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Answers (12)
- rjon.101
- Contributions:201
the one thing to consider and maybe someone knowlegable about the laws of Ohio can comment is when does an agent become the one who initiated the sale : meaning when did an agent become the one owed and due the selling side of the commision. If the listing agent showed you the house does he get to claim the commsion even if you want to find another agent. If you use a sellers agent and they show you the house can you then find another selling agent who can show you the house again and not get into a sqauble over who gets the selling commision. Be sure to pick your selling agent before they show you the house. Make sure the listing agent is clear that he is not the originator of the sale. This is something to be careful of while shopping for agents.
But never trust the listing agent as he is paid by the seller and is obligated to the seller first and also will want to look good to the seller, not to you. And this is ok he is representing the seller he is suppose to look good to the seller. Another item to be aware of, I just posted a question that may also apply to Ohio , is the listing agent or the seller's agent required to inform the owner you can pay more if you have told them you would. If you offer 180,000 but would pay 200,000 and have told an either agent this information are they legaly obligated to tell this to the buyer. Years and years ago this was required in California. Meaning the agent can not be confided in even if he/she means well. And you can bet the listing agent will use all his knowledge of you and pesonal info the you share with him to get the best deal for the seller. Again this is what he is suppose to do and is getting the big bucks to do. He should do no less.
But never trust the listing agent as he is paid by the seller and is obligated to the seller first and also will want to look good to the seller, not to you. And this is ok he is representing the seller he is suppose to look good to the seller. Another item to be aware of, I just posted a question that may also apply to Ohio , is the listing agent or the seller's agent required to inform the owner you can pay more if you have told them you would. If you offer 180,000 but would pay 200,000 and have told an either agent this information are they legaly obligated to tell this to the buyer. Years and years ago this was required in California. Meaning the agent can not be confided in even if he/she means well. And you can bet the listing agent will use all his knowledge of you and pesonal info the you share with him to get the best deal for the seller. Again this is what he is suppose to do and is getting the big bucks to do. He should do no less.
- elldee
- Contributions:119
An example of the arrogance of some of these r.e.a.s, by 1 of our newest drive-by's with a god-complex, johnny culdesac: "Unfortunately, most of the legwork in real estate actually occur's behind the scenes,"&"It sounds like you are fairly informed, (my personal favorite type of buyer)," (aren't you so flattered... he says you're one of his favorite types of buyers!?)
You've been doing your searching on your own, zeuzie, so how do you feel about one of them insinuating that their work is more important than what you've been doing? I'd agree that most of the conniving is done behind the scenes. Read SF2009's post again, then spend some more time researching before you take such a deep plunge.
- elldee
- Contributions:119
Here you see some realtors admitting how they themselves think, even though they are saying it as though "those other agents" will screw you over, LOL.
How much time do you have, zeuzie, to find a buyer's agent you trust? How do you know whom you can trust? Now if you lived by an agent like azrob or chutta (yes, chutta, I believe I could trust you), somebody who has shown integrity by their posts to this forum, you could consult one of them. But from what other r.e.a.s have posted in this thread, I'd feel pretty leery of going to anybody you didn't know as a buyer's agent. Also, from what's been posted on this forum in the last year by r.e.a.'s, I'd be surprised if less than 80% of them are totally self-serving and unscrupulous, especially in this tanking market.
If you've done all the legwork yourself to locate a house, you can also do the research/legwork necessary to learn how to protect your own best interests, and you certainly need to do that. Then you can have a real estate attorney look everything over and make sure the sellers and their agent aren't trying to pull something over on you. As some here have put it so well, they are, after all, just used-house salespersons.
- Johnny Yankoviak, "johnny culdesac"
- Contributions:7
This is why it is so important to work with someone you trust! Unfortunately, most of the legwork in real estate actually occur's behind the scenes.
It is good that you have been able to narrow your home buying decision down, as sometimes that can be the most difficult part. It sounds like you are fairly informed, (my personal favorite type of buyer), however navigating your regional sales contract with all of the ammendments and addendums can be tricky even for seasoned pro's.
If I were you, I would ask around with your particular situation, and interview at least 2 agents that seem like "finalist's".
I also agree with the one writer who discussed the commission issue. Since "buyer's agency" was invented they haven't figured out how to resolve the pay issue.
However, I still believe, as someone who used to only represent seller's, that you want someone who's "got your back" and is only representing you.
Maybe, they have one of those "limited agency's" in your area that just charges a fee based on service. Just watch out, some of those agent's aren't that experianced. Go with your gut, and good luck!
- SF2009
- Contributions:1
It's funny that everyone points out the conflict of itnerest with the seller's agent (that's obvious). What about the conflict of interest from the buyer's agent -- he/she has an interest in getting you into the most expensive home possible for a higher commission. Every dollar they negotiate DOWN costs him/her money. Therefore the buyer's agent will get you into the most expensive home possible and has no interest whatsoever in ever negotiating down. I suggest you NOT tell your buyer's agent how much your max approved amount is. You must also PUSH them if you want to offer less than asking. Otherwise they will not do it. The buyer's agent want you to spend the most possible and get in and out fast so he/she can get the commission and move on to the next buy/sale.
