Why You Should Work With A Massachusetts Buyer’s Agent
Purchasing a new home, whether it is as first time home buyers, move-up buyers or buyers deciding to downsize can be a very exciting time.
On the other hand, a real estate transaction is filled with many complexities. Some of those complexities can have legal ramifications.
Homebuyers and home sellers can also be very emotionally charged. And those emotions can get it in the way.
There are certain mistakes that can be made by home buyers who decide to go it alone.
The good part is you do not need to go it alone.
A competent, experienced Massachusetts Buyer’s Agent can be worth their weight in gold. Or a buyer’s agent in any state for that matter. Many buyers believe an agent finds them a new home.
Finding homes for sale is the easy part, anybody can do that. It also helps to have the objectivity of a real estate agent representing you to help identify good homes. But a good buyer’s agent can and will perform a multitude of time and money-saving activities besides unlocking doors for you.
Before starting your home search do yourself a favor and read Understanding Real Estate Agency in Massachusetts. A Massachusetts real estate agent can work for you in many different capacities. and can easily walk you through the entire process.
One of the bigger mistakes a home buyer can make is not understanding the capacity in which a real estate agent is working for them.
What Is A Buyer’s Agent In Real Estate?
A buyer’s agent works with a home buyer through the entire process of buying a home. The buyer’s agent is legally boun to the home buyer and has a fiducuary responisbility to act in the home buyers best interest.
They are there to make the process work for you and get you best terms and the best price for a home. Good real estate agents acting on behalf of a buyer bring many years of experience to the table to benefit you during your home purchase. A full time agent is immersed in real estate everyday and well versed in the many aspects of buying a home.
Using The Listing Or Seller’s Agent
Some homebuyers work with the seller’s agent of a home. They think they might get an inside track or some special deal by using the agent representing the seller. The truth is the listing agent’s fiduciary responsibility is to the seller and they will advantage a seller at every possible turn.
They must defend the seller’s sales price at all cost, report any information about you to the seller (no confidentiality) and promote the seller’s best interests at your expense. They are bound by law to do so.
Would you let the plaintiff’s attorney represent you if you were brought to court? I don’t think you would!! Why would it be all right to think it is a good idea to work with the listing agent?
Using A Transaction Broker
While not common for agents to act as transactional agents, it is an option. A transactional broker is merely a facilitator and has no allegiance to either party. By law they literally provide ministerial tasks and keep the real estate transaction on track. They cannot provide opinions or advice for either side. Just present information. Short of helping to be a go-between parties they offer no additional value to a home buyer.
Buyer’s Agent Has A Legal Responsibility To You
A buyer’s agent is in a legal relationship with you and are bound by Massachusetts real estate law to act in your best interest.
Remember a buyer’s agent represents the buyer, and the seller’s agent or listing agent represents the seller. It is a big mistake to expect the listing agent to work towards your best interest.
Here is a list of the basic responsibilities of a buyer’s agent.
- Obedience- Your real estate agent should act according to your instructions. They must do as you say.
- Loyalty- Your best interest should come first, even before their own.
- Disclosure- They must share everything they know with you about the property, the neighborhood, the seller, etc…
- Confidentiality- Everything you share with your Buyer’s Agent is confidential…. during the transaction as well as beyond. A buyers agent is bound to keep your confidential information confidential!
- Accountability- A buyer’s agent must always give you an accounting of the transaction.
- Reasonable Care- A buyer’s agent is to use their skills to guide you through the process.
A good agent representing a home buyer’s interests does not sell you a home but will counsel you so you can make good decisions and advocate for you on your behalf.
As mentioned before purchasing real estate is filled with many complexities, we do this every day and many of the aspects can be put on auto-pilot by us. Buying a home should be fun and not stressful.
What Are A Buyer’s Agents Duties?
A buyer’s agents duties can be quite varied depending on your individual needs as a homebuyer. Here are some of the tasks a buyer’s real estate agent can perform as a buyer’s agent.
Discuss and assess your individual needs.
A buyer’s agent can help you discuss and evaluate your needs. Every transaction has a unique set of challenges. Your buyers agent can bring valuable insight to the table from the experience gained by working with hundreds before you.
Bring an objective view to the process.
As much as you don’t think so, buying a home can get emotional. Part of a buyer’s agent’s job is to remind you of your original goals and needs so you do not make a bad purchase. Their objectivity can help keep you on track.
Help arrange the professional you will need through the process.
A buyer’s agent can recommend service providers who you need along the way who take a similar approach as themselves. Your agent will provide the right people from helping secure a pre-approval letter with a mortgage broker to walking you thru the home inspection to securing movers….They have the best people to recommend. Your agent can recommend real estate attorneys, a home inspector, a loan officer and more…
Provide you with the knowledge and experience gained through the closing of 100’s of transactions.
Experience counts. I can tell you you don’t know what you don’t know! But a buyer’s agent does. A full-time agent spends 40+ hours a week immersed in real estate. We have a handle on what is happening right now in the market. We have negotiated 100’s of deals. We know how listing agents think and sellers think. Draw on your buyer’s agent experience to make the most of your home purchase.
