Home Buying in Natick>Question Details

Chris, Renter in Cambridge, MA

Should I fire my Buyer's agent? I have been trying to buy a house for over a year . Here are couple of incidents I had with my broker --

Asked by Chris, Cambridge, MA Fri Mar 28, 2014

1) Last year, I asked my broker to write an offer for a property which we half liked. She said they have a higher offer and unless we can beat it , there is no point. Few weeks later she comes back saying that the other broker is willing to accept our offer ... but we lost interest (due to some other reasons whcih we discovered later) in that. The property eventually sold for less than what we were offering after sitting in the market for over 2 months;
2) For every property that we attempted to bid, her suggestion was bid as much as you can go ... no market research or anything like that .
3) She showed us around 5 - 6 property and for every property she will say it is nice , isn't it ?

4) She once showed a property which had known lead paint. It was smaller than our requirement and we planned to do renovations and additions. She never mentioned that with known lead paint, before any renovation we will have to take care of it .

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Answers

3
Nancy Butterly’s answer
Hi Chris - Think it maybe time to change agents - but every agent has their own style of doing business. When I work with a client I try to educate them on the process of buying a home, if like
you, it sounds like you and ? are first time buyers - when I show homes to clients I am acting as their
buyer's agent - together we try to find the home that best fits their needs. Not every home does that..
wish it did :) The Boston market has been really active, as many of the suburbs are too, and multiple
bids are what is happening now - if a property is a "hot" one, her suggestion of going over maybe
because she knows the market, just not sharing the comparable sold homes with you. I think it
is time to have a heart felt conversation with her and let her know what you want from an agent.
If it doesn't work out, feel free to contact me. A year is a long time to wait for a home! Good luck!
0 votes Thank Flag Link Fri Mar 28, 2014
I think you are right. Being first time buyer , I had a tough time understanding everything . Even though I have above excellent credit (800+) and a 6 figure stable job, I do not have much savings. The mortgage broker whom I talked initially said with a less than 20% down, I can qualify only for standard loan ($417K). Missed a few very nice home early spring last year because of this until I got another broker (again on my own) who mentioned about super conforming loan which allows me to borrow much more with less than 20% down. I even found and subscribed to an MLS on my own :(
Flag Sat Mar 29, 2014
Apparently it is time to change, communication between you and her is not good enough. Remember there is plenty agents up there to choose and they all will be happy to work with you.
Good luck.
0 votes Thank Flag Link Fri Mar 28, 2014
Chris,
Did I read that correctly?
You've worked with the agent over a year and you've looked at 5 or 6 properties!
Wow! There's clearly more to this story.

What ever the 'more' is, it is not relevant.

You express you want to work with another agent. So, man up and have a conversation with your current agent and part as friends. You are going to find your agent to be truly receptive to your request than you think..

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727. 420. 4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Fri Mar 28, 2014
It's typical for a buyer to scout around for open houses on weekends without an agent, but for every offer you make, your agent should provide you with a CMA--Comparative Market Analysis--so that you know how close you are to the mark of getting your offer accepted. In my market, 5%--even 10%--down is insufficient to get an offer accepted. You're competing with cash offers. In 4Q 2013, 43% of the nation's sales were done on a cash basis, so until you save more money down, you're going to consistently have a poor hand in the game of poker that is buying a home today.
Flag Thu May 15, 2014
Hi
What I meant was -- she showed us 5 or 6 properties --- the rest we saw on our own -- Open House. Is it OK to offer her some money to compensate for gas and time to write 3 offers?
Flag Fri Mar 28, 2014
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