Did anyone here buy a home with a buyer's agent? What was your experience?

Question

I'm a first time home buyer working with a 3+ family on a teacher's salary. How's it possible to get 3 bedrooms and affordable housing?

Answer 1

In todays market you really do need to have a buyer/broker or buyers agent.
Real estate agents either work for the seller, or the buyer. As simple as that sounds it is actually very confusing. All agents by law work for the seller, unless they have a signed contract showing that they are representing you and not the seller. It doesn't cost you anything to have this agent and it can be very benificial.

Under the old system where all agents worked for the seller the agent was bound by ethics to pass any information along to the main selling agent. For example if you told the agent that you would place a bid of $xyz but would be willing to go up $xyz+100 the agent would pass that info along and end up costing you money.

The seller still pays all cost associated with selling. They pay the selling agent as well as the buying agent. It really is to your benifit to having the buyers agent.PP

Answer 2

I haven't used a buyer's agent but I used to be a Realtor and can tell you what one is and what one is supposed to do. You enter a contract with a buyer's agent stating that you will use that Realtor when you buy a house, even if it's a for sale by owner. That Realtor is now working for you and has your best interest in mind. For instance, if you tell your buyer's agent that you like a house and want to offer $100,000 but would be willing to pay up to $110,000 they are to keep that information quiet. If you are not using a buyer's agent and you say that then the agent (who is working for the seller) is supposed to relay that information to the seller. If you do not have a buyer's agent then all agents work for the seller, even if they don't have the house listed. Entering a buyer's agency agreement protects your interests. The buyer's agent is still paid out of the commission at closing so unless things have changed, it's not costing you anything to enter a buyer's agency agreement. Like all contracts, read it before you sign it.
Look on www.realtor.com and search your city. It will bring up all houses that are listed in the MLS system. Also, call a few banks or mortgage companies and ask what is available for first time buyers. There are some loans that you can get with very little down payment. Ask about down payments, interest rates, points, origination fees, etc and compare. When you decide which lender you want to use ask for a pre-approval letter. It will give you a little more leverage when making an offer on a house.

Answer 3

Get your self a buyer agent, the seller will pay for it. Truly you are paying for it when you buy the house.