1. What is a buyer agent / buyer broker?
A buyer agent or buyer broker (sometimes referred to as buyer agency or buyers agents) represents the buyer in a real estate transaction. Buyer agency is defined as follows: A principal agent relationship in which the broker is the agent for a buyer, with fiduciary responsibilities to the buyer. What does that mean? It means that a buyer agent is tied to the buyer, and that all of that agent's loyalties are to the buyer. This is especially true if your buyer agent is an exclusive buyer agent.
The seller's agent, or the listing agent, represents the seller, not the buyer, and his or her loyalties are to the seller. They must tell the seller anything you tell them, even if it hurts your negotiating position. For obvious reasons, you should never provide a listing agent with any information that you wouldn't want a seller to know about you. Even information that may seem trivial could potentially provide a seller with an unexpected advantage during negotiations.
Although the benefits of a buyer agent are obvious, remarkably many individuals still do not know they can have their own real estate agent look out for their best interests. Contact us for a free consultation and more information.
2. Why do I need a buyer agent?
Simply put, there isn't any good reason not to have a buyer agent represent you and many important reasons to have a buyer agent represent you, especially if that buyer agent is an exclusive buyer agent.
A buyer's agent represents the buyer, not the seller, and looks out for your best interest. Buyer agents have a duty to get the best deal for the buyer client(s).
A buyer agent earns the same seller-authorized commission split that is offered across the board to any agent who brings a buyer, so Buyers Brokers Only, LLC does not collect any fees from you, the homebuyer.
A buyer's agent also will pass along any information about the seller or his or her property to help the homebuyer make a smart decision and get the best deal possible.
A buyer agent has no interest in any particular piece of property, so a buyer agent will provide you with objective advice with no exceptions. A buyer agent will spot potential problems with a home or any material defects. The seller's agent will not point out defects in the home.
For years now the media and consumer advocates have encouraged home buyers to use an exclusive buyer agent / buyer broker.
View our What is a buyer agent? page for more information about buyer agency.
3. What is the difference between a designated buyer agent and exclusive buyer agent?
Unless your buyer agent is an exclusive buyer agent, your buyer agent is likely a designated buyer agent. In other words, most buyer agents work at real estate firms that also represent sellers, so although your agent may be working as your buyer agent every other agent in that firm potentially could be working against you.
With an exclusive buyer agent real estate firm, every real estate agent at the firm has the same relationship with the homebuyer as the agent working with that homebuyer. Everyone is working for you and only you.
4. Can the seller's agent represent me?
Although possibly helpful in other areas of the home-buying process, a seller's agent cannot be your advocate or counsel you about a property's value or negotiation strategy because he or she works for the seller. In addition, if you work with a seller's agent he or she must disclose to the seller anything he or she knows about you or your circumstances that would give the seller a competitive advantage or affect their decision making.
The only way to insure absolute loyalty is to work with your own exclusive buyer agent. Buyers Brokers Only, LLC exclusively represents home buyers and individuals buying investment property. We do not ever list homes for sale.
5. What is Dual Agency?
Dual Agency is when a real estate agent represents both the buyer and the seller in the same transaction. Unlike the legal field, many states, including Massachusetts and New Hampshire, do still allow this practice relative to real estate transactions. The conflicts of interest are obvious when an agent has one client negotiating against another client. In such a case, the agent’s fiduciary duty is limited to both parties.
According to the Massachusetts Board of Registration, “a dual agent cannot satisfy fully the duties of loyalty, full disclosure, obedience to lawful instructions which is required of an exclusive seller or buyer agent.”
6. How much does it cost for Buyers Brokers Only, LLC services?
You will not pay us a penny for our exclusive buyer agent representation because we receive the same seller-paid commission any real estate agent receives. In fact, as lawyers we feel so strongly about the importance of having your own real estate attorney that we will rebate a portion of our real estate commission to help you pay for an independent attorney. Contact us anytime for free consultation and more information.
