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Buyer Representation - Accredited Buyer Representative (ABR)
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What is a Real Estate Buyer's Agent?
A real estate buyer's agent represents the consumer who is purchasing the property in the real estate transaction. This agent owes full fiduciary responsibilities, duties and loyalty to the real estate buyer. The buyer's agent works for the buyer client and has the clients best interests in mind through out the entire real estate transaction process.
The Benefits of Buyer Representation
Using a Buyers Representative offers the consumer many benefits.
- Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
- Assist the buyer in determining the amount that they can afford (pre-qualify) and show properties in that price range and locale the consumer has determined.
- Assist in viewing properties and either accompany the client on the showings or preview the properties on behalf of the client to insure that the identified specifications are met.
- Research the selected properties to identify any problems or issues to help the consumer in making an informed decision prior to making an appropriate offer on the property.
- Advise the client on structuring an appropriate offer to purchase the selected property.
- Present the offer to the sellers agent and seller on the clients behalf.
- Negotiate on behalf of the buyer client to help obtain the identified property. Keep in mind that the buyer agent will be doing so with their clients best interests in mind.
- Review and explain all legal documents to their buyer client.
- Recommendations and assistance in securing appropriate financing for the selected property.
- Provide a list of potential qualified vendors e.g. movers, attorneys, carpenters if these services are needed by the consumer.
Most importantly, the buyer would know that they are fully represented throughout the real estate transaction. After all, in most cases the seller is!
What is ABR®?
The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYERS AGENT Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS® who met the specified educational and practical experience criteria. The criteria are:
- Completed the comprehensive two-day REBAC course in buyer representation
- Successfully passed a written examination
- Demonstrated a practical experience of having completed five closed real estate transactions in the field of buyer representation.
- Received recommendations from two of the real estate practitioners buyer clients.
- Be a member in good standing with the NATIONAL ASSOCIATION OF REALTORS®
- Less than 1% of all Agents across the country have this ABR® status.
Look for those real estate agents that proudly display the ABR® designation and know that they are professionals in the field of buyer representation.
Who pays the Buyers Agent?
In most cases the Buyers Agent is compensated by sharing the commission that the seller has already agreed to pay their agent. The buyer can receive representation at no additional cost to themselves. Even in the case of NEW HOMES, make no mistake about it, the Sales Representatives in the Model Homes are highly trained representatives for the BUILDER, and are there to sell you their homes. Just as you can't go into a Chevy dealer and buy a Ford, these Representatives won't represent you. BUT, you can work with these Representatives and still have someone on your side! A Buyers Agent can look out for your best interests, show you the entire market, and still be paid from funds the builders have already set aside to market their homes.
Why should I use an ABR® to help me Buy a Home?
An ACCREDITED BUYER REPRESENTATIVE will:
- Respond honestly and accurately to all questions.
- Search all available properties - listed, for sale by owner,foreclosures,and new construction - for homes appropriate to the buyer's needs and wants.
- Show suitable homes, specifying strengths and weaknesses.
- Provide guidance on best property values.
- Advise on local requirements for professional property inspection and warranties.
- Provide information for any services requested
- Arrange for property inspection.
- Confirm that needed corrections or repairs to the property have been completed.
- Research and analyze comparative financial data on neighboring properties.
- Offer broker opinions on value of properties under consideration.
- Analyze mortgage loan terms from multiple lenders and advise on the most favorable.
- Consult on appropriate offers to purchase.
- Submit offers promptly.
- Consult on counteroffers.
- Assist in choosing the closing authority.
- Review HUD-1 settlement statement for accuracy.
- Retain strict confidentiality in every aspect of the transaction.
- I Represent You! |
 What's all the buzz about having the best representation? 
Buying or selling a home can be overwhelming! It's typically one of the biggest decisions we make in our lives. And one that shouldn't be taken for granted.
If you're selling a home, it's imperative that you have your own representation. Surveys show that 91% of all real estate sales are done through a licensed real estate professional. And, most home Buyers use a real estate agent to represent them. If you, as the Seller, have no agency relationship, you have no representation on your behalf. It can be a huge risk to attempt to sell on your own. A licensed real estate professional knows all of the legal documentation required, will be there for all showings and inspections, will handle all phone calls, work with the title agency, has been trained in negotiating skills and works solely on the behalf of the entity they represent. In this case, the Seller. This gives you peace of mind. Another way to think of it, if you were sick, would you call a doctor? If you were in need of legal assistance, would you call an attorney? If you wanted investment advice, would you call a stockbroker or CPA? It’s likely that you’d call a licensed professional in each of these important areas. Why would you do anything different when it comes to one of your most important assets – your home? Selling your home on your own can be a daunting task. Whether you decide to hire me or another real estate agent, protect yourself from the beginning by hiring your own licensed real estate consultant to represent the entire transaction on your behalf.
Conversely, if you're looking to buy a home, you should always have representation on your behalf. This doesn't mean letting the agent that's selling a home assist you either. Their duties remain soley with the Seller. In the majority of situations, your representation is paid by the Seller! Why would you not hire your own agent? Someone that can assist you in negotiations, understanding all legal documentation, assisting you with securing financing and working in your best interests. This is especially critical if you're relocating to a new and unfamiliar area. As a third generation Tampa native, I've seen a lot of change and can provide great assistance with ensuring you move to the neighborhood that best suits your needs. |
Buyer Tips & Reports
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Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value.
In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step , to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving.
Please contact me if you have any questions about buying a home in Tampa or elsewhere in Florida. |
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