The majority of buyers and sellers in our area are not familiar with the term "Buyer Broker". In most parts of the country, including most of New York State, Buyer Broker contracts are the norm.
Our region is catching up - Many Certified Buyer Brokers are being trained every month!
A buyer's agent is engaged by a buyer to represent the buyer's interest. The buyer's agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer's agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. Wouldn't you want a buyer's agent to represent you?!
Buyer's Agents have the ability to show you more than a conventional agent (sellers Agent) by showing other companies office exclusives, expired listings, unrepresented sellers (For Sale By Owner) new construction and withdrawn listings. It is unlawful for a real estate company or a seller to deny a Buyer Broker access to any property.
Payment is usually taken from the proceeds of the sale - remember it is you, the buyer, who brings the money to the table, so why not be represented.
There are two national certifications recognized by the National Association of Realtors for Buyer Brokers: CBR (Certified Buyer Representative) and ABR (Accredited Buyer Representative). Do your research - if you are planning to buy a house, find a Certified Buyer Broker for a consultation and hire one to represent you!!
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