An EBA is an Exclusive Buyer's Agent. This is an agent that works in a firm that never represents sellers.
This eliminates the unavoidable conflict of interest within a real estate firm, which is inherent to dual agency or designated agency.
Conflict of interest does not benefit a home buyer. Regardless of how dual agency is presented, it is impossible to serve both sides well in a transaction, because strategic guidance and negotiation require that the client's confidentiality be fully respected. EBAs therefore do all that is possible to serve the clients best interests. The entire firm is working on the side of the buyer.
Relinquishing the listing side of the commission is not something most Realtors are willing to do, but it is the best way to protect the client.
"EBA" is starting to be used by agents from listing firms who work with buyers. These buyer agents are not properly called EBAs, because their firms take listings, and therefore a conflict of interest within the firm can exist. Conflicted representation can be costly to the buyer in lost opportunity and negotiation advantage.
Working with and EBA means knowing for sure that your agent (and the entire firm they work for) represents you.
The agent you choose has a major role in determining what opportunity you enjoy, and what home you ultimately live in. Their commitment to do the right thing for you, there willingness to put your interests before their own, is all important. You won't know everything they do or fail to do in a transaction. You ability to trust them is crucial.
Our advice:
Before you choose an agent, look at the level of commitment they have made to protecting your interests. Judge them by these criteria before any other.
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For a definition of EBA compiled Ray Wilson in his very useful
guide to home buyers entitled "Bought not Sold" click here.
