Profile picture for brook2adks

Should I use a buyers agent?

I was looking for homes up until 6 months ago...was using a buyers agent (without a contract) and did not find anything at that time...am just about done with my lease and am considering looking for a home to purchase again...
but I am pretty savvy on finding newest daily listings and researching the history of properties and all that...should i use an agent? i am looking to purchase very very low priced home..will it actually cost me more to use an agent?
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January 27 2010 - US
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No.  Go through the listing agent and tell them you are offering 3% less because you aren't bringing an agent that has to get paid.
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January 27 2010
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ok thanks :) that is good advice.
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January 27 2010
That is really poor advise! The listing agent has a contract with the seller and commission is already set in the contract. Example: 3% listing agent and 3% buyers agent. What happens is the listing agent reaps a 6% commission and you the buyer are not represented. The listing agent obligation is to the seller so you the buyer have no legal representation.

"Sellers' agents and dual agents do not and cannot by law give a buyer the same degree of loyalty as an agent who acts on behalf of a buyer. Sellers' agents owe their allegiance to the seller. Dual agency invites a conflict of interest. A buyer who relies on the seller's agent or on dual agency does not receive the same degree of legal protection as that afforded by an agent acting solely on behalf of the buyer".- Oklahoma Supreme Court, SNIDER v. OKLAHOMA REAL ESTATE COMMISSION, June 1, 1999.

This is true in most states! Get a buyers agent! They work for you!
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January 27 2010
That is really poor advise! The listing agent has a contract with the seller and commission is already set in the contract. Example: 3% listing agent and 3% buyers agent. What happens is the listing agent reaps a 6% commission and you the buyer are not represented. The listing agent obligation is to the seller so you the buyer have no legal representation.

"Sellers' agents and dual agents do not and cannot by law give a buyer the same degree of loyalty as an agent who acts on behalf of a buyer. Sellers' agents owe their allegiance to the seller. Dual agency invites a conflict of interest. A buyer who relies on the seller's agent or on dual agency does not receive the same degree of legal protection as that afforded by an agent acting solely on behalf of the buyer".- Oklahoma Supreme Court, SNIDER v. OKLAHOMA REAL ESTATE COMMISSION, June 1, 1999.

This is true in most states! Get a buyers agent! They work for you!
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January 27 2010
Contracts can always be negotiated greedy realtor.
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January 27 2010
I almost fully agree with Nic's thinking (still got a thumbs up) but you may get better results if you consider the agent will be more inclined if they earn more as the only agent. I might suggest basing your offer on the listing agent getting 4% or 1% more than they would otherwise.

Prepare for the onslaught of agents with scare tactics designed to keep you from doing this.
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January 27 2010
Profile picture for brook2adks
oh my.
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January 27 2010
And, you'll never actually "know" if you saved a dime. But you can guess, or assume, that you did. And, there's a 50/50 chance you'll be right.

And, Boo! (for the scare tactic effect).
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January 27 2010
Yes contracts are negotiable before you sign one. And since when is giving someone good advice greedy?

The buyer's agent is getting paid by the seller. It cost the buyer nothing to be represented by someone that works for them and looks after their best interest. In Texas, a real estate agents fiduciary duty is to the seller. Contract or no contract. The buyer's representation agreement changes the fiduciary duty to the buyer.

Since when is offering good, sound, truthful advise considered a scare tactics? When someone doesn't agree with you? I see your a lender. You should know better.



 
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January 27 2010
You are offering advice not advise Einstein.
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January 27 2010

It amazes me how the so-called "experts" like to practice real estate without a license. They always have all the answers without regard to legally binding contracts.

Here's the truthful answer.

You don't need a buyer's agent to buy real estate. Nor do you need a lawyer in a court of law. But let me ask you this.

Why does a judge warn a defendant against self-representation? The defendant may not know the rules and is emotionally tied to the outcome. That is why he needs a lawyer. It's the same principle in real estate.

The buyer's agent knows how to get the client the best deal possible. How? By doing it every day. That's his profession. The buyer's agent can expose the client to multiple properties and an exceptional amount of valid information. The agent has training and experience in negotiating not only the price but also the terms of the sales contract. The buyer's agent can recommend the best home inspector, best surveyor, best closing attorney and so forth.

Here is another factor that the so called experts always forget – time. Many people do not have the time to take off from work to tend to the minute factors involved in a real estate transaction. Again that is the job of the buyer's agent.

Why risk making a mistake? Hire a buyer's agent.

