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Honest agent vs more Educated not so honest agent???

Profile picture for arnie84
Contributions: 154

To make a long story short I trust my agent, but he/she is a buying agent that does real estate on the side. I am also pre-qualified for a loan through this agents mortgage brooker. However, my agent is not very educated on keeping up on the market, but knows things are screwed up out there in this falling market. I do not get preassured into buying, or making a qick decision. I find the homes I want to see (about 10 so far), and the agent takes me to see it. If I don't like it we move on, once again no pressure what so ever.

My parents know an old school 25 year experienced buying/selling agent. The agent is very educated, and understands the current market well. However, I am getting  phone calls every day to go see homes he/she found & wants me to ditch my agent. I feel a lot of pressure, and not sure I can trust this person as he/she acts more like a saleseman rather than an aquantance like I feel with my agent.
 
How far would you put the price on LOYALTY in this business???  Also, would being qualified all over again screw up my credit?

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April 02 - US

Replies (36)

Profile picture for space_acer
Contributions: 4350

Tell him.

"If im interested, I will call you, else Im not interested"

or simply be blunt and say your not interested.

Hang up!

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April 02
Profile picture for CHUTTA
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you have to go with the agent that makes you feel comforatble.  what is the benefit of working with the experienced agent? (especailly if he makes you feel pressured)

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April 02
Profile picture for arnie84
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Yea good point!
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April 02
Profile picture for CHUTTA
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when you finally buy through your part time agent tell him I take 25% referral fees.  Just Kidding ;-)
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April 02

Go at your own pace.  If you like your current part time agent stick with them and ditch the other one.  A good agent whether full or part time takes their cues from their buyers.  I have people who look for a year or more and some who buy day one.  It is all about the relationship you are comfortable with. 

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April 02
Profile picture for akoi
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Stay with your current agent.
tell the " 25 years in the business" person to stop acting desperate. Ask your family if they are encouraging the 25 years in the business person to keep bugging you. Your words "No pressure what so ever" are gold  
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April 02
Profile picture for MikeEmery
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He is aware you are currently working with an agent and you could possibly be under contract with another agent yet he is calling you and urging you to dump your agent? That's unethical. (and could be grounds for disciplinary action by the local real estate board).

Today most buyers are very proactive and choose to find homes on their own via the internet. But if your agent has advice, don't be afraid to listen.
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April 02
Profile picture for arnie84
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Yea my parents do have an infulence with the agent calling me they want me to work with. My dad doen't understand computers or the internet much, so he thinks the agent should do all the work finding the homes like on House Hunters or My First Place tv shows. The offer I put in on an REO took a week to get a crapy counter offer, and they think it is because my agent didn't "fight" for me enough.
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April 02
If you are satisfied with your agent's performance, politely tell the other agent that you already have a realtor and are not interested in switching. If you have Buyer Agency, tell the other realtor. If they persist, point out that it is unethical for them to try to interfere.

If you are not satisfied with the part-timer's performance you should tell them. If it's something that can be corrected, discuss it with them and try to work it out.

If there are problems that can't be worked out and you have agency, you can ask the realtor to release you from the agency contract. Most ethical realtors will not try to force someone to work with them unless there already is a valid contract to purchase. Perhaps they would refer you to another agent that they trust.
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April 02
Profile picture for jkonstant
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Part time agents should not be permitted to work with buyers if they have other regular obligations that limit their availability to do the job. Your agent should be using all available resources to find available homes that meet your criteria including FSBO's and communicating with other agents, friends, family and neighbors about homes coming on the market. Then there are those pesky pocket listings that agents share among themselves. Top REO listing agents know what is days aay from hitting the market and a good buyer's agent shold have a good relationship with the REO agents.

Yes you need to be comfortable with your agent, but your agent must do their job.
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April 03
Profile picture for sunnyview
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Well if it were me, I might consider choosing a more experienced agent that has no connection to my parents. With my first house, I asked my friends and family for agents that they had used in the past or knew that were good. I wanted to make them happy and make them feel involved by asking for suggestions. I interviewed a pack of agents and chose one that was experienced in the area that I was looking for. She was a referral from my mother in law. Big mistake. This agent "Jackie" felt that her connection to my MIL was her ace in the hole to push me into buying a house that she preselected for me. I started to get lots of calls from her. My MIL started calling me to ask me if I had looked at particular listings that "Jackie" has sent me. It was your basic nightmare. I actually ended up unplugging my phone for two days because the pressure was unbelievable. Finally, I said enough. I explained to Jackie that I was the client and that I did not need her help in house selection. I told her I wanted all listings from  x price to x price for one specific zip code and that I would drive them myself. She balked, I thanked her for her time and said that I needed to find another agent. My MIL asked my what happened with Jackie. I said things did work out. Trust your gut, make sure the agent is working for you not against you. You can find an experienced agent that will have good info and not push you to a buy, but you have to look for them. If you don't like them, say thanks and move on.
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April 03
Profile picture for wetdawgs
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I would vote for "none of the above".

