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Accredited Buyer Representation

Information courtesy of REBAC

What Is A Buyers Agent?

A real estate buyer's representative represents the buyer who is purchasing property in a real estate transaction.  Research by the National Association of REALTORS has shown that when a buyer's representative is used, the prospective buyer found a home one week faster and examined three more properties than consumers who did not used a buyer's representative. 

The buyer's representative works for, and owes fiduciary responsibilities to, the real estate buyer and has the buyers best interest in mind throughout the entire real estate process.  A buyer's representative will:

• Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
  

• Assist the buyer in determining the amount they can afford (pre-qualify), and show properties in that price range and locale.
  

• Assist in viewing properties --accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met.
  

• Research the selected properties to identify any problems or issues to help the buyers make an informed decision prior to making an offer to purchase the property.
  

• Advise the buyer on structuring an appropriate offer to purchase the selected property.
  

• Present the offer to the Seller's agent and the seller on the buyer's behalf.
  

• Negotiate on behalf of the buyer to help obtain the identified property --keeping the buyer's best interests in mind.
  

• Assist in securing appropriate financing for the selected property.
  

• Provide a list of potential qualified vendors if these services are needed, inspectors, contractors, landscapers for example.
  

• Most importantly, fully-represent the buyer throughout the real estate transaction.

For more information on agency click on Washington State Law of Agency or Buyer's Agent Duties

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Benefits of Working with an ABR

• You'll receive objective evaluation of your specific wants and needs.

• You'll receive extensive research on communities focusing on those specific properties offering the best value, amenities and potential return for your investment.

• You'll receive assistance in viewing properties and benefit of my unbiased observations to insure that your identified specifications and criteria are met.

• You'll receive extensive market data and price counseling when structuring an offer on a property.

• You'll receive insightful advice and as well as having a crystal clear understanding of the legal documents involved.  Once our offer is ready, AI will personally present th4e offer to purchase to the Seller's Agent and Seller in your behalf.

• Once our offer is accepted and throughout our due diligence process, I will continue to protect your best interest by keeping you informed of our obligations, deadlines and developments. 

• If desired, I can make recommendations and provide assistance in securing appropriate financing for the selected property as well as providing you with contact information qualified professionals and tradesmen for property inspection services, movers, attorneys, carpenters, and any other possible service you may require. 

• Most importantly, you can enjoy peace of mind in knowing that your best interests are being effectively promoted and protected under the guidance of a qualified, competent and knowledgeable professional Buyer Representative throughout the real estate transaction. 

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Buyers Agent

When you use a buyer's agent or buyers agency this means that you are working with an agent that has your best interests in mind.  Buyer's agents will work to negotiate the best price, ensure the property is inspected, inform you of local issues and make sure that you have the representation you need.  The things you tell a buyer's agent remain confidential. 

The type of agreement you sign with a buyer's agent will dictate how the arrangement works.  Basically, you negotiate the terms of the agreement up front so both you and the agent know what to expect and are comfortable with the relationship. 

Typically, however, if the agent has been otherwise very helpful and attentive, most buyers still pay some type of compensation even if the agent was not involved in finding the home they end up purchasing.  If you do decide to use a buyers agent, there are a few things to be aware of.

Dual Agency: This means that the agent is representing both the seller and the buyer.  In the dual agency situation, both the buyer and the seller must be made aware of the arrangement and privileged information cannot be shared unless you agree. 

Buyers' Agency Clause:   You need to be aware that signing a buyer's agency agreement may include a blanket clause stating that the agent receives a commission on any home purchase in an agreed upon area.  If you think it is likely that you will find something without the help of the agent, then you want to specify in the agreement that a home you find on your own, a FSBO, for example, will not require payment of the negotiated fee. You may want to negotiate with the agent on a fee for service basis to protect your interests if you do find a home on your own that is not listed.

Release Clause:  Make sure you have a "release clause" in your buyer's agency agreement just in case you find you cannot work with your agent.  This will allow you to sever ties without any future problems.  You may need to take advantage of this clause BEFORE you see any houses --or at least any houses you think you are interested in. 

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Washington State Law Defines Buyer's Agent Duties

RCW 18.86.050. Buyer's Agent -Duties. Section Five

1. Unless additional duties are agreed to in writing signed by a buyer's agent, the duties of a buyer's agent are limited to those set forth in RCW 18.86.030 and the following, which may not be waived except as expressly set forth in (e) of this subsection:
   

   1. To be loyal to the buyer by taking no action that is adverse or detrimental to the buyer's interest in a transaction;
      

   2. To timely disclose to the buyer any conflicts of interest;
      

   3. To advise the buyer to seek expert advice on matters relating to the transaction that are beyond the agent's expertise;
      

   4. Not to disclose any confidential information from or about the buyer, except under subpoena or court order, even after termination of the agency relationship; and
      

   5. Unless otherwise agreed to in writing after the buyer's agent has complied with RCW 18.86.030(1)(f) of this act, to make a good faith and continuous effort to find a property for the buyer; except that a buyer's agent is not obligated to: (i) Seek additional properties to purchase while the buyer is a party to an existing contract to purchase; or (ii) show properties as to which there is no written agreement to pay compensation to the buyer's agent.

2. 1. The showing of property in which a buyer is interested to other prospective buyers by a buyer's agent does not in and of itself breach the duty of loyalty to the buyer or create a conflict of interest.
      

   2. The representation of more than one buyer by different licensees affiliated with the same broker in competing transactions involving the same property does not in and of itself breach the duty of loyalty to the buyers or create a conflict of interest.

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