Return to the Buying and Selling Homes Forum | Post a Follow-Up

 o
Do I need a realtor to buy a house?

Posted by happyli (My Page) on
Fri, Jun 26, 09 at 18:58

Do we need a realtor to do just the paper work?

We're first-time buyer. My husband and I search around online a lot. We've been doing our homework since 10/2008.

I had a realtor a few months ago. We gave her a list of houses we want to see; she just needed to open the doors, contact the selling agents and pass around the message. There was little professional advice on how to make an offer or counter offer.We even knew more about the particular neighborhood than she did.

I want to change a realtor, but I don't know where to find a good one. She was recommened by a freind of mine; we're told she has more than 20 yrs experince.

I just wonder if it is OK for us to contact the selling agent directly. Perhaps we can bargain a lower price since the selling agent doesn't have to split the commission with the buyer agent. On the other hand, I'm afraid the selling agent won't stand on our side...

Any advice??


Follow-Up Postings:

 o
RE: Do I need a realtor to buy a house?

From my recent experience, and it probably depends a lot on where you live, but selling agents don't want to bother with non-represented buyers. They apparently think you are not serious if you don't have an agent.

And you are right, the seller's agent is not going to stand on your side.

Like it or not, but the system is stacked towards your needing an agent. And having proof of your having financing lined up with a mortgage company.


 o
RE: Do I need a realtor to buy a house?

"On the other hand, I'm afraid the selling agent won't stand on our side..."

That's true, listing agents generally, initially, have a legal obligation to their seller. Depending on your state laws and the agents company policies, the listing agents fallback position dealing with you could be "dual agency", "transaction broker", "sellers agent", "designated agent", or whatever your state laws dictate.

I think the agent handled you correctly. You do not sound or act like a sincere buyer. She had no legal obligation to treat you different.
If she was representing you, as your agent, you can expect more. Ask her about the difference she would provide in service, depending on agency.


 o
RE: Do I need a realtor to buy a house?

Absolutely get your own agentthe listing agent represents the sellers interests, not your interests. Further, the sellers agent is not legally obligated to represent your interestshe/she is only legally obligated to represent the sellers interest because they have a signed agreement between them.

Buying a home is your biggest investment and you stand to lose a lot if you do not have a well informed, experienced professional looking out for your interests.

We just bought our 4th home in 8 years. Our home is a new construction. Its our 3rd new construction. Still we always use a real estate agent. Weve probably purchased 10 homes total between us in our lives.

What did our agent do for us this go around?

Negotiated more than $50,000 off the asking price
Builder paid a $25,000 in credit toward upgrades in flooring (the home was already complete except for flooring)
Builder paid $7,000 of our closing
Builder paid to buy our interest rate down below 5% (cost the builder $11,000)
Builder repaired/completed 2 page punch list from our home inspector
Builder repaired/completed punch lists from walk through

We looked at this same home 8 months earlier and we could not touch this house because of the price. When values began to drop with the economy, we came back for a second look, but we were looking at the cheaper model. Yet our agent didnt flinch when we asked her to present this aggressive offer to the builder on the more expensive modelthe builders sales rep balked and didnt want to even take a written offer, but our agent insisted. The sales rep keep saying just tell me verbally and Ill pass it on; our agent said "no, my clients want to make a written offer so it's official and so it's clear as to what they are offering." Once a written offer is made, by law, the sales rep (or other agent) has no choice but to present the offer. Much to the sales reps surprise the builder said yes to everything we offered. Its the second time weve had a sales rep balk at our written offer, only to have the builder say yes. So you see why it pays to have your own agent! BTW, weve always made offers on new constructionthe price is never the price unless its in a super hot market and people are stupid enough to camp out and overpay for a house.

