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do i need a buy side realtor?

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November 19 2009 - US
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Then perhaps you shouldn't misquote people and then reproach them based on your misquotes - you wouldn't have people correct you.


To the original poster: the boards could give you better advice if you provide more information. Why do you or don't you want an agent?
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November 19 2009
Tiff: I have no desire to waste any more time or energy sparring with someone who doesn't get it.  I have actual real estate work to do. 
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November 19 2009
Pam: you are mistakenly chastizing me and I think perhaps you should re-read my posts. I not once said that real estate agents had no value, nor did I dismiss the profession. Quite to the contrary, I believe agents can be quite valuable. Are you having a bad day and did you read something that was not on the page? The question was, "do I need a buy side realtor?"

From dictionary.com
Need: a requirement, necessary duty, or obligation

Agents are not needed, we are chosen. Hopefully by informed buyers and sellers that value our services.

"It is not misleading to say most buyer agents are free to the buyer, it's a fact that they are normally paid by the seller or the seller's agent." 
Although it is true that the cost usually hits the seller side of the HUD, which I already agreed on, there is a cost. That cost impacts the price the seller is willing to accept. If you are complaining about people giving "incomplete" information - I argue that leaving out that commission is a cost that impacts the net price to the seller is incomplete information.

"Agency is patronizing?  Wow, you must really hate your job. Maybe you should pursue a different profession."
I did not say agency is patronizing. In fact, I said essentially the opposite of that with "Agency should be a symbiotic relationship, not a patronizing one." I respect people who choose to come to me for help, knowing full well they are competent individuals who have chosen to have me represent them. If I thought they were incompetent or incapable of understanding the market and the contracts they were entering into, they may not be legally competent to sign a binding contract. However, I am do not have the legal compentece to determine if a person has the piece of mind to sign a contract not being a judge - but me doubting it could be used as testimony should a trial be realized. (although verify it with an attorney, since I am also not yet licensed to practice, nor would I dispense legal advice in such a forum if I were)

"Our licensed profession was started because the real estate laws are complex so the majority of people do need an agent to help them."
Even brokers are not allowed to give legal advice in most cases unless they are also attorneys. An agent is obligated in every juristiction I am aware to refer to a licensed attorney to address real estate law questions.

I have studied law, been posting on Zillow for a long time, and have been in real estate my entire life. I really don't appreciate attacks from a broker for misreading my posts. I'm pretty sure you owe me an apology Pam.

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November 19 2009
Putting aside the value that a Realtor(r) can bring to the transaction, the answer to the question is, "No."

People don't "need" Realtors(r), Realtors(r) provide a valuable service that not everybody wants to utilize.

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November 19 2009
I don't normally denounce other agents but when I read something like your post I get really disappointed and upset that someone in my own profession dismisses realtors as having little value which is exactly what you did with your first post here. This is not an apology, it is a reproach of your disrespect for your own profession. Do you even realize what your words are conveying? It is not misleading to say most buyer agents are free to the buyer, it's a fact that they are normally paid by the seller or the seller's agent.  Agency is patronizing?  Wow, you must really hate your job. Maybe you should pursue a different profession. Our licensed profession was started because the real estate laws are complex so the majority of people do need an agent to help them.
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November 19 2009
Reba: you have a well-written post :)
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November 19 2009

Pamela: how tacky and unprofessional to make such a criticism of a post that is both succinct and accurate. If you feel like you can add to the discussion, do so - but not knowing anything about the buyer, my answer is completely accurate.

Many buyers and sellers are capable of representing themselves in a transaction; many can become so with studying easily-available information that they may find interesting. It is demeaning to both buyers and sellers to tell them in a blanket statement that they "need" a buyer agent if they..."want your best interests protected and want contracts properly executed (so you don't have a contract that's not enforceable or incomplete which could end up in a big mess for you) and you want the process and legal terminology thoroughly explained to you so you know exactly what you are getting into and if you want to buy for the best price possible."

A good majority of buyers and sellers could accomplish this on their own and/or with an attorney - and without an agent if they so choose.

