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!
Santa Clara County:
Alviso, Castro Center, Cupertino, Holy City, Milpitas, Moffett Field, Moffett Field NAS, Monte Vista, Mount Hamilton, Mountain View, Onizuka AFB, Palo Alto, Permanente, Redwood Estates, Stanford, Sunnyvale
Fremont, Newark, Union City.
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Purchasing a Home? Some Things You Should NOT Do.
Don't make any major purchases such as a new car, expensive electronics or appliance, or anything else that you cannot pay cash for. The extra payments may prevent you from getting a loan.
Don't move money from one account or investment to another. One of the things a lender is concerned about is the source of funds for your down payment and closing costs. The lender will ask for statements for the last 3 months for all your bank and investment accounts and even your company 401K and retirement accounts.
Lenders like to see what is referred to as "seasoned money", that is, money that has been accumulating in an account over a period of months or years. If your bank account has a large deposit that was made less than 3 months ago they may think the money was a loan from a relative who is trying to help you qualify for a loan. Then you will have to prove where the funds came from which can be a time consuming process.
Please, leave your money where it is until you talk to a loan officer. And don't move a significant amount around without letting the lender know about it in advance.