Answers (9)
- Ryan Halset, ABR, "RyanHalset"
- Contributions:864
Hi there,
I've often heard of buyers trying to save on commission or fees by not using a buyer's agent. Unfortunately, it usually only helps out the seller, who gets to save on that fee, or the listing agent who eventually just writes the contract for you (but remember that they must represent their client, the seller, first and foremost). The fact that you need to go onto a forum to ask for an "offer letter" tells me that you may find yourself in a position to be taken advantage of (and that you may very well need some professional assistance to protect your interests).
Please save yourself in advance and find a good buyer's agent in your area (especially if you need help pin-pointing a value or comparing other properties) OR use an attorney (a reputable one) if you don't want to use an agent. Either of these will be able to help you write an offer that represents your interests (one with contingencies to help you get out the contract if needed and to protect your earnest money throughout the transaction)...either way, I think you'll benefit.
Best of Luck!
Ryan Halset, Realtor®, ABR®
Seattle Magazine, Five Star Agent - Best in Client Satisfaction
I've often heard of buyers trying to save on commission or fees by not using a buyer's agent. Unfortunately, it usually only helps out the seller, who gets to save on that fee, or the listing agent who eventually just writes the contract for you (but remember that they must represent their client, the seller, first and foremost). The fact that you need to go onto a forum to ask for an "offer letter" tells me that you may find yourself in a position to be taken advantage of (and that you may very well need some professional assistance to protect your interests).
Please save yourself in advance and find a good buyer's agent in your area (especially if you need help pin-pointing a value or comparing other properties) OR use an attorney (a reputable one) if you don't want to use an agent. Either of these will be able to help you write an offer that represents your interests (one with contingencies to help you get out the contract if needed and to protect your earnest money throughout the transaction)...either way, I think you'll benefit.
Best of Luck!
Ryan Halset, Realtor®, ABR®
Seattle Magazine, Five Star Agent - Best in Client Satisfaction
- hpvanc
- Contributions:3086
I don't see anywhere that indicates the original poster is looking for help from agents. This is an open forum, and they could be hoping for help from consumers that have successfully did it on their own.
That said, here is a link: http://www.uslegalforms.com/realestatecontracts/washington-real-estate-contracts-forms.htm to standard real estate forms for Washington state. If you are in another state use the search feature on the site to find the appropriate state. These are not free, so if you wish, you can keep searching to see if you can find free contracts. In the interest of full disclosure, I haven't actually done what you are hoping to do, although I fully intend to try to avoid agents (at least the traditional definition of a real estate agent) in my next transaction, but I would probably go for a brief consultation with an attorney and hope they would throw in the standard forms for the consultation fee. Good luck.
That said, here is a link: http://www.uslegalforms.com/realestatecontracts/washington-real-estate-contracts-forms.htm to standard real estate forms for Washington state. If you are in another state use the search feature on the site to find the appropriate state. These are not free, so if you wish, you can keep searching to see if you can find free contracts. In the interest of full disclosure, I haven't actually done what you are hoping to do, although I fully intend to try to avoid agents (at least the traditional definition of a real estate agent) in my next transaction, but I would probably go for a brief consultation with an attorney and hope they would throw in the standard forms for the consultation fee. Good luck.
- John Stewart, "nwhome.us"
- Contributions:2588
SoCal, I've yet to find a seller who recognizes the difference between a wholesale price and a retail price. I'm guessing that the battle is made twice as difficult because fair market value is typically a retail price. So, first you are negotiating with the seller to establish the retail price and then you are telling them that the wholesale price is 6% less than that. It's hard to define the retail margin as being any different than the margin that you pay on everything else that we buy.
Educate a buyer, Real Estate 101 reads "nothing is established unless it is in writing." The US has a very unique system for purchasing real estate that no one else in the world (save Canada) has. It is based on "writing an offer to purchase."
The NWMLS provides forms for more than 40,000 transactions a year, so the forms are, or the legal consequences, aren't the issue. The issue is how to structure the offer.
Educate a buyer, Real Estate 101 reads "nothing is established unless it is in writing." The US has a very unique system for purchasing real estate that no one else in the world (save Canada) has. It is based on "writing an offer to purchase."
The NWMLS provides forms for more than 40,000 transactions a year, so the forms are, or the legal consequences, aren't the issue. The issue is how to structure the offer.
- Cindy Quinton, "Cindy Quinton"
- Contributions:2448
Don't think of it as an "offer letter." If the seller likes what it says, and signs it, it becomes a binding contract. So it is very important that it contains every single detail of the tranaction on its pages. You may be able to google "Washington residential real estate contract."
- Nan Brennan, "Century21 First"
- Contributions:386
There are no offer letters..they are contracts and should be completed by a trained licensed real estate agent or a real estate atty. Why would you want to do it yourself as this is one of the largest investments you will make. VERY RISKY!
- SoCal_Engr
- Contributions:6704
don't do it, an agent is like a insurance policy, but won't cost you anything
Obviously, the OP thinks differently. Reality is that REAs add about 6% into the total transaction cost. If the seller is FSBO, then there's 6% for both seller and buyer to play with on price. If seller is a traditional listing, then things will get more interesting. Either way, the OP seems to think that there is some benefit to not using a REA.
p.s. A form is a form is a form. If I were confident that the expertise counts more than the form, I'd have no problems sharing the form - in the expectation of a call for help in filling it out.
Obviously, the OP thinks differently. Reality is that REAs add about 6% into the total transaction cost. If the seller is FSBO, then there's 6% for both seller and buyer to play with on price. If seller is a traditional listing, then things will get more interesting. Either way, the OP seems to think that there is some benefit to not using a REA.
p.s. A form is a form is a form. If I were confident that the expertise counts more than the form, I'd have no problems sharing the form - in the expectation of a call for help in filling it out.
- Hugh Oake, "hud_va"
- Contributions:96
don't do it, an agent is like a insurance policy, but won't cost you anything.
Hugh
Hugh
- SoCal_Engr
- Contributions:6704
Kind of rough to come on a RE forum, tell the REAs you're not going to use them, and then ask them to share an example of an offer letter.
However, if you Google "online real estate forms", you might run across this site. May still have to pay some to get the forms, but...
Speaking of "pay", are you trying to buy from a FSBO? If not, let us know how successful you are in negotiating the buy-side of the listing agreement into your offer.
However, if you Google "online real estate forms", you might run across this site. May still have to pay some to get the forms, but...
Speaking of "pay", are you trying to buy from a FSBO? If not, let us know how successful you are in negotiating the buy-side of the listing agreement into your offer.
Why are you asking agents, if you aren't going to work with one?
do you have a good example of an offer letter?
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