What Is A Buyer's Broker?
A Buyer's Broker is a Specialist in the field of real estate. A Buyer's Broker has the "ABR" designation after their name which stands for "Accredited Buyer Representative". A Buyer hires a Buyer's Broker on an exclusive basis, to help them locate and negotiate the purchase of property.
A Buyer’s Broker pre-qualifies a Buyer for the exact price range and establishes a Buyer’s purchasing power with a Lender.
A Buyer’s Broker may act as the Buyer’s Mortgage Broker/Loan Officer to negotiate a loan and procure financing with a Lender in order to finance the Buyer’s selected property.
A Buyer’s Broker consults with a Buyer to determine their needs and wants, including the location(s), floorplan(s), amenities and specific characteristics of the property the Buyer wants to buy.
These items are written down in a legal Buyer-Broker Agreement which covers a specific period of time. At The Realty Group, we use the standard California Association of REALTORS® Buyer Broker Agreement for up to a nine (9) months hiring term.
A Buyer’s Broker works diligently to help the Buyer and is the Buyer’s legal representative.
The Buyer and the Buyer’s Broker both make a commitment to work cooperatively together to achieve the goals of the agreement during its term. A Buyer’s Broker is normally compensated at the close of escrow if and when the Buyer owns the property purchased.
And even though a Buyer’s Broker represents the Buyer exclusively, the Seller may, and does, pay the Buyer’s Broker fees on all listed property!