#1 Question Homebuyers ask Exclusive Buyer Agents

Almost all Home Buyers have learned that they need a Buyer’s Agent.
But NOT all Buyer’s Agents are created equally!

The NUMBER ONE (1) QUESTION that we are asked is:

“What is the DIFFERENCE between a BUYER AGENT and an “EXCLUSIVE BUYER AGENT” ???

There is a big difference between a Buyer Agent and an Exclusive Buyer Agent!

For example, the State of Tennessee requires all licensed Realtors® to give potential buyers a Disclosure Form that explains the various types of agency available in TN. This Document also ‘explains’ or describes each agency type and describes their responsibilities.

The problem with this requirement is that “EXCLUSIVE Buyer Agents” were omitted from the Disclosure Form altogether as a separate “Agency Option”! Here is where the Conflict of Interest arises.

There are Buyer Agents and Designated Buyer Agents in TN. The ‘designated’ means that one person in the firm is designated to represent the buyer and another represents the seller. But the Seller’s agent could be in the same firm, if you buy a firm listed property. That is one conflict.

Another is when a ‘Buyer Agent’ of a firm that lists properties asks you to sign an agency agreement. They most often ask you to “understand that (s)he will have to ‘default agency to a lesser form of representation, if you choose an in-house listing to purchase.” Since the word ‘default’ has received a negative response with buyers, the word has been changed in various states to ‘transfer, step up, shift, evolve, progress, advance, reassign, etc.” Attorneys are even suggesting terms to use in real estate teaching seminars, that have less negative connotations than what they are doing: ‘defaulting agency’!

While there are only a few Exclusive Buyer Agents in the state of Tennessee, that does not excuse TN (or any state) from recognizing a type of agency (‘Agency Choice’) that the National Association of Realtors® (NAR®) recognized and defined in their 1993 publication, “Agency Choices, Challenges, Opportunities,” (p. 25).

In the NAR® publication, Exclusive Buyer Agency is defined as follows:

“Exclusive buyer agency – The practice of representing only buyers and never sellers
in a transaction. The company never lists a seller's property and thus never has a seller as a
client.”® NAR® 1993

In 1995, EBA’s founded the National Association of Exclusive Buyer Agents® (NAEBA®) based upon NAR®’s definition of Exclusive Buyer Agency.

Internet savvy buyers, retirees, and former buyers may question, before or after a sale, if there is, or might have been, a ‘conflict of interest’ with their representation. Those buyers now call an EBA, an EXCLUSIVE Buyer Agent, to represent them. Many buyers know that a Buyer’s Agent is NOT an EXCLUSIVE Buyer’s Agent, unless (s)he is affiliated with a company that does NOT LIST properties!
That is the real difference between a ‘Buyer’s Agent’ and an ‘Exclusive Buyer’s Agent’! www.TNBuyerBroker.com -> see Video of a Client testimonial

or go directly to our MLS page http://www.tnbuyerbroker.com/mlsdata/mlslistings.htm
Search Homes for FREE +++ No Registration Required +++ read more testimonials at website +++ TN Taxes

Johnson City-Kingsport-Bristol TN New Year News Update

1) Today's the day that Johnson City's Science Hill High School is performing at the Rose Bowl! Only six (6) bands throughout the nation were chosen for this special honor. See previous blog on DEC 28th, 2008, for more in depth information.
And for Real Estate BUYERS and relocation info for Tri-Cities TN, contact Janine or Ashley Wilson, Buyer Brokers: A Buyer's Best Choice Realty: Buyer Representation Exclusively.

2) News From Airfare Watchdog.com, check out the bargain airfare prices for travel from Tri-Cities TN airport to Seattle WA. Reported TODAY, flights are $275.00. Flights are limited, must be bought 7 days ahead, are on United, U.S.Air and last until April 9, 2009.

SUBMITTED BY: Janine Wilson, Buyer Broker/Founder, and Ashley Dean Wilson, Broker/Manager, A Buyer's Best Choice Realty: Buyer Representation Exclusively

http://www.TNBuyerBroker.com