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Answers (18)
- STEVE SAMYN, "AgentSteve"
- Contributions:57
I would suggest that you find out the current market value either from an independant fee appraiser hired by you or if you can do your own research that is even better. You will best be served by hiring a local REAL ESTATE attorney to review your offer no matter what agent writes it up for you. That way you will be protected against any local customs you may not be aware of. That same attorney can of course follow through with title exam, title insurance and closing. Open to others opinions on this as well.
- Bette Defarm
- Contributions:4697
"First of all since you used the Listing Agent to purchase the home, this is considered "procuring cause" and she is entitled to the commission."
That reminds me, I strongly suggest that you don't sign an EBA. They only benefit the agent.
That reminds me, I strongly suggest that you don't sign an EBA. They only benefit the agent.
- Carol Bennett, "Carol Bennett"
- Contributions:8
Your question is multifaceted. First of all since you used the Listing Agent to purchase the home, this is considered "procuring cause" and she is entitled to the commission. Keep in mind that all Realtors are a member of the Nat'l Assoc. of Realtors and we all have a Code of Ethics that governs our behaviour. Whether we are representing the buyer or the seller or BOTH, we owe each party to the transaction honest and due diligence.
Vermont may differ from New Jersey, but we are required to present to all potential buyers or sellers a Consumer Information Statement. This statement explains that some Realtors (if you are the listing agent) represents the Seller. If you are working with a buyer, then you are a Buyer's Agent. However if you happen to sell your own listing, now you become a Dual Dislosed Agent. This means that you are now representing both parties, you cannot give one party to the deal the secrets of the other party, but you do owe each party INTEGRITY.
If you like this person and feel comfortable, then go for it. Keep in mind that most of us who are full time Realtors want to do an exceptional job for everyone because there is nothing better than a happy Buyer or Seller out there sending Referrals your way. For so many of us, this is a huge portion of our bread and butter.
I would say that the Realtor should allow her Broker to negotiate any offers since the Broker knows neither party to the transaction. Once the deal is negotiated, then the Realtor can take over from there. I have sold many of my own listings and this was my method and all went just fine.
Apparently Vermont is an attorney state so keep in mind that the Attorney is representing your interests as well.
Insofar as cash is concerned, the process should be no different. You should do your "due diligence" inspections on the property, including home inspection, termite, survey, title, etc.
Good luck and be happy!
Vermont may differ from New Jersey, but we are required to present to all potential buyers or sellers a Consumer Information Statement. This statement explains that some Realtors (if you are the listing agent) represents the Seller. If you are working with a buyer, then you are a Buyer's Agent. However if you happen to sell your own listing, now you become a Dual Dislosed Agent. This means that you are now representing both parties, you cannot give one party to the deal the secrets of the other party, but you do owe each party INTEGRITY.
If you like this person and feel comfortable, then go for it. Keep in mind that most of us who are full time Realtors want to do an exceptional job for everyone because there is nothing better than a happy Buyer or Seller out there sending Referrals your way. For so many of us, this is a huge portion of our bread and butter.
I would say that the Realtor should allow her Broker to negotiate any offers since the Broker knows neither party to the transaction. Once the deal is negotiated, then the Realtor can take over from there. I have sold many of my own listings and this was my method and all went just fine.
Apparently Vermont is an attorney state so keep in mind that the Attorney is representing your interests as well.
Insofar as cash is concerned, the process should be no different. You should do your "due diligence" inspections on the property, including home inspection, termite, survey, title, etc.
Good luck and be happy!
- Brian McCann, "brian_18"
- Contributions:89
here is a title company in vermont that can answer the question about if a Lawyer for Title. In the West Title companies do the title work.
Chicago Title
(802) 262 6091
56 Main St., Montpelier, Vermont
I suggest you give them a call
Chicago Title
(802) 262 6091
56 Main St., Montpelier, Vermont
I suggest you give them a call
- Nancy Stewart, "NStew"
- Contributions:8
The listing agent may be able to serve you as well as the seller depending on the law in that state. Get an appraisal. Get title insurance. Enjoy!
