Disclaimer for Open Houses

Although an agent that lists property may represent a buyer, if a buyer shows interest in a property listed by their agent, the listing agent cannot provide undivided loyalty. A real estate agent may act as a dual agent, but the conflicts of interest are obvious. It certainly is not the ideal situation for a home buyer.

Home buyers are avoiding such obvious conflicts by choosing to utilize the services of an exclusive buyer broker or agent, which is a real estate professional that only represents buyers and works for an agency that does not list property for sale.

Among other things, a buyer agent provides the following services to a buyer that the seller's agent will not:

- One hundred percent buyer loyalty 100 percent of the time;

- Analyze comparative sales and provide an opinion as to the value of a property;

- Objective referrals to other necessary professionals, i.e., home inspector and attorney;

- Advise the buyer even if it means pointing out reasons not to buy;

- Disclose all research about the property;

- Negotiate the best price and terms on the buyer's behalf;

- Keep confidential the buyer's financial situation and thoughts, unless authorized to
disclose;

- Help buyer with addressing contract contingencies; and

- Negotiate the resolution of home inspection issues in favor of the buyer.

In addition, a buyer agent will do the following to help home buyers:

- Provide property listings and suggest suitable properties;

- Arrange property showings;

- Assist buyer in obtaining property information, such as a deed or tax bill;

- Explain forms;

- Attend a final walk through before closing; and

- Monitor the closing.

Best of all, a buyer agent receives the same seller-authorized commission split that is offered across the board to any agent who brings a buyer that ultimately decides to purchase a home, so most buyer agents do not collect a fee from the buyer.

Since the seller's agent is sharing a portion of the listing commission with the buyer agent, the buyer has an easy choice. He or she can work through the sellers agent, who must be loyal to the seller, and the sellers agent with keep the entire commission or work with a buyer agent, who will not charge him or her any money and remain 100 percent loyal.

"Groups such as the Consumer Federation of America and AARP recommend using buyer's agents." - SmartMoney Magazine

"Many people don't realize that, unless specifically stated otherwise, brokers are legal representatives of sellers. A buyer broker, representing only the buyer, may be able to secure a better price and better terms." - Good Housekeeping

"Buyer brokers: agents that buyers can call their own ... If your real estate agent isn't a buyer broker, he works for the seller ... Buyers no longer have to fend for themselves." - U.S. News & World Report

"... without an exclusive buyer agent, there may be a question of loyalty." - Merrimack Valley Magazine

"Buyer brokers have the buyer's interests in mind. They act as a personal advocate, hunting for the right house and haggling with the seller's agent. In fact, a 1992 study by a national long distance phone company, found that 200 relocating workers who used buyer brokers paid an average of 91% of the offering price, whereas those using traditional brokers paid 96%." - Diversion Magazine for Physicians

"A conflict of interest is more likely when a real estate firm that represents sellers assigns you one of its brokers as a buyer agent. That's why many people believe an 'exclusive' buyer broker is preferable." - Business Week