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January 27 2010

It amazes me how the so-called "experts" like to practice real estate without a license. They always have all the answers without regard to legally binding listing contracts.

Here's a truthful answer.

You don't need a buyer's agent to buy real estate. Nor do you need a lawyer in a court of law. But let me ask you this.

Why does a judge warn a defendant against self-representation? The defendant may not know the rules. He is emotionally tied to the outcome. That is why he needs a lawyer. It's the same principle in real estate.

The buyer's agent knows how to get the client the best deal possible. How? By doing it every day. That's his profession. The buyer's agent can expose the client to multiple properties and an exceptional amount of valid information. The agent has training and experience in negotiating not only the price but also the terms of the sales contract. The buyer's agent can recommend the best home inspector, best surveyor, best closing attorney and so forth.

Here is another factor that the so-called experts often miss – time. Many people do not have the time to take off from work to tend to the minute factors involved in a real estate transaction. Again that is the job of the buyer's agent.

Why risk making a mistake? I hope this helps Brook.

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January 27 2010
Profile picture for sfbayhousing

I would suggest you get a buyer agent unless you are really familiar with the home buying process ( I am not a agent). But make sure you discussed the commission/cashback with the agent upfront.

As a buyer's agent their main purpose is to look after the interest of the buyer. They have insider information about the current situation with the sale of the house which can be a benefit when you are putting in an offer, as to how much to offer, what sort of contigency to put down in the offer and etc.

They can also advise you based on the professional experience what is a fair price of the house, what to look for when visiting an open house. They can help you filter out open houses based on your criteria so there is no need to go to every one of those open houses in the location you plan to buy.

They will also help you to point out what are the critical problems in the property inspection report. A seller agent wouldn't tell you that since their first priority is to look after the interest of their seller.

Jeff

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January 27 2010
Referring to the "lender's" comment, 1st post... LOL!! And tell them you want a loan like they use to give buyers in the early 2000's since you are going to use the "SELLER'S" agent. Why not, if you are going to use the Seller's agent, might as well use the Seller's Agent's Lender...

If I were to kill someone, I wouldn't want to use the victim's lawyer... Remember, you have to live with the outcome after everything closed. 

Get your own representation, have them fight for you.
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January 27 2010
Twice in 2009  Buyers came to me because I was the listing agent, I don't do dual agency. I sent them packing.
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January 27 2010
EDITED

Referring to the "lender's" comment, 1st post... LOL!! And as the buyer, tell them you want a loan like they use to give buyers in the early 2000's. We all know that turn out just great! All those up and up lenders stood by their clients when the Sheriff was there evicting them. The lender standing by their side telling the Sheriff that there must be a mistake, I "pre-approved" them myself!

Since you are going to use the "SELLER'S" agent. Why not, if you are going to use the Seller's agent, might as well use the Seller's Agent's Lender...

If I were to kill someone, I wouldn't want to use the victim's lawyer... Remember, you have to live with the outcome after everything closed. 

Got to remember, you ask that agent to take a commission cut, they take all the work and liability on for exactly the same compensation. The agent stand to benefit by impressing the bank, if you choose a bank owned property, who has many more homes for that agent to sell.  How many homes are you going to be buying from this agent?

Get your own representation, have them fight for you.
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January 27 2010
Robert's post is the best yet, it's interesting that a "Bitter Lender" is giving advice on how to purchase a home.

I wonder how many lenders have crawled up into an attic because a home inspector found someting awful and needed the Realtor to see it.

I wonder how many lenders stood in 98 degee weather waiting for a client in Oakland Ca?

I wonder how many Lenders have gone 38 days non-stop from 10 AM til 7PM showing property to a family that was staying in a hotel,and wrote 15 offers during that time only to be rejected.

I wonder how many lenders have talked a buyer out of purchasing a home? Hint: Pacifica

These threads arelittered with lenders that give RE advice and end up being deleted from the zillow site for not adhering to the good neighbor policy that zillow has in it's rules.

Calling people greedy in this economy is nothing less than self serving and rude.
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January 27 2010
I'm curious to know how many agents go to the listing agent when buying for themselves. If having their own agent is free, then why not just hire one from another company and let them do all those things for you? This way you can sit back and focus your time on other things.

