We're on the Buyer's Side Too

Buyer Brokerage

Homebuyers all over are overwhelmingly supportive of using a buyer's agent in real estate transactions. THE NATIONAL ASSOCIATION OF REALTORS, found that 46 percent of homebuyers were represented by a buyer's agent in 1999.

While real estate agents traditionally represent the interests of the seller in a residential transaction, a buyer agent is paid through the terms of transaction agreed upon between the Selling Brokerage and Buying Brokerage. Using a buyer's agent does not necessarily mean that that you will be paying extra money out of pocket for their service. Depending on the individual terms of the agreement with your buyer's agent.

The popularity of buyer brokerage has grown during the 1990's. Just as a seller's agent is hired to obtain the price and sale terms sought by the seller, a buyer representative is hired to get the best possible price and terms for the buyer. The buyer representative and the buyer negotiate the fees for service.

A buyer representative might negotiate for a smaller deposit, for all closing costs to be paid by the seller, or other contract terms more favorable to the buyer.

The Real Estate Buyers Agent Council (REBAC), a subsidiary of NAR, supports brokers and agents offering buyer brokerage. Founded in 1988, REBAC's 25,000 members are all REALTORS. The council provides education and an accreditation program for real estate practitioners who are involved in buyer brokerage. REALTORS who fulfill REBAC's education and experience requirements receive the Accredited Buyer Representative (ABR) designation.

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