Did you use a buyer's broker?

I'm trying to get a bunch of different opinions. I've bought a house before, and my negotiating skills are strong. I'm looking at a low-to-mid priced 2-3 BR condo, and around here something like that goes for (yikes!) 300 large.

Throwing that kind of money around, I'll take any advantage that I can get...but I'm having a tough time understanding how a higher expense (larger agent commission) can really result in a lower bottom line cost.

Thoughts?

 

Octane-Girl
I have backed off from replying to your thread since you posted it, because my last home purchase was 10 years ago when I bought Casa De DudeRick. Buyer Brokers were just becoming available then, so I don't have first hand experience with one. But I would think that if you are a tough negotiator, you could do just as well on your own and save the expense.
Good luck.
Rick

 

Thank you rick for a totally useless post.. once again.



BUMP FOR OCTANE GIRL!

 

My pleasure!

 

I love the way you wrote your location, you are in the heart of Kennedy country, and all of the Boston libs.

 

Yes, I used a buyers broker. It was absolutely the way to go. Here in MN, brokers who list houses either represent themselves or they represent the seller, never the buyer, so we have other brokers who never list houses - they only represent buyers.

With an ordinary agent/broker if you have problems with a deal - say the purchase offer was worded wrong - you are absolutely SOL unless you have someone legally obligated to you. In MN a buyers agent is obligated to you, any other agent is obligated to the seller or to themselves.

Example: An employee of mine had a deal go bad. They found a structural problem with the house during the pre-purchase inspection & the purchase offer was not properly written to be contingent on the inspection. Their friend/agent/broker who wrote the offer clammed up & hid behind high buck lawyers. Friend or not, the agent had to protect the agent & seller, not the buyer. They were left on their own with an offer on a house that was falling down. It was a big, year long mess that ended up costing them their earnest money & legal fees. The worst part is that it took them out of a rising market for over a year, so when they finally found another house it costs $20K more.

Get an agent/broker that represents YOU, not the seller.

--Mike

 

get the homeowners warranty and pay an inspector to check the place out!!!!

 

also what ^^ said, make sure they do not represent the seller too, you save some monmey but there is always a conflict of interest!
MAtt

 

Hi Octane Girl. As a fellow taxachusettser I can tell you that buyer's brokers are a mixed bag. I have heard complaints and praise. Some add no value or just get in the way. Others do their homework and have a good reputation. You want to investigate any buyer's broker you are thinking about hiring and checking a number of references.

This said, in Mass, I'm not sure what the advantage is to hiring a buyer's broker, especially in the current real estate market. If you have strong negotiating skills, and really do your real estate homework, you can do just as well on your own. I think the brokers are best for those who want to get a good property at a fair price, but do not have the time to spend doing all the leg work themselves.

I have bought and sold 5 homes of my own and helped family members with 7 or 8 others. Pm me if you want more info, tips or help with looking and negotiating a fair price in the Mass area. And no, I'm not looking for legal work. I don't do closings.

Ps, why don't you post over in New England???

 

[QUOTE]Originally posted by Octane-Girl
Did you use a buyer's broker?