Buyer agents - where do I start? (Londonderry, Keene: sale, real estate)

[GreenGene]

In another thread was mention of obtaining the services of a buyer's agent. My (limited) understanding of a buyer's agent is that the potential home buyer enters into a contract with a real estate agent with that agent representing the buyer, and only the buyer, in the search for and ultimate purchase of a home. Do I have that right?

There is a National Association of Exclusive Buyer Agents website that includes a lot of information as well as a "find an agent" webform that I believe is supposed to provide you with a name (or names?) and contact information for a buyer's agent in the area you are interested in purchasing a home. But how does that work if you know you're interested in a state but have not narrowed it down to a specific locality?

And how does this work long distance? One of the recommendations I have heard when selling a house is to get to know your agent - research, talk to people given as references, interview the agent, maybe get to see the agent at work (for example, during an open house). I would think that knowing your agent when buying is just as important as knowing your agent when selling, but how do you do that (or how well can you expect to do that) online?

Does anyone have any experiences with buyer agents that they would be willing to share? Thanks.

[WannaComeHome]

Valerie is the expert, of course, though she may be on vacation at the moment?

What area are you looking at? Some of us can happily recommend agents we've used. I had an agent in Hillsboro even though I'm down in NH. She was great with working with me via email and phone. When we were ready to go up and look at things we set a time with her and went around. Then we went back to email.

There's also a thing called a 'listing cart' that your agent can set up for you via email. I have one going right now for New Ipswich. You tell the agent what towns you're interested in and what your price range is, they set it up and any time there is a new listing or a change in a previous one, you get an email with a link to your account (save the link, you can visit it any time). That way you can keep a 'file' of all the properties you want to consider or at least watch, delete out the ones that you don't care about, and get updates as prices or info change. The listing cart will show you any photos that are available, as well as all the info on the standard listing sheet. There is no obligation on anything you keep in your 'cart', you haven't put any money down on anything, it's just a good way to keep a file of properties you want to consider. It's a good way to handle things via email/web.

So, depending where you want to look, Valerie is in the Londonderry area (I highly recommend her!), I can also recommend my agent in Hillsboro, or my current agent in the Monadnock area. I'm sure others can make suggestions as well.

[GreenGene]

Many thanks for the response, WannaComeHome. I do have a contact in Keene, and I've been getting listings (what you referred to as a "listing cart") for the towns I've specified in Cheshire County. But I have no arrangement with that agent to serve as a buyer's agent.

I think I really want to pursue a formal arrangement, and I'll tell you why. When we sold the townhouse we had and bought this house, the same agent handled both transactions. In fact, she handled a third - the people who sold this house to us bought another house listed by her. So she had these three listings, and the stars and planets lined up just right, and there were back-to-back-to-back closings.

While we've been happy in this house, I have no idea if we missed out on something that we would have liked even more, or if we could have worked out a better deal for this house.

Now, we definitely won't have the same agent handling both the sale of our current house (in Virginia) and the purchase of our next home in New Hampshire. But I don't want there to be any doubt as to the ... loyalty I guess is the best word ... of the agent we use in NH. In particular, I don't want to feel that we are being directed to only those listings offered by the agent or the agent's company.

I have seen a post or two from Valerie, and perhaps she'll have a chance to respond to this thread. I should have waited until tomorrow to post!

[WannaComeHome]

You're welcome Green! wow, the same agent handle all 3 sales? hmmmm. glad it worked out, I don't think it's usually advised. If you like your agent, I'm sure you can simply ask them for a contract. I don't really care for the contracts myself, but that's just me.

I'm not sure, but I think Val may be on vacation - she hasn't posted for a couple of days, and only very spotty for a couple before that.

[GreenGene]

{{bump}}

I made the mistake of posting this on Labor Day ... should have waited.

Hoping to hear from real estate agents with professional knowledge of buyer's agents (and perhaps experience acting in that role?) and/or real estate buyers who have used a buyer's agent.

Thanks!

[rmcewan]

Originally Posted by GreenGene

{{bump}}

I made the mistake of posting this on Labor Day ... should have waited.

Hoping to hear from real estate agents with professional knowledge of buyer's agents (and perhaps experience acting in that role?) and/or real estate buyers who have used a buyer's agent.

Thanks!

We signed a NH buyer's agent agreement with a regular realtor in the area in which we wanted to buy.

We had previously seen a person in an exclusive buyer's agency in Portsmouth who was unfriendly, sneered at the kids, wanted upfront fees, and talked about contracts and fees before our needs and then demonstrated her lack of knowledge of the local area (she also poo-poohed Oyster River School District). They were exclusive in that they didn't want my business it seems.

We lucked out on our agent though. We just walked into a Realtor office, and were seen by a great Realtor from the get go. She got the kids settled, and then just started browsing local listings, talking about the area, what we wanted etc. Before we left the office, she'd provided a list of local daycares, and playgrounds and given us a fistful of listings and addresses. WE had to bring up buyer's contracts. She was happy to work under one, but didn't think it was necessary until we were further down the path to picking a house. We did sign one with her in the end - but at no cost to us, and it was at the point where we wanted to make an offer. We were not in the situation where the same agency was buying and selling - so there was no conflict there.