Also, a buyer's agent isn't "free" in most cases and saying so is misleading. The buyer's agent commission comes out of the seller's side of the HUD in most instances - but I have yet to meet a seller who was not primarily concerned with net return on the sale. The buyer brings the cash to close and the seller decides if the money is enough to cover all of their expenses and whatever profit (if any) they desire. If there is not a buyer's agent involved, the selling office is often willing to negotiate down the original commission offer.

Many clients who are or could easily become capable of handling a transaction on their own choose representation. These are the best sort of client. Agency should be a symbiotic relationship, not a patronizing one.

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November 19 2009
Whether or not you need an agent is actually up to you and most likely your experience in working with real estate. Each state has different requirements and for some an agent isn't necessary as they might use an attorney instead. We have many people who move here from NY who think an attorney is required for our state only to find that it isn't necessary to have both an agent and an attorney.

Agents are not attorneys so we have to be careful about how we explain contracts - we cannot go outside our limited practice of law and expertise 0- but we know the general details of what the contracts mean to the buyer and seller. Each state and MLS may have their own forms and because of state laws they are different from place to place. This alone may make a difference to a consumer because it is highly unlikely that you'll know all these differences and how they might impact you.

I've never subscribed to the idea that an agent 'must' be part of a transaction on one or both sides, but there are some definite pluses that can be had if the agent is providing value. Defining value is the key. Do you want someone to assist you with contracts, deadlines, providing resources, managing the transaction, communication between parties and more? Then by all means it is helpful to use a person versed in their market area and who has connections and experience.
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November 19 2009
A Buyer's Agent is super valuable!  If a buyer doesn't have a buyer agency contract with the agent(s) they work with they have to understand that said agent(s) are automatically agents of the seller and as such must work in the best interests of the seller even if they've never met them!  That means agents (by law) have to answer all of your questions in  a way that will benefit the seller but not necessarily you.  Without a buyer agency contract a buyer can't get a comparative market analysis prior to writing an offer in order to see what other comparable homes in the area have recently sold for not to mention the real estate agent cannot (by law) tell you what they think a home is worth.  They have to tell you it's worth the asking price and that you should put in a full price offer.  Also, agents can't give any opinions about anything regarding the house.  I can't believe buyers would want to work without a buyer agency contract especially since the fee is nearly always paid by the seller or their agent.  A lot of us actually state right in the contract that you may cancel at any time for any reason so what do you have to lose?  The buyer's agent works for the interests of the homebuyer, but also knows how to work with the listing agent.  A buer's agent can: 1. Give a negative opinion or critique of a seller's property beyond just disclosing defects.  2. Recommend or suggest an offering price or give you an opinion about whether a particular house is priced too high or too low.  3. Structure the offer and draft offer provisions with the buyer's best interests in mind.  4. Recommend and assist the buyer with negotiation strategies for the best price and terms. 5. Disclose all information and research a property's history and liens so the buyer can make an informed decision. 6. Give advice within the scope of the agent's expertise as a licensed professional. 7. Provide a comparative market analysis of a home you are considering writing an offer on so you cans see what other similar houses in the area have sold for.  I hope that helps.  Thank you!
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November 19 2009
You do not have to use a Realtor/Broker for your buy side transaction, but I would highly recomend it to proptect your interest.
Besides that it shouldn't cost you qanything for this since the commission should come from the seller.
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November 19 2009
First, Tiffany has given you an incomplete and somewhat thoughtless answer.  If you want your best interests protected and want contracts properly executed (so you don't have a contract that's not enforceable or incomplete which could end up in a big mess for you) and you want the process and legal terminology thoroughly explained to you so you know exactly what you are getting into and if you want to buy for the best price possible then YES, you need a buyer agent.  Why not use one, they are typically free (the seller or seller's agent will be paying them most of the time) and have the knowledge and skills to help you make the best choices, get the best prices and make sure everything is legal.  Who wouldn't want that?!!! Good luck to you.
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November 19 2009
You do not need one. Whether or not you want one will depend on your skill set and personal preferences.
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November 19 2009
 
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