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representation: Agency Disclosure - The Fleecing of Real Estate Consumers Continues - 03/15/12 02:33 PM
I've been following the efforts of a colleague in Maryland who believes exclusive buyer representation should be disclosed to consumers as an option on the state's agency disclosure form.
I read an article on the topic in the real estate section of the online Baltimore Sun. The Director of Regulatory Affairs for the Maryland Association of Realtors, Mark Feinroth, stated that the suggested changes would cause "a big change in agency law that's really unwarranted."
Agency -- who's representing whom -- "is already the most difficult concept to train licensees in, and it's a very difficult concept to explain to consumers," Feinroth said. "I think this will make … (8 comments)
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representation: My Commitment to Buyer-Clients Purchasing in the Salt Lake City, Utah Area - 01/16/12 09:31 PM
I have been meaning to draft this document for a while, and finally put it together in response to a conversation I had with a potential client last week.
My commitment to you:
1. I will be your Exclusive Buyer Agent (EBA). Because our company does not take listings or ever take on sellers as clients, we will never ask you to agree to less than 100% representation.
2. We will not "switch teams" or change allegiance mid-transaction. You will start with an EBA and you will end with an EBA.
3. I will ALWAYS take YOUR side in … (2 comments)
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representation: Salt Lake Among Healthiest Housing Markets in the United States - 11/22/11 10:57 PM
Builder Magazine ranks Salt Lake City, Utah as having the third healthiest housing market in the U.S.
Good things happening in the Salt Lake City metropolitain area:
Income growth next year is expected to be one of the best in the country. Job growth this year was 2nd best in the country. (Over 35,000 new jobs last year) Population continues to grow. New companies in a variety of sectors keep moving to town. We have some great colleges, universities and tech colleges in the area. Residential building permits are up 16% (Salt Lake REALTOR Magazine, Nov 2011) Residential home prices are … (2 comments)
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representation: The Highest Level of Representation for Buyers - 11/03/11 04:40 PM
My last blog entry was a testimonial from me about my new dentist. What does that have to do with buying a home? Lots.
Everybody should know about biomimetic dentistry and doctors like Dr. Noot. I really connected with him and his practice because:
1. He really cares about what is best for his patients.
2. He takes the time to educate his patients about what is going on.
3. He lets the patient make the important decisions regarding their care.
4. He has gone the extra mile in his personal training and education in order to provide his patients with … (0 comments)
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representation: Military Buyer Chooses an Exclusive Buyer Agent (EBA) with Great Results! - 10/03/11 08:28 PM
I’ve done extensive research in home buying over the past few years. I knew the only way to go was an EBA (Exclusive Buyer’s Agent), but I didn't know of any in Utah.
Fortunately, a random internet search brought up Benjamin Clark with Homebuyer Representation. I called him, and then met him in person. He was easy to work with and has extensive knowledge of the home buying process. He was always willing to take time to answer my questions and explain anything I didn’t understand.
I was purchasing a second home and Ben kept me on the right track … (0 comments)
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representation: Representation - You Get What You Pay For - 09/30/11 05:09 PM
At Homebuyer Representation we put our clients first. Our clients are always Buyers, all the time.
We do not represent Sellers ever. We don't "switch teams" in the middle of the transaction. Our focus is on what is best for the Buyer. We don't work to get the deal to go through if the client doesn't want it to go through or if it isn't in the Buyer's best interest for the transaction to close. We have no specific properties we need to "move" or "sell". We can help a Buyer purchase any property listed by any real estate brokerage, home-builder … (2 comments)
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representation: Salt Lake City "Super" Accredited Buyer Representative - 09/30/11 03:10 PM
Well, I did it again! I decided to get the ABR designation for the second time. Yes, this means I took the entire curriculum over again, so you could say I'm twice as knowledgeable as those who have only earned the Accredited Buyer Representative designation once!
Okay, so maybe I didn't learn twice as much, but taking it from different instructors each time and a few years apart, I do have to say the course was a great reminder of how to property serve the real estate buyer and gave me some ideas on how I can make my buyer representation … (0 comments)
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representation: Why are so many consumers distrusting of real estate agents? - 05/04/11 06:40 PM
I was reading an Angie's List magazine column this morning and I couldn't help but feel for some of the commenters who were (and perhaps still are) distrusting of real estate agents.