Our agent was there whenever we needed her; when we had questions, she had answers. When we didnt agree with the information we were be given, she jumped right in to represent our interests. For instance, we were told by the builders sales rep were to contact the gas company after closing to have the meter installed; we believed the builder should have the gas turned on prior to closing because the gas water heater, cooktop and other gas appliances should be running when the home inspection occurred and at the time of the walk through. Our agent contacted the gas company and confirmed they could indeed install the meter before closing; she them worked with the building superintendent to have the meter installed and gas turned on before the home inspection. Once the home inspection was competed, our agent immediately took the report to the sales agent and told her she needed to have the items in the report corrected. The items on the report included things like a installing a strap around the water heater (for seismic reason); grinding down the cement around a drain in the garage floor to eliminate a tripping hazard. These are the types of things a good agent does for her clientsa sellers agent wont do these things for the buyer.

You should interview several agents. Ask them what they do for their clientskeep in mind showing clients homes for sale is NOT representing a clients interests. Its how they go about closing the deal. What do they do to represent their clients interests? Talk to several of their former clients to find out how they were represented by the agent:
1. Did the agent show them homes that met their needs and in their price range?
2. Did the agent produce market analysis so they could make reasonable and fair offers?
3. Did the agent aggressively negotiate offers on their behalf?
4. How did the agent handle multiple offers? Did it turn into competitive bids that escalated the price beyond what they wanted to pay and put the home out of their reach? (Beware of the agent who engage in and encourage clients to become involved in competitive bids)
5. Did the agent negotiate closing costs and other incentives to get them the best deal possible?
6. Did the agent help them identify all the problems with the house and address them to their satisfaction with the seller?
7. Did the agent help them resolve any and all issues with seller?
Was the agent honest? Trustworthy?

DO NOT SIGN AN EXCLUSIVE AGREEMENT WHEN YOU ARE BUYING A HOME!

IF AN AGENT WANTS A SIGNED EXCLUSIVE BUYERS AGREEMENT TO REPRESENT YOU, WALK OUT.

IT IS ONE THING TO SIGN AN AGREEMENT WHEN YOU ARE SELLING A HOME; IN SUCH CASE YOU WILL BE EXPECTED TO SIGN A 3 MONTH EXCLUSIVE AGREEMENT TO ENSURE THE AGENT GETS PAID WHEN THE HOME SELLSJUST NEVER SIGN MORE THAN A 3 MONTH EXCLUSIVE AGREEMENT WHEN SELLING A HOMEEVER!

BUT NEVER EVER SIGN ANY EXCLUSIVE AGREEMENT TO BE REPRESENTED TO BUY A HOUSE.

If you have a good agent, stick with the agentdont be using multiple agents, that is not ethical. On the other hand, if you have a crappy agent, you have a right to leave that agent and find a better one.

MAKE SURE WHATEVER YOU SIGN EITHER PARTY CAN TERMINATE THE AGREEMENT IMMEDIATELY UPON WRITTEN NOTICE.


 o
RE: Do I need a realtor to buy a house?

I didn't use a realtor when I bought my current house. The sellers had one, but I didn't.

I contacted the selling agent directly after seeing the house online. My husband and I handled the negotiations ourselves, and we hired a good attorney to make sure we weren't making any mistakes.


 o
RE: Do I need a realtor to buy a house?

Regarding this comment, You do not sound or act like a sincere buyer. She had no legal obligation to treat you different.

We did sound & act like a sincere buyer because we obtained pre-approval letter from the bank; we showed her our 20% downpay deposits when we made offers. The thing irretates me is she didn't negotiate the price for us, merely told us what the selling agent said.


 o
RE: Do I need a realtor to buy a house?

"The thing irretates me is she didn't negotiate the price for us, merely told us what the selling agent said."

That's because she was not YOUR agent!
You need to read up and understand RE agency laws for your location.


 o
RE: Do I need a realtor to buy a house?

pipersville_carol-"I didn't use a realtor when I bought my current house. The sellers had one, but I didn't.