- Bette Defarm
- Contributions:4697
Brian,
You seem to have missed in the OP:
"The listing agent told us up front that a buyer in Vermont has to hire a real estate attorney for the title search, etc. and that they usuallycosts @ $700-800"
Obviously, a local attorney can do all the things you recommend.
You seem to have missed in the OP:
"The listing agent told us up front that a buyer in Vermont has to hire a real estate attorney for the title search, etc. and that they usuallycosts @ $700-800"
Obviously, a local attorney can do all the things you recommend.
- Brian McCann, "brian_18"
- Contributions:89
Here is my 2 cents
You should have a buyers agent represent you. they will know the laws that protect your interest when purchasing real estate in the area. They will know if you will need an attorney or not, They will know if the property you are interested in is at a fair market value. They will know how to find out if there are restriction on the use of the property, how title is transfered and many other important details. Most amazingly, they will do all this work for you without charging you a penny (most likely). The listing agent signed the listing agreement and negotiated a commission that will be split between the listing agent and the selling agent (buyers agent). As others have suggested, call an office and ask the principal broker to recommend one of his top agents. That agent will be able to answer your questions and make sure that you get the best deal possible for the least out of pocket expense.
You may in the end still need to hire a real estate attorney, at least you will know in advnce of spending the money.
You should have a buyers agent represent you. they will know the laws that protect your interest when purchasing real estate in the area. They will know if you will need an attorney or not, They will know if the property you are interested in is at a fair market value. They will know how to find out if there are restriction on the use of the property, how title is transfered and many other important details. Most amazingly, they will do all this work for you without charging you a penny (most likely). The listing agent signed the listing agreement and negotiated a commission that will be split between the listing agent and the selling agent (buyers agent). As others have suggested, call an office and ask the principal broker to recommend one of his top agents. That agent will be able to answer your questions and make sure that you get the best deal possible for the least out of pocket expense.
You may in the end still need to hire a real estate attorney, at least you will know in advnce of spending the money.
- Kathryn Acciari, Realtor, "KathrynAcciari"
- Contributions:49
As the buyer, you should have a team of professionals to assist and guide you through this purchase. Your team should be comprised of:
Buyer's Agent - to research the market for you, research the property history, help you write the offer, help you negotiate with the seller via the listing agent, advise you of every upcoming step and deadline, and coordinate the activities of the rest of your team.
Attorney - to address title issues and deal with any legal complications that may arise.
Home Inspector - to assess the condition of the home and advise you of any major defects that exist.
Independent Appraiser - if you are not financing this purchase with a mortgage, then hire an appraiser to give an assessment of the property's value and make sure it is close to the price you are paying.
Yes, each team member may represent an additional expense for you. You may even have to pay the buyer's agent since you have already been in contact with the listing agent. But having this team of trained professionals working for you can save you aggravation and possible legal hassles in the future. Good luck.
- Bette Defarm
- Contributions:4697
Brian,
You're acting as if the agent's commission isn't figured into the price the buyer pays. IMHO A local, full service RE attorney is far less expensive than an agent when all is said and done. Why pay for an agent when she must hire an attorney in Vermont anyway? BTW I have not had a bad experience, just a very tedious one.
You're acting as if the agent's commission isn't figured into the price the buyer pays. IMHO A local, full service RE attorney is far less expensive than an agent when all is said and done. Why pay for an agent when she must hire an attorney in Vermont anyway? BTW I have not had a bad experience, just a very tedious one.
- Brian McCann, "brian_18"
- Contributions:89
Many times you can get fair representation through the listing agent, however, since you do not know the area, nor the laws that are unique to vermont Real Estate and since the commission paid to both Selling Agent (the one that represents the buyer) and the listing agent (the one that represents the seller) I would highly recommend that you get an agent to represent you. Another good reason to have an agent is since they will be local they can keep up on everything for you that is going on in the market that you are buying in. Since it costs you nothing extra to have an agent, it seems to me that it is a worthwhile investment.
Bette Defarm may not have had good experience with an agent but they can keep you out of a lot of trouble, especially when you are buying in an area that you have no knowledge of the rules, laws, and transactional practices of. If you also have to have an attorney, then you have an extra cost that you will pay. If you do not have to have an attorney why pay for one?
