Are you considering buying your first home? If so, it can be exciting to think about becoming a homeowner. Depending on the real estate market this Spring, you could have some significant competition like the last few years.
However, if interest rates head back up, you could be looking at fewer buyers competing for your dream home. That would be good news as it would mean fewer bidding wars and homes selling way over the asking price.
Of course, having an excellent real estate agent for your Massachusetts home purchase can make all the difference.
What you may not know is there are a few types of real estate agents. Some agents represent buyers, sellers, and both.
Agents who represent buyers and sellers in the same transaction are dual agents and something you'll likely want to avoid.
Having an outstanding buyer's agent in your corner can make all the difference. Let's review what you need to know about a Massachusetts buyer's agent.
What is a Buyer's Agent?
A buyer's agent is your fiduciary. They fight for your best interests throughout the transaction. They become your advisor and someone you should trust to provide proper advice for whatever arises during the transaction.
One of the best aspects of having a buyer's agent is that it will likely cost you nothing. In most real estate transactions, the seller pays the real estate agents.
A buyer's agent fee will rarely be collected unless the agent finds you an off-market home.
Let's review some things you should expect from a buyer's agent in Massachusetts.
Search For The Best Home That Meets Your Needs
The first step in working with a buyer's agent will be for them to hear your needs and wants in a home. The agent will also likely ask if you have been pre-approved for a mortgage and, if not, will put you in touch with their preferred mortgage lender.
Getting the best mortgage is essential as it will impact your payments for years to come.
It is essential to be preapproved so you can pounce on a home when you find one that suits your needs. You will also find that a seller and agent won't consider you qualified unless you can prove it.
Once these initial steps are squared away, your buyer's agent will show you the appropriate home.
A buyer's agent should take the time to explain various properties and neighborhoods, so buyers can gain an insight into which home is most suitable for them.
By explaining the pros and cons of each option, they will be empowered to make an informed decision as they embark on their journey toward home ownership.
Negotiate The Offer
Once the home is found, the agent will recommend what to offer, including the price and other terms. Your buyer's agent should consult with you on common contingencies found in real estate contracts.
Depending on the current real estate market, you may need to forgo some standard contingencies to land the house.
For example, many Massachusetts home buyers have been forced to waive their home inspection contingency over the last few years. Unfortunately, it has placed many buyers in the precarious position of not having their homes inspected.
Another common contingency is the real estate appraisal which also is being waived. Some buyers will put an appraisal gap clause to strengthen their offer to the seller.
As a buyer, it is crucial to understand how appraisal gaps work in real estate.
Your Massachusetts buyer's agent should have a pulse on what is acceptable and unlikely to fly. They might also advise having an escalation clause to help secure a home.
Make Recommendations For Expert Professional
As an advisor, a buyer's agent in Massachusetts will provide recommendations for quality vendors they have previously worked with.
For example, you may need an excellent real estate attorney, a mortgage broker, or a home inspector if you're able to have an inspection.
Help Navigate Problems That Come Up in The Transaction
In real estate, a problem lurks just around the corner. You never know when an issue will rear its ugly head. This is another time when your buyer's agent will step in and attempt to save the day.
For example, maybe there was a glaring problem that sprung up at the home inspection that nobody knew about or a low appraisal from the lender.
Your Massachusetts buyer's agent will provide their expertise to solve the problem.
If negotiations become contentious or acrimonious, it is wise to turn to an experienced professional who can remain composed and propose creative solutions.
How to Find a Massachusetts Buyer's Agent?
One better way to find an excellent buyer's agent is by talking to friends and family. One of the beauties of real estate is that most people know an agent.
If friends or family have completed a purchase recently, you can ask them about their experience. Maybe their buyer's agent went above and beyond the call of duty.
If you are new to the area due to a job relocation, you might want to turn to Google for help. Try the best buyer's agent's near me, and you'll likely have some valuable options.
Avoid Dual Agency When Buying a Home
You may become interested in a property your buyer's agent has listed for sale. When that happens, getting a referral to work with another agent is advisable.
Using the same agent creates a situation called dual agency. Unfortunately, your agent cannot represent you in this circumstance. They already have an agent-client relationship with the seller.
In dual agency the real estate cannot offer you any advice - the very reason you want a buyer's agent!
Your real estate agent may try to talk you into accepting dual agency. Don't fall for it. Dual agency benefits one party - the real estate agent.
Final Thoughts on Having a Massachusetts Buyer's Agent
Having a Massachusetts buyer's agent is a great way to make home-buying easier and less stressful.
A buyer's agent can provide advice and guidance throughout the process, from finding a home to navigating any potential problems that may arise during negotiations. They can also recommend quality vendors, such as real estate attorneys and mortgage brokers, to help make the transaction go more smoothly.
Furthermore, it is crucial to avoid dual agency, where the same agent represents both the buyer and the seller, as this can create a conflict of interest and put the buyer at a disadvantage.
Ultimately, having a buyer's agent can be incredibly helpful for any Massachusetts home buyer. Once you've found your ideal home, it will be time to let everyone know your address has changed.
Did you enjoy this advice on hiring a buyer's agent in Massachusetts? See other real estate articles on NewsBreak for more timely tips and advice. Bill often writes about general real estate, mortgages, finance, moving, and home improvement.
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