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US Department of Housing and Urban
Development Releases
Latest Version of Shopping for your Home
Loan
HUD Booklet advises buyers to search for an
agent who will represent their interests in
real estate transaction
AVONDALE, AZ January
01, 2010 –
In its first revision in over 10 years, the
US Department of Housing and Urban
Development (HUD) advises home buyers that
it is their
responsibility to search for a real estate
agent that will represent their interests.
In
Shopping for Your Home Loan - HUD's
Settlement Cost Booklet,
HUD states: "If you want someone to
represent only your interests, consider
hiring an ‘exclusive buyer’s agent,’ who
will be working for you."
The National
Association of Exclusive Buyers Agents (NAEBA)
views this as an important element of the
new era of home buying.
"We
are
pleased to see that the wisdom of having
someone in your corner and on your side is
being conveyed to Buyers by HUD. Because
most real estate agents represent Sellers,
HUD emphasizes, and the National Association
of Exclusive Buyers Agents stresses, that it
is a Buyer's responsibility to find an agent
who will represent their best interests in
their real estate transaction." said
Benjamin Clark, 2010 President of NAEBA.
Exclusive Buyer Agents (EBA) represent
buyers and their interests in real estate
transactions. They not only work to get the
best price and terms for their buyer
clients, they also serve as diligent
home buying guides, consultants, and often
coaches to ensure that clients achieve their
desired outcomes in an efficient way. They
offer full buyer representation without the
potential for the conflicts of interest that
occur when the company representing the
buyer also represents the seller. The
concept of a buyer’s agent arose in the
mid-1990s as real estate buyers sought to
have agents that would represent only their
interests and level a playing field that
previously favored sellers.
Working
with an EBA offers more than a dedicated
representative. Data validates that buyers
actually get better results. An EBA promises
to work toward a better price and terms
for buyers. A study conducted by Chandler &
Chandler confirms that property purchased
through an alliance with an EBA shows a 67%
greater appreciation in value. Additionally,
a survey conducted by the
National Association of Exclusive Buyers
Agents (NAEBA) found that among survey
respondents, there were only 15 foreclosures
out of 1,849 closings. That represents a
foreclosure rate of just 0.8%, compared to
the nationwide rate of 1.84% in 2008.
NAEBA views HUD's advice to consider an
exclusive buyer agent as very timely given
current market conditions. Clark agrees, “We
are encouraged by an increased
movement among consumers to seek out
Exclusive Buyer Agents. Working on behalf of
buyers is extremely
rewarding.
Consumers who hire an Exclusive Buyer Agent
find that
the whole process is more enjoyable because
of the incredible trust between the buyer
and their agent that doesn't always exist in
the traditional buyer/agent relationship.”
About NAEBA
The National Association of Exclusive Buyer
Agents (NAEBA) is an organization of real
estate professionals who have dedicated
their business lives to representing only
buyers of real estate. To avoid conflicts,
NAEBA members do not list homes for sale and
never represent sellers. This restriction to
one side of the real estate transaction
ensures that the interest of home buyers is
protected in every step of the real estate
transaction, from house-hunting and
negotiation, to inspection, financing and
closing.
NAEBA is pioneering a nationwide effort to
give today’s home-buying consumers the level
of service they deserve and are increasingly
demanding. NAEBA members firmly believe that
home buyers have the same full and equal
representation rights as sellers in any real
estate transaction. NAEBA
has been in existence since 1995.
Please contact us now
so that we can personally discuss
how we can assist in your Dominican Republic
real estate purchase. |
