Won’t using an Exclusive Buyer's Broker cost me more money?

No. In fact, using an Exclusive Buyer's Broker can actually save you money.  Our fee is already included in the price of any listed property just like any traditional agency commission. Our loyalty is solely to home buyers. We are legally obligated to help you negotiate the lowest possible price and most favorable terms.  We will explain and monitor the home-buying process, keep your personal and financial interest confidential, promote and protect your best interests, prepare market value reports on any house you select, analyze and verify listing information, and even recommend not buying a home should there be specific drawbacks.

If you do not list homes for sale, what properties can you show us?

Ohly Real Estate Office never lists homes because agents working for companies that list homes cannot provide undivided loyalty to you if you are interested in buying a home listed by their company. They will by law be in a dual agency situation, which puts limits on their representation to you, and potentially provides no representation at all!  Dual agency presents serious limitations and risks to you as a home buyer, while monetarily benefitting the real estate company.  

As Realtors, Ohly Real Estate Office, Exclusive Buyer Broker Agency, has full access to all of the listings on the SE MN Association of Realtors Multiple Listing Service (MLS) and can show you any property listed with any Realtor.  We can also include For Sale By Owner and For Sale by Builder homes, and property from any other source. Traditional listing agents usually prefer to show their own listings or their company's listings first. Why?  Many receive a larger commission split when selling an 'in-house' listing, and are obligated to promote their own company listings.  

Do you work a particular area or part of town?

No. Unlike traditional seller's Realtors, we do not "farm" any particular area or town for listings.  We work all over Olmsted County and beyond, with a wide variety of clients and price ranges. We do not "push" any in-house property listings because we do not accept any.

Again, seller's agents are trying to sell you something, so they may tell you only what you want to hear. By law they cannot tell you how to negotiate, if the price is too high, or any other information which reduces the seller's ability to sell at the highest possible price.

Shouldn’t I work with a Seller's agent directly, since they know the seller's motives, and can help me? Bringing someone else in will only complicate things.

Keep in mind that the seller's agent has a signed listing agreement with the seller that legally binds them to promote the seller's interests in selling their home. Sellers' agents are in violation of the law and face serious penalties if they do anything to help or benefit you while reducing the seller's ability to sell at the highest price and at the best terms. That means keeping the seller's goals and interests confidential.  However, seller's agents are required to disclose to the seller everything they know about you, as a customer, including your ability to purchase, contemplated higher offer amounts, maximum loan preapproval status, assets, income, level of interest, employment history, etc.  Only an exclusive buyer's broker and its agents can guarantee to keep this type of information confidential from the seller and the sellers' agents. 

When shopping for a home, do you want an agent to represent your interests, or the seller's?  The choice is yours. Buyers are essentially paying the brokerage fee either way since it's already built into the selling price of any listed home.

What if I've already seen a property with a seller's agent and now I want to use your company as my Exclusive Buyer's Broker to buy that home?

Well, if you saw the home at an open house you probably are not bound to that agent. However, if you called from a yard sign or an advertisement, you may have to work with that agent to purchase that particular home. This also depends on whether the agent followed proper procedure, as well. Call us and we can assess your situation before you go any further.

So, does this mean I should not go to open houses?

Before you go to an open house meet with an “Exclusive Buyer Broker Agent” to find out how to protect your interest.  Remember, the agent or broker (who has the FOR SALE sign on the lawn) works for the seller of the property.  Their objective is to sell the house at the highest possible price for the seller, and will not give you information that supports a lower priced offer.  Also, the agent is required to tell the seller anything you mention aloud: for example, you really want the house, you are moving to town in 3 weeks.  Learn how to safely attend open houses from your Exclusive Buyer Broker Agent.

Can you help me find a reputable lender?

Yes. Since we only work for buyers, we have established good working relationships with the best lenders on a regular basis. We can also refer you to the most competent inspectors, attorneys, builders, contractors, insurance agents and other providers. Of course, our buyers are free to choose whomever they like. We do not receive or accept bonuses or incentives from any provider we refer.

Do I really need a home inspection?

Yes, you do!  This is most likely the largest investment of your life and a thorough examination of the property by a licensed inspector is very strongly recommended - for a variety of reasons.

