Frequently Asked Questions About EBA's : (Exclusive Buyer's Agents):


What can an EBA do for me that a regular real estate agent could not do for me?
The duties of both the regular agent or sellers agent, and those of the Buyer's Agent are moderately comparable. Where the duties differ are to whom they are obligated to serve. With a client relationship under Buyer Agency, the Buyer's Agent is under a Fiduciary Duty to represent the Buyer's best interest. The buyer's agents goal is to find a home that fits your needs at the terms that are most favorable to you, the buyer. With a subagency relationship with the Seller's Agent, you would be a customer, and that agent's responsibility is to his client the seller, and representing the seller's best interest is that agents main goal.

As a Buyer you need proper representation. An EXCLUSIVE BUYER'S AGENT will exclusively represent your best interest, 100% of the time, not the sellers.

How does an EBA get paid?
Most of the time people buy a home listed by a traditional agent or broker. The listing agent has negotiated a fee or commission with the seller. The listing agent has agreed to offer his or her services in return for a fee. Traditionally, the listing agency offers to compensate a brokerage firm who,the selling office, successfully transacts the sale. We Generally accept what the listing agency has agreed to compensate the selling office, as per through the Multi Listing System.

If you work by commission, why would you try to negotiate a lower price?
If we were able to negotiate and save you $10,000 on the purchase of a home your consultant would earn approximately $150.00 less commission. Our best form of advertising is word of mouth. Pleasing you, the buyer, and saving you money is more than worth the difference of what we will get paid. Besides, it's our legal duty to represent our client's best interest.

I see properties on the internet, are you able to show every property available?
Most likely every property listed on the internet is part of a large co-operative called the Multi Listing Service, of which we are a part. The MLS system is a huge data bank of available and sold properties. Listing Agency members agree to pool or broker their listings into this MLS system. However, Buyer Agents are not limited to the MLS as the only source of available properties. Foreclosures and for sale by owners are also available to Buyer Agents. Also, Buyer Agents are not limited or confined to a small area, as are listing agents. The internet has broken all traditional means of locating properties with the advent of E-mail, Web pages, and other Internet related services. There are no barriers to property availability. However, now more than ever, buyer's need representation to help steer through all the embellishments and hype.

Isn't the agent who is showing me properties representing me?
In 1983, a Federal Trade Commission study reveled that over 72% of all home buyers nationwide mistakenly believed they were being represented by the agent who was showing them properties. As a result, most States have enacted legislation requiring agents to disclose who they represent. Starting November 25, 1999, the Pennsylvania law makers enacted a new law requiring all licensed real estate agents to advise consumers of the business relationships that a consumer may have with a licensee. (for more information on this new requirement, see (PA CONSUMER NOTICE) .

Can you represent me if I want to build a home?
Yes, in fact, building a new home can be a very stressful time. Representation is needed during this time more than ever. A Buyer's Agent will walk you through every step of the way including negotiating the quality of the materials and making periodic inspections as the home is being built.

Who really pays the commission at the settlement? A commission is paid when the property settles. No buyer, no settlement, no commission. The commission is paid from the buyer’s funds. It makes no difference if the monies are borrowed, it still comes from the buyer.

John S. Thomas Real Estate • 657 Swedesford Rd. • Malvern, PA 19355
phone 610-251-1680 • fax 610-251-1682 • e-mail: info@pabuyerbroker.com