These are brief answers to the most frequently asked questions in detail about Exclusive Buyers Agents.
1) What is an exclusive buyers agent?
An exclusive buyer’s agent is a professional who is solely dedicated to home buyers. They do not take home listings. They also work to buy homes and protect buyers, not sell homes, and protect sellers.
2) Who pays the buyers agent?
EBAs are generally paid a commission or flat percentage of the home sale price by the home seller.
3) Will I save money by working without a buyer agent?
No. The commission structure is defined by the contract between the home seller and the listing agent. In addition, if the buyer chooses not to work with their own buyer’s agent, the seller’s agent will receive both commissions.
4) What specifically will the EBA help me with?
An exclusive buyer’s agent will definitely guide you from the home search through the closing. Buyer agent responsibilities include, but are not limited to:
- Defining budget including home specifications
- Creating a custom MLS search
- Contacting Listing Agents to coordinate home viewings
- Viewing homes with you
- Informing you about any issues with the home
- Negotiating offers
- Writing contracts
- Referral to home inspectors, loan officers, etc.
- Attending the closing meeting
4) What is the difference between an EBA and a regular agent?
An EBA does not work with home sellers. A regular or traditional real estate agent works to protect home sellers, and can also represent the home buyer. This also creates a conflict of interest. The buyer agency will provide better protection and representation for homebuyers in detail.
5) Do I sign a contract with the EBA?
Yes. In Colorado, the buyer agency agreement is called the Exclusive Right-to-Buy Contract and was also approved by the Colorado Real Estate Commission.
6) How can I find an EBA?
In conclusion, the Colorado Exclusive Buyer’s Agent Association is a nonprofit association of EBA’s in Colorado. All members work exclusively with buyers, but not sellers. To find an EBA in your area, call 303-679-1621 or fill in the Find and Agent Form and our staff will surely provide you with members in good standing.