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. U.S. Department of Housing & Urban Development, “Shopping for Your Home Loan: HUD’s Settlement Cost Booklet.” Rev. Dec. 2009. P. 6 http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_12164.pdf What you need is what's known as an "exclusive buyer agent." If your agent isn't a Buyer Broker - he works for the seller. "Consider an Exclusive Buyer’s Agent" Although... agents and brokers provide helpful advice, they may legally be representing the interests of the seller and not yours. U.S. Department of Housing & Urban Development, “Shopping for Your Home Loan: HUD’s Settlement Cost Booklet.” Rev. Dec 2009 P.6 Get professional help. ...most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process. Buyer's brokers work only with buyers and don't take listings. They're obliged to help you find the best deals and lowest price. Make sure you get one who's genuine... You can find a true buyer's agent only at a firm that does not accept listings. (Buyer) brokers are obliged to get buyers the best deal possible, they approach a house with a critical eye for apparent flaws. The [Exclusive Buyer] broker must get you the best deal. "In my experience, all of them do. Exclusive buyer's agents work only for consumers and often can save them money... [they] are not tied to any particular property or agency, so they will show buyers any home, even those for sale by owner. Sellers' agents and dual agents do not and cannot by law give a buyer the same degree of loyalty as an agent who acts on behalf of a buyer. ... A buyer who relies on the seller's agent or on dual agency does not receive the same degree of legal protection as that afforded by an agent acting solely on behalf of the buyer. Exclusive buyer's agents work only for consumers and often can save them money... [they] are not tied to any particular property or agency, so they will show buyers any home, even those for sale by owner. Unlike traditional agents, EBAs don't work for listing brokers, so they avoid the risk of dual agency -- when one broker represents both parties. EBAs are still paid by the seller, but they can promise to represent your interests exclusively throughout the transaction and help you negotiate the lowest price. “…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” A TRUE AGENT is one who provides 100% loyalty to his/her clients 100% of the time. No dual agency; no "designated agency", no "transaction brokerage;" no "Chinese walls;" no weasel clauses! Like it or not, the real estate agent helping you house hunt is usually working for the seller and is legally bound to try to get the seller the highest price. But buyers no longer have to fend for themselves. You can hire a buyer agent to work on your behalf. “But consumer advocates say [dual agency] cheats both buyers and sellers, denying them an agent’s allegiance and undivided attention at a time when they’re making a major financial decision. ‘You’re either loyal or you’re not. It’s like being slightly pregnant,’ says Maureen F. Glasheen, former counsel to the New York Secretary of State, who opposes dual agency.” In some companies the broker/owner and all the agents in that office only work with buyers. This specialization is usually referred to as "exclusive buyer agency", and their office structure is referred to as an "exclusive buyer office"
CNN Money. “Money 101, Lesson 8: Buying a Home.”
U S News “ The Buyer’s Agent.” Undated
USA Weekend “A shopping list for first time home buyers.” July 23-25 201, Page 4
Family Focus Federal Credit Union. “ Top ten things to know when buying a house.” January 18 2011. Line 6
https://www.familyfocusfcu.org/post/2011/01/18/Top-10-Things-to-Know-When-Buying-a-House.aspx
Kiplinger’s Personal Finance Magazine. “ Exclusive Buyer’s Broker.” April 1996. P. 67
http://books.google.com/books?id=d_4DAAAAMBAJ&pg=PA67&lpg=PA67&dq=Buyer%27s+brokers+work+only+with+buyers+and+don%27t+take+listings.+They%27re+obliged+to+help+you+find+the+best+deals+and+lowest+price.+-+Kiplingers&source=bl&ots=c-XRuaTzdK&sig=eDC8G9ztMnDVJT1BSmw152-ptgU&hl=en&ei=D7DaTbOoFsHFgAeKkdVY&sa=X&oi=book_result&ct=result&resnum=2&ved=0CBwQ6AEwAQ#v=onepage&q&f=false
Consumer Reports. “Real –estate agent or buyer’s agent? “May 2005. P.13
Bloomberg Businessweek. A personal shopper for your dream House. September 11,1995
Bloomberg Businessweek. A personal shopper for your dream House. September 11,1995
http://www.businessweek.com/archives/1995/b3441130.arc.htm
Los Angeles Times. “Collections” January 07,1996
http://articles.latimes.com/1996-01-07/realestate/re-22075_1_traditional-agents
Realty times “Oklahoma Supreme Court slams real estate commission” dated 9/24/1999
http://realtytimes.com/rtinteractive/19990924_okladecesion.htm
Los Angeles Times. “Collections” January 07,1996
http://articles.latimes.com/1996-01-07/realestate/re-22075_1_traditional-agents
Kiplinger. “Hire your own agent.” June 7 2011
http://www.kiplinger.com/magazine/archives/2007/03/buyers.html
The New York Times “Buyers Seek Brokers of Their Own” March 13, 2009
http://www.nytimes.com/2009/03/15/realestate/15lizone.html?scp=3&sq=buyer%27s%20broker&st=cse
International Real Estate Directory “ Agency and True Agents” 1995
http://www.ired.com/trueagent/
U S News and World Report “ 10 Rookie home buyer mistakes to avoid” Ted Guarino May 07, 2010
http://money.usnews.com/money/personal-finance/real-estate/articles/2010/02/18/10-rookie-home-buyer-mistakes-to-avoid/comments
Wall Street Journal “Could Your Broker be a Double Agent” September 8, 1995
http://www.balchbuyersrealty.com/wsj.html
Colorado Exclusive Buyer Agents Association “Benefits of a Colorado Buyer Broker” Undated
http://homebuyerscolorado.org/why-use-an-eba/why-use-an-exlusive-buyer-agent/
