choosing a buyer's agent?

Research, research research!!!! I just went through the same thing. The first Realtor was TERRIBLE. She was VERY pushy. She suggested I make a full price offer on all of the 5 houses I looked at with her (it is NOT a sellers market right now. A buyer here, at this time, should NEVER do that). The second one seemed really cool. She was never pushy and was good till the 3rd house that we looked at. I would call and leave messages, but she would wait until the next day (or sometimes longer) to call back.

I never signed a contract with neither of them. Although if I was a Realtor I would be making a client sign right away, I was never asked.

One suggestion is to find exclusive buyers agents. If that is not something that you are interested in look for someone that has a good reputation in the area. You want someone that is successful and has clients but not someone that is so busy that you have to talk to his or her "team" of assistants instead of who you hired.

As far as the foreclosure issue ASK your agents that you are interviewing if they have experience with them. All Realtors are different. Ask what they specialize in.

As far as a contracts do not sign one until you are ready to do so. They are in a business with a ton of competiton. They need to work for you. Make it clear to them what you are expecting. Please do not think that I am suggesting wasting the Realtors time because I am not. I just think that you need to see how they work before you commit to one.

 

Hi Marci,

I work as a buyers agent in Boston. I've been at it for 6 months or so. Feel free to e-mail me and maybe I can answer some of your questions.

EdG

 

My wife and I used a buyer's agent last year when we purchased our home. I have no complaints. Got the house dirt cheap and have already built up $25k in equity.

 

You hit the nail on the head there! There is no such thing as a true "buyers" agent. All agents are ultimately interested in getting the property sold for as much as possible as quickly as possiblr, not in getting you a deal. It is an inherint conflict of interest for the agent that represents you, the buyer.

Check with people you work with and with friends that have used agents. If they are really happy with their agent, then inteview their agent.

It sounds like you know which side it up. Good for you.

I once had an agent that balked at presenting an offer from me. She said it was "insulting" (I was lowballing). I forced her to present it, the seller countered for $5k more and I accepted. My agent was shocked and kept muttering "I can't believe it went for that low!".

As I told her when I presented the offer, the worse that will happen is they can accept it.

What I did was buy a poloroid camera (a digital might do now) and create an index card for each house with the photo attached. The card contained just the basic facts. It makes it easier to later during a quiet time to compare what you have seen and put other properties that you look at in perspective.

Also beware of the "super-agent". These are agents that have dozens of listings and are too busy to work with you. All you get are their "associates".

 

Cable666 I have to disagree with you. I am a true buyers agent. 99.9% of the time I am working to get my clients the best deal possible. The only time I am not working for a buyer is on the rare occasion I do an open house for my boss. As far as price goes I advise my clients on what they should offer based on market conditions and comparable home selling prices in that respective area. The average single family home in the Boston area sells for 350K. It makes little difference in my commission if a client gets a home for 20-30K below asking price. In fact it works out better that way. I have a very happy home buyer who in turn will tell frinds and family how good their experience was with me. In turn I get more clients and more $$ in the long run. My business is all by refferal so if I screw a client I end up srewing myself.

As far aa a contract goes I have all my buyers sign an exclusive agree ment to work with me ONLY. That way I can devote 100% of my time and energy to them without worry of another agent swooping in and trying to strong arm my client. The contract outlines specifically what I will do for the client and can be terminated at any time by either party for any reason. I find that most of my customers find a contract reassuring and prefer to work under one.

I do agree about the super agent. Stay away from them. They will never be able to devote themselves 100% to your home search.

EdG

 

Thanks ed, you answered one of my questions that I was too chicken to ask the other day. <<blushing>

I always wondered if I signed up with one agent how long I'd actually be tied to them. I mean, what If we just don't mesh, or they really aren't working for me as I feel they could...or they make me feel bad for going to house after house after house....

Do these contracts vary that you know of? In any case, I'd always be sure to ASK them before I sign anything what my out is if necessary.

Thanks a bunch!

Newstdt

 

The contracts vary. Some lock you in with no escape clause for several months. Do a search on yahoo for buyer agent contract. You'll get a wide variety of contracts. I personally would never enter into a contract that did not offer an out for the buyer.

EdG

 

Sounds good to me. I have never required a buyer to pay any up front cost. The buyers agent should be compensated by the seller almost exactly the same as a co-broke situation. The $200 seems like it may just be earnest money in this case. Make sure the 3% commission comes from the seller. You can even write a clause into the offer saying that "This offer is subject to the seller paying a 3% commission to buyer agent." I suspect your agnet would do this especially in the case of FSBO properties. The 180 day clause is standard I've seen some even longer than that. Ask your perspective buyer agent if he/she can provide references. You'll get a good idea of what to expect by talking to people who have dealt with him/her before.

EdG