I contacted the selling agent directly after seeing the house online. My husband and I handled the negotiations ourselves, and we hired a good attorney to make sure we weren't making any mistakes."


Amen. Some people have had good luck with agents but we haven't. Our last BUYERS' agent promised legal help in the event that something went wrong. "Something" went wrong. Our agent told us we were on our own so we had to hire a lawyer.

He got us out of the mess so we decided it would be better to stick with him then try another buyer's agent.


 o
RE: Do I need a realtor to buy a house?

Buyer's representation agreements are the documents that contain the agreement between broker & buyer, obligating the broker/agent to represent the buyer's interests.


 o
RE: forgot to answer the question

Yes.

You are a first-time buyer.
You think that "doing your homework" means that you'll have a successful experience buying a home.
You think that you can bargain with a (maybe seasoned) seller's agent.
You think that the agent has no documented buyer rep relationship with you, your decision, didn't do enough for you.

Yes.

You need a Realtor to buy a house.


 o
RE: Do I need a realtor to buy a house?

Regarding the comment, "You think that you can bargain with a (maybe seasoned) seller's agent."

I live in Los Angeles. Most of houses we were bidding are forclosed, with a lower-than-market asking price and in nice neighborhood. Those houses often get mutiliple offers.
I don't expect to bargain with the seller's agent. I'm just wondering if I can get more insight story about the seller or house from him or her if the selling agentdoesn't have to split the commission with others. In this way we might win in the bidding wars.


 o
RE: Do I need a realtor to buy a house?

Happy...
The sellers will be paying out the same aount of comission whether you go through the listing agent or you bring in a Buyers agent.
I always tell clients that using the listing agent to buy a home is like going to court with using the other sides attorney.
Just get another REA and go find the perfect home.


 o
RE: Do I need a realtor to buy a house?

"Just get another REA and go find the perfect home."Thank you,ncrealestateguy.

Can you give me some advice on how to find a good realtor. Should I walk in to different realtor offices to interview them? I'm not sure if I can trust them just after a short conversation.


 o
RE: Do I need a realtor to buy a house?

You might go back to the agent who already took the time to help you see the houses you've looked at.


 o
RE: Do I need a realtor to buy a house?

happyli, I've successfully worked with the listing agent on several transactions. I prefer to work direct, as you said, I get more info from the listing agent than hearing it third hand from a buyers agent.
Yes, you may be more successful working directly with the listing agent who get get both sides.
My concern for you is that you are inexperienced. I am experienced buying/selling RE so I am comfortable with the negotiations.
There are good agents out there, you are just not working with a good agent, I wouldn't go back there as recommended.
Your agent should negotiate for you.
Are you looking in the City of LA or outside.


 o
Another thing

From my recent experience, and it probably depends a lot on where you live, but selling agents don't want to bother with non-represented buyers. They apparently think you are not serious if you don't have an agent.

I haven't found this true. I've many times contacted the listing agent directly, they've always been very responsive and worked with me directly.
Also, the agent has never asked me about financing before agreeing to show me a property.
They apparently knew I was serious and liked working directly with a buyer.


 o
RE: Do I need a realtor to buy a house?

What am I missing? Why the assumption that the REA was not her buyer's agent? It sounds as if the op thought she was. I am hearing an unpleasant tone in the replies that is unwarranted, whether it is based on a faulty presumption or she is actually inexperienced enough to have misunderstood the relationship withe the REA. So far, I don't see any evidence of that, however, and even if there were, it would be no excuse for snarkiness.

To the op's actual questions: You do not, legally, have to have a buyer's agent. The seller's agent will not, and cannot w/o risking losing her license and/or a lawsuit, give you any information about the seller that would give you an advantage in negotiations. That is not to say, however, that hearing directly from the seller's agent might not give you a more direct line than third-hand from your buyer's agent--who is also managing you to some degree, as well, anyway.

