transaction that any of us will encounter in our lifetime. Buying a home can be an overwhelming, complicated process with many steps and decisions to be made. Hopefully this article will help you by breaking everything down to just two simple steps to buying a home.
1. Find your agent first, not your home! Everyone loves searching for homes in their pajamas at night. But, you should actually first start researching for the best agent to represent you. There is no denying that buying a home is an emotional decision. But, typically in life, any major financial decisions based on emotion will increase your odds of making the wrong decision and possibly costing you a lot of money. When it is all “said and done”, researching for the right agent is not as fun as searching for homes but in the long run your wallet will probably thank you. “Angie’s List” is an excellent resource to help you find an agent that will be your advocate and trusted advisor in the home buying process. “Angie’s List” provides potential homebuyers with an unbiased, comprehensive database of qualified real estate agents and not just pretty pictures of houses. The most important first step to protecting yourself is not to do the process alone and have an experienced, real estate buyer broker looking out for your best interest.
2. Not all agents are the same! As a home buyer you want to find an agent that will be your advocate throughout the home buying process. You should try to contact or interview at least 2-3 real estate agents. But, not all buyer’s agents are the same. Some buyer’s agents will try to work with Sellers at the same time and be a dual agent. So, it can be very confusing trying to sort through all the different types of real estate professionals. You should make sure at least one of the agents you contact is a “true” or Exclusive Buyer’s Agent (EBA). In December 2009, The US Department of Housing and Urban Development (HUD) advised home buyers that it is their responsibility to search for a real estate agent that will represent their best interests. HUD revised the ‘Shopping for Your Home Loan – HUD’s Settlement Cost Booklet”, HUD states: “If you want someone to represent only your interests, consider hiring an ‘exclusive buyer’s agent,’ who will be working for you.” An EBA does not take listings or sell homes. EBA’s just works with Buyers, not Sellers. Buying a home is the most expensive financial decision that most of us will make in our lifetime. Don’t cut corners! Make sure you interview multiple agents and be aware that not all agents are the same. If you do this then you should end up with an experienced agent that you trust.
The home buying process can be incredible stressful and complicated. But, if you follow these two simple steps above then you will be going in the right direction to getting your new home for the best price and terms.
Good luck out there!
HomeBuyer Advocate Mike
Contact me if you have any comments or questions:
The year is finally coming to an end and 2013 is almost upon us. 2013 will mark the 18th year that Buyer’s Resource Realty Services has been representing and protecting ONLY home buyers in central Ohio. We are the oldest established Exclusive Buyer Agency in Columbus, Ohio. If you are a potential home buyer then Buyer’s Resource is your best choice. No other real estate brokerage in Columbus that represents buyers exclusively can compare to our total experience and number of client transactions (1,000+). We are dedicated home buyer advocates who always represent the best interests of the buyer. For more information you can review my Testimonials & References!
Way back in 2007, I started this blog (HomeBuyer’s Advocate!) to be a resource of important real estate information for my clients and any potential home buyers. I’ve been very fortunate that a few of my blog posts have been referenced in local newspapers and a national magazine publication (“This Old House”). I honestly don’t know how this happened because I think I have the writing skills of a junior high school student (LOL!). One of my major goals for 2013 will be to reach 100,000+ views on my blog. Stayed tuned during the next few weeks for some interesting topics and posts for home buyers. My upcoming blog posts will have timely and important tidbits of information that every home buyer should know before they start the journey of buying a home.
In 2013 I hope to continue and expand my blog as an invaluable resource for future home buyers. My vision is for HomeBuyer’s Advocate Blog to be the preeminent resource for information in Columbus, Ohio for home buyers.
Good luck out there!
Please feel free to contact me if you need help or have questions.
How do you like you the “snowy background” on the blog? I think it is very festive.
Representing People, NOT Property!
Buyer's Agent Map-Columbus, Ohio - A Beehive of Activity!
Most traditional real estate agents tend to “farm” or specialize in a certain areas or subdivisions. As an Exclusive Buyer’s Agent (EBA) I don’t specialize in certain areas. In the past 17 years, I’ve helped nearly 300 clients throughout ALL areas of Columbus, Ohio and the surrounding counties.
I’m a true Buyer’s Agent. A true Buyer’s Agent is an agent that will NEVER will list or sell a home. I specialize in only representing home buyers. My responsibility is to be an advocate & advisor for my buyer client throughout the entire home buying process.
If you are a home buyer that doesn’t want to be SOLD a home, then you need to contact an EBA. An EBA will be your advocate and always look out for your best interest. A smart home buyer’s choice is to use an Exclusive (true) Buyer’s Agent.
For more information check out testimonials: Buyer Broker Testimonials!
Good luck out there! I hope this information is helpful.
Please feel free to contact me if you need help or have questions
Representing People, NOT Property!
Over the years, I’ve really been impressed with my client’s “home makeovers”. The last few years have been an excellent market for buyer’s to buy at extremely low prices.
