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Could someone shed light...(bright light ) lol

Posted by sum1 (My Page) on
Tue, Oct 2, 12 at 12:09


Hopefully I can get advice from a knnowledgeable person here I am trying to figure things out

I have found a house without looking.. actually its a house in my town that I love and have envied for years, I was drivivng by one day and saw a small for sale sign...
I couldnt call the realtor fast enough.

short end of long story I want it.... I currently own my own home free and clear, the agent selling wants to be dual on the house I love, all I keep reading is its baaaaad to have a dual .
I went to my local town clerk and checked the lein myself and its free.

I had a diff realtor at my current home to do a cma she walked around my house then pulled a few for sale up on the interent in my are and told me how much its worth, , I think its low.
at this point the other house is still avail, its not on mls (not sure why) I dont know what my next move should be... help me figure this out please,
is it really bad to allow a dual ??? should I get another cma?? should I be appling for a mortgage?? I will need one
any advice will be treasured.

Follow-Up Postings:

RE: Could someone shed light...(bright light ) lol

As a realtor myself, I have been a dual agent and all went very well. If she wants to represent you on the sale of your house and then the purchase of the other, that is fine. If she wants to represent you as a buyer's agent for the house she is listing, she needs permission of both you and the seller. This is completely up to you and your comfort level. If the house you want isn't in MLS, it may be an office exclusive. Some sellers do that for a variety of reasons, such as privacy.

You should speak to a mortgage person for a pre-approval before you do anything else.

Hope this helps. Good luck in getting your dream house!

RE: Could someone shed light...(bright light ) lol

Also, have a CMA done using SOLD properties, if you haven't already. Homeowners always think the price quoted to them is low. If you do in fact list too low, you may have a bidding war on your hands. Properties sell for what the market will stand, no matter what.

RE: Could someone shed light...(bright light ) lol

How does a mortgage person factor your borrowing amount when you haven't sold your house though?? I am very intersted in this property and could care less which realtor makes the $ I want it at a fair price though, and im hearing negotiating with the sellers agent is a no go. and she came right out and told me she wants to be the dual on this property. after I sounded dismayed she explained it goes easier less chance of miscommunication, I told the cma realtor all this and I think I shouldve kept my mouth shut, maybe I tipped her off to a pocket listing, and she was pissed that the dual wants to get the whole commission, thats shes not thinking of anyone but herself, frankly I am only interested in the house all the hgh school drama isnt for me.

RE: Could someone shed light...(bright light ) lol

I understand, you need to sell your house first. A mortgage person can at least give you an idea of what you will qualify for when you do sell, assuming a certain sales price. The listing agent can't force you negotiate with only her. If she makes you uncomfortable, get your own agent. If you are comfortable with her, use her if the seller agrees. Trust your feelings.

RE: Could someone shed light...(bright light ) lol

You have 2 different issues that are semi-related

1) ISSUE 1: BUY the house you just found
Do you want to use a Dual Agent. I have done this before as a buyer and I didn't have any issues at all. I have seen where folks recommend that you get a buyers agent to represent you. In my case I chose to go with the Dual Agent because I am very knowledgable in real estate so I didn't need a buyers agent to help me. In the end the sale went smooth. I think a buyers agent might be good for you - especially to assist if any issues are discovered during inspection.

2) ISSUE 2- Sell your current home. You said you got 1 CMA from an agent and it was low. Find 2 more agents and get them to give you a CMA and their pitch on how they will sell the home. basically contact 3 agents and tell them you are considering selling and can they give you CMAs and you want to discuss how they will market your home. These agents will be giving you a speel on why to pick that agent/their firm. They each should give you realistic comps and discuss with you. You don't need to choose which agent immediately. if you dont like any of the 3, try a 4th until a good fit. Keep in mind they are in sales and might try to push you to sign a listing agreement. Dont sign until you are ready . ONLY SIGN up to a 90 DAY LSTING AGREEMENT...NO MORE (this is once you made your choice). Some might try to sneak 6 months in. You want to give yourelf the option to switch agents if you choose in 90 days. This is why you only get 90 in orig agreement. Get 60 if you can but most won't do less than 90 IMO

RE: Could someone shed light...(bright light ) lol

When we sold our house 2 years ago, the buyer was one of our LA 's clients. It didn't seem to cause any problems from our end. She DEFINITELY worked like a dog to make the sale happen. I wouldn't hesitate to use a dual agent again.

RE: Could someone shed light...(bright light ) lol

Dual agency is not as scarey as some people make it out to be. Its how real estate was done for years until states put a name on it. The agent MUST be fair to both sides. All you need to remember is that she is not 100 percent loyal to you or to the seller and is merely trying to bring a meeting of the minds together. Dual agency can work very well because you dont have too many hands in the pot. If this is an exclusive,you may not really have a choice than to use the listing office.

Personally, if you love the house that much and you've been looking at it for years, you are taking a big chance waiting around trying to figure out who to submit the offer with. YOU know what you want to pay, and you already own a home so you know what issues can come up on a home inspection.

If the Listing agent already showed you the house and you submit an offer with another agent, be prepared for her not to be so happy with you as the buyer.

RE: Could someone shed light...(bright light ) lol

I agree Linda,
heres the skinny , I contacted the cma rea that I had over, and basically she researched and found the listing broker is independant and doesnt have affiliation and isnt an mls participant, therefor cma rea believes its likely broker doesnt co broke, and cma rea will not even get invloved unless I sugn a buyer broker agreement, wont even go to see the property until then, and wants me to call the broker to let her know I will have my own buyer rep , I am stead fast losing faith, thinking about calling an atty to see if they can handle the paperwork, I am far from stupid and just need to find out all that I need to do in which order, and I know I can get it done, after all if any issues ever arrived eeven WITH a buyer rep, wont the bottom line be get an atty?????

RE: Could someone shed light...(bright light ) lol

Call the listing agent and make appt and go see the home. Just ask the agent a few questions when you are viewing.

DONT use the CMA agent.She is too lazy to call the listing agent herself (n your behalf). THis means she wont represent you well as she doesn't have guts.

This might be a FSBO situation where the listing agent is a friend or relative that happens to be in the industry. If you bring another agent in to represent you (and ask the seller to pay your agent's commission)...YOU might be paying the 3% indirectly by paying a higher price.

GO see the home asap. Ask questions but dont give out that much info about you. You can get an attorney to do the paperwork but first step is to see the inside of the home. You only need attorney before you sign anything...they dont set the viewing appt.

RE: Could someone shed light...(bright light ) lol

Thanks sweet tea,
I actually did see the interior already, the listing agent set it up so that the temp tennant would show me, I love it, its a perfect fit for my family, the listing agent has it listed kind of high , also , I know its not public knowledge but the prev owner recently passed away, the buyer agent had commented the property could be in probate, wouldnt that be something that would have to be disclosed ?? an attorney would know this yes ?? I didnt see this listed in the town clerks info.

RE: Could someone shed light...(bright light ) lol

Before you get your hopes too high, you really need to speak with a lender and get a pre qualification letter in hand. No seller is going to entertain an offer w/o one. You also need to ask the listing agent if the seller is willing to take a contingent offer. Some will, some will not. Most will not even consider a contingent offer if your current home is not even listed! Most sellers want to see it go under contract before accepting a contingent offer.

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