Do I Need a Buyer's Agent?

Question

Am shopping for my first deal - a STR in New Hampshire. I have purchased homes before but only between family without agents so I'm finding myself a little ignorant on some of the basics. I've found a home I'm interested in and contacted the seller's agent off Zillow. Am going to see it in the next 10 days. As things progress, do I need a buyer's agent?  Considering this property is out of state for me (I live in MA and have already caught a few things that are different in NH) and it's my first one would a buyer's agent help me with negotiations, etc.? And if so, how do I go about finding one?

Debra Grumbach · Answer

Yes. You should find a buyer's agent and have THEM show you the property. Working with the seller's agent is never wise.

Real estate sales process is slightly different in NH than in MA. I used to sell in both states.

Where in NH are you looking? I may be able to refer you to someone.

Alex Cuevas · Answer

$38,000 rehab on that project? Can i get your GC's number please? That's one heck of a bargain and I'd love to keep track of the progress.

Richard Dale-Mesaros · Answer

Hi Dan,

Actually I've had no problems on the odd occasion when I've had buyer clients in the situation where the listing agent is only offering 2 or 2.5% - just need to make sure you have this conversation up front; same goes for making offers on FSBO's - if the sellers won't pay a commish, it has to come from your buyer, but their offer can be reduced by that amount to allow for it.  Also, the offer when agents are involved could state that the seller is going to make up that difference, so it doesn't need to come from the buyer. Good luck out there!  :)

Claudia Temdenou · Answer

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Chris StPeter · Answer

Why not use a buyers agent? The seller is the one paying for it. If you think you're going to get a better price by not having an agent, you are mistaken. The only difference is the agent representing the seller is going to get double the commission.

Not having an agent is like going to a gun fight with your fists clenched. No matter how hard you can punch, you're going to lose.

Claudia Temdenou · Answer

Can i have an advice form you on a property i am trying to buy. Need to know if is a good deal or not the addresse is 258 maple st 01904. The purchased price is $145000 and the rehab price is 38000. Please

Claudia Temdenou · Answer

I need an advice on a house i am trying to purchase in the Lynn area Ma. Can anyone google it and tell me if is a good deal or should i drop it. I want to use it as a residency but don't know if is a good deal . The addresse is 258 maple st 01904. The purchase price and the rehab is 179000 total. Please some advise.

Russell Brazil · Answer

When you contact an agent through Zillow...that email ia typically not going to the listing agent. Instead your email is going to the agent who purchased the rights to that zip code from Zillow

Dan Bernstein · Answer

@Richard Dale-Mesaros Very rare that a buyer's agent would make their client "make up the difference" on a commission if its below 3% here in the DC Metro.  Is that common up by you?

Anne T. · Answer

I agree with Shawn. The Seller's are likely the ones who will be paying the fee for the Buyer's agent, and the Seller's agent is just that -- representing the seller. They have no obligation (other than a moral one) to work on your behalf. I would strongly recommend using Tony's referral if Mr. Morgan is in the same area as the property you want to purchase. Also, when you are looking for an Agent, make sure you get one who has personal experience with investing. Mr. Morgan will likely be able to fill in any gaps in your knowledge about local investment properties since he is an investor himself. Most real estate agents are not also investors and they have no experience managing properties.

Do I Need a Buyer's Agent?

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