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Answers (7)
Best Answer
- Carol McAlister, "affiliatebrk"
- Contributions:17
That is your decision but when there are issues, remember.... it was your decision. My Advice.. If your selling a home... get a REALTOR. If your buying a home get a REALTOR.. I have seen issues with sellers and buyers trying to save money by handling themselves and end up in court paying thousands more in court costs over things a knowledgeable REALTOR is trained to handle. Good Luck
- Seth Captain, "CaptainSeth"
- Contributions:142
As an incredibly independent person who got into real estate by trying to do this exact thing...represent myself, only deal with sellers direct, the answer is not to "Use them" or "don't use them".
When you could get away without a buyers agent: You, the buyer, know the local market very well, understand home construction, and have access to all available sold records in the last nine months.
The seller MUST be unrepresented or the sellers agent will keep that whole commission and you won't save anything. Assuming the seller is unrepresented, you need to convince them that real estate prices almost always have commissions built in, so whatever price you can negotiate based on the comparable values, you would have to get the price at least an additional 5-6% below.
My FSBO experience is that the majority of sellers don't want to reduce their price by the built-in commissions that have accompanied real estate prices for the last 100 years. But let's say they do....
Then, you'll want a good real estate attorney, and yeah, you could do it yourself. Celebrate with a Hamms.
And one of the major issues here, regarding even asking this question, is that real estate has a reputation on par with used carpet salesmen. And that's no joke. It's a profession that has always attracted unscrupulous characters at a rate higher than average....BUT, and this is a really big BUT(T)....
Plenty of realtors are true professionals. More than the majority. Many of them online here wanting to prove it. These are people who will save you more money than imaginable and not only on the sales price. But on the repair items they make you aware of, the reputable affordable contractors they set you up with, the potential headaches they help you avoid, the commendable mortgage person they connect you to, the background information that turns you on to a neighborhood that you didn't even know existed, the person you have at speed dial disposal to ease your inevitable anxieties. And the list can go on...And it's the real reason this profession, like all professions, exists.
When you could get away without a buyers agent: You, the buyer, know the local market very well, understand home construction, and have access to all available sold records in the last nine months.
The seller MUST be unrepresented or the sellers agent will keep that whole commission and you won't save anything. Assuming the seller is unrepresented, you need to convince them that real estate prices almost always have commissions built in, so whatever price you can negotiate based on the comparable values, you would have to get the price at least an additional 5-6% below.
My FSBO experience is that the majority of sellers don't want to reduce their price by the built-in commissions that have accompanied real estate prices for the last 100 years. But let's say they do....
Then, you'll want a good real estate attorney, and yeah, you could do it yourself. Celebrate with a Hamms.
And one of the major issues here, regarding even asking this question, is that real estate has a reputation on par with used carpet salesmen. And that's no joke. It's a profession that has always attracted unscrupulous characters at a rate higher than average....BUT, and this is a really big BUT(T)....
Plenty of realtors are true professionals. More than the majority. Many of them online here wanting to prove it. These are people who will save you more money than imaginable and not only on the sales price. But on the repair items they make you aware of, the reputable affordable contractors they set you up with, the potential headaches they help you avoid, the commendable mortgage person they connect you to, the background information that turns you on to a neighborhood that you didn't even know existed, the person you have at speed dial disposal to ease your inevitable anxieties. And the list can go on...And it's the real reason this profession, like all professions, exists.
- Caveat Emptor
- Contributions:500
David Barr is an idiot. In a transaction involving no listing agreement and therefore NO PRE-ARRANGED agreement to pay a buyer's agent (even if listed with a buyer's incentive on a FSBO site) then of course there is potential wiggle room to save ~4% of the purchase price.
The ONLY reason to hire a buyer's agent is for assistance with CMAs and someone who knows the market well enough to match you with a home that meets your needs without wandering through 100 misses that you hate.
Re OP
You should still pay someone to dot the Is and cross the Ts, you can either arrange for the basic paperwork to be done by an REA for a flat fee or any RE attorney will be able to handle it. many REAs would probably handle it for dirt cheap, but several states do have agency laws in place to lock down the REAs so that they can't negotiate without being partially liable.
The ONLY reason to hire a buyer's agent is for assistance with CMAs and someone who knows the market well enough to match you with a home that meets your needs without wandering through 100 misses that you hate.
Re OP
You should still pay someone to dot the Is and cross the Ts, you can either arrange for the basic paperwork to be done by an REA for a flat fee or any RE attorney will be able to handle it. many REAs would probably handle it for dirt cheap, but several states do have agency laws in place to lock down the REAs so that they can't negotiate without being partially liable.
- Dan, "the_country_hick"
- Contributions:4699
Ofe, " A reminder, you as a buyer seldom have to pay a commission since the seller covers both commissions seller and buyer."
In fact the seller could remove that commission form the sales price. That gives the seller what they wanted from a sale and gives the buyer a lower purchase price. It is a win-win for both seller and buyer.
In fact the seller could remove that commission form the sales price. That gives the seller what they wanted from a sale and gives the buyer a lower purchase price. It is a win-win for both seller and buyer.
- Ofe Polack, "Ofe Polack"
- Contributions:1418
I am sure that your opinion has been formed by previous experiencies, if they work for you go ahead. A reminder, you as a buyer seldom have to pay a commission since the seller covers both commissions seller and buyer. You have the option of working with a licensed professional or flying solo, it is your decision. Once the relationship between buyer and seller has been damaged, I am not too sure if you will abe able to find an agent to bail you out, and if you do, most likely you will have to pay the commission, since by then, the agent did not help you with all the preliminary work, so they cannot claim any procuring costs. The best of luck!
- Mack McCoy
- Contributions:1117
I don't know about the grain, but I think that bringing in an agent like a "hired gun" might be the least valuable way to utilize an agent.
- David Barr, "dpbarr2000"
- Contributions:280
How did you save money as the buyer? You still had to get a mortgage, and pay for title search and title policy. Real estate agents representing the buyer are paid from seller's funds at closing. There's no reason not to use one, even if the seller is "nice" to work with.
So is it true that if neither seller or buyer has agents then go for it without.
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