According to the National Association of Realtors® publication 'Agency - Choices, Challenges, and Opportunities', Exclusive Buyer Agency is: "The practice of representing only buyers and never sellers in a transaction. The company never lists a seller's property and thus never has a seller as a client. Agents never accept subagency that is offered by a seller's agent" (pg. 25).
Recently, a lot of traditional Agents have started advertising that they will represent buyer's. While this is legal in most states even the National Association of Realtors® warns it's members: "Buyer agency is viable method of practicing real estate, but an agent should be cautious in her approach if she is not thoroughly knowledgeable about the entire process. Agents who are used to working with buyers as seller's subagents need to be aware of the new duties and potential liabilities of buyer's agents before changing the form of representation they offer." (pg. 18).
This publication goes on to say that Exclusive Buyer Agency "Promotes a more natural relationship for agents working with buyers" (pg. 26).
In talking about an agent who tries to offer both seller agency and buyer agency it states "The buyer and seller do not have the full range of representation" (pg. 27).
Any agent who lists properties for sale is used to representing sellers and has a legal commitment to protect the sellers interest. The agent must get the highest price possible for the property.
If the Agent, or his or her agency, lists homes for sale they cannot be an EXCLUSIVE Buyer's Agent!
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Why You Should Not Buy a Car
So, you got a raise or a "windfall" or a big tax return check.You may find yourself confronted by an the hazardous instinct of we all have that says, "Let's buy a new car".
A few months later your thoughts turn toward buying your own home. Or, if you already own a home you would like to move up to a larger home.
So, you contact a loan officer to get qualified for a mortgage loan. You give the lender the information about your income, how much you have for a down payment, and so forth.
Then you hear some dreaded words: "I wish I could help you, but you have this car payment......."