What is an ABR?

Q. What is a Buyers Representative?

A. Buying a home is a big decision and a personal one. You need the right person to find a home that suites your needs. Purchasing real estate is a complex and major transaction with many details to be handled. Depending on the laws in your state and the business arrangement you have with a licensed real estate agent, that agent may actually be negotiating for the seller, not you the buyer. The best way to be certain that an agent is working in your best interests is by signing a buyer’s representation agreement with an agent. Florida law does not allow dual agency so this is an important fact to remember.

So why should you use an Accredited Buyer’s Representative (ABR)? These three letters after a Realtors name tell you that you will be working with buyer representative who is committed to your best interests. The ABR Designation is awarded by REBAC to those Realtors who have met the specific educational and experiential criteria needed to provide the highest level quality service required by the Real Estate Buyer’s Agent Council. A real estate buyer’s representative represents the buyer who is purchasing the property in a real estate transaction. Research by the National Association of Realtors has shown that when a buyer’s representative is used, the prospective buyer found a home one week faster and examined three more properties than consumers who did not use a buyer’s representative. A buyer’s agent will do the following: Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications. Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale. Assist in viewing properties—accompany the buyer on the showing, or preview the properties on behalf of the buyer to insure that the identified specifications are met. Research the selected properties to identify any problems or issues to help buyer make an informed decision prior to making an offer to purchase the property. Advise the buyer on structuring an appropriate offer to purchase the selected property. Present the offer to the seller’s agent and the seller on the buyer’s behalf. Negotiate on behalf of the buyer to help obtain the identified property, keeping the buyer’s best interests in mind. Assist in securing appropriate financing for the selected property. Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services are needed. Most importantly, fully-represent the buyer throughout the real estate transaction.

Posted by Donald Urschalitz P.A. at November 28, 2004 02:10 PM