Home Buying in Boston>Question Details

kosmo886, Home Buyer in Weymouth, MA

How to find a broker / who pays commissions and how the first time home buyer process works?

Asked by kosmo886, Weymouth, MA Wed Feb 18, 2009

Hello, I am hoping to be a first time home buyer and am looking for some guidance on how to find a broker and who pays the commissions. I am looking in the north shore area in MA: Malden, medford, melrose, wakefield reading. Thanks

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Hello Kosmo,

I specialize in the Medford, Malden, Melrose, Wakefield, Reading area AND as your Buyer Agent I will not charge you ANY direct fee for my services; I can explain this in detail at your request. I would start the process by walking you through the home buying process, establish criteria, give you direct access to my "Real Time" MLS web site, assist you in indentifying property and be YOUR advocate throughout the process.

Call me any time to discuss further; 617-755-8897

Best, Andy
0 votes Thank Flag Link Thu Feb 19, 2009
If you buy you will pay 3% higher for your house if you use a broker. While yo might not have to write them a check, that is certainly not "free."
1 vote Thank Flag Link Wed Mar 11, 2009
Hello Kosmo:

The best way to find an agent is probably through referrals, (90 % of my business, and most agents, is referral based). If you don't have a network to tap into, then you can always "interview" them either through their websties & e-mail, or at Open Houses, and lots of other ways. Here's what I would consider good interview questions:
1) How many buyers did you place in the last 3 years?
2) How long have you been practicing?
3) What is your focus area?
4) Why should I pick you?

You're looking for someone who has done at least 20 transactions before, and more is usually better. You probably want someone who's personality and style fits with your own. If your analytical, find someone who also is, etc, etc.

As for commissions, I'd like to point out that in the state of MA, from a LEGAL perspective, the various courts have determined that 'both the seller and the buyer share in paying the commission. That is because if the buyer doesn't bring the money, there is no commission, so they both contribute to a commission event equally. However, on the HUD statements (they are like invoices for housing transactions), it shows up 100% on the sellers side, so it is conventional to say that the seller pays all commissions. I know that's probably a little overly complicated, but there are cases where the distinction is important, even if it isn't widely understood. Personally, I'd like to see the HUDs altered to reflect the legal perspective, as I think it would raise the profile of buyer agency and protect consumers better, but I don't think that will happen in my lifetime.

Good Luck!
Web Reference: http://1timari.info
1 vote Thank Flag Link Sun Mar 8, 2009
Commissions are generally paid by the seller of a property, although in some few cases, buyers are paying the commission to the buyers broker. You should attempt to locate a "home buyers class" in the local area where you intend to purchase. Many of these classes are conducted by non-profit organizations that have no vested interest in the outcome. There are many home buying advice books available at the local bookstore. Become knowledgeable and develop an understanding before you begin to interview licensees with the intent of creating an "agency " relationship, meaning the licensee works for you. You can find experienced, qualified Realtors by searching the CRS.com site for Certified Residential Specialist designated Realtors that are familiar with your proposed purchase area.
Prepare a list of questions, and interview for competency and compatibility. You have an obligation to yourself to invest the time to understand the process and then choose a highly qualified Realtor willing to invest their time to help you. If you are not getting the service you want , fire the first one and move on, but DO NOT try to work with multiple Realtors in the same market area. Good Luck!
1 vote Thank Flag Link Wed Feb 18, 2009
Title company disburses fees direct to listing / buyers broker upon closing based on executed sales agreement and listing agreement

Any buyer requires qualified by a mortgage broker with lender approval letter attached with submitted sales offer contract. Never purchase a home direct from bank / seller / builder / listing agent unless you have your own buyers agent who represents you.

Seller pays all real estate agent commissions.

Hope that assists in all your questions
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Wed Feb 18, 2009
Hiring a broker to represent you doesn't mean that you'll pay any % higher like the "home team" mentions. In most cases, a buyer's agent commission is negotiated with the Seller. In some rare cases, like FSBO for instance, they may not agree to pay the commission so therefore, the buyer would be responsible but again, everything is negotiable. I've been in real estate since 1981 and only once had a buyer pay my commission (which we negotiated). But like the old saying goes....you get what you pay for. Think of it this way...when you go to work every day, you essentially represent your company. At the end of the day, don't you get paid? 95% of my business is referrals so I must be doing something right! If I can be of further help, please don't hesitate to contact me. Good luck!
0 votes Thank Flag Link Wed Apr 22, 2009
No, you'll pay the same because sellers, like buyers, want to save the same 3% you do, Home Team!
0 votes Thank Flag Link Wed Mar 11, 2009
Hello Kosmo,

As you begin your search, you should focus on two things: speaking with a qualified local mortgage expert and gathering information. A buyer's representative can assist you both.

I'd be happy to send you my first time buyers presentation via email and a market update.

Are you interested?
0 votes Thank Flag Link Thu Feb 19, 2009
I don't understand your question. You want to buy a house and you want the real estate agent to pay the commission for you?
0 votes Thank Flag Link Thu Feb 19, 2009
Dear Kosmo, Its good to hear you are gathering information early in the real estate buying process. Generally fees are deducted from the transaction. On occasion a buyer with a proper buyer agency contract could be responsible for the fee. Buyer agency contacts can be customized to accommodate almost any arrangement between Buyer Client and Realtor.

Most importantly the Realtor needs to gain the trust of their customers.
From a Realtors perspective there is very little difference between a first time buyer and a seasoned real estate investor. By this I mean that the job of the Realtor is to perform for their client with undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality and accountability

For more details its best to discuss in person. I work for Coldwell Bakner in Lexington and I am certified buyers agent and Realtor in good standing.

David Sears
617-694-9349
david@davidsears.biz
Web Reference: http://www.DavidSears.biz
0 votes Thank Flag Link Thu Feb 19, 2009
Hello Kosmo,

The listing and buying commissions are built into the sale price of an MLS listing. If you purchase a For Sale By Owner property the buyer's agent fee can be built into that sales price as well. And clearly it should not cost you any more to use a buyer's agent, and it is likely to cost you less. I say this as an experienced Exclusive Buyer's Agent and our firm has represented over 2,000 home buyers since 1990.

The best way to find the right broker is to interview them personally and let them compete for your business. My agents and I represent buyers in the towns where you are looking http://www.bostonhomesnorthshore.com

If you like, we would be happy to meet with you personally to discuss your home buying wants and needs and to lay out a home buying strategy with you.

You may wish to check out our on-line home buying course at http://www.LearnAndEarnCash.com and/or look into a home buying course to attend.

This is a very good time for home buyers. Home prices are down, interest rates are low, and the government is offering first-time home buyers an $8,000 tax credit if they buy this year.

Ronn@BuyersChoiceReaty.com
800 252-8937 or 800 25 BUYER
http://www.BuyersChoiceRealty.com
0 votes Thank Flag Link Thu Feb 19, 2009
Kosmo,
as a buyer a Realtor representation is free to you. As Lynn noted here the commission is paid by the seller at closing. I work with a lot of first time home buyers and guide them through every step of the way; If I can be of assistance you may contact me directly

Wen
Century 21
century21ma@yahoo.com
0 votes Thank Flag Link Wed Feb 18, 2009
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