First time home buyers hear and read a lot of tips about a home buying process. Below we present you with the most essential information every home buyer should be aware of, from the perspective of a Boston North Shore exclusive buyer broker.
10 Must-Know Tips for Home Buyers
MLS listed homes in Massachusetts acknowledge two sides to a commission — the listing agent’s fee and the fee to the agent who brings the buyer. To choose an agent who must work to get the highest price for the seller seems foolish when the MLS system provides a fee to have an agent work to the get the lowest price… and who brings all the money to the closing table to cover the price of the house and the commissions? You guessed it… the buyer.
And what about those initials after an agent’s name? Obtaining a real estate license in Massachusetts is so easy that home buyers would be wise to look beyond a license. The state’s Board of Registration monitors licensees and enable consumers to check up the licensee’s status on the state web site. After 24 hours of education and an exam, new licensees work as an “agent” salesperson for 1 year or more under the supervision of a broker. 30 hours of education and another exam allows agents who have worked for their year of apprenticeship to become brokers.
Brokers are allowed to work on their own unsupervised and can set up their own offices and have agents work for them. An agent must always work under a broker’s license. Some agents have many years of experience and have not felt the need to get their broker’s license because they choose to work for a broker or national franchise realty firm. Agents should be asked about additional credentials they may have earned to further enhance their career or abilities. For example, some agents have earned a CRS (Certified Residential Specialist) or GRI (Graduate, Realtor Institute) upon completion of additional classes. Home buyers who want the advantage of working with an agent who must protect their interests can choose from a number of Buyer Agent credentials, including CEBA, ABR, CBR, CBA, and MCBA. How buyer agents handle any conflict of interest situations that may arise can affect the value for a home buyer. Some buyers prefer a Boston North Shore exclusive buyer broker because he/she does not list properties for sale that might contribute to a conflict of interest problem.
It is important to note, though, that as soon as you determine you want to walk away from the deal that you minimize the loss of time to the seller by acting immediately.
If you have any questions or you’re interested in working with a Boston North Shore exclusive buyer broker, give us a call at 1-978-219-4928 or use our contact form to send us an email.