Locating and hiring a real estate broker
to represent you is the first and most important step you will take in
the entire home buying process.
For many years, real estate was practiced in such a manner that agency
relationships were only extended to sellers. Any real estate agent who
brought a buyer to the table was actually working as a sub-agent to the
seller.
This all began changing in the 1980s, when buyer agency started gaining
momentum in residential transactions. Today, agency laws still vary from
state to state. But even if you live in a state that recognizes buyer
agency, you can’t assume that you will automatically receive fiduciary
responsibilities from the agent you’re working with as a potential
homebuyer.
That’s why it’s vitally important to talk to the agent or broker early
in your working relationship about his/her agency status. You may also
want to consult the
North Carolina Association of REALTORS®
to gain a better understanding about agency laws in North Carolina,
contact the agency charged with regulating real estate professionals and
known as the
North Carolina Real Estate Commission.
Click here for more information on Working With Agents in North
Carolina.
WHAT IS A BUYERS AGENT?
A real estate buyer's agent represents the consumer during the real
estate transaction and is charged with the following Duties to the
Buyer...
• Promote the buyers best interests
• Be loyal to the buyers
• Follow the buyers lawful instructions
• Provide the buyers with all material facts that could influence their
decisions
• Use reasonable skill, care and diligence
• Account for all monies they handle for the buyer.
Once you have agreed (either orally or
in writing) for the firm and its agents to be your buyer's agent, they
may not give any confidential information about you to sellers or their
agents without your permission so long as they represent you. But until
you make this agreement with your buyer's agent, you should avoid
telling the agent anything you would not want a seller to know.
QUALIFYING FOR THE ABR DESIGNATION
The distinguished ABR designation is awarded by the Real Estate Buyers
Agent Council, REBAC, which was founded in 1988 to promote superior
buyer representation skills and services. An affiliate of The National
Association of Realtors since 1996, REBAC membership now numbers over
50,000 and is the world's largest organization of real estate
professionals concentrating on buyer representation.
The Accredited Buyer Representative designation is the benchmark of
excellence in buyer representation. To qualify for the designation,
Realtor’s® must document successful experience as a Buyer's Agent
through broker's records, transactions in which he served in the
capacity of a Buyer's Agent, demonstrating proficiency in serving the
special needs of buyers. After successfully completing a two day course
of specialized training and the passing of a written exam followed by
admission into the Real Estate Buyers Agent Council, then may the ABR
designation be used.
BENEFITS OF WORKING WITH AN ABR
- Our clients receive an objective
evaluation of your specific wants and needs.
- Our clients receive extensive
research on communities focusing on those specific properties offering
the best value, amenities and potential return for your investment.
- Our clients receive assistance in
viewing properties and benefit of my unbiased observations to insure
that your identified specifications and criteria are met.
- Our clients receive extensive market
data and price counseling when structuring an offer on a property.
- Our clients receive insightful
advice and as well as having a crystal clear understanding of the
legal documents involved.
- Once our offer is negotiated and
accepted and throughout our due diligence process, we continue to
protect our clients best interests by keeping then informed of our
obligations, deadlines and developments.
- When desired, we will make
recommendations and provide assistance in securing appropriate
financing for the selected property as well as providing our clients
with contact information for qualified professionals and tradesmen for
property inspection services, movers, attorneys, carpenters and any
other possible service our clients may require.
Most importantly, our clients enjoy a
peace of mind in knowing that their best interests have been promoted
and protected under the guidance of a qualified, competent and
knowledgeable professional Accredited Buyer Representative.
Make Your Next Move Your Best Move Ever
and Contact
An ABR for more information.
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