Let's be honest, we represent ourselves because we will save at least the buyer side commission. If that was not the case then why not hire the best agent out there to represent us. After all it costs nothing.
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January 28 2010

Real estate agents are more than propety finders and researchers.  A buyer's agent representing you would negotiate price and agreement terms on your behalf.  He or she also oversees and orchestrates the details of your transaction that unless you have a complete understanding of your local real state laws and practices would not be anything to play around with considering the amount of money on the line and legal problems that could occur.  Also, an agent that you have shared details with about what you can afford and what you are looking for and need and about the specific market, area and property you are looking to make an offer on, will always be the number one consultant that will best service you, not zillow, a real consultation service through personal interaction.  Typically broker's fees are charged to the seller's side of the transaction and are usually "free" of charge to the buyer.  It seems a buyer would do themselves a disservice by not taking advantage of professional services and knowledge.  It would be like representing yourself in a trial and turning down professional legal advice and service.

Best Wishes

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January 28 2010
I would wager that there are at least 65,000 REA's contemplating something along the lines of "what do you mean, I can't count the commission I was going to earn, while buying my own house, as part of my down payment?" for every one, that has even contemplated, paying someone else to do it.

I would also like to suggest that all REA's that really believe the Buyer pays the commission, start putting it on the Buyer's side of the HUD1. Let me know how that works out for ya. I'm sure your Sellers will be impressed by the results.
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January 28 2010
If you were using a buyer's agent before and your not sure you need one, you must of had an agent that wasn't very good.  Interview a few buyers agents and find one that you feel compfortable with.  A good agent will earn your trust and protect your interests.
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January 28 2010
A new survey reveals that savvy consumers cashing in on the new and improved homebuyer tax credit are helping fuel economic recovery.

The vast majority of current homeowners say they would spend the expanded version of the homebuyer tax credit on repaying existing debts, home improvements, savings and investments and household expenses, according to a Century 21 survey of 1,000 homeowners.

Paying off debts affords consumers more spending power, home improvements likewise put more equity money in their pockets and savings and investments generate income.

Consumer spending, of course, is the real fuel for the nation's economic engine. And much consumer spending is fueled by the housing market -- provided the housing market is energized.

Helping to energize the housing market and the economy is the idea behind the homebuyer tax credit and it's recent extension and expansion.

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January 28 2010
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Linda, I see that neither your propensity to post irrelevant drivel, nor your irritating misuse of "it's" when you mean "its" is showing any sign of diminishing.
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January 28 2010

I would use a buyer's agent to represent the purchase of a property.  You want someone to negotiate and represent your best interest.  This is not legal advice. 

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January 28 2010
Let us know what you decide to do and how it works for you.  Good luck on a purchase!
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January 29 2010
Finding homes on the internet has become the 21st-century equivalent of the manual transmission. Everybody thinks they're really doing something because they're able to find the listing information that we agents are syndicating everyplace that will accept postings.

There's never been any secret to finding homes; it used to be, you'd have to read a newspaper or go out driving, because we'd advertise them in the Sunday paper and in shoppers in addition to what we do now, which is to post signs in the yard and put pointer arrows at intersections leading to them.

But, you're good at finding houses yourself. And, you're able to research the price history and the data for other sales in the area. So, do you need an agent?

Probably not, because agents provide the greatest value to people who are prepared to take advantage of that value. If you're going to evaluate homes for purchase the same way you'd evaluate a home as a short-term rental, then, sure, what does it matter?

 
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January 29 2010
The less expensive the home the more competitive the bidding...you are welcome to go it alone but how will you determine what is the right offer to get it accepted?
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January 31 2010
If you intended to buy the only house that you researched, call for the listing agent (there is not guaranteed that you will get any discount), and if you want to see 100 houses before puts the offer on one, then calls for the buyer agent, it saves your time and your money a lot.
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January 31 2010
For example:
The buyer A's agent offers $100 on the listing price $100, the listing agent get $3.
The buyer B offers $97 on the listing price $100, the listing agent is still get $3 (even, a little less). Why would on earth, the listing agent takes the offer B, which brings to listing agent more works on same home and the legal responsibility in the future if any. 
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January 31 2010
I'm sure that makes sense, somehow.

There's this silly little pretense that the brokerage fee somehow is there on a plate for the buyer to partake of, and it simply isn't true.

The brokerage fee is part of a contractual and legally binding agreement that obligates the Seller to pay, whether it is the listing agent or another agent that brings the buyer.

When "you find the home on your own," it is actually the Listing Broker who is responsible for bringing you. According to almost every agreement written between sellers and brokers, the Listing Broker has then earned and is entitled to the entire commission. And, they don't have to share it with anyone. 
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January 31 2010
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