AVONDALE, Ariz., April 17 /PRNewswire-USNewswire/ -- The verdict is in and a California jury has decided that a real estate agent did not violate the law by failing to disclose to his buyer client information about comparable homes on their same street that were selling for substantially less money. In a case of first impression, Marty Ummel attracted national attention when she sued her buyer agent and his company, for allegedly duping her and her husband into overpaying for a $1.2 million home.
"Not disclosing comparable market data to a buyer client may not have been perceived as a violation of law by this jury, however it would certainly violate the Code of Ethics of our association," stated Barry Nystedt, the President of the National Association of Exclusive Buyer Agents (NAEBA). "Real Estate practitioners in traditional real estate firms that usually represent sellers may not have the commitment and skill to fully protect the financial interests of the home buyer. Home buyers would be smart to hire an agent from a firm that specializes in representing only home buyers and subscribes to a higher standard of performance," Nystedt added.
The organization of exclusive buyer agents recommends that home buyers sign a contract with their buyer agent which requires the agent to provide sales information on comparable properties as well as defining the agent's other obligations. "We at the National Association of Exclusive Buyer Agents hope that this will be a reminder that not all buyer agents are the same. Consumers need to understand their service options, in this case the Ummels may have paid dearly for their choice in not seeking out an Exclusive Buyer's Agent, one who's firm only represents buyers," concluded Nystedt.
For additional information on NAEBA, contact the headquarters at 888-NAEBA99 or visit naeba.org.
ABOUT THE NATIONAL ASSOCIATION OF EXCLUSIVE BUYER AGENTS (NAEBA) -- NAEBA was founded in 1995. Traditionally, representation in real estate transactions favored the seller, but starting in the mid-1990s, buyers began seeking true representation from an Exclusive Buyer Agent; someone who worked for their interests exclusively. As Exclusive Buyer Agency spread, NAEBA was formed to support Exclusive Buyer Agents in serving clients to the best of their ability. With industry certification, ongoing education, client referral service, technology and information sharing, NAEBA and its members have quickly become the benchmark for Exclusive Buyer Agency and a resource for home buyers.
http://www.naeba.org/
National Association of Exclusive Buyer Agents
