real estate agents

Discussion in 'General Home Improvement Discussion' started by designer, Sep 29, 2005.

  1. Sep 29, 2005 #1

    designer

    designer

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    I've heard mixed rumors about real estate agents. Will I be able to buy a home for a cheaper price if I do not have a real estate agent?
     
  2. Nov 29, 2005 #2

    Canadiver

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    probably not. The agent will help you find the best house presently on the market in your price range. You won,t get charged a cent the seller pays the realtors commission you pay the seller.The agent has acess to all the listings so that alone can save you time in your search. Just remember every price is negotiable.
     
  3. Dec 5, 2005 #3

    bpierce

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    They know the little quirks that may pop up throuighout the loan. Most "sellers" do not know the total closing procedure, cost or criteria needed. I am a mortgage Loan Officer and I have come across this often. You can sell without real estate agents if you do your home work or>>>> have a good Mortgage Loan Officer>>>>ha ha ha
     
  4. Dec 5, 2005 #4

    bpierce

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    Attend a For Sale by Owner workshop in yur area
     
  5. Feb 2, 2006 #5

    AustinDC

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    Still in the market?

    I'd say as a buyer, doubt it. Seller, with some hard work and realistic pricing, yes.
     
  6. Feb 7, 2006 #6

    TnAndy

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    ahahahaaa....no, you 'won't get charged a cent'......directly.....the seller has already added the realtor commission into the price of the property, and thus, you get to pay it in the form of higher price.

    There is no free lunch.
     
  7. Feb 16, 2006 #7

    birken

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    Realtors help out quite a bit but aren't neccesary. On my first home purchase they took me through the ropes on everything but getting into specifics they don't know much.

    You can do it yourself but GET A GOOD LAWYER BEFORE SIGNING ANYTHING!!!
     
  8. Feb 20, 2006 #8

    justme

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    I would suggest an agent if you are buying a home. They will do the footwork for you and help you negotiate the deal. They don't normally charge you -however some of the large companies are starting to implement a "buyers fee" that they are charging at closing- so be sure to ask upfront.

    If the home is being sold by an agent-which most homes are- of course their are going to be realtor fees resulting in a higher priced home, just like when you buy a can of beans at the grocery store, the store gets their cut.

    But as a buyer, I really suggest having someone work for you! The selling agent has to split their commission so your agent will get paid that way.
     
  9. Apr 10, 2006 #9

    lizardqueen

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    I don't know what kind of math realtors uses to determine the buyer doesn't pay a cent toward brokers' fees. If I want to make $400K and I have to pay a realtor, the buyer's going to pay $424K. You obviously have internet access, so the realtor isn't going to show you anything you can't find yourself. Except for homes that aren't on the market yet. Unless houses are flying off the market within hours, this isn't a huge advantage. Sure, they'll help with writing up the offer and the p&s. But so will a lawyer, for a lot less than $12K.
     
  10. Apr 10, 2006 #10

    CraigFL

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    The key thing to remember here is that in most states, the realtor is working for the seller -- unless the buyer hires their own relator and pays them. So if you're a buyer and don't have your own buyer's realtor, the person you are working with only has the seller of the property in mind and is working for the best interests of them. If you want someone working in your best interest, you need to hire them.

    Since the seller has signed a contract and therefore is paying the selling fees, this is why it is commonly said that the buyer isn't paying the commission. Another thing that muddies the water is that you may want $400K and bump it up to $424K to include the fees but after six months of no sale, you may move the price down to $409K or accept something even lower. Then it's unclear if you could have sold it for more without a realtor.
     
  11. Apr 11, 2006 #11

    lizardqueen

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    I'm buying my third house, and it's been my experience the realtor has only his own best interests in mind.

    House #1: The second house I looked at. I fell in love with it. It was on a 6 acre L-shaped lot with an 800ft semi-private driveway. The seller's broker told me the driveway ran through the long part of the L. Bummer! After 9 months of looking at one colonial after another, because "that's all that's on the market" and "I'll never find exactly what I'm looking for unless I build", I show her exactly what I was looking for. Lo and behold, the driveway went through the very front of the short part of the L. How each of them earned 6 grand is beyond me.