Bette Defarm may not have had good experience with an agent but they can keep you out of a lot of trouble, especially when you are buying in an area that you have no knowledge of the rules, laws, and transactional practices of. If you also have to have an attorney, then you have an extra cost that you will pay. If you do not have to have an attorney why pay for one?
- Bette Defarm
- Contributions:4697
Despite what industry people would have you believe, an agent is totally unnecessary in many cases. I find them to be a hindrance, especially on the buy side, but your mileage may differ.
- Laura Jefferson, "laurasellslexington"
- Contributions:29
Always use a buyers agent that represents you and you only! The listing agents dutys are too the seller not to the buyer. Hire a Realtor!
- Bette Defarm
- Contributions:4697
If I were you, I would go to the website of the county you're buying in and ask for recommendations for a good RE attorney. Unless you are a cut throat negotiator, I would not attempt going through the listing agent. My experience has always been that a full service attorney is far less expensive and far more effective.
- Doug A. Kendall, "Doug A. Kendall"
- Contributions:57
Those are thoughtful questions and I don't think you are clueless.
Checking with the local associtaion of REALTORS would be my first step. Then I would pay for an independent appraisal from an appraiser. Third, I would suggest that you get a termite inspection and a physical inspection to determine any defects or repairs the property may need.
Hope that gives you a starting point.
Checking with the local associtaion of REALTORS would be my first step. Then I would pay for an independent appraisal from an appraiser. Third, I would suggest that you get a termite inspection and a physical inspection to determine any defects or repairs the property may need.
Hope that gives you a starting point.
- Curtis Pree, "topcat3"
- Contributions:35
Your approach thus far is very encouraging. Identifying a real estate attorney to assist you would be a good idea. Also, contacting a local real estate office in the jurisdiction and requesting their best agent might be helpful. Since the listing agent is the first to show you the property, that agent would be viewed as the procuring cause and may not honor paying another agent you bring into the deal. It never hurts to ask. The agent could be paid a fee to perform a CMA and conduct due diligence. Additionally, title searches are best left to title companies that specialize in researching the title to identify liens and other possible defects in the title. Good luck!
- Regina Montgomery, "NiceHomes13638304"
- Contributions:11
Hello Clueless, Actually you are alot more knowlegeable that you are giving yourself credit for. You asked all the right questions and should be concerned. When a real estate agent represents the Seller and Buyer (not unusual), depending on the state laws, the agent becomes what you call a "limited" or "dual" agent. What this means is that she/he becomes a facilitator of the transaction and cannot advise you or the Seller on whether or not to counter offer, or in anyway compromise either party's negotiating position, ie, how high the buyer is willing to go, or how low the Seller is will to go. Should you decide to use this agent for both sides, be sure you understand the value of the property you are purchasing, ask for comparables. Also, have her explain to you to your satisfaction, the "limited" or "dual" agency form. Remember, she will not be able to advise you on your negotiation strategy, this will be up to you. Be certain you are comfortable with that part of it. It shouldn't cost you anything more to hire another agent should you like to have exclusive representation from another Realtor. The Seller usually pays the commission to the Listing agent and to the Buyer's agent. Good luck. Regina, Resort Real Estate, Park City, Utah.
- Lila Webster, "ilovetosell"
- Contributions:115
To protect your interests, spend the money and get a professional appraisal done on the property. Because you do not know the market value of the home. You need to protect yourself. You can ask the agent for the attorney's name and number, then ask the attorney for a couple of appraisers. Because it is a cash transaction, no lender is involved and you could be paying to much for the property!
Best wishes!
- Patty Hopkins, "pattyhop"
- Contributions:36
I don't think you are stupid or clueless- those are all good questions! My suggestion is to call the Vermont Association of Realtors and get the correct answers from them. I live and work in California, but I would recommend to anyone to contact the local association as they will give you up to date information and not try to "sell" you anything! You can also check with them as to the status of the Realtor's license, if she has had any reprimands, etc..
Hope this helps!
Hope this helps!
Can I trust the listing agent in a simple cash purchase?
We would like some opinions...we're not stupid, just a bit clueless.
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