For example, one commenter said:
"One caveat about using a home inspector: Make sure you use someone who is recommended by a friend NOT the real estate agent who is trying to sell you A HOUSE. Our "inspector" missed all kinds of major problems that we were not looking for being from another area and not knowing what to look for..."
Another responded:
"...our story exactly. I will never … (4 comments)
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representation: Only 22% of Home Buyers are Satisfied with Their Agent? Not HERE! - 04/14/10 01:24 PM
A recent RISMedia article stated that only 22% of home buyers are happy with their real estate agent.
I wondered why this might be, and reading the article didn't really shed any new light on the reasons. Strangely enough, the article talked more about complaints from Sellers, such as, "The agent priced my home too high, so it took too long to sell".
Still, there was some mention of Buyers who felt that the process was not adequately explained, loan terms were not adequately disclosed, or simply felt that their agent was looking out more for themselves, and not for the … (2 comments)
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representation: 25 Reasons to Hire an Exclusive Buyer's Agent - 03/24/10 04:18 PM
Exclusive Buyer Agents:
Do not list homes or represent sellers Work for real estate companies that take no listings Work solely for the buyer Remain loyal to the homebuyer throughout the transaction Avoid conflicts of interest inherent in the traditional seller-oriented purchase transaction Never represent the seller in a real estate transaction Are less than 1/2 of 1% of all real estate firms nationwide Offer a unique relationship of trust to real estate buyers Offer a higher degree of loyalty to a buyer than an agent who also works on behalf of the Seller Do not practice dual-agency Are 100% loyal … (2 comments)
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representation: An Equal Level of Representation for Home Buyers - 03/16/09 11:14 PM
Great Article in the New York Times Friday, featuring a good friend and colleague of mine, Ira Freireich of Long Island, NY.
The article points out how many homebuyers are becoming more savvy and aware of how they can get the best level of representation in the real estate transaction: Exclusive Buyer Agency.
Some key points:
Exclusive Buyer Agents (EBAs) negotiate for the Buyer EBAs work for the Buyer only - Not the Seller like traditional real estate agents EBAs keep confidential information confidential - The seller won't know that you can or will pay more EBAs give you more control … (3 comments)
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representation: Think the Seller Pays the Real Estate Fees? Think Again! - 02/25/09 06:27 PM
Most Buyers are told that the Seller pays all the real estate fees. This is not exactly true.
That the Seller pays the fees is semantics. Your cash (or loan) to buy the home is what gives the Seller the proceeds with which to pay their agent and other settlement fees. YOU not only pay for your agent, but one could argue that you also pay for the Seller's agent.
You have the right to choose your own agent. Make sure you don't shortchange yourself by hiring a mediocre agent to represent your side of the transaction. Certainly, don't make the … (3 comments)
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representation: Key Details of the $8,000 Federal Tax Credit for Salt Lake City, Utah Area Homebuyers - 02/19/09 01:18 PM
Key Details of the $8,000 Federal Tax Credit for Utah Homebuyers
Buy a home between January 1, 2009 and December 1, 2009. Get $8,000 Federal Tax Credit when you file your 2009 Tax Return (or sooner, see below). This does not have to be repaid. (UNLESS: You sell the home within 3 years) If you and your spouse make a combined income of less than $150,000 annually (or if you are single and make less than $75,000 annually), you qualify for the full $8,000 tax credit. If you make more than that, you may qualify for a partial tax credit. You … (9 comments)
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representation: First Time Home Buyers Recommend Hiring a Broker on Your Side - 01/31/09 12:29 AM
My wife and I were looking to buy our first home. We knew the area we were interested in and that was about it.
