Larry Barasch, ABR,CRS,GRI
Office: (631) 274-1955
Cell: (516) 449-2222



"Honesty and Integrity"
Licensed Broker Associate


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NY Star Program-School Tax Relief

ABR - Accredited Buyer Representative


CRS - Certified Residential Specialist


CBR® - Certified Buyer Representative


Equal Housing Opportunity


GRI - Graduate, REALTOR® Institute


MLS membership


Yahoo® Real Estate Classifieds

 


 

The Accredited Buyer Representative (ABRŪ) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYERS AGENT Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORSŪ who met the specified educational and practical experience criteria.

The criteria are:

  • Completed the comprehensive two-day REBAC course in buyer representation
  • Successfully passed a written examination
  • Demonstrated a practical experience of having completed five closed real estate transactions in the field of buyer representation.
  • Received recommendations from two of the real estate practitioners buyer clients.
  • Be a member in good standing with the NATIONAL ASSOCIATION OF REALTORSŪ


Look for those real estate agents that proudly display the ABRŪ designation and know that they are professionals in the field of buyer representation.

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Accredited Buyers Representative (ABR)
What this means to you as a buyer:

* Undivided Loyalty
When you are working with an accredited buyer's representative (agent), you can expect undivided loyalty from your agent. ABRs are obligated to place your interest before those of other parties - including the agent's own interest.


* Confidentiality
You can expect confidentiality. Your buyer's agent is prohibited from communicating personal information acquired while under your employment. However, all material facts and defects of the property are NOT confidential.


* Accountability
Your buyer's agent is required to promptly to you, the principal, all money and property received and or paid out with regard to the sale of a property. This duty also requires the agent to safeguard money or property held on your behalf.


* Full Disclosure
Your buyer's agent is required to disclose affirmatively all information concerning the transaction (and property), that might affect the decisions you, the principal, makes, and is required to inform you what the agent knows.


* Reasonable Care and Diligence
Your buyer's representative is required to use reasonable care and diligence to protect you, the principal, from unforeseeable risks of harm, recommending that you, the principal, obtain expert advice or assistance when your needs are outside the scope of the agent's expertise.

Your buyer's agent is required to act, follow, and abide with all lawful instructions on your behalf, but NOT make decisions for you, the principal.

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"It all begins with trust."

There is an exciting new concept making headlines in the real estate industry today. It is called Buyer Agency and a real estate agent who represents buyers exclusively is known as a Buyer's Broker. I am just such an agent.

Heretofore, the seller was the only person represented in a transaction, often by as many as two agents and two different companies. Very seldom was the buyer represented, unless it was through an attorney. Now it is possible for both parties to be represented in the transaction through the use of a Buyer's Broker.

It works very similar to the seller's listing contract with a broker. The difference is that the buyer, who chooses to be represented by a broker in the transaction, enters into a formal agreement with the broker to locate and negotiate the purchase of a property. Compensation can be structured in several different ways, but typically, the Buyer's broker receives compensation out of the seller's funds at closing.

It's important that you choose an experienced agent who is there for you. Your agent should be actively finding you potential homes, keeping you informed of the entire Process, negotiating furiously on your behalf, and answering all of your questions with competence and speed. A Buyer Brokers 'Fiduciary Duties' to their clients are as follows:

' Obedience (Lawful)
' Loyalty (Undivided)
' Full Disclosure
' Confidentiality
' Accountability
' Reasonable Skill & Care

In addition, he or she is also focused on getting you the best possible price.

Also, when you work with a Buyer's Broker, you will see more properties. Not only are they plugged into their Multiple Listing Service, but they are actively finding homes that are listed as FSBO, or homes that sellers are thinking about listing. You will always get first choice of new listings.

With A Buyer Broker, YOU are Represented! Your Agent's Experience, Knowledge, and Reputation represents strength and leverage on your behalf.

So If you are contemplating the purchase of real estate in the future, I welcome the opportunity to explain the benefits of Buyer's Agency to you in greater detail. Do not hesitate to pick up the phone and call, it could mean the difference of thousands of dollars



 

 

There is NO substitute for experience!


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