Working with an Agent

Dear Pat,
We’ve been looking all winter for a house in Longfellow, but everything we find seems to be wrong for us, or it’s already sold. Going to open houses and looking at Realtor websites on our own doesn’t seem to be working, yet we’re reluctant to sign a contract with some agent we hardly know. How can we get in the game without getting stuck?
----Outside looking in

Dear Outsider:
It sounds chilly out there! I can understand your reluctance to sign up for a long period of time with someone you’ve just met, but remember: the game is played mainly on the Realtors’ field, so a good Realtor is your best bet to win. The two state-mandated forms can seem pretty intimidating at first glance, but they were developed to protect the consumer and help clear up confusion about how buyers and agents work together. First, the Agency form talks about the different forms of agency, such as buyer’s broker, or seller’s broker, or subagent (representing seller but servicing buyer as customer), or dual agent (representing both buyer and seller), or facilitator (representing neither buyer or seller). The Agency form also explains the fiduciary responsibilities the agent owes you: loyalty, obedience, disclosure, confidentiality, reasonable care and accounting.

The second form is the contract between buyer and agent. It spells out the buyer’s and broker’s obligations to each other, and explains how the agent gets paid. The contract also serves as a symbol of mutual respect, and is the beginning of a very important relationship: from the time you sign papers with an agent you are both pledging your loyalty to each other. But please note that many agents are willing to sign a buyer’s contract that allows either party to cancel with a 24 hours verbal notice (that is River Realty’s policy) if you do have misgivings down the road.

Once the forms are signed it’s as if you have a real estate “elf” working for you all through the day (and often the night) to put you into your dream house, or as close to it as you can afford. Your agent will be checking the MLS computer once or twice each day, and keeping watch for any future listings being readied for market from his/her office, or from other agent contacts in the business. Your Realtor should be able to guide you through the whole process, from loan qualifying (“how much can I afford?”) to making sure the utilities are square on moving day—finding your home, negotiating the purchase, and working closely with the mortgage banker, title closer, home inspector, and the other real estate company. When the job is done, the agent is paid.

So come in from the cold, Outsider. With a professional’s help it often takes only a few days or weeks to find the right home. And a good agent isn’t really hard to find: ask your friends for a referral, pay attention to the for-sale signs in your target area, shop open houses for an agent who suits you. Good luck—I’m sure you’ll make a good choice!