Home Buying in Boston>Question Details

Dmbdmb, Home Buyer in Boston, MA

i found new construction, asked her to contact builder. she did but nothing happened. now 1 year later we will go forward without realtor. any issue?

Asked by Dmbdmb, Boston, MA Tue Mar 13, 2012

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why buy without a realtor?
It is like going to court without a lawyer!!! except it is FREE very valuable service.
1 vote Thank Flag Link Tue Mar 13, 2012
It will depend on what your buyer brokerage agreement states. You should know it does not cost you any more to use a buyer broker who is WELL expereince dwith new construction who can guide you to getting the best deal. Builder will not often come down in price, but will negotiate on extras and upgrades in most cases.
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Tue Mar 13, 2012
Why wouldn't you use an agent? No cost out of pocket and surprises happen, even with new construction.
1 vote Thank Flag Link Tue Mar 13, 2012
If you had a contract with the agent it has most likely expired. Read it over and check the dates and terms. If you have any doubts, contact an attorney.

I'll echo what has been said already. Use a buyer agent who is familiar with new construction, and be sure to have a home inspection. The buyer agent shouldn't cost you anything as most builders expect to pay a commission anyway.

There are good and bad builders. Just because something is new, doesn't mean that corners weren't cut to save money. The city building inspector's only job is to make sure everything was done to code, not that you are getting what you're paying for, eg. Are the walls plastered or skimmed and sanded? What grade of floors were used, and how many finish coats were applied? If in a damp neighborhood, or if there is a finished basement, was a french drain and sump pump installed?

Your new agent can also recommend a real estate attorney. In buying new construction, an attorney is of utmost importance. You'll need to have an airtight purchase and sale agreement with a thorough punch list of items to be completed prior to closing.

It is tempting to try to save money by dealing directly with the builder, but it could end up costing you more in the long run. Good luck!
0 votes Thank Flag Link Mon Mar 19, 2012
Get a buyer broker, no question. You don't want to go into this purchase without your own representation. It could effect your bottom line and over all purchase experience. Even if your first agent wasn't helpful that doesn't mean there isn't a great buyer broker out there to help you with the purchase process.

Good luck!

Web Reference: http://territory.com/
0 votes Thank Flag Link Tue Mar 13, 2012
Good morning, IMHO there are three things a borrower should never do when buying new construction:

1). Buy directly from the builder without your own buyer's representation. The builder loves it, of course. Saves him/her loads of money. But you have no one representing you. Protect yourself....work with a buyer's agent. It costs you nothing.

2). Not hiring your own home inspector. Do not rely on the builder and the building inspector to ensure everything is done correctly. Hire your own home inspector and have him/her in the process all along the way. It will be the best investment of a few hundred dollars.

3). Obtain financing through the builder. Most builders want to control the financing process (hey, I get that!); however, often there is borderline coercion used and the builder "requires" borrowers to work with the in house lender. That, in fact, is a violation of RESPA and is illegal. No one can force a borrower to obtain financing from a particular source. Yes, the builder may offer "spiffs" or upgrades for working with their lender; however, often the rates are higher and the closing costs are dramatically higher. Compare the builders closing costs with another lender you respect. Weigh it out. Given the state of the new construction industry, I don't think a builder would risk a buyer walking away over working with you chosen lender.

Best of luck to you! If you are in need of a closing attorney, I have a great contract in Boston. Just contact me via my profile and I will give you contact info.
0 votes Thank Flag Link Tue Mar 13, 2012
You need a new buyer agent. I'm assuming that if you had a contract it has expired. If it has not you should ask to be released from it on the grounds of non-performance. If she won't release you, talk to the head of her office.

Ellen G. Friedman, Keller Williams Realty, 617-448-1542 or ellengfriedman@comcast.net
0 votes Thank Flag Link Tue Mar 13, 2012
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