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Exclusive Buyer Agency Defined

An EBA is an Exclusive Buyer's Agent who works for a real estate firm that does not take listings in order to avoid any conflict of interest.  Since more and more traditional firms started practicing various types of buyer agency some are now innapropriately using the term "Exclusive Buyer Agency" based on the fact that they have buyers sign an Exclusive Buyer Agency contract which forces the buyer to work with them exclusively. 

True EBAs use the term "Exclusive" to express that they work for buyers exclusively, and never sellers. 

Other firms use the term to say that the buyer must work with them exclusively. 

Since consumer advocates have praised the work of Exclusive Buyer Agencies, some traditional firms have tried to tap into the credibility of these endorsements.  The following should help you confirm just what is and what is not an Exclusive Buyer's Agent.


             AGENT'S GUIDE 1998 by National Association of Realtors® (NAR) entitled

 "Agency: Choices, Challenges & Opportunities."

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. 

Agents never accept subagency that is offered by a seller's agent. 


             REPORT of Consumer Federation of America entitled

"Changes in Real Estate Representation; Implications for Consumers

by Stephen Brobeck. October 18, 1994.

But most of these buyers turn for buyer brokerage services, not to exclusive buyer brokers, but to large firms. These firms typically assign a buyer broker to the buyer who then has an obligation to represent their interest. And if the agent does not do so adequately, there is liability that can serve as the basis for a lawsuit.

In some areas, nonexclusive buyer brokerage has grown rapidly. In the Washington, D.C. area, according to one report, well over half of the buyers working with large firms are represented by buyer brokers.


  ON-LINE ARTICLE in Realty Times

"How to Become an Exclusive Buyer's Agent"
by Blanche Evans. September 22,1998

     ... types of agents available to assist home buyers and sellers in the real estate transaction: 


            
EBA - EXCLUSIVE BUYER AGENT

 works for an office that does not take listings of any kind and represents only buyers. 
            

              BA - BUYER AGENT

works in a traditional real estate office that takes listings. Will work with a buyer under contract.

If a buyer wishes to purchase a property that is listed by their office, they will declare dual agency and represent both the seller and the buyer.


             ON-LINE ARTICLE at Bankrate.com:

"Is 'your' agent really working for you?" by Christopher Cruise. July 1,2003

You can also engage what's called an "exclusive buyer's agent." This is the purest form of buyer representation, but unfortunately, few firms are able to make a go of representing only buyers....


              KIPPLINGERS  Changing Times 

             Exclusive agencies are best. 

They remove any conflict of interest which is the min reason for considering a Buyer Broker in the first place.  


              NOT ONE DOLLAR MORE - by Joseph Eamon Cummins, author

              Your goal shold be to engage an agent who will represent only your interests.  Not just a "buyer broker" but and Exclusive Buyer Broker.  Make sure that is what you are getting.


 MONEY MAGAZINE 

Unlike the traditional agent who looks out for the seller, a buyer broker acts as your advocate, helping you find the home you want and then negotiating the lowest possible price. 

The best buyer brokers are so-called Exclusive Buyer Agents - that is, they represent only buyers, never sellers.


MOBILITY

Only by using an Exclusive Buyer Agent can a buyer be sure all informatin is kept confidential. 

Only an Exclusive Buyer Agent can give the buyer an objective, exsperienced opinion of the homes viewed to ensurure they buyer gets the right home, in the right location, at the right price.


 LOS ANGELES TIMES

Exclusive Buyer´s Agents work only for consumers and often can save them money - and they don´t cost more to hire... Buyer´s Agents are not tied to any particular property or agency, so they will show buyers any home, even those for sale by owner.


ABR CANDIDACY APPLICATION

On the candidacy application form for the ABR the form defined EBA
Exclusive Buyer Agency - Represents only Buyers (take no Seller listings)


Ray Wilson, author of "Bought Not Sold", further explores this topic in his EBA Definition Project.


The NAR 2006 Guide to Home Buying (written with Blanche Evans) lists EBA as one of the designations that are not affiliated with NAR but are held by numerous real estate agents.  It defines "EBA: An Exclusive Buyer Agent works exclusively with buyers and never represents sellers or participates in dual agency."