Educate you about current market conditions and trends and help you analyze the data.
Understanding the current local market conditions will set the stage of how you search for homes, structure an offer and negotiate terms. Most buyer’s view of market conditions are usually 6 months behind what is really happening in the real estate market.
Prepare you to buy.
A buyer’s agent’s job is a consultive one. They will educate you about buying a home, market conditions, what a homes is worth, etc… You will be able to move forward with confidence.
Help identify homes that fit your criteria.
An agent representing you will help identify homes that fit your criteria so you can visit an open house or schedule a personal showing.
Help you find the right home.
A buyers agent can take your wants and needs, combined with some tools and help you find just the right home. They can provide you with daily email alerts, a mobile app as well as the most up to date access of the homes for sale.
Determine if your target home truly suits your needs.
When you do find the right home, your Massachusetts buyer’s agent will help you analyze if this is the right home. If it is not the right home they will remind you of past discussions and we will help you decide if your criteria has changed.
Analyze market value of the home.
Think you found the right home? Your buyer’s agent will prepare a Comparative Market Analysis to help you determine fair market value of the home and structure a negotiating strategy based on other factors as well. Remember just because a seller has a certain list price, it does not mean the house is worth what the seller asks.
Help you prepare an offer.
Real estate agents understand buyers, seller’s agents, current market conditions and can help you structure an offer that gets accepted. We do this every day.
Negotiate the offer in a timely manner.
Time is of the essence when negotiating an offer, especially in a hot real estate market. An experienced agent knows how to negotiate and will help you develop a negotiating strategy to suit your needs. Or in a hot seller’s market, your agent can help you compete with multiple offers. They will negotiate on the behalf of the buyer while keeping the buyer’s interests in mind.
Help co-ordinate the closing between all the involved parties.
Once your offer is accepted there are dates, lawyers, paperwork, inspectors, etc… that all need to be co-ordinated. A buyer’s agent has systems in place that bring us smoothly thru to the closing.
Makes sure you are comfortably settled in your new home.
After you close on your home a buyer’s agent is always available to answer questions.
The true role of a Massachusetts buyer’s agent is really one of a coach or consultant. You are always in control, but it is their job to help you in a manner that suits your needs and desires. A lot of what they do is listen, educate and present options that might be best for your situation.
In the end, the decisions are yours.
The last part of their job is minesterial. They track dates, contracts and contingencies, making sure contractual obligations are kept on track. You worry about finding a home that you like and your buyer’s agent will take care of the nitty-gritty. A missed date in a contract could cost you your good faith deposit.
Buying a home is as easy as 1,2,3! with a Massachusetts Buyer’s Agent
How much does a Buyer’s Agent cost?
As a home buyer it is your responsibility to make sure your agent gets paid.
The good news is….
Most real estate brokerages offer buyer agency compensation through the local MLS. Ultimately they buyers agency fee is already provided by the listing agency and is paid out of the commission they receive from the seller.
Other FAQ’s About Byer Agency
What is the difference between a REALTOR And A Buyers Agent?
A REALTOR can be a buyers agent and a buyers agent can be a REALTOR. The difference between a REALTOR and a buyer’s agent is membership. A REALTOR is a member of the National Association of REALTORS.
What Is A Seller’s Agent?
A seller’s agent represents a seller. Much like a buyer’s agent has a legal responsibility to a buyer, a seller’s agent has a legal responsibility to the seller.
Do I need A Buyer’s Agent When I Buy A House?
No you don’t need a buyer’s agent. But to go it alone if you are a first time home buyer or don’t have a lot of experience buying a home it is not prudent. I always tell buyers, you don’t know what you don’t know!!
What Is Dual Agency?
First, off I hate dual agency, don’t do it. Dual agency is where an agent represents both parties in a transaction, meaning both buyer and seller. If you are represented by a dual agent you are giving up many rights. It is impossible to serve two master.
Other Resources About Buyer Agency:
- Forbes- What does a Buyer’s Agent Do?
- Bill Gassett- What is Dual Agency and Why You Should Avoid It
- Paul Sian- Why You Need A Buyers Agent Representing You
- Kyle Hiscock- 10 Reasons Why You Need a Buyers Agent
What Can I Buyers Agent Do for You? was provided by Kevin Vitali of EXIT Realty. Kevin is a Massachusetts Buyer’s Agent. Call Kevin For Your free 978-360-0422
Buyer Agency Services in the following areas: Northeast Massachusetts, Merrimack Valley, North Shore and Metrowest. Including the following communities and the surrounding area- Amesbury, Andover, Billerica, Burlington, Chelmsford, Dracut, Groveland, Haverhill, Lowell, Melrose, Merrimac, Methuen, Middleton, North Andover, North Reading, Reading, Stoneham, Tewksbury, Tyngsborough, Wakefield, Wilmington, Westford