Decide what you need in an agent and start interviewing.   Most of the time people's dissatisfaction with agents is because the buyer did not do the appropriate due diligence in selecting an agent.    My favorite agent and yours may be different because we have needs.

Do not be pressured into friends or family members.   It doesn't hurt to interview them, but don't be pressured.     If you do select an agent with connections to your family/friends, make it VERY clear that all communications with you are confidential and if you hear anything about any of your selections/opinions etc through the grapevine, they are fired immediately.  
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April 03
Profile picture for azrob
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we have one agent on these boards that constantly trumpets his horn about '32 years experience'. Read his posts, and decide what more years of doing something poorly really adds to the equation...[its always time to buy, cause he has a feeling!]
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April 03
Profile picture for arnie84
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I have have feeling it would turn out like what happened to Sunnyview if I went with the agent my parents want me to use. I want a 3 car garage&a side yard/rv parking. If the house is over 1500 sq. ft. thats fine. I really don't care to have a big house with a picket fence not my style. I need a place for my toys, and a place to sleep. The only thing that I have doubt about my agent is that he does not like to "lowball" unless I am willing to follow through with the deal. I have placed a few lowball offers around $50,000 under asking price, but still fair market value as homes are overpriced in my aera. I have gotten crapy counter offers & then just walked away. I don't know what to think anymore as I am just frustraded & confused. As the market drops bigger & better homes are being listed, and I am affarid to miss out on the next best thing.
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April 03
Profile picture for CHUTTA
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The only thing that I have doubt about my agent is that he does not like to "lowball" unless I am willing to follow through with the deal. I have placed a few lowball offers around $50,000 under asking price,

I am not sure what "follow through" means.  If you make an offer "lowball" and its accepted you still don't know if you want to purchase?  That I can understand, because it would be a waste of everytime.

If what you mean by "follow through" is that you make "lowball" offer and its countered at higher price, your agent wants you to move forward and accept a counter... well that's B$, if all you are willing to pay is "x" then that's all you are willing to pay.  It doesn't matter if its 10% lower then listing or 50% lower then listing, "x" is what you are willing to pay.  If your Agent doesn't respect or understand the concept of "lowballing" then you should get another agent.
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April 03
Profile picture for CHUTTA
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everytime. -  I meant "everybody's time"
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April 03
Profile picture for arnie84
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Yea what I ment is put in a lowball offer, but follow through meaning to make a counter offer on their counter offer. I just don't fell the bank comming back $5,000 less than the asking price is movation to continue to counter offer expecally after taking a week to get back to me.

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April 03
Profile picture for CHUTTA
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Arnie,
I agree.  IMO, if you make an offer that is all you are responsible for.  You and your Agent need a plan and it shouldn't involve paying more then what you are willing to pay no matter how much lower then list price it is.
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April 03
Arnie,  If you like the agent stay with him/her.  Many new and inexperienced agents are backed by brokers that have many years experience.  The part-time agent is probably in contact with the broker constantly on things they don't understand.  The best car salesman I have ever had was brand new.  He had not been tarnished by the "close the deal" old crowd yet.  So, there are advantages on dealing with the less experienced salesperson.  Sure knowledge may not be one of them, but if they don't mind getting the answer from the more experienced person, what's the problem?  Take your time and find the home you love...

Good luck and very good question.  I gave you a thumbs up for the question..
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April 03
Profile picture for TiffanyBond
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It sounds like you agent is doing a fine job. They may just need a little communication from you.

You shouldn't fault your agent in most instances of REOs being difficult...they are hideous even with a very experienced agent. Same thing with some of the low-balls. Most sellers are very emotionally invested in their properties and do no want to play ball in a poor market. In my humble opinion, best to have an agent that respects your comfort and have you set the price instead of someone who nags and harasses you.
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April 04
Profile picture for Orangecrest
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First of all I think you will do much better going through a direct lender than a broker because all the broker is going to do is find you a loan and hit you with extra fees. Cut out the middle man and go to the source.

Stick with your original agent and just tell him/her what you expect. The other agent is slimy, and violating ethics as a professional. Telling you to ditch your other agent and calling and driving you nuts is a sign of an agent that will through you under the bus if he/she stands to gain a nickle more, even at your expense.