Still, the seller's agent must strictly represent the seller unless both you and the seller agree to dual agency. There is not point to that, however, in your situation. It would be as if you were counting on the agent to play checkers against herself and lose. Where dual agency usually comes into play is if you have a buyer's agent who, coincidentally, has a listing in which you are interested.

Finding a good REA is a quandary. It is hard finding a good seller's agent and our MLS provides sold data--listing agent and selling agent. My guess, though, would be that a good seller's agent would also be a good buyer's agent--if they are already skilled at selling, they might be equally skilled and knowledgable at "selling" an offer. Maybe if you researched the top four or five selling agents in your area, that might help.

Good luck. With everybody chasing you as one of those rare creatures, a buyer, I hope you'll be able to find your home soon.


 o
RE: Do I need a realtor to buy a house?

What am I missing? Why the assumption that the REA was not her buyer's agent? It sounds as if the op thought she was. I am hearing an unpleasant tone in the replies that is unwarranted, whether it is based on a faulty presumption or she is actually inexperienced enough to have misunderstood the relationship withe the REA. So far, I don't see any evidence of that, however, and even if there were, it would be no excuse for snarkiness.
I agree, this thread has gotten off track.

I do disagree, with your remark that there is no point for her to pursue a dual agency from the listing agent as a buyer. That is just what I would do, but I'm hesitant to recommend it to a first time buyer. I do not divulge anything to the agent, I handle my own negotiations and finances. If a buyer wants hand holding, it can be difficult.


 o
RE: Do I need a realtor to buy a house?

You may have a point, cmarlin, IDK, as I am probably almost as inexperienced as the op. I am not sure why else you would pursue a dual agency, but would be interesting to learn. That is also good point to bring up on not divulging anything--top dollar willing to pay, etc.--because although the agent is supposed to represent you, let's face it, they want to get the deal done, too.


 o
RE: Do I need a realtor to buy a house?

Do you "need" a buyers agent? Absolutely not. Agents are there to perform a service. They should have knowledge about the general process as well as individual neighborhoods. If you want someone to perform those type of services for you, then get an agent. If you are a first time home buyer, an REA is going to know WAY more about buying a home than you do - even if you you think you know everything, you don't. :) On the flip side, if you have gone through this multiple times and are only considering properties with no strings attached, an agent may not have much to offer you.

As for a listing agent not showing a home because you don't have a buyers agent, that is the stupidest thing I have ever heard of. If that listing agent was working for me, I would fire them on the spot. An agent's first job is to bring in an offer. After that, they can make recommendations about whether to accept/reject that offer or make a counter-offer. Even a weak offer can give me leverage in negotiating with other potential buyers.


 o
RE: Do I need a realtor to buy a house?

The statement that seller's agents don't want to bother with non-represented buyers certainly doesn't match my experience. When I sold a house, my selling agent was extremely interested in any individual who might possibly buy the house & being non - represented, all the better.

It did turn out that (after 3 escrows that fell apart) he did represent the buyer (dual agency). I can guarantee that the selling agent will certainly favor his buyer to the seller and steer the contract in that direction. This was very apparent about 7 years ago when homes were bringing in multiple offers (often above asking price)

I've had a buyer's agent when buying -- not impressed -- he just wanted the sale to go through like all of them. When you're a buyer, you need to remember that you are the only person really looking out for you -- you must educate yourself as much as possible. Try to find the best inspector. If I'm ever in the market again, I'd probably get a real estate attorney & use the seller's agent.
Good luck
Susan


 o
RE: Do I need a realtor to buy a house?

When you're a buyer, you need to remember that you are the only person really looking out for you -- you must educate yourself as much as possible.

Good advice, this is true when you are a buyer or seller, educate yourself, and treat it as a business transaction.


 o
RE: Do I need a realtor to buy a house?

"If I'm ever in the market again, I'd probably get a real estate attorney & use the seller's agent. " Thank you, Susan.

