A real estate agent can
represent either the seller of a property or a buyer. Unless a
Buyer's contract or the Massachusetts
Agency Disclosure form is signed with the buyer, all agents showing a home
represent the seller, either as the listing agent or a sub-agent
(such as when you go to an open house).
Because of this, the listing and the sub-agent's responsibilities
include getting the highest possible price and the best terms for the
seller. The buyer has no representation in this situation. These
agents cannot tell you what you should offer on a property or
the value of any improvements. They cannot offer an opinion on the
condition of the property or tell you any information they may have
about the seller's urgency to sell. On the other hand, the listing
or sub-agent may report back to the seller with any information that you
reveal concerning your finances, whether or not you would be willing
to go higher on an offer you made, or how motivated you are to buy
this home.
A real estate agent who
represents only the buyer is a "Buyer's Agent".
There are two ways that you can be represented by a Buyer's Agent.
The first is where the buyer
and the agent enter into an agreement by signing a contract where the agent has exclusive
rights for finding, negotiating, and purchasing property
satisfactory to the buyer. The advantage that signing a contract has
is that the agent may put all his or her efforts into finding
you a home, because you have a contract stating that you must
purchase a property through this agent. We do
not normally represent buyers in this capacity. We believe if a buyer
is not happy with our service, then he/she has the right to go to
someone else. This assures that we will provide you with
the best possible service.
The other way to be represented by an
Buyer's Agent is by signing the mandatory Massachusetts
Agency Disclosure, with the agent checking off the box that
he/she is a buyer's agent. This is not a contract, but is a
disclosure merely stating who the agent is representing. This
disclosure is required by Massachusetts law before a licensed agent
discusses a particular property. This is how we represent our clients
as a Buyer's Agent.
In either case, the agent has a fiduciary
relationship with you and, as such, owes the you loyalty, disclosure, confidentiality, obedience, honest, accounting,
and reasonable care and diligence. He/she will work in the your best interest, give opinions on the value of the property, can
reveal information about the seller's motivation, whether the seller
will take offers below asking price, negotiate the best price and
terms for you, and present your offer to the seller.
Your agent will keep
you updated on all homes that meet your requirements and maintain
contact with you through all steps of the home-buying process. In
most cases, there is no cost to you - your agent's fee comes from
the listing agent.
In
today's real estate's market the best homes sell very quickly. With a buyer's agent, you can be sure that you
are the agent's top priority, and will have the best chance of
finding the home you are looking for.
Because
we work as Buyer's Agents, we can show you any home on the market -
no matter what real estate company has it listed
(ie: Century 21, Carlson, Coldwell Banker, Etc.) or who the listing
agent is! To set up an appointment, call us at 978-740-8700.