- Eric Smith, "ohiosmitty"
- Contributions:352
Kinda like a divorce...its best to have your own divorce attorney.
If you've done all the legwork and all you want is an agent to write the offer for you, you should be able to find an agent that will do that only and rebate a portion of the commision to your closing cost.
If you've done all the legwork and all you want is an agent to write the offer for you, you should be able to find an agent that will do that only and rebate a portion of the commision to your closing cost.
- Brenda Freeman, "ZipBrenda"
- Contributions:11
Hi Zeuzie,
You really should have someone representing your interests and negotiating on your behalf. The sellers agent is only looking out for the sellers best interests, he or she, is bound by contract to represent the Seller... not the buyer.
They would love for you to forego a buyers agent for a couple of different reasons, first and foremost, the agent will get both sides of the commission, and don't count on them agreeing to take less commission just to save you money. Secondly, they will be able to get a much better bottom line for their Seller if you are unrepresented.
Take care and good luck!
Brenda
- Brian Gwaltney, "Metro Maintenance"
- Contributions:315
There have been several agents that posted. Â Think I'll throw in my non agent opinion. Â Yes you should have a buyer's agent. Â They will protect you and their ability to negotiate and see weaknesses in the seller's position will make up for the 2%. Â The buyers agent has the power right now let them use it.
I think the better question for you to ask is who is the best buyers agent that can represent me. Â Ask around for referrals; meet them. Â ask them what they will do and what they won't. Â The first realtor we met with handed us a print out of every home (address only) for sale in Portland, OR (a fairly good sized city) and told us to go look at them and get back to him. Â The agent we ultimately went with asked what we wanted and then she went out and found it. Â Really did the legwork and she is a very strong negotiator.
I think the better question for you to ask is who is the best buyers agent that can represent me. Â Ask around for referrals; meet them. Â ask them what they will do and what they won't. Â The first realtor we met with handed us a print out of every home (address only) for sale in Portland, OR (a fairly good sized city) and told us to go look at them and get back to him. Â The agent we ultimately went with asked what we wanted and then she went out and found it. Â Really did the legwork and she is a very strong negotiator.
Since this is your first transaction I would suggest getting a Buyer's Agent.
Technically you might save % of purchase price "if" Seller's Agent will negotiate their fee, but I think going in unrepresented or with only an attorney you could, and in my experience will, end up paying more then you would if you had a Buyer's Agent.
I do not know you so I could be totally wrong, but most first time buyers do not know how much they can negotiate a property or get too attached to a property. Its better to have a good agent representing you then going in unrepresented. I will qualify that by saying if you have a bad agent you might as well take the risk of representing yourself.
I guess what I'm getting at is that it really depends on the individual. A good agent will save you money, headache and time in this process. A bad agent will give you nothing... as for yourself... everybody thinks they are great negotiators and think that purchasing a property is a cake walk. A good Seller's Agent will get the most out of you (all while you think you're getting a great deal). Pick your poison.
Technically you might save % of purchase price "if" Seller's Agent will negotiate their fee, but I think going in unrepresented or with only an attorney you could, and in my experience will, end up paying more then you would if you had a Buyer's Agent.
I do not know you so I could be totally wrong, but most first time buyers do not know how much they can negotiate a property or get too attached to a property. Its better to have a good agent representing you then going in unrepresented. I will qualify that by saying if you have a bad agent you might as well take the risk of representing yourself.
I guess what I'm getting at is that it really depends on the individual. A good agent will save you money, headache and time in this process. A bad agent will give you nothing... as for yourself... everybody thinks they are great negotiators and think that purchasing a property is a cake walk. A good Seller's Agent will get the most out of you (all while you think you're getting a great deal). Pick your poison.
- Patti Hessling, "phessling"
- Contributions:104
It's great that you've found a property that your are interested in. Using the seller's agent to purchase the home will not save you time. As far as using the seller's agent to save money, that is dependant on the contract between the seller and the seller's agent; it's not a given.
For a buyer's agent, this is when the concentration of work begins. Assisting with structuring an offer, negotiating the deal and representing you through close are the specialized skills of a buyer's agent. Given that a purchasing a home is typically one of your largest financial transactions, isn't it in your best interest to have a knowledgeable person as your agent especailly since that agent has fiduciary responsibility to you. Unless you have an existing relationship with the seller's agent, you are probally best to ensure that you have representation.
- K101
- Contributions:6572
Now, some jurisdictions continue to allow "dual agency" where - technically, you can "use" the sellers' agent. All that really does is entitle the agent to both sides of the commission. They still cannot represent you as fully as an independent buyers' agent could (i.e. you cannot assume that your communications about your financial status, motivations for buying, etc. are confidential).
- K101
- Contributions:6572
You can't "use" the sellers' agent. That is a conflict of interest. You can "let" the sellers' agent handle the paperwork and such - but you cannot rely on that person to guide you or give you any sort of "advice" whatsoever. Or, you can hire a real estate attorney to assist you with the contracts. The benefit of foregoing a buyers' agent is that you can offer a bit less for the house than a buyer with a buyers' agent (2% for example) and hope that the sellers' agent will drop their commission a bit to help bridge the deal. In this tough real estate climate, there is a decent possiblity of that happening.
my own buyers agent or use sellers agent ? pros and cons?
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