Resume Synopsis: Licensed in WA State as a Real Estate Broker since 1989, Exclusive Buyer Broker since 1995. Licensed as a Land Development Consultant since 1994. BS, University of Oregon, 1978.
Frequently Asked Questions:
Why not call the listing agent for information concerning a property?
From the moment you begin asking questions of a listing agent, that agent begins developing a profile of you. Right or wrong this profile can disadvantage any future negotiation concerning a property listed by that agent or his Brokerage. Seller's agents cannot disclose any information deleterious to their client's interests; therefore there is an inherent bias on the delivery of all information. Disclosure of personal information about yourself leaves you vulnerable for that information to be used against you. In disclosing personality traits and economic information you are undermining the prospects for objective decision-making and the strongest negotiating position.
So you fully represent my interest as a Buyer at all times, no matter which property I want to purchase?
Yes, I provide 100% Buyer representation, 100% of the time. I am legally obligated to represent your interest at all times on any property. This means helping you find the best property, helping you negotiate the lowest price at the most favorable terms and instructing you about real estate investing. Listing agents acting as non-exclusive Buyers' agents are disingenuous if they make such a promise.
I am a first time home Buyer, what advise can you give me?
Do not be seduced by current interest rates. Thorough inspections and cost estimates for future repairs are more important to the long term success of the acquisition. The real issue for first time home Buyers is understanding the benefits of Exclusive Buyer Agency vs. Buyer Agency. Sophisticated representation and education is paramount in a marketplace dominated by agents who list. Exclusive Buyer Agency is the key! Until Buyers understand the difference, buying their first home will be similar to buying a used car.
What is the difference between Exclusive Buyer Agency and Buyer Agency
Exclusive Buyer Agency is structured to eliminate conflicts of interest, maximize confidentiality and negotiate the best possible price. Exclusive Buyer Agency is a fixed contract between a Buyer and an Exclusive Buyer Broker and can only be modified with the agreement of both parties. Buyer Representation may be a contract or just a verbal statement and agents participating in this type representation cannot claim Exclusive Agency because they are subject to a Managing Broker and that Broker is working as a dual agent. Listing agents are operating within a conflict of interest system dictating a commission based on a percentage of the purchase price. The more you spend, the higher the commission. This type of system with its built-in conflict of interest cannot train or develop negotiation skills for a best buy opportunity. Agents working within conventional Real Estate Brokerages are dissuaded from supporting an adversarial relationship between a Buyer and a Seller represented by that Brokerage.
How does the Exclusive Buyer Broker resolve the conflicts of interest concerning commission payment?
The Exclusive Buyer Broker contract is structured specifically to delineate all fees for services in a way that is mutually beneficially for the Buyer and the Exclusive Buyer Broker. No listing agreement can modify the Exclusive Buyer relationship. Any potential conflict of interest can be resolved upon discovery/disclosure directly between the Exclusive Buyer Broker and client without third party approval. Exclusive Buyer Broker's in most cases charge a retainer and work under the terms of a written contract. The ethics and income of an Exclusive Buyer Broker are directly tied to the benefit of their client. This elimination of conflicts of interest becomes the training ground for highly developed negotiating skills.
How does an Exclusive Buyer Broker get paid?
All financial responsibilities are structured within a written contract between the Buyer and the Exclusive Buyer Broker, independent of listing agreements. Any moneys structured by the Seller as "Selling agent commissions" are credited to the Buyer and available for refund should this amount exceed the terms of the Exclusive Buyer Broker contract. As an Exclusive Buyer Broker I am constrained to represent a small contingent of Buyers at any given time because I do not subordinate services to other agents. All fees received by an Exclusive Buyer Broker are negotiable and structured unique from the conventional real estate fee model.
What about confidentiality?
All Brokerages having agents leave themselves exposed to loss of confidentiality because of the lack of privacy and cross talk between agents endemic within the conventional real estate brokerage. As an Exclusive Buyer Broker, I have a private office with no other agents or opportunity for disclosure within the office structure. By eliminating conflict of interest concerning commission structure and listed properties, I am reinforced to maintain confidentiality for my clients. My preference for communicating during the course of a client's business is written communication. In this way a concise record is maintained. "Loose lips sink ships" is representative of the conventional real estate Brokerage and has never gained ground within the Exclusive Buyer Representation community.
What properties can you show me?
Whidbey Buyers Realty has full access to the MLS and can view properties listed with any companies. We can expand the search to include For Sale by Owner properties, which traditional sales agents are hesitate to do, and properties from other sources.
What if I don't want to buy the home after the home inspection?
You are under no legal obligation to buy the home, just back out of the deal. The only expense to you is the cost of the home inspection.
What if I am in contract but I am unable to obtain a mortgage?
Most contracts have a Financing Contingency Clause. As long as you have not waived that contingency and have acted in good faith you can back out of the purchase.
Bert Bennehoff