    House #2: FSBO. First house I looked at. Found it myself. Got a great deal. Naturally it would sit on the market longer at $424 than $400.

    House #3: A tear-down that's been on MLS for over a year. Two calls to the realtor over a 7 day period went unreturned. So I went to talk to the owner, who isn't living there. The neighbors gave me a wealth of information. Finally, I get through on the 3rd call. The guy basically reads the ad to me. Big help! I make an appt. The owner is there, but not him. He finally shows up and tags along as she does all the selling. So this guy should make 6% for putting it on the MLS? Sounds pretty steep to me.
     
  12. Apr 12, 2006 #12

    lizardqueen

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    I'm starting to rethink my position on this topic. The lawyer I've been "working with" on house #3 has been dragging his heels on writing up the offer to purchase. Coincidentally, this house that has been on the market for over a year suddenly has another interested party - within a couple of hours of speaking to the attorney about it. Perhaps you'll end up paying 100 times more for the broker to do the paperwork, but at least you won't have to worry about him/her moving in on your deal.
     
  13. Apr 30, 2006 #13

    asbestos

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    Word Up
    what is with this percentage anyway? is it 2x as hard to sell a 600k house as a 300k one? around here many agents don't do squat they get the listing, the house sells in a week and boom $10,000. What's up with that? I am getting a tile floor put in in the kitchen; one type of marble is 2.50 SF another is $8 SF should the installer charge me $2000 to install one type of tile and $7,000 for the other? Hire a good real estate lawyer to represent your interests. not the sellers, even if they charge you $500 an hour my guess is you will come out thousands ahead. Just because you are spending big $ does not mean that saving a few thousand does not matter.
     
  14. May 1, 2006 #14

    CraigFL

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    The THEORY is that the person selling the more expensive house is worth more. They have more connections(buyers), do more advertising, are in better contact with the market regarding pricing. And then there are the associated risks and costs with selling a higher price house, some of which are also based directly on a percentage of the sold price. So if you give your $600K house to a person who normally sells $300K houses, you may not be getting the best deal for your money.

    P.S. If I was your tile installer (and was responsible for your materials) and concerned with your satisfaction about the job, I would probably charge you more than the regular $2.50 per sq ft installation. The theory being that I would be using better setting materials for your more expensive tile, more care(more time), Possibly more tile-- I might look for the perfect cut with that tile-- NO chips at all. I might use a wet saw instead of my regular tile cutter. I also would spend more time with the pattern match. If you were buying really expensive marble, I would expect you to be more picky and account for that.
     
  15. May 2, 2006 #15

    inspectorD

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    Just think...
    Imagine getting what you pay for!!
    This is why you pay more for real professionals, Experience,experience,experience.....
    So many folks don't seem to understand that a real one is hard to come by, but once that person is found they get so busy that they charge what they are worth. If you don't think so then go with the low bidder and see how many problems pop up.
    I deal with un-professional builders all the time,today in fact ,and they dont seem to understand it is easier to fix it or pay to fix it than it is to go to court. Only the lawyers win.What do you do when you get sued? You pay for the best lawyer you can find...
    coincidence or stupidity?:eek:

    I cant say it enough... you get what you pay for....
     
  16. Oct 1, 2006 #16

    ccc

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    I have had customers who wanted something we did not have on the market, so I would call everyone I knew with property similar to what buyer is looking for and ask them if they would consider selling their property. They say yes and buyer gets what they want. Of course, I do not charge seller full commission! I will charge only half and believe me when we get to closing I have earned every cent! I have had to deal with seller and buyer and keeping both happy is not always an easy job! I have paid for a maid to get house cleaned for buyer and made repairs to houses that sellers refuse to make. There is so much more involved than the general public realizes.
     

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