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Ummel Case - National Association of Exclusive Buyer Agents Statement

Being an Exclusive Buyer's Agent and a member of the National Association of Exclusive Buyer Agents (Disclosure: I'm also on the Board of Directors), I was excited to see the following article on FoxBusiness.com:

Buyer Agent Organization Comments on Ummel Home Buying Case

The Association's position is simply that part of a Buyer's Agent's due diligence is to prepare comparative market analyses on properties being considered for purchase. (Certainly before submitting an offer on a property.)

As stated, all the details of the case are not readily available, but when a consumer hires a Buyer's Agent to help them with their home purchase, they believe (and should receive) advice and counseling regarding price. Does that mean that the Agent or Broker should be held responsible (and liable) if prices decline after a purchase? Of course not. Perhaps the agent had valid comparables or justification for the price offered and accepted. An analysis of recent sales that justified the offer price would have protected the agent in this event, and may have changed the Buyer's mind as to whether or not they wanted to complete the sale or not. (Or, they may have chosen to move forward anyway... certainly that is a Buyer's choice!)

At Homebuyer Representation WE WORK FOR YOU on YOUR side! We evaluate homes, loans, & prices, and we counsel & negotiate FOR BUYERS ONLY!

Homebuyer Representation, Inc. is the only Real Estate Brokerage representing Buyers ONLY in Salt Lake City and the Surrounding Areas. We do not list any homes. We never represent Sellers. We work for BUYERS ONLY on the Buyer's side of the transaction.

We work to get BUYERS the Best Price and Terms when they Buy...

We're "Real Estate Agents who Represent the Home Buyer" TM

If you have good to excellent credit and are thinking about buying a $250,000-$500,000 home in the Salt Lake area in the next 30-60 days, call us at (801) 969-8989 or contact us via the link on this page.

Posted by Benjamin Clark - Exclusive BUYER'S AGENT - Certified Negotiation Expert - SLC, UT on 02/10/2008 12:46 AM

Comments (6)

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Originally posted at: Buying a Home in Salt Lake City, UT: Ummel Case - National Association of Exclusive Buyer Agents Statement

This post has been included in Utah Information

6 Comments on Ummel Case - National Association of Exclusive Buyer Agents Statement

FEB

2008

Ben: Thanks for the great insight on the Ummel case. If I understand you correctly, you work for buyers only. I'll bet you do a great job. If I have any buyers in the Greater Salt Lake area, I'll send them your way!

I do work for Buyer's Only! Glad to help anyone's referrals. Just make sure they understand how I am different. I love working with clients that understand what I do for them!

FEB

2008

I will keep your name on my list for referrals in your area.

Thanks Gita, I'll go visit your blog and put you over 100,000 points!!!

Benjamin-Good thought provoking post as usual. I just went to my continuing education class on agency and dual agency was discussed. In Illinois, you are the agent of the person with whom you are working. Dual agency is allowed, only with informed written consent. Even in that case, the buyers agent must present a comparative market analysis. I work alone, but I wonder about people who have teams with buyers agents. The agent who is the main person on the team gets the credit for all sales. That really is dual agency. I wonder if that is always disclosed to the buyer.

FEB

2008

I am a Buyer's Agent on a Team and I do get credit for my sales. I love being a Buyer's Agent. Do a GREAT job at it! It's the side of this business that I love. I provide excellent customer service and guidance. The Listing Agent on the Team uses me as a resource for keeping up to-date on market sales as the statistics provided by MLS is usually 90 days old by the time it reaches TT. Therefore you is current on Market trends.

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