Frequently Asked Questions
The following is a list of frequently asked questions we receive from first time homebuyers and experienced homebuyers alike. We’ve answered them the best we can and urge you to contact one of our buyer agents if you have your own questions about buying a home in the Boston area.
What can I afford?
This question is best answered by an experienced loan officer from a certified lending institution. Most if not all mortgage companies and banks have a pre-approval process which will tell you how much you can afford to pay for a home.
What is a buyer agent?
A licensed Massachusetts real estate agent becomes a buyer agent when a buyer willingly engages the services of that agent to purchase property. It is then the obligation of the buyer agent to put the buyer’s interest first and negotiate the best price and terms for the buyer. This means that the real estate agent represents the buyer, and that the agent must disclose any known material defects about a property to the buyer.
Why should I hire a buyer agent?
A buyer agent will represent your interests 100% of the time during the home-buying process. This means that he or she will advise you on location, help you negotiate the best price, and keep you informed so that you can feel confident about your investment.
Should I sign a contract with a buyer agent?
Most buyer agents will not represent a buyer unless the buyer is willing to enter into some kind of buyer agency contract. This arrangement can be mutually beneficial, as you are more likely to get a 100% effort from the buyer agent, and the buyer agent is more likely to get paid for his or her time and expertise. (We recommend you review any and all contracts thoroughly before signing them and consult an attorney if you have any questions or concerns.)
How is a buyer agent paid?
In most cases, there is no cost additional to you as a buyer when you hire a buyer agent. A buyer agent is typically paid a buyer agency fee by the seller and seller’s agent representing the home you buy. How and what the buyer agent is being paid should be clearly stated in your buyer agency contract.
What should I do first if I am interested in buying a home?
You should contact a mortgage broker from a certified lending institution to find out how much you can pay for a home, and contact a reputable buyer agent in the area you are looking to buy in. The City of Boston also offers first time homebuyer classes if you would like to learn more about the buying process on your own.
Should a buyer agent know the area I am buying in?
Absolutely. A buyer agent can’t truly represent you unless they have expert knowledge of the area you are buying in. Think of it this way: Would you invest your money with a stock broker who tells you to invest in a stock that he or she doesn’t know anything about? If a buyer agent can’t advise you on location then he or she should not be acting as your buyer agent.
Do I need a lawyer to buy a home?
We recommend you hire an attorney to review any legally binding documents you are asked to sign throughout the home-buying process. While your buyer agent will be familiar with all of the documents you sign, he or she is there to help you find a home and not to give you legal advice.
How long does it take to buy a home?
It depends on a number of factors. If you are aggressively looking for a home to buy, and you are ready, willing and able to buy a home, it should take anywhere from 60 days to 120 days. There are exceptions of course.
What if I buy a property that is being represented by an agent at the same company my buyer agent works at?
Your buyer agent should explain to you, at your very first meeting, that this scenario is a possibility. In most cases, your buyer agent will continue to work exclusively for you, and the agent in his or her office will continue to work exclusively for the seller. Both you and the seller must agree to this arrangement in writing before proceeding. This arrangement is called Designated Agency. Under these terms, other agents in the office may represent parties with opposing interests.
