eba: Who does the Appraisal Really PROTECT? - 08/16/19 03:37 PM
Most Utah Homebuyers believe that the appraisal is being done to protect the Buyer. Although it may ultimately do so, the appraisal is really done in order to protect the lender. Appraisers are hired to protect the Buyer's lender(s). The main part of the appraiser's job is to determine if there is enough collateral value in the property to protect the lender's lien-holder position (risk).
In some markets, appraisals may be routinely performed before presenting offers. However in Utah, the appraisal is typically ordered after a contract price has already been agreed to. In this case, most Buyers will (should) include an … (0 comments)

eba: How to Determine How Much Earnest Money to Put Down - 08/16/19 03:28 PM
Determining how MUCH Earnest Money to put down when making an initial offer is VERY IMPORTANT!
The amount of Earnest Money you include with your offer is highly important. It sets the stage for negotiations and the strength of your offer. The amount you choose to put up as Earnest Money has both advantages and disadvantages, protections and exposure.
If you were working with the Seller's Agent (the agent who listed the home that you are offering to buy), they would likely try to get you to put down a very large sum of money. This might be because if you were to … (0 comments)

eba: The Appraisal Contingency in Utah May Protect the Buyer - 08/12/19 02:34 PM
In Utah, THE APPRAISAL CONTINGENCY allows a Buyer to cancel the contract and have their Earnest Money returned, if the property under contract appraises for less than the contractually agreed price. This contingency has deadlines by which the appraisal and cancellation need to be made.
Almost ALL Buyers should include an appraisal contingency in their offers. Some cash buyers who plan to live in the home a long time, some investors, and some other buyers may decide to forego an appraisal contingency. Usually even these buyers will only do so if they are extremely confident in their valuation and if after … (0 comments)

eba: Earnest Money Protects BOTH Buyers and Sellers - 08/12/19 02:30 PM
Most people think of Earnest Money only as a protection for the Seller.
Maybe a Buyer gets cold feet. Or perhaps, a Buyer ties up the property, but is ultimately unable to perform after all contingencies have passed. In these cases, the Earnest Money is widely considered to be a fair amount to pay the Seller back for the lost time on the market or other expenses and inconveniences.
However, in Utah, the Earnest Money Deposit is protection to the Buyer as well!
In Utah, Section 16 of the standard Real Estate Purchase Contract states that if the Seller defaults, in addition to return … (0 comments)

eba: Latest Utah Housing Statistics - 08/12/19 02:03 PM
The latest statistics from the local MLS are in and take a look at those numbers! The greatest thing to note for Salt Lake County homebuyers is that, compared to last year at this time, there is more housing inventory for buyers to choose from this year. Salt Lake has been in a seller's market for the past few years. This means that there have been fewer available homes at any given time, multiple offers and bidding wars were the norm, and the median sold price was on the rise. With more homes on the market and homes taking a bit … (0 comments)

eba: Financing Contingency - A Must Have to Protect Buyers - 08/06/19 05:51 PM
The FINANCING CONTINGENCY in an offer is a protection to the Buyer if their financing happens to fall through.
A Financing Contingency allows Buyers to cancel the contract without forfeiting their Earnest Money. If one is not included in the offer, and the Buyer's financing falls through, the Seller can either cancel the contract and retain the Earnest Money deposit as liquidated damages, or return the Earnest Money and sue the Buyer for not performing their duties of the contract. Sellers can also pursue other legal remedies, if they have chosen not to accept the Earnest Money as liquidated damages.
Having a financing contingency included in your offer, … (0 comments)

eba: What You Need to Know About Earnest Money - 08/06/19 12:39 PM
Once Homebuyer Representation has shown you all the available homes on the market that fit your budget and match your criteria and you have decided on the one you want to make an offer on, it's time to get serious!
In Utah, in order for your offer to be valid it is required to be backed by what is termed "good and valuable consideration."
In most cases, this means that your offer must be backed by a monetary deposit, called Earnest Money. The larger your earnest money, the stronger your offer. When the transaction comes to a successful close, your earnest money deposit is … (0 comments)

eba: Finding the Newest Homes on the Market Each Day - 08/06/19 12:34 PM
Get Technology to Work For You
At Homebuyer Representation, we program our database to search the entire inventory of listed homes for sale in the Salt Lake Area. Our computers instantly find homes that match what you are looking for.
We set you up with access directly to the Wasatch Front Regional Multiple Listing Service's mainframe database (The MLS). You can know about new listings the day they are entered into the MLS. We program the database to flag new listings, reduced price listings and changed listings that match your criteria and notify you so you can always be aware of new homes … (0 comments)

eba: 5 Different Types of Real Estate Agents in Utah - 07/30/19 04:05 PM
In Utah, we have several different types of Real Estate Agents, all offering their own level of professional services and representation. Here is a Brief Overview of 5 Different Types of Agents in Utah: 
Listing Agent also known as Seller's Agent: these agents are sometimes referred to as a "traditional agent." They are the most common real estate agent in Utah. They work on behalf of the seller and represent the seller's interests during a sale. They treat buyers as "customers" of the seller and the listing brokerage and not as clients. Discount Brokerage: agents who work for a discount brokerage are required to … (0 comments)

eba: How to Know Which Loan is BEST for You - 07/30/19 03:07 PM
There are so many lenders, loan types and loan programs, so how can you REALLY know which loan is best for you?
At Homebuyer Representation, our Exclusive Buyers Agents will assist you by looking at your financing options and possible sources of financing. We are not lenders, but because we have helped hundreds of clients buy homes over the years, we are very familiar with many lenders, and most loan types and loan programs. Our only goal is that you, as a homebuyer, understand the total cost of each loan, loan type, or loan product or configuration which you are considering so … (0 comments)