These are the type of agents that will push you toward an over priced iffy home with issues simply because it pays a better commission.

Your other agent may not be as educated, but that is a que to just be more aware. At least it sounds like this agent is one that will tell you "I am not sure, let me ask my broker or another more experienced agent in this area."

The other agent can harm you just as bad if not more through their dirty ways, not to mention this agent is more than likely overloaded trying to do the numbers exposing you from not focusing on your transaction.

Good Luck, hope it works out for you.
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April 04
Profile picture for BobPhillipsRE
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AZRob made this thinly veiled comment: we have one agent on these boards that constantly trumpets his horn about '32 years experience'. Read his posts, and decide what more years of doing something poorly really adds to the equation...[its always time to buy, cause he has a feeling!]Well thanks for NOT mentioning my name Roberto!

I guess our mutual respect phase has evaporated, huh?  It isn't enough that I successfully refute your BS in face to face threads, but you take potshots at me behind my back?

You are truly a bastion of the this thread's headline - the "educated, but not so honest agent".

Your distortion of my position above is a testament to your dishonesty, and to your two-faced nature.  It's good to know where we stand.
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April 04
Profile picture for azrob
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anyone on here can read your blog; You have been calling time to buy forever, so if that kind of experience is what a buyer needs, more power to you both...
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April 04
Profile picture for Veltri Homes
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Your pre-qualification would transfer, your mortgage broker should, if he/she is professional.  Are you prequalified or pre-approved.  That is abig difference. 

You are under NO legal obligation, unless you signed an Exclusive Buyer's Agent Representation Agreement (or what ever they call it where you live - where do you live?). 

Go with the Agent that is a REALTOR and makes you most comfortable.  They should be able to guide you and provide relavent information for the homes you are looking at as well as the market and the micro-market of those homes.

If you want to change, change while being professional and keeping in mind that even the newbie has feelings.

Good luck !
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April 04
Profile picture for arnie84
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Yea I am "Pre-Approved"  and yes agent does call the brooker a lot when we need help. They have been friends since High School. I actually called my agent, and said I may want to wait 6-8 months save more money, and aim higher since I am looking way below what I have been approved for. If something comes along in the mean time, we can take advantage of it. My agent seamed preatty cool&understanding about it.
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April 04
Profile picture for BobPhillipsRE
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Good idea, AZRob!  Thanks for the great suggestion!  Here's a link:

http://southorangecounty.wordpress.com/
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April 04
Profile picture for BobPhillipsRE
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By the way, AZRob?  Your comment "You have been calling time to buy forever"  is a gross distortion ( dare I say outright lie? ) of my position for the past 32+ years. 

Contrary to your consistently negative spew, I happen to know for a fact that real estate activity in my area, South Orange County, California, is extremely dynamic right now as an onslaught of first time buyers AND pools of investors, are taking advantage of the best housing prices in 5 or 6 years, AND the lowest interest rates EVER.

More good news?  That there is no reason to hurry - prices won't be going up anytime soon ( years.)( Although, interest rates probably will.)  BUT, they might not be going down anymore, either.  Again, that may just be a local phenomenon, but it is an HONEST assessment of what's going on here.
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April 04
Profile picture for Pasadenan
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And then there are the Realtors that are neither educated nor honest.


If a person is not honest with others, I would not trust them to be honest with me, especially since they are having conversations with other parties without me being a party to the conversation.

But someone that doesn't know how to write an offer or counter that would be accepted?  Or someone that doesn't know how to read the trends?  Or someone that doesn't want to write the offers with my terms?

[section deleted by moderator]

I would rather have someone that was both educated AND honest.  Loyalty is not as much of an issue to me; but if they are going to "switch sides", I hope they would have the honesty to tell me ahead of time, and don't bail in the middle of negotiations.

There are hundreds of thousands of honest educated realtors listed on Zillow.  And most people know many realtors that are friends.  There is absolutely no reason to accept someone that distorts the truth, nor someone that doesn't have the skills to accomplish your desired task.

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April 04
Profile picture for sunnyview
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If you feel your agent is doing a good job and an honest job, I would stay with them. If you feel that you are not being informed of new listings or kept up to date with changes in the market, then I would definitely consider a switch. Whether you decide to stick or move, I personally would not recommend going with your parent's agent. It smells like trouble to me.
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April 04
Profile picture for TiffanyBond
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I agree with Sunny on this...your parents' agent sounds like a tool. You agent should be aggressive for you not to you.
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April 04

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