The Boston condo sales market has its own share of lingo and some of it is hard to understand. Build your home buyer vocab before you start looking for your dream condominium.
Before you start spending your weekends going to Boston condo open houses, its essential to secure a lender, typically a bank or a credit union, and obtain pre-approval for a loan. After all, you don’t want to fall in love with your dream home only to find out you can’t afford it. “Lenders require lots of documentation to provide a pre-approval. It is always best to provide that first so there are no delays when you find the perfect home
Shopping for a Boston condo can be a daunting process without the assistance of a buyer’s agent; this is your agent who exclusively represents you. In Boston, there is little to no cost to work with a buyer’s agent, typically the agent is paid via the seller. Buyer’s agents will help you navigate the home buying process and negotiate the best price and terms.
A buyer’s agent works with the listing agent, a realtor who represents the sellers of a property. Their role is to work solely to represent the best interest of the person(s) selling the property. Listing agents are responsible for marketing the listing and negotiating the best price and terms for the sellers. The listing agent is also responsible for negotiating the commission paid to both listing agent and buyer’s agent.
Using a dual agent is akin to using the same attorney for both spouses in a divorce. It may not be in your best interest and in some states dual agents are restricted or illegal. A dual agent represents both the buyer and the seller in the transaction. This can arise if a buyer calls the selling agent of the home. The agent is obligated to disclose the relationship to both parties as this can cause a conflict of interest.