7. Are the homes for sale email alerts really free?
Absolutely. Simply sign up for alerts about new homes or other property for sale that meet your needs. The emails will arrive daily with the latest and all MLS real estate listings meeting your criteria. You'll see all the listings, not just the home listings that some other brokerage agencies only want you to see.
In addition, once signed up, you have unlimited access to our MLS Web site, so you can search for any type of home anytime you want. You'll also be able to compare homes side by side, save properties in your account, download an app to your desktop that alerts you of new properties immediately and you can even search sold properties. Buyers Brokers Only, LLC is all about being transparent and providing home buyers with the information and data necessary to make informed decisions.
8. If I decide to purchase a for sale by owner (FSBO) home, will Buyers Brokers Only, LLC still represent me?
Yes. Buyers Brokers Only, LLC will assist you in purchasing a home that is for sale by owner. Contact us for more information.
9. Will there be a charge for the real estate services, if I decide to purchase a home from a for sale by owner (FSBO)?
It depends. In many cases individuals selling their homes without a broker will offer a commission to buyer agents (brokers) for bringing a buyer to them. Most FSBO homes for sale are listed on the MLS. In the event that an owner will not offer a commission to a buyer agent, it is your choice whether you want to continue working with Buyers Brokers Only, LLC and pay a buyer agent commission or whether you want to represent yourself. If you choose to represent yourself, you will not owe us any money.
10. Will Buyers Brokers Only, LLC help me negotiate the sales price?
That's our favorite part. Besides having access to a great deal of information on home prices and sales data, we will research comparable home sales when you find a home you're interested in making an offer for. Because we work as your exclusive buyer broker (buyer agent), we only represent your best interest.
It is a good idea to design a strategy for negotiation with sellers and their agents before you make an offer to purchase. It's important to know your spending limits and avoid being swept away by pressure from seller agents or competition with other buyers.
In addition, our real estate brokers also are lawyers who have experience in a variety of negotiating situations.
11. Will Buyers Brokers Only, LLC review the purchase and sale agreement and make any necessary changes to benefit me?
No. Buyers Brokers Only, LLC is not a law firm; however, as lawyers we feel so strongly about the importance of having your own real estate attorney that we will rebate a portion of our real estate commission to help you pay for an independent attorney.
12. Who are the lawyers at Buyers Brokers Only, LLC?
All the exclusive buyer agents are licensed attorneys in Massachusetts, New Hampshire or both. Every broker has an individual page that details their background and experience. To learn more about Buyers Brokers Only, LLC, please review the about us page.
13. Can Buyers Brokers Only, LLC help me sell my home?
No. Buyers Brokers Only, LLC exclusively represents home buyers of residential and investment real estate in Massachusetts and New Hampshire; however, we are more than happy to make a referral to a competent seller's agent (commonly referred to as a listing agent) in your area.
In addition, if you are selling your home and plan to buy another home in Massachusetts or New Hampshire, we can represent you regarding the purchase of your new home. You do not have to use the agent selling your home as your buyer agent. Call us at 978.835.5906 or use our contact form for a free, no obligation consultation regarding our exclusive buyer agent services and referral to a listing agent for the sale of your home.
Even if you already have an agent listing your home for sale, we can still provide buyer agent services to help you purchase your next home, as long as you're not already working with a buyer agent. Free consultation.
14. Can you refer me to a home inspector?
Yes, we can provide a list of competent home inspectors we recommend, and we also will provide you with a complete list of Massachusetts licensed home inspectors. The information typically is included in the home inspection information we provide to our clients after an offer is accepted, but we are happy to share it at anytime.
15. Can you refer me to a mortgage broker/advisor?
Yes, we can suggest a reputable mortgage professional who can pre-approve you for a home loan for free.
17. Is there anything else I should read on this Web site?
Yes. We strongly suggest you read our disclaimer.