Below are a few “before” and “after” photos of some recent client’s home makeovers. The Buyer’s did almost all the work themselves, along with a little help from their families and friends.
I would say, “move over Ty Pennington you might have some competition!”
Kitchen Makeover – Before & After!
A kitchen remodel can bring some good returns when you go to sell. The only problem is that they can be very costly, unless you do a lot of the work yourself. A client in Powell, Ohio did this excellent kitchen makeover. Beautiful job, Scott!
Laundry Room – Before & After!
Bedroom – Before & After!
Living Room – Before & After!
Dining Room – Before & After!
Kitchen – Before & After!
An incredible home makeover in the Hilliard area, this client did a wonderful job on their HUD foreclosure purchase. I’m always amazed how much you can totally transform a home with just new flooring/carpeting, painting and cleaning. Incredible job, Jason & Liz! You have a beautiful home!
Since 2007, the HomeBuyer’s Advocate blog has been featured in “This Old House” magazine and the Columbus Dispatch with 100+ posts and 54,000+ views! The HomeBuyer’s Advocate blog has been a leading resource for home buyers and homeowners in Columbus, Ohio. The HomeBuyer’s Advocate blog has been true to the blog mission statement “real opinions & quick, valuable information for the homebuyer in central Ohio.”
For additional information, we now have a great compliment to The HomeBuyer’s Advocate blog. Check out our company Facebook fan page to stay updated with the latest important news for home owners in central Ohio. Our fan page is loaded with great information, coupons, monthly Lowe’s gift card raffles, contests with prizes and funny home pictures and videos. Make sure you click to “Like”.
Buyer’s Resource Facebook Fan Page!
In January, we will be celebrating the new year (2K11) and reaching 200 Facebook fans with a special, incredible gift card raffle. Check us out and make sure you don’t miss out on this special prize. We are NOT your typical traditional real estate Facebook fan page.
Good luck out there!
Representing People, NOT Property!
The Commerce Department reports that new home sales in June rebounded 24% from the previous month. You would think this would be good news, but this is very misleading data. March and April homes sales exploded because of the tax credit rush. May was an all time “stinker” month. So, it is not too hard to have a big increase over a previous terrible month. Plus, the June sales pace is the 2nd slowest ever on record since Commerce Department began tracking the data in 1963. Also on Monday, The National Association of Realtors reports that existing home sales fell 5.1% in June.
So what does all this mean? On the same day, we get conflicting data on the real estate market. Home buyers and sellers are frustrated. They don’t know what to think.
So is the real estate market improving? Who knows the answer?
How about Bernanke, Buffett, Geithner or Greenspan….do they know the answer?
The answer is……nobody knows, not even the so called “experts”.
In my opinion, I think we’ve definitely hit the bottom months ago and the market has been slowly improving. But my opinion or “guess” is no better than any other market expert.
But, the 2 things that I definitely know about the Columbus Ohio real market are:
- The real estate market is extremely turbulant and volatile. This is not always a bad thing for home buyers.
- We are still in a Buyer’s market.
Good luck out there!
Please feel free to contact me if you need help or have questions
Representing People, NOT Property!
The guaranteed best representation possible for a home buyer is to hire their own personal Exclusive Buyer’s Agent (EBA).
Exclusive Buyer agent representation for home buyers has recently (Jan. 2010) been endorsed in the new consumer publication from the Department of Housing and Urban Development (HUD); “Shopping for your Home Loan: HUD’s Settlement Cost Booklet“. This is HUD’s first major revision in 10 years and advises home buyers to hire a real estate agent that will only represent their best interests. Page 6 of HUD’s Settlement Cost Booklet states, “If you want someone to represent only your interests, consider hiring an ‘exclusive buyer’s agent’, who will be working for you.”
You would think this would be great news for home buyers & exclusive buyer’s agents. But, now the problem is that many real estate agents are calling themselves an “Exclusive Buyer Agent”, when they really aren’t EBA’s. Real estate agents are just making up their own “titles” or “specialities” just so they can generate more business. But, they are NOT EBA’s or a true Buyer Broker
Quite simply, The only definition of an Exclusive Buyer Agent is an agent that never list property for sale and the company they work for does not list properties or provide any representation for Sellers.
If you are potential home buyer that is interviewing possible Exclusive Buyer Agents then just ask this simple question:
“Do you or any other agents in your office list or sell properties at anytime?” If they answer yes, then the agent is not a true EBA.
Here is what leading national magazines and newspapers say about “true” Buyer Brokers:
“Agents: How to hire one for your side.” Most agents who show you homes don’t represent your interests. They work for the seller, and their object is to sell the house at the highest price.”
“Many people don’t realize that, unless specifically stated otherwise, brokers are legal representatives of Sellers. A buyer’s broker representing only the buyer, may be able to secure a better price and better terms.”
