Caleb Yamanaka's Q&A

My opinion is that agents do not do as much "negotiating" when it comes to either short sales or REOs.  possibly.  i would think that the bulk of the negotiations (under the right circumstances) are actually between the Buyer and their Agent.  Dealing with REO's is about knowing the process and also knowing what it will take to win the bid (if that is what the Buyer wants).  Depending on your market, REO's are either only lasting days with multiple bids or they sit on market like all the other listings (and everything in between).  There is more BS and gaming in REO transactions then in any most normal Residential home transactions (that is my own experience).  If the Agent knows his/her REO market then they will bring a wealth of experience to the purchase that even most seasoned buyers don't just because of the fact that you need to know what is happening today in your market and its not just comps.  That is only one part of the process.  You need to know if and what sort of REO's are getting multiple offers or the opposite you have to know that its BS that they have multiple offers.  There is an art to REO's and as we've both agreed you can never know if you got the best price, but if you have an REA who is seasoned and knows what they are talking about and what they are doing, then the odds of getting a better price are in your favor.I will end it with this.  You are right that there is only a certain LOW number that the Lender will accept, but there is no limit on how HIGH the lender will accept.  The risk reward of commission (3% of purchase price) is to high for someone (unfamiliar with process) to go in without proper representation.

I think you need to go into details.  Why would you even suspect that your Agent hasn't sent out your offer?  Seeing as this is the only way your Agent gets payed is by having an offer accepted and then eventually closing, it would seem that the only person hurt by not having the offer sent out is your Agent.

K101,You are still making the assumption that the Buyer already knows the market and what they should be offering as a "bottom line" number.  The OP doesn't even know the process of purchasing.  Add to that the fact that the Listing Agent will be filling there heads with all sorts of BS such as "we have multiple offers" and "Seller will only accept list price because its priced below market", etc., etc.Based upon what we can gleen from the OP, while your suggestion may be prudent for someone with your local market knowledge and past experience as both an Attorney and Property Owner, it isn't necessarily good advice for Fletch.

border meant BOIL

I do not understand why these questions always border down to the hypothetical of what Agent's will be negotiating with the Banks and this supposed "bottom line" number that will be easier to negotiate because there is one less REA in the transaction.The fact of the matter is this.  Fletch,  if you have to ask about the process then it is clear that you do not fully understand the process.  For this reason alone, you should probably get yourself an REA.   Now you will get differing opinions on what an RE Attorney can and cannot do to help you in the process, but in my own experience (my personal opinion) RE Attorney's are not good RE negotiators and while they will help you immensely in protecting you by helping you understand your various obligations and risks while in contract.  They will not necessarily help you craft a financially beneficial (i.e. price, credits, etc.) contract.  There is a difference.

no mistype I'm 7.  I just play an adult on the Internet.

7 but everybody says I look much older.

This is why the NC Real Estate Commission requires the form "Working with Real Estate Agents" to be give to all prospective customers -- at the first substantial contact. Any agent who you have NOT signed a Buyer Agency Agreement with -- works for the SELLER!Since I am not licensed in NC and Nathan is I would defer to him on State law and what is required for Buyer's Agency.I will say that in general I agree with Harrison and since most listings here on the Big Island exclude sub-agency (in practice)... For Hawaii you are not working with an Agent for the Seller just because you do not sign the Buyer's Representation Agreement.Nathan,That seems odd, I'm not doubting you, just asking... Can an Agent with no relationships Buyer or Seller insert himself into a transaction by just presenting a property to a Buyer?  Meaning that if I present Property A which has a listing Agreement with Azrob to your client who has a Buyer's Representation Agreement with you, that I am automatically a sub-agent of Azrob's Seller should your client choose to move forward with purchase?

Absolutely. An EBA only benefits the agent and a good one would never ask for one.I think the EBA works both ways.  If I suspect that a potential customer is kind of playing the field (i.e. they will ask you to send them properties, but might have a couple other agents doing the same work) then I ask them to sign an EBA.Sometimes you will find the argument that the Customer doesn't know you (the Agent) from Adam, so you can sometimes include a clause that protects you for "only the properties I show/send to you".  That way the Agent doesn't get screwed for showing you properties and you don't get stuck should another Agent brings customer another property.I find that this clause helps to solidify relationships, because trust is earned over time.If the person will not sign an EBA even with a clause that protects Agent for properties he/she shows then you do not want to work with that customer anyway.  Too much risk of actually working for person without any protection.

I have heard the argument why you should or should not include REO's in your projections.For the Case Shiller detractors...I for one believe that you should take into account all sales whether they be REO or not, but if you believe the opposite then I feel it should at least be shared with the broader audience that you are not including such a large section of the current sales in the market when presenting market trends.Whipsawfx posted:ZHVI only represents 32% of the transactions in San Francisco, over a timeperiod where its statistical representation of the RE market 32% of the market!!  32% of all transactions in a market not included in an analysis.