Consumer Reports states, “You can find a true buyer’s agent only at a firm that does not accept listings.” The advantages of using an Exclusive Buyer Agent is that they avoid conflicts of interest by working in the best interests of the buyer and not the seller, avoid homes and neighborhoods likely to fare poorly in the marketplace, ensure the buyer does not unknowingly overpay for a property, fully informs the buyer of adverse conditions, encourages the buyer to make offers based on true value instead of list price, which can sometimes be overstated, and works to save the buyer money. A buyer agency firm commissioned a study that found EBA purchased homes were seventeen times less likely to go into foreclosure.
- Consumer Reports
You might want to start by finding an agent who can represent your interests in the search. This is not as simple as it sounds. Sure, 85 percent of sellers list their homes through an agent – but those agents are working for the seller, not you. They’re paid based on a percentage, usually 5 to 7 percent of the purchase price, so their interest will be in getting you to pay more.) What you need is what’s known as an “exclusive buyer agent”.
- Money Magazine
If you want someone to represent only your interests, consider hiring an “exclusive buyer’s agent”, who will be working for you.”
Taken from the U.S. Department of Housing and Urban Developments updated “Shopping for Your Home Loan, HUD’s Settlement Cost Booklet” it states in Section IV. Shopping for a House; Role of the Real Estate Agent or Broker:
“Frequently, the first person you consult about buying a home is a real estate agent or broker. Although these agents and brokers provide helpful advice, they may legally be representing the interests of the seller and not yours.
It is your responsibility to search for an agent who will represent your interests in the real estate transaction. If you want someone to represent only your interests, consider hiring an “exclusive buyer’s agent”, who will be working for you.”