Frequently Asked Questions

FAQS About Buying a Home

How should we start out to buy a home?

Experts often agree on the first three steps to take:

1. Choose an Exclusive Buyer Agent (EBA) to represent you throughout the process.
2. Get pre-approved (not just pre-qualified) for financing before shopping.
3. Have your EBA – a representative working for you, not the sellers – show you houses.

Why not have sellers’ reps whose signs are in the yards show us houses?

In most cases: "Home Buyers may not realize that the friendly real estate agent who has shown them through dozens of homes and shared their secrets is legally obligated to use that information to help get the best possible price and terms for the seller." Consumer Reports, July, 1997

Aren’t real estate people supposed to represent us as buyers?

"You don’t truly have an advocate in your corner unless you both sign a contract saying so." Kiplinger’s Personal Finance (Beware of "transition" clauses used by non-exclusive buyer agents).

What is an Exclusive Buyer Agent (EBA)?

"An EBA never accepts listings, never represents sellers and is not affiliated with any office or franchise which has listings or represents sellers". "EBA’s have a legal and ethical obligation to put your interests first!"

Who pays for EBA Services?

"The Seller most often includes Agent compensation in the purchase price."

Can an Exclusive Buyer Agent save us money?

"If you have ever doubted the value of real estate agents who work solely for home buyers (as opposed to traditional agents who report to sellers), consider this: a recent study by U.S. Sprint found that 233 relocating Sprint employees who hired buyer brokers paid on average of 91% of a home’s list price. People who use traditional agents typically pay about 96%. On a house priced at $150,000, that’s a difference of $7,500." Money Magazine

Should we be pre-approved for financing before looking inside homes?

Yes. That’s the best way to avoid what otherwise might be a major disappointment. More important, your EBA will then be able to negotiate the best price and terms as though you were "cash" buyers.