What if the inspection indicates too many problems with the house?

You are under no legal obligation to buy the home - we will have written the Purchase Agreement to allow for a satisfactory inspection.  The only expense to you is the cost of the home inspection.  You may want to consider revising your offer to allow for items raised in the inspection. Your Exclusive Buyer Broker Agent will give you all possible options while protecting your interests.

What if I do not get a mortgage? 

Most Agreements have a Financing Contingency clause. As long as you have included that contingency, you have no obligation to purchase if you do not receive a mortgage commitment and have acted in 'good faith.'  Your deposit (earnest money) should be returned to you.  Consult your attorney for more information.

What if I have a home to sell first? Can you still help me?

Yes. While we do not list homes for sale, we can recommend experienced, professional, and ethical agents to you to help you sell your current home. This way, you can have a professional seller's agency helping you sell, and you'll have us to help you purchase. If you choose to sell as a For Sale By Owner, we can provide you with comparable sales data in your neighborhood and point you in the right direction. We cannot, however, provide "client-level" services to you as a seller.

Doesn't that sound more complicated than having just one agent for everything?

It might sound that way, but it's not. What if your "one" agent/company selling your home was also "representing" the buyer for your home? And what if that agent/company was also representing the seller of the home that you wanted to buy? Then who's working for whom? And how much money is that agent/company making at your expense? Now that's really complicated! Think of it this way: people are relocating from out of town all the time. They always have one agent from a local company selling their current home, and another agent from a different company helping them buy their new home. It happens this way every day. 

Aren't all Realtors calling themselves "buyer's agents" these days?

Traditional sellers' agents may offer to be a non-exclusive "buyer's agent" but by law cannot be an Exclusive Buyer's Agent because they work for companies which list homes for sale. What's the difference? If you are interested in any of their company listings, they may become a 'dual agent' with the written acknowledgement and consent of both buyer and seller.  If you agree to dual agency you are then "on your own" to negotiate price and terms and to decide what is right and wrong with that property. Smart home buyers avoid dual agency.  

Note:  A non-exclusive buyer's agent may want you to sign an exclusive right to represent agreement.  This contract requires you to work with only that agent and company in the purchase of any home, including their own company listings.  Use of an exclusive representation contract does not turn them into exclusive buyer's agents, and it is unlawful and unethical for them to claim to be so.  If you choose to buy a home listed through that agent's company, they may become a dual agent, or you may become an unrepresented customer.  This is great for the agent, but not very good for home buyers.

Dual agency serves the financial interests of the listing company by enabling it to collect a full commission -double the money- and allows control of both sides of the transaction. Dual agency is in actuality non-agency because it breaches an agent's duty of undivided loyalty and disclosure to their client for financial gain and transaction control.  Dual agency does not protect the interests of home buyers.

We all know that one agent can't represent two masters.  At Ohly Real Estate Office we guarantee in writing that we will never become dual agents or compromise or reduce our undivided loyalty and level of representation to you.   Be wary of any exclusive buyer's broker or non-exclusive buyer's agent who does not use a written buyer agency agreement.  Your agent's obligations to you and your relationship to that agent should be clearly described in writing.

Click HERE to read the Minnesota Real Estate Agency Disclosure Form

What's the difference between an "Exclusive Buyer's Agent" and an "Exclusive Buyer's Broker"? 

An Exclusive Buyer's Brokerage is a company in which the principal broker and its agents have made the commitment to never list property for sale so that buyers are represented with undivided loyalty at all times.  The agents working for home buyers at an Exclusive Buyer's Brokerage are Exclusive Buyers' Agents.

I heard that what you do is not really any different than what seller's Realtors do. Is that true?

No. Other companies or their agents that list property can not offer Exclusive Buyer's Agency. Ask them what happens if you become interested in one of their own listings, or any of their company's listings? Who do they represent then? (Hint: They have a legal obligation to the seller by written contract- their exclusive right-to-sell listing agreement). 

Ohly Real Estate Office, Exclusive Buyer Broker Agency guarantees 100% Buyer Representation, 100% of the time!  Representation is about helping you save time and money while ensuring peace of mind and satisfaction - YOURS!