A word about Exclusive Buyer Agent Agreements:
I know some local real agents are going to be upset with me, but this is what I think about Exclusive Buyers Agreements with long time frames. Please take note first-time homebuyers.
If you go into a real estate office and the real estate agents ask you to sign a Exclusive Buyers Agent Agreement with long time frames, please think twice about it. My advice – I don’t think you should sign one at all. Offer to sign a Notice of Designated Agency – from the Boston Real Estate Board that way you have leverage over the agent, not the agent over you. If you sign an Exclusive Buyers Agent Agreement with a several month time frame you might be stuck with an agent you don’t even like.
Here’s an example of buyer that did sign an Exclusive Buyers Agent Agreement:
John, I placed an offer on a condo after an open house, several thousand dollars under the list price. Turns out that deal didn’t go through. Never heard from the broker after that.
Later, I find out I signed something called an 104 day exclusive buyers agreement. This is not right! I only met this broker once at an open house and now I’m stuck with him. What sucks! If I put an offer on any condo in the next 100 or so days, even with another broker, he still gets paid and it might come out of my pocket. I put my trust in this guy thinking he should be looking out for my best interests. I just assumed it was no different than the last non-exclusive form I signed at another office. STUPID, YES, this is not usually like me, but I put my trust in this person because he seemed like a nice guy. Do you think I can get out of this exclusive 104 day buyers agreement?
