What is an ABR®?
When I became a Realtor® I began to see all sorts of letters behind other Realtor's® names. ABR®, ABRM®, SFR®,GRI®,CDPE, RESS, AHWD, e-PRO, GREEN, CFS, TRC, and they go on. Today let's focus on the ABR®
ABR® stands for Accredited Buyer Representative. The ABR® has been through additional education to receive this accreditation. They have studied and worked on ways to increase the representation of buyers in Real Estate transactions.
Sellers and Buyers alike have the right to representation on a Real Estate transactions. This includes new construction, lot sales, condominiums, townhomes, Commercial, short sales, foreclosures, and most every type of transaction involving Real Estate. When you are looking for a new home it is best to align yourself with a Realtor® that is an ABR®. The ABR® will represent you throughout the transaction, including, locating, writing offers, negotiating, counter offers, helping you find mortgage lenders, inspectors, and will work with Title companies, appraisers to help make your transaction as smooth as possible.
Seller's agents represent the sellers and the seller's best interest. They can work in a limited agency situation and represent both sides. Both buyer and seller must sign a limited agency agreement in order to work in this type of situation. The agent in this situation can't disclose fully the buyers situation to the sellers not can he disclose the sellers information to the buyers. For example: The sellers tell their agent they could go as low as $200K on the sale of their home but list the home at $230k, the buyers tell the same agent they would pay up to $220k for the home but they want to offer $195k as an opening offer. The agent can't disclose the buyers willingness to pay up to $220k to the sellers nor can he/she suggest to the buyers they can get the house for $200k.
Buyers agents will work for the buyers best interests. They negotiate for you. They work for you but generally are paid by the seller. Buyers reps will generally negotiate with you a fair commission and if the sellers are not offering that commission the buyer will need to pay the difference. In most cases the commissions are settled at closing. Before you go out looking for a home find a Realtor® that will represent your best interests, then when you see a house that you are interested in call your agent to find out the details or if they have a website or a mobile application like this one on your mobile phone browser type: www.RGuy4UtahRealEstate.com look it up there and if you want to see the home indicate it on the application and your buyers rep will make the arrangements to see it. As for all of the other designations well, that is another post.
Happy House Hunting!