My wife read about real estate brokers and how they are able to represent the buyer which led us to Ben. Right from the start he was very helpful. Ben helped us figure out just about everything, from the beginning to the end. We looked at as many houses as we wanted. He wasn't pushy and did not try to sell us any particular home. He even found one in the area that was not listed on … (4 comments)
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representation: Exclusive Buyer Representation - The Homebuyer's Best (But Little-Known) Option - 11/21/08 12:06 AM
Well, I just ran across a press release from the National Association of REALTORS either from May of 2008, or revised in May of 2008.
It says in the header that the article will discuss agency and representation options the consumer can choose from:
"a variety of business relationships with real estate professionals, including buyer representation..."
The article then goes right on to only discuss Designated Agency and Dual Agency, (less than full forms of brokerage representation) but leaving out Exclusive Buyer Agency. It should be clear to the public that they don't have to choose Designated Agency OR Dual Agency … (2 comments)
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representation: Homebuyer Representation, Inc. - The Homebuyer's "Best Choice in Utah" - 11/15/08 11:56 PM
Homebuyer Representation, Inc. was recently named the "Best Choice in Utah" by NAEBA's Consumer Inquiry Program.
NAEBA is the National Association of Exclusive Buyer Agents and the Consumer Inquiry Division fields calls from Homebuyers nationwide. After research, most buyers choose to work with an Exclusive Buyer's Agent who will pledge undivided loyalty to that Buyer during their homebuying experience. The Consumer Inquiry Division also receives feedback from buyers who use NAEBA member brokerages and each year the top brokerages recieve an award. This year they used phrases from buyer's to name the award.
"The Best Choice in Utah" could almost just has easily have … (0 comments)
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representation: Exclusive Buyer's Agent Makes Homebuying Experience "Stress Free" for Avenues Homebuyer - 11/11/08 06:09 PM
My partner and I had been considering moving to Salt Lake City from the Los Angeles area. We were not sure how to approach looking for a home in an area where there were many locations of interest. We did some research and found Benjamin Clark. We liked what we read about his services. Once we opened a dialog with Ben we knew right away that he was the man to help, and we were right on with Ben.
I decided to make the move right away to Salt Lake City from Los Angeles to be close when that opportunity arose … (5 comments)
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representation: Home Warranty Companies Affected by Slowdown: Adjusting Prices/Coverage - 10/17/08 12:01 AM
It seems that the slowdown in the real estate market has Home Warranty companies that service the Salt Lake City real estate market adjusting their premiums and coverages to keep profits up.
Over the past 45 days prices have gone up by about 18% and deductibles (service fees) are up about 10%.
To be fair, some additional coverages have been added to some warranty companies' offerings, but others have actually lowered their level of coverage by removing items from standard coverage or limiting the extent to which the home warranty company will cover certain claims. The cost of "add-on" coverage (for … (2 comments)
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representation: Buying "Small" in Salt Lake - 10/03/08 03:53 PM
With all the plusses that come with more square footage, the smart buyer will look at the additional costs. Whether you are buying a home as an investment, or planning on living there a long time, there are many reasons some Buyers choose to buy "small" rather than buying "large" homes. Most Buyers who choose to buy small do so out of some necessity: The home is closer to work, their buying budget only gets them a small home, etc.
But some buyers who could buy big, still choose to buy small and their reasons are food for thought.
Some of … (3 comments)
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representation: Are Downpayment Assistance Programs Bad? - 10/03/08 02:49 PM
So were (are?) Downpayment Assistance Programs bad? I don't think DAPs are bad in and of themselves. But coupled with additional items from the lender's bags-of-tricks, they likely contributed to a number of defaulted mortgages, including some that will continue to default as adjustment dates and balloons come due.
(Click Here to read How a Downpayment Assistance Program Works)
Here's why: In many cases, those who got this "help" from down payment assistance programs, unfortunately also bought more home than they should have. They went for the big new home instead of the more traditional "starter" home.
In order to buy … (0 comments)
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Benjamin Clark - Exclusive BUYER'S AGENT - Certified Negotiation Expert - SLC, UT
Salt Lake City,
UT
More about me…
Homebuyer Representation, Inc.
Address: PO Box 701481, SLC, UT, 84170-1481
Office Phone: (801) 969-8989
Cell Phone: (801) 999-8889
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