quote:

Originally posted by frayedends:
I would skip a buyers agent and find homes on the internet. Everything is listed in MLS and you can look on your own. If you don't have a buyer's agent you can negotiate with the seller agent for a lower commission to save a few bucks. The seller's agent won't have to pay a buyer's agent and will be willing to lower his/her fee. In MA the buyer's agent does nothing and you still need a real estate attorney.

So my advice is skip the buyer's agent. Don't sign anything. Get a good attorney that charges a flat fee for a purchase, rather than by the hour. That way if things get wacky (sometimes that can happen with financing and stuff) you only pay the lawyer the fee contracted.

Not usually. The seller has agreed with the listing broker to pay a certain fee upon producing a ready, willing and able buyer. The broker, by industry tradition and practice, and maybe MLS rules, shares his commission with a selling broker.

Now, you may be able to get the listing broker to accept less, but not require it.

I’m not sure it is accurate to say the selling broker “does nothing.” Most brokers form what I pejoratively term a conspiracy with each other to manipulate the buyer and seller towards closing, emphasizing better than expected developments, smoothing over inevitable disappointments and ambiguities in the contract(s) or reports pending the close, obtaining consents to unknowns that become known, in the guise of “full disclosure.”

For some reason, it is not common for a seller to accept a lower price in the grounds that he will pay a commensurately lower commission. And, contrary to Massachusetts practice, in Whackyland, attorneys are seldom involved. Most brokers would rather be marinated in sheep poop than have their client have an attorney “help.”

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Right now I'm taking a step back for a while.

good call. when you are ready to chose and agent and work with them you will have better luck. they need to know some information about your price range, desired locations and what you want in a property so they can provide you with an inventory of potentials. until then you are just mucking around and wasting time.

You mean if you are a buyer? You can work with as many realtors as you want as a buyer. You do not need to be exclusive with one realtor, unless you sign something saying you are going to be.

Good tips, frayedends. I will do this.

quote:

Originally posted by frayedends:
I would skip a buyers agent and find homes on the internet. Everything is listed in MLS and you can look on your own. If you don't have a buyer's agent you can negotiate with the seller agent for a lower commission to save a few bucks. The seller's agent won't have to pay a buyer's agent and will be willing to lower his/her fee. In MA the buyer's agent does nothing and you still need a real estate attorney.

So my advice is skip the buyer's agent. Don't sign anything. Get a good attorney that charges a flat fee for a purchase, rather than by the hour. That way if things get wacky (sometimes that can happen with financing and stuff) you only pay the lawyer the fee contracted.

This is true, if the same agent represents the seller AND buyer they have a double commission, so in a skinny deal and they're more apt to lower their commission to make the deal work. However, a double agent will usually always side with the seller if push comes to shove as many times they already have a relationship with the seller.

However, if you're a fairly green buyer, a GOOD agent will help with a lot of things. Working through all of the paperwork, helping to guide you through the inspection report and getting money out of the seller if there are major issues with the house, even helping with guiding you through financing. OR, if there's a hangup and you need an extension.