Monday, June 22, 2009

NAEBA Pushing for Disclosure

The National Association of Exclusive Buyers Agents is urging Congress to include real estate agency disclosure language in mortgage reform legislation, including the Anti-Predatory Lending Act currently under consideration.

"Too many consumers have no idea that when they contact an agent listing a home, that agent must do everything possible to achieve the best outcome for the seller," organization President John Sullivan says. "As a result, these consumers have no one involved from the beginning of the transaction who can advise them on negotiating techniques, price points or the acquisition of an appropriate loan."

While the states have attempted to better inform consumers through state disclosure laws, inconsistencies in these measures, as well as lack of compliance and enforcement, means home buyers are still confused, the organization said in a white paper.

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