“Unlike the traditional agent who looks out for the seller, a buyer broker acts as your advocate, helping you find the homes you want and then negotiating the lowest possible price. the best buyer brokers are so-called exclusive agents – that is, they represent only buyers, never sellers…”
“Exclusive agencies are best. They remove any conflict of interest, which is the main reason for considering a Buyer Broker in the first place.”
“…A Buyer’s Broker is prohibited from disclosing to a Seller that the Buyer can, or will, pay more than what has been offered… To eliminate conflict of interests, exclusive buyer agents do not take listings. Buyer’s Broker make a great deal of sense”
“Groups such as Consumer Federation of America and AARP recommend using Buyer’s Agents. The reason is they work.”
“Buyer Brokers: agents that buyers can call their own.” “If you real estate agent isn’t a Buyer Broker, he works for the Seller.” Buyers no longer have to fend for themselves.”
“A conflict of interest is more likely when a real estate firm that represents sellers assigns you one of its Brokers as a Buyer’s agents. That’s 
why many people believe, “Exclusive Buyer Broker” is preferrable. Exclusive Buyer Broker aims to get the best deal for home buyer.”
Good luck out there!
Please feel free to contact me if you need help or have questions
Representing People, NOT Property!
Many home buyers and sellers in central Ohio were hoping for a third extension to the popular home buyer tax credit program. According to the Ohio Association of Realtors (OAR) and National Association of Realtors (NAR), this appears very unlikely to happen.
Vicki Cox Golder, NAR President states “NAR has had extensive discussions with our congressional allies and concluded that an additional extension of the tax credit is unlikely. While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized.”
So, time is running out, we are down to the last few weeks for home buyers to claim the $8,000 first time home buyer tax credit or the $6,500 move up buyer tax credit. You must have a found a home and have a binding sales contract by April 30th, 2010.
Review these links for more information on Tax Credit Programs:
Tax Credit For First Time Home Buyers!
Good luck out there!
Please feel free to contact me if you need help or have questions
Representing People, NOT Property!
Unless you’ve been living under a rock for the last year, many potential home buyers & sellers were aware of the great $8,000 tax credit for 1st time home buyers. But many consumers are not aware of all the other tax credit programs that are available:
- $8,000 tax credit for 1st time home buyers extended until April 30, 2010, must close by June 30th, 2010. Click HERE for more info.
- NEW-$6,500 tax credit for move up/repeat buyers. Existing home owners must have occupied their home for 5 years. Click HERE or contact me for more detailed info.
- $1,500 tax credit for energy efficiency updating for existing homes. Improvements must be completed by December 31, 2010. Most popular updates are: new furnace, central air, tankless water heaters, windows, doors, patio doors, water heaters, etc. Click HERE for completed list of eligible improvements and more info.
- State of Ohio Energy Efficient Appliance Rebate Program. Ohio residents can receive anywhere from $100 to $250 for EACH eligible appliance that they replace ($700 maximum). Program starts 1st quarter of 2010. This rebate program offers the perfect excuse to buy a new expensive front loading, super high-efficiency steam washer & dryer. Program ends when funds are depleted. Rebates will possibly only last 4-6 weeks. Important info: Ohio appliance rebate program, Ohio offers rebates for Energy efficient appliances, Rebate Program Outline
We hope this information can help save you some money. Please contact me if you have additional questions.
Disclaimer: Please consult a tax professional or accountant for additional details and eligibility questions regarding the federal tax credit programs. Thoroughly review all guideline requirements for energy-efficient home improvements or appliances before making the purchases.
Good luck out there.
Representing People, NOT Property!
If you are looking for help to buy a home in Columbus, Ohio then you should contact a Buyer’s Agent. But, not all Buyer’s Agents are the same. The best representation for a residential or investor home buyer in Columbus, Ohio is an Exclusive Buyer Agent (EBA) or Exclusive Buyer Broker (EBB). An Exclusive Buyer Agent will always look out for your best interest and protect you in the home buying process.
Here are the TOP 10 reasons to use an Exclusive Buyer Agent:
- We ONLY represent buyers. We are EXPERTS at buyer representation.
- We negotiate the BEST price and terms for you.
- We don’t sell homes. We advise, counsel and educate.
- We assist Buyers in evaluating the BEST financing options.
- We have a duty to DISCLOSE all material information to our Buyer’s.
- We are Buyer advocates that work to PROTECT your investment.
- We are the GUARANTEED highest level of representation.
- We SAVE you time and money. We pay attention to the details.
- We provide MORE available homes to our Buyer’s than most other agents.
- We locate, evaluate and negotiate for our Buyer’s.
For more information contact an Exclusive (true) Buyer Agent today.
Helping home buyers is our only speciality.
A true Buyer’s Agent (EBA) will have no conflicts of interest….ever!
An Exclusive Buyer Agent is NOT Superman. But, we are the home buyers best protection and advocate in the home buying process.
Good luck out there.
My Buyer Broker Advocate! 
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