Very very good advice!! I'm gonna go for that!!


 o
RE: Do I need a realtor?

cmarlin20-"Are you looking in the City of LA or outside"

Camar, we're looking for a house in the city of LA.
Thank you for sharing your experience .

I just think it might be too easy for a buyer agent to earn the commission if she/he just prepares papaer work, opens doors, and passes around the message without giving any professional advice.


 o
RE: Do I need a realtor to buy a house?

Another idea for you, have you talked with any RE attorneys. The One attorney I consulted told me he was a licensed agent. If I submitted my next offer through him, he would rebate a high % of his commission to me. I haven't used him, but you may find an attorney that would do the same and assist you in negotiating.


 o
RE: Do I need a realtor to buy a house?

"Posted by cmarlin20 (My Page) on Mon, Jun 29, 09 at 14:55

When you're a buyer, you need to remember that you are the only person really looking out for you -- you must educate yourself as much as possible.
Good advice, this is true when you are a buyer or seller, educate yourself, and treat it as a business transaction."

Absolutely!!!

My husband constantly stays online to do research.
In 12/08, we made an offer($67K) to House A at an asking price of 70K, which was selling by a private owner. My husband found out that there were Houses B & C in the same gated community were forclosed and sold to the banks around $57K respectively. We realized we bid too high and backed up.
This year, House B was on the market with an asking price of $54K and sold at $60K. The House A got off the market because the owner knew he wouln't be able to sell his house at 70K.
My point is only we, ourselves, are willing spend tons of time to find infor that can benefit us. An agent, who has mutitiple clients, won't spend the much time to track the propertie in a particular neighbohood for us.

We're constantly reading online, such as real easte news, trends, as well as new listings.

Since we've already got the pre-approved letter from the bank, I think we're ready to go....

thank you for your precious advice, Cmar & Susan.


 o
RE: Do I need a realtor?

"Posted by cmarlin20 (My Page) on Mon, Jun 29, 09 at 20:36
Another idea for you, have you talked with any RE attorneys. The One attorney I consulted told me he was a licensed agent. If I submitted my next offer through him, he would rebate a high % of his commission to me. I haven't used him, but you may find an attorney that would do the same and assist you in negotiating. "

I haven't talked to any RE attoneys yet. I might search online, read the reivews and see if I can find anyone who has a good reputation.


 o
RE: Do I need ?

Sorry, I typed too fast and missed "0"s in my prior message. The nubmers should be 670K, 700K, 540K & 600K.

"My husband constantly stays online to do research.
In 12/08, we made an offer($670K) to House A at an asking price of 700K, which was selling by a private owner. My husband found out that there were Houses B & C in the same gated community were forclosed and sold to the banks around $57K respectively. We realized we bid too high and backed up.
This year, House B was on the market with an asking price of $540K and sold at $600K. The House A got off the market because the owner knew he wouln't be able to sell his house at 700K. "


 o
RE: Do I need a realtor to buy a house?

Happyli-
A good buyers' agent WILL do all that research for you. It's terrific that you are willing and able to do it yourself, but there should be REAs out there who know that particular neighborhood and can tell you without looking at a computer what's going on in there and can advise you on what a proper offer should look like.

This is what I do for my 250-home neighborhood, even the non-waterfront homes. I can tell you which houses have sold in the last year for how much and the listing price for each MLS and FSBO house on the market and which ones were withdrawn or expired and how much the sellers owe on their house (liens on public record) so how low they might be able to go, etc, etc.

It sounds like you might have found one of those agents who just likes to list properties and sit back and let buyers' agents do the work. Or else that's not really her farm area so she doesn't know the houses off the top of her head.

In my specialty, waterfront for boaters, it takes a lot more research than is easily available to the general public online and that small fortune that I pay to be an MLS member can pay off because of those fields accessible only to REAs.