I don't feel there is a need to use an agent who ONLY represents buyers. If you ask me, they'll be less likely to have detailed local knowledge because there's just fewer of them. They seem more like rich people's house shoppers. I'm sure the buyer's agent in Portsmouth had plenty of local knowledge in the $5M home markets in New Castle and Rye Beach.

Narrow your search before picking an agent. Make them compete for your business (esp as a buyer in this market!).

[Valerie C]

Hi Green, glad that you bumped

Let me first suggest that you do not go into a formal Buyer Agency agreement until you have met with at least a couple. Personality fit is important when you're going to be undertaking such an important transaction, and you want to be sure that this person is going to be solidly on YOUR team. I would recommend visiting an office or two to get a general feeling for the agency, and then seeing no more than 2 or 3 homes with each agent before you make a decision on who you would like to work with. Each agent you see ANY home with will have you sign an Agency Disclosure form (required by the state) which is NOT a contract, but is a legal disclosure to inform you of who he or she does and does not work for. While you probably don't want to make the agents jump through hoops, try to be aware of those who are genuinely interested in helping you. Keep in mind that a Buyer Agency contract will have a definite start-and-end date, can be of as long or short a duration as YOU are comfortable with, and spell out who is responsible for paying any fee. Although generally the Agent will accept the "co-broke" as listed in MLS as their fee, remember that as independent contractors, each agent within any office may have their own contract that they negotiate. Also remember that once a Buyer Agency Agreement is signed, that agent is bound by law to keep your information in complete confidentiality.

Remember: An agent owes their client (whether Buyer or Seller) an OLD CAR:
O-Obedience
L-Loyalty
D-Disclosure (full)
C-Confidentiality
A-Accounting
R-Reasonable Care and Diligence

Originally Posted by GreenGene

{{bump}}
Hoping to hear from real estate agents with professional knowledge of buyer's agents (and perhaps experience acting in that role?) and/or real estate buyers who have used a buyer's agent.

[Valerie C]

I'd like to explain the various agency relationships possible in New Hampshire. Feel free to fall asleep anytime (yeah, it's pretty dry stuff...)

An agent owes their client (whether Buyer or Seller) an OLD CAR:
O-Obedience
L-Loyalty
D-Disclosure (full)
C-Confidentiality
A-Accounting
R-Reasonable Care and Diligence

Seller's Agent: The Seller is a client, and the agent owes the Seller an OLD CAR.

Buyer's Agent: The Buyer is a client, and the agent owes the Buyer an OLD CAR.

Non-Agent (Facilitator): Since the Seller generally has representation (the listing agent) the Buyer is a customer and not a client. The Non-Agent or Facilitator owes his or her customer honesty and fair dealing, but doesn't owe anyone an OLD CAR.

Disclosed Dual Agent: Disclosed Dual Agency is when one agent handles both sides of the transaction. Understand that Disclosed dual agency allows for limited disclosure to each client, and confidentiality for each client must be maintained.

Let's say that I list your home. You are my client. You've told me in confidence your motivation for moving, your mortgage payoff & your bottom line. By law, I must keep this information confidential.

If a Buyer's Agent submits an offer on the property, they are very careful to protect the interests of their client, and not to disclose anything that may harm the bargaining position of the Buyer. I, as the listing agent, am careful not to disclose any information about you, the Seller, that could give the Buyer an edge.

Note that this confidentiality extends only to the people involved. The property itself is in a fishbowl, and all known information and defects must be disclosed (except in bank-owned or as-is property--a whole other story!)

A few weeks later, Barry Buyer hires me as his Exclusive Buyer's Agent. We agree to the terms of the Buyer Agency agreement, sign the contract, and then discusss his needs and his financial info. As it turns out, he can easily afford to buy your house and wants to take a look at it, as well as other houses. Because both of you are now my clients, I can only show him your property if both of you agree to a Disclosed Dual Agency, in which any and all confidential information is to remain confidential, and may not be shared without express (written, if at all possible) consent.

I must maintain confidentiality for both parties. I am NOT to tell you, for example, that Barry can easily buy your house at full price, or that he needs to buy property ASAP for tax reasons. Likewise, I cannot tell him that you're just a day away from a major price drop because your new job 500 miles away starts in 8 weeks, or that the bank is going to foreclose if we don't get an offer soon. I cannot negotiate on either party's behalf in regard to price, home inspection, closing date, etc. THAT is the limitation in a Disclosed Dual Agency.

This type of Agency relationship requires the utmost in ethics on the part of the agent. Buyer and Seller need to understand that there are obvious limitations, including the inability of the agent to fully represent the interests of both Buyer and Seller at the same time.


ok, that's enough from me for one night.....

[WannaComeHome]

Thanks, Valerie! yow, that kinda makes my brain hurt. But I love the Old Car

[Valerie C]

Kinda makes my brain hurt too! The sad thing is I'm doing an online course as part of my ABR (Accredited Buyer's Representative) designation, and I came here tonight to get away from the real estate stuff...

Guess I'll have to go to another place where I'm *not* necessarily a real estate agent

Originally Posted by WannaComeHome

Thanks, Valerie! yow, that kinda makes my brain hurt. But I love the Old Car