eba: 3 Reasons to Use an Exclusive Buyers Agent (EBA) when Buying a Home - 07/26/19 01:01 PM
Here are 3 reasons you should hire an Exclusive Buyer's Agent when you buy a home:
1. You Become A Client, Not A Customer
If you buy a home without hiring an Exclusive Buyers Agent to represent your best interests, you will either become a customer of the Seller and their agent, or, in some states you could end up working with a dual agent. According to NAR (the National Association of Realtors), "As a customer, a buyer is not represented by an agent... the agent cannot negotiate on the buyer's behalf nor reveal to the buyer any confidences of the client, the … (0 comments)

eba: 5 Reasons to use an Exclusive Buyer's Agent (EBA) when Buying a Home - 11/13/14 07:29 AM
1. You Become A Client (Not A Customer)
According to the National Association of Realtors, If you work with the seller's agent, you are not a client, you are a customer. "As a customer, a buyer is not represented by [the] agent... the agent cannot negotiate on the buyer's behalf nor reveal to the buyer any confidences of the client, the client is the seller."
If instead, you hire an agent to represent you and your interests, your agent CAN negotiate on your behalf and CAN reveal to you anything they learn about the seller or the home that could benefit you in negotiations, or which … (0 comments)

eba: Common Myths and Misunderstandings about Shopping for Homes - 08/19/14 06:27 AM
The following is a reprinted article from Today's Buyer's Rep Magazine, A publication of the Real Estate Buyer's Agent Council, Inc.
You’ve been searching for homes online, driving by interesting properties in your car, and found one that looks perfect. What do you do next? Contact the agent featured on the yard sign and the online listing? While that may sound like the most logical step, it’s a common home buying mistake based on several myths and misunderstandings:
Assumption: It’s best to contact the listing agent because they’re already familiar with the property.
Sure, the agent on the yard sign knows the … (1 comments)

eba: Zillow picks Salt Lake City as #1 Hottest Housing Market of 2014 - 12/06/13 02:18 AM
Zillow knows a thing or two about real estate and housing markets. Their Chief Economist and their Director of Mortgages predict that Housing prices will be up 3% nationwide in 2014, with Salt Lake City, Utah as the #1 Hottest Housing Market. Factors in making this prediction included the unemployment rate, population growth and Zillow's home value index.
Other predictions are that home loans will be easier to get as interest rates rise, drying up refinance business and forcing lenders to be more competitive on purchase transactions. 
In any market it is important to make sure the professional you are working … (0 comments)

eba: 3 Reasons You Should Hire an Agent when Buying a Home - 09/13/13 09:24 AM
Here are a few good reasons for getting your OWN agent when buying a home:
1. You become a client, not a customer
Without an agent on your side you are just a customer to the seller and their agent. According to the National Association of Realtors, "As a customer, a buyer is not represented by an agent... the agent cannot negotiate on the buyer's behalf nor reveal to the buyer any confidences of the client, the client is the seller." Want someone looking out for you? Don't use the seller's agent! Become a CLIENT of an agent who will represent … (0 comments)

eba: Why I Represent Buyers ONLY - 09/10/13 05:15 AM
Most real estate agents represent sellers. Everybody knows that. Right?
As an industry insider I'll tell you why: Most training, seminars, classes and continuing education are geared toward getting more listings, i.e. representing sellers. Buyers? They are "customers" who come to buy the houses being sold. Even agents who like to work with buyers are trained to "get" them through listings.
Open houses for listings is a way to find unrepresented buyers. Toll-Free numbers on signs "capture" buyer's phone numbers. Flyers and ads with critical information missing are geared toward getting buyers to call the agent for the information which has … (6 comments)

eba: Two Buyers, One House... One Agent? - 10/09/12 10:15 AM
Let's talk about agency, representation, and conflicts of interest.
We received a call today from a gentleman who had just fired an agent he had been working with for a few months. We'll call him Bob.
Bob and his agent were out together looking at a HUD home when a man "off the street" came to the door and asked to see the home. Bob's agent let the prospect in to tour the home and spent time with the man, giving him her card as he left. Later, when Bob expressed a desire to write an offer on the home, his agent informed him … (5 comments)

eba: Agency Disclosure - The Fleecing of Real Estate Consumers Continues - 03/15/12 07:33 AM
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)

eba: My Commitment to Buyer-Clients Purchasing in the Salt Lake City, Utah Area - 01/16/12 01:31 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)

eba: Salt Lake City Utah - Earthquake Country - 01/10/12 05:20 PM
I'm not trying to scare anybody off, Utah is a great place to live. But you may as well know before you move here that Utah is earthquake country.
I was talking to a potential new client today who is relocating here from the east coast. In conversation I brought up earthquake insurance and the prospect asked: You have earthquakes there?
Well, we don't have too many, but we are one of the 5 Most Dangerous U.S. Earthquake Hot Spots Beyond California. (Wired Magazine)

Image: US Geological Survey
If you want to research the topic, here is a link to … (3 comments)

Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) Rainmaker large

Benjamin Clark

Buyer's Agent - Certified Negotiation Expert

Salt Lake City, UT

More about me…

Homebuyer Representation, Inc.

Address: PO Box 701481, SLC, UT, 84170-1481

Office: (801) 969-8989

Mobile: (801) 999-8889

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