Exclusive Buyers Agents - Educate Me

[OhioDave]

Hello forum:

I'm in Ohio and I am looking for an Exclusive Buyer's Agent. From previous experience as a buyer/seller I am not so excited about signing a contract with a dual agent (to buy). I currently rent so I have no property to sell, so that reduces the time-crunch factor all the way around.

So, my questions:

Are EBAs truly independent and exclusive?

To me there is a definite advantage from the viewpoint of independence, (assuming they are competent). Do you agree?

Is being a member of the NAEBA significant? www.naeba.org

What's a typical duration of contract for an EBA?

I would want to interview the EBA and get referrals, is this common?

Any advice or information you can give will be greatly appreciated!

OhioDave

[Duncan Pollock]

You're talking to one!
However, I don't think I'll be accused of being self-serving. Rather, I feel that, based on my own experience in this far from usual approach to the market, I can offer you a few answers that will, I hope, prove to be helpful. So then ....
1. Yes, they have to be if they're obeying the law in calling themselves Exclusive Buyer Agents. The meaning is that they do no listing at all, but work solely for buyers.
2. The essential advantage is that you have someone who's on your side as opposed to either the seller's or the listing agent's. The job is to look after your best interests, to not harm your negotiating position, and (as I'm given to expressing it) to get you the "most house for the money" in contrast to helping the seller get the "most money for the house."
3. A great many EBAs in the US are members of the NAEBA. It is, if you like, a seal of approval. (To my regret, I'm unable to join them myself because the association doesn't [so far] cover Canada.)
4. The terms of a contract are open to negotiation. Perhaps most of all they'll be determined by how soon you want [or will be in a position] to buy.
5. No self-respecting EBA will object to the idea at all. The difficulty, though, is that there aren't too many of us to choose from! You'll therefore need to rely on your personal judgment as to whether he/she is going to do the job as well as you need (and, in my opinion, deserve) it to be done.

Duncan

PS. You may also find it useful to browse the following sites if you haven't already run across them:
http://www.naeba.org/ (which I'm sure you've seen)
http://ebasearch.com/index.htm
http://www.homehunters.com/why_need_...gent.cfm#2ways
and at the risk of some self-serving after all, my own page at http://www.duncanpollock.com/Money.html

[OhioDave]

Thanks much for the response.

So, the next question is... how do I find one?

I did find the sites you mention. but I have one gripe.
I am extremely reluctant to release specific information
to anyone before I am ready to accept them as an agent.

For example, on http://ebasearch.com/index.htm
there is a requirement to enter personal information
including address, telephone numbers, etc.

In my opinion it is inappropriate to request this information
(other than the general location or community) before a
buyer's agent contract is established.

What I need is a list of the buyer's agents in my community.
Where can I find that?

[KNOX]

Here you go, the EBAs in OHIO from the NEEBA.
Zipped images of the PDF, it was way too big.


I'm familiar with the EBAsearch guy, and he wants you info to pass to one of the agents on the list i gave you for the referral. Interview your own from the list, make yor own mind up.

Anyone on that list is a part of the NAEBA, so yes, exclusive to you, only you!.

Good luck.

EDIT: I removed the link to the zip file, pm me if you need it.

[OhioDave]

Thanks for the info!

I will check it out. Surprising that there are only 18 EBA's for the whole state of Ohio. I would have thought there were more. Seems like a good opportunity for some smart real estate agents to fill that void.

Are there others, that are not members of the NAEBA? And if there are, how would I find them?

[Irene M Ward]

Are there others, that are not members of the NAEBA? And if there are, how would I find them?

Dave, I'm not an EBA but an ABR (Accredited Buyer's Representative), or at least I'm about 1 week away from accreditation. While I do represent sellers and handle listings for my clients, I also have never (and never will) serve as a Dual Agent. When I started in the business, I was a bit skeptical and saw greed and unethical practices that tarnished my perspective. While many (if not most) Dual Agents are competent and honest, no Dual Agent can provide both of their clients 100% fiduciary duty. When I promise to serve a client, that is part of the bargain. They get me 100% - always.

Having said that, you may want to interview agents who do not participate in Dual Agency. I would start on this site and narrow your search to your zip code. You can then research their bio on their sites and go from there.

You certainly are being proactive and watching out for your best interests. You are exactly the kind of buyer I love to work with and I wish you the very best of luck. Remember, there should be a level of trust, competence, and superior communication that will help make this process smooth for you. You're off to a very good start.

Irene