Also, looking for an investment for myself right now, I'm shocked at the mistakes REAs make on the MLS that could easily send potential buyers on a wild goose chase. But since I'm an expert in that area, I could tell a buyer that came to me that this house or that house doesn't fit their profile, that it's mis-listed. (For example, it's unfortunately too common for 55+ only communities not to be marked as such, but fortunately I know which ones they are.)

Good luck to you!


 o
RE: Do I need a realtor to buy a house?

Happyli- I agree with c9pilot - a good agent can tell you the real detail of a listing. And there are good, hardworking agents, you just need to find one, it isn't easy, but they are out there.
I know you are in the LA area, do you use ziprealty.com for basic searches, it is far better than realtor.com. It gives you more detailed info, you can mark and watch properties and quickly getsurrounding comps. It is better than realtor.com, but still doesn't give you "on the ground" info.


 o
RE: Do I need a realtor to buy a house?

happyli-"I haven't talked to any RE attoneys yet. I might search online, read the reivews and see if I can find anyone who has a good reputation."

This might help:

Real Estate: Selecting a Good Lawyer
Tom Pedreira

If you have a real estate problems and don't already have a list of prospective lawyers, a great place to start your search is right here at lawyers.com. You can do a free search to come up with a list of lawyers by using the Find A Lawyer search box that can be accessed from anywhere on lawyers.com. (You should see a search box on the right side of your computer screen.)

Once you have a list of lawyers, take a few minutes to make sure that you are looking for the right kind of lawyer.

Keep in mind, for example, that there are different types of real estate lawyers, so you need to look for one with expertise where you need it.

Now you want to find out every thing you can about them and then do some initial screening to whittle down your list to three or four prospective candidates.

Look at the biographies and Web sites for the lawyers and their law firms. Do they appear to have expertise in real estate matters? Do they have any information on their Web sites that is helpful to you?

There are different types of real estate lawyers, so you’ll need to look for one with expertise where you need it. Subcategories of real estate law include:

* Residential
* Commercial
* Industrial
* Agricultural
* Eminent Domain
* Land Use Matters
* Landlord-Tenant

* Expertise in one category doesn’t mean expertise in other categories. Lawyers who represent lenders or landlords may not represent consumers with problems in this area. So if you’re a borrower, a tenant or a consumer, check out who the lawyer and his or her firm primarily represent. If you can’t tell, call the lawyer’s office and ask.

* Look for a list of representative clients. Are they the types of clients that you’d want your lawyer representing? Does the lawyer represent other businesses similar to yours?

* Search the Internet under the name of the lawyer and his or her law firm. Can you find any articles, FAQ’s or other informational pieces the lawyer has written that give you a level of comfort?

* Ask other people if they have heard of the attorneys and what they think about them.

* Contact your state bar association or go to their Web site to find out if the lawyer is in good standing.

* Check out the yellow pages of your telephone directory. Does the lawyer advertise? If so, do you find the ad compelling? Helpful? Tasteful?

* Check out the archives of your local newspaper. Has there been any publicity about the lawyer or the cases that he or she has handled?

* Consider any special needs you have. For example, could you benefit from an attorney who speaks a language other than English?

Cont. (parts 2 and 3) at the link below.

A link that might be useful:

www.lawyers.com/lawyers/A~1001768~LDS/
HIRING+LAWYER.html

Tom Pedreira is a business lawyer handling matters throughout the Western U.S. He is with the Seattle law firm of Mikkelborg, Broz, Wells & Fryer.


 o
RE: Do I need a realtor to buy a house?

Happyli, IMHO, as a first time buyer, you might be best off finding your own buyer's agent to help you with the forms, provide you with sales comps to verify prices in your desired market, provide information on prior sales that might influence pricing, pull permits to verify the status of work done at the house, provide reference to other service providers, and push back on the seller/listing agent when necessary. You should expect this from a good buyer's agent.

You are always free to have an attorney review your contract, but it's surprisingly not the norm in CA for attorneys to drive the process--- when you see the CAR (CA Association of Realtors) forms, you'll see that they cover most circumstances. All of this does not mean that you should not do your own homework, have appropriate inspections, etc.

