Profile picture for gmcmullen

How does one get an advantage to purchase a home when there are 19 other back-up offers?

We are first time buyers and it seems that every home we look at has several back-up offers already.  Is there any way to be in the know and get their first?
  • August 11 2009 - Fontana
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Answers (2)

Profile picture for Mr Caveat
1) use an RE attourney vs any buyer's agent
2) strong cash offer
3) be ready to overpay or walk away
  • August 12 2009
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As a buyer you need to understand a couple of real estate terms to better position yourself.
1. "Variable Commission" is an arrangement with the seller that provides for a lower commission if the listing agent brings the buyer but a higher commission if the buyer has their own agent. For example 6% seller paid commission on a purchase with two agents or 3% if only the listing agent is involved.

2. "Dual Agency" or the legal state term for one agent working with both buyer and seller. In most states dual agency means the agent represents nobody and everybody is on their own. It's a bad term that many states have abolished in favor of "Transaction Agent" or something similar.

First time buyer's generally need guidance and having your own agent could be beneficial. On the other hand, if a variable commission is in play for the subject property, it could cost a buyer more to actalluy buy the house.
  • August 12 2009
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