Full Disclosure
Most of the real estate agents in Florida work as “transaction brokers”. This allows them to work for the seller and the buyer at the same time. For a buyer that could be costly since a transaction broker is only required to
“disclose all known facts that materially affect the value of residential real property and that are not readily observable to the buyer” . If the buyer is not aware that their agent does not have to provide full disclosure regarding the property, something that is “not readily observable to the buyer” may end up costing the buyer money after the property closes. Exclusive Buyer Agents are required by their contract to provide full disclosure. An EBA must report any fact, report or rumor concerning the transaction that might reasonably influence their client’s decision. Anything the EBA discovers about the property or the seller must be disclosed to their client
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Research
There is a lot more to buying a home than the final purchase price. A buyer will be investing a large amount of money when they buy a home, so it only makes sense to invest the same amount of time and research before signing on the dotted line. If a buyer wants to be sure that the all the important research gets done; the market analysis, past sales histories, mortgage liens, utility issues, survey issues, etc., etc. then they need to have an agent working FOR them.
An Exclusive Buyer Agent works for their client, not for the seller. There is no potential for conflict of interest since the EBA’s only job is to get the best deal for the buyer. They owe their client full disclosure and diligence from start to finish.
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