What is a buyer’s agent and why should I use one? As a consumer, how often do you buy real estate property? Typically only once, perhaps twice, or maybe three times at most in your lifetime? Because purchasing real estate is a complex and major transaction, a buyer’s agent is essential for helping you navigate the details of that transaction. In the majority of cases, an agent will represent the seller. A buyer’s agent provides you with complete and fair representation in the real estate transaction at no cost to you. As a home buyer representative, here are some of the services that we provide:
- Evaluate the specific needs and wants of the home buyer and locate the properties and neighborhoods in Boston that fit those specifications.
- Assist the homebuyer in determining the amount they can afford and show properties in desired locations that fit the client’s price range.
- Assist in viewing properties and either accompany the client on the showings, or preview the properties on behalf of the client to ensure that the identified specifications are met.
- Research the selected properties to identify any problems or issues to help the consumer in making an informed decision prior to making an appropriate offer on the property.
- Advise the client on structuring an appropriate offer to purchase the selected property.
- Present the offer to the seller’s agent and/or seller on the client’s behalf.
- Negotiate on behalf of the home buyer client to help obtain the identified property. Keep in mind that the buyer agent will be doing so with the client’s best interest in mind.
- Make recommendations and assist in securing appropriate financing for the selected property.
- Provide a list of potential qualified vendors for services needed such as movers, inspectors, title companies, insurance agents, carpenters etc.
Until recently, any real estate agent in a transaction worked for the seller, either as the listing agent or as a sub-agent to the seller. The home buyer essentially had no representation. However, the state of Massachusetts began to recognize Home Buyers Agents as representatives who work for the homebuyer and have the client’s best interests in mind throughout the entire real estate transaction. The broker becomes the home buyer’s agent by entering into an agreement to represent the home buyer, usually through a written home buyer representation agreement. The agreement will spell out the parties of the agreement, set forth the area and term of representation, and the type of relationship that is authorized. In almost every case the seller pays for the home buyer broker’s fee through the MLS cooperation in a separate agreement with the listing broker. In the case of new homes, the builder usually pays the home buyer’s brokerage fee.