I have used a buyer's agent in the past, including a friend. I have a license but have never worked in residential real estate. Sometimes it's a good idea just to have a buffer between you and the other side...but that can lead to miscommunications, too.


 o
RE: Do I need a realtor to buy a house?

Happyli - the first agent doesn't sound like a good buyer's agent at all. She sounds like she acted on behalf of the sellers. Did you sign a buyer's agent agreement with her?

In my state the agents all act on behalf of the sellers even if it is not their listing unless you have a buyer's agreement with them. I've bought and sold with and without an agent due to having good/bad experiences with agents. Last time we bought we had a great agent, who earned his commission. He worked with us through a long period of time and we bought two properties using him. He was also great in that we only signed the buyers agent agreement per property so we weren't tied to him unless we wanted to sign something longer. He liked working that we and it was fine with us.


 o
RE: Do I need a realtor to buy a house?

Cmarlin20-" a good agent can tell you the real detail of a listing. And there are good, hardworking agents, you just need to find one, it isn't easy, but they are out there.
I know you are in the LA area, do you use ziprealty.com for basic searches, it is far better than realtor.com."

Camarlin, we're using Redfin.com. My husband sets up something in the filter; whenever there is any change on our desirable properties or any new listing in our desirable neighborhood, the website will send us an email for notification. Many times we got the noticifation in the very early morning, and our agent sent us the same thing in the afternoon.
I was told by my freind that my realtor has more than 20 yrs experience. However, she couldn't even find the some houses'listing if we just give her a list of address. Sometimes I have to send her the link, or MLS # if she cannot open the link...
If a 20-Yr-Experienced realtor only can do this min job, I'm not sure if I have any luck to find a better one...


 o
RE: Do I need a realtor to buy a house?

Happyli, to your original post in which you mentioned having some more negotiating room on the house price, we have experience with that. When we bought our current house, we purposely did not use a buyer's agent for the same reasons you discuss. I contacted listing agents myself, told them we are not using an agent on our end, and arranged all showings. Some expressed a degree of puzzlement. Some, I think, understood what we were after -- we wanted to have better negoiating position on price. There's nothing wrong with that per se. However, I will point out 1) we'd bought two houses before (sold one of those FSBO). 2() my husband has experience in the legal field and is very detail-oriented and sensitive to reading legal documents/contracts very thoroughly and 3) we studied the area and the RE market there very thoroughly before we started. End result on our house search is we saved somewhere in the $4000 range by not using an agent on our end. The seller's agent told us as much. Good luck.


 o
RE: Do I need a realtor to buy a house?

How do you get a bettter deal on a house if you go with no Buyers Agent and go directly through the listing agent?
When using a Buyers Agent, the commission is split 50/50 between the two agents. If the listing agent is the only one involved, then the liting agent gets the entire commission.


 o
RE: Do I need a realtor to buy a house?

How do you get a bettter deal on a house if you go with no Buyers Agent and go directly through the listing agent?
When using a Buyers Agent, the commission is split 50/50 between the two agents. If the listing agent is the only one involved, then the listing agent gets the entire commission.

When receiving a lower offer the seller may ask the agent to reduce commission (both give a little) since the agent is making more on this one. Or it may already be written into their agreement if dual agency, commission is reduced. Also if buyer and seller aren't agreeing on price, the buyer may suggest the agent give on commission. When getting both sides it is a reasonable request and the agent more readily agrees.
Going directly to the LA has worked better for me also.


 o
RE: Do I need a realtor to buy a house?

When it is a seller's market and there are multiple offers, I found that the listing agent would steer his own buyer to the sellers. So in those times, it would be beneficial to the buyer to be represented by the listing agent.

I did have a buyer's agent during my last round of house buying. A nice guy, I have no real complaints -- but the buyer must remember that the realtor is representing himself/herself first. They want the sale to close (no matter if that is really in the buyer's best interest). The buyer really must do all possible to educate himself on all aspects of the house/transaction. The buyer is really the only individual in the transaction who is looking out for their own best interests.
Good luck
Susan


 o
RE: Do I need a realtor to buy a house?

Our experience was just as cmarlin describes. The LA basically told us he is cutting part of what would have been the buyer's agent's half of the commission. It's a win-win situation. I guess a really greedy LA might be a little put off by this scenario, but it seems fair to me. Also, must agree with susana. There seems to be a lot of talk about buyer's agents looking out for the "interests" of the buyers, but truly, they want to make a sale. They don't want to break any laws, of course, but they (or at least most of them) won't jeapordize a sale by mentioning things that might give the buyers pause. Buyers need to ask lots of questions, get everything in writing and look out for themselves.


 o
RE: Do I need a realtor to buy a house?

"...but the buyer must remember that the realtor is representing himself/herself first."

If there is a contract of agency between the buyer and agent, this is against the law and the quickest way to lose a client and your license to practice.


 o
RE: Do I need a realtor to buy a house?

"...but the buyer must remember that the realtor is representing himself/herself first."

If there is a contract of agency between the buyer and agent, this is against the law and the quickest way to lose a client and your license to practice.

berniek, this happens all the time. I'm sure you've seen it if you are an experienced agent. Both the seller and buyer really need to look out for their own interest.
An experienced agent won't do anything illegal or much that anyone could claim was not in the client's interest, but all agents work to close the transaction (that is a good thing) . An agent may see some bad "signs" but won't mention to their client, nothing illegal or especially "bad", but why upset the client (unless it is your mother) and risk losing the closing.
I'm sure all agents do it or see it, it is naive to say it doesn't occur.
The old "buyer beware" is still true in RE.


 o
RE: Do I need a realtor to buy a house?

"I'm sure all agents do it or see it, it is naive to say it doesn't occur.
The old "buyer beware" is still true in RE."

It should say "some" agents do it, not "all", than I could agree, however, it is still against the laws of agency and doesn't make it right.
Losing a closing is not as bad as losing a buyer or seller, as experienced agents, we know where the priorities are.


 o
RE: Do I need a realtor to buy a house?

"I'm sure all agents do it or see it, it is naive to say it doesn't occur.
The old "buyer beware" is still true in RE."

It should say "some" agents do it, not "all", than I could agree, however, it is still against the laws of agency and doesn't make it right.

berniek, please note, in my post I said, all agents do it or see it,. as I'm certain you have. I'm sure we agree on that.
We all know it happens, not saying it is right, but it is reality, so everyone should be aware and proceed cautiously.


 o
RE: Do I need a realtor to buy a house?

"berniek, please note, in my post I said, all agents do it or see it,."

It's the "all" we don't agree on, that's all.


 o
RE: Do I need a realtor to buy a house?

"berniek, please note, in my post I said, all agents do it or see it,."

It's the "all" we don't agree on, that's all.

Ughhhh, I'm sure all agents that do not have their heads in the sand have done it or seen it, get it.
I never said all agents do it, get it.


 o Post a Follow-Up

Please Note: Only registered members are able to post messages to this forum.

    If you are a member, please log in.

    If you aren't yet a member, join now!


Return to the Buying and Selling Homes Forum

Information about Posting

  • You must be logged in to post a message. Once you are logged in, a posting window will appear at the bottom of the messages. If you are not a member, please register for an account.
  • Please review our Rules of Play before posting.
  • Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review your post, make changes and upload photos.
  • After posting your message, you may need to refresh the forum page in order to see it.
  • Before posting copyrighted material, please read about Copyright and Fair Use.
  • We have a strict no-advertising policy!
  • If you would like to practice posting or uploading photos, please visit our Test forum.
  • If you need assistance, please Contact Us and we will be happy to help.


Learn more about in-text links on this page here