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Old 04-30-2013, 09:30 AM
 
3,914 posts, read 4,936,564 times
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Quote:
Originally Posted by 28173 View Post
All agents should ask you if you already work with an agent?
What will be your answer?

Do you feel OK with having an agent running around to find you a property, just so you can pick up another one at the last minute?
Answers to your questions:
  1. My answer would be No. No agency agreement gives you this flexibility.
  2. If the agent is not meeting my needs then I am fine with finding another agent. Try getting rid of a bad agent under contract.

Would you feel comfortable in signing an agreement to buy a car from only one used car salesman for the next X # of months? Yeah it's nonsense. Yet both do exactly the same job, yet we are led to believe that we have to sign a contract with a real estate agent. The concept didn't even exist 20 years ago.
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Old 04-30-2013, 12:08 PM
 
227 posts, read 389,468 times
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Quote:
Originally Posted by frewroad View Post
Would you feel comfortable in signing an agreement to buy a car from only one used car salesman for the next X # of months? Yeah it's nonsense. Yet both do exactly the same job, yet we are led to believe that we have to sign a contract with a real estate agent. The concept didn't even exist 20 years ago.
A buyer's agent does the same job as a used car salesman? Are you kidding?

When I went to Charlotte in January, I had very little knowledge of the area. He drove me around for 3 days, let me know about neighborhoods, pointed out problems with houses that I wouldn't have known on my own, described the entire process for me, found houses for me to look at, and helped let me know which add-ons (new construction) would be worth it and which wouldn't. I've never had a car salesman spend that much time with me, or give me that much information.

The sales agent as the new construction location might be compared to a used car salesman in the sense that she already has her product, and she's trying to sell it to me. But my agent was nothing of the sort.
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Old 04-30-2013, 12:50 PM
 
642 posts, read 1,163,736 times
Reputation: 641
Quote:
Originally Posted by Charlottean View Post
There are basically two ways to handle it at this stage.

This is assuming the property is NOT currently listed for sale.

(1) Wait until the foreclosure hearing, go bid on the house. You will need cash to purchase it this way. Also, you will not be able to go into the home, inspect the home, appraise the home. You need an attorney to complete a full title search and make sure there are not tax liens, mechanics liens, etc.. etc..

(2) Wait until the bank completes the foreclosure and it becomes REO. They will list the home on MLS. You will have the chance to make an offer. If your offer is accepted you can inspect the property, appraise the property, obtain financing on the property, etc.. etc..

Most buyers wait until the bank sells it themselves as REO property on MLS. This way the process is much easier on a buyer and they have the protections of an inspection period, etc..

The majority of purchases that take place at the courthouse are completed by investors familiar with the process and willing to take on the additional risk.
If this is an auction at the Charlotte courthouse, the highest bidder gets the house on the day and, that could be the bank itself who may well bid just to keep the property from going too cheap.

After the auction there is a 10 day "upset bid" process whereby anybody can put in a bid to upset the auction winner. After close of business on the 10th day whomever now has the highest bid is the winner.

All the other stuff about not gaining interior access is true. You really are bidding blind.
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Old 04-30-2013, 01:12 PM
 
2,752 posts, read 5,103,722 times
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Quote:
Originally Posted by frewroad View Post
Answers to your questions:
  1. My answer would be No. No agency agreement gives you this flexibility.
  2. If the agent is not meeting my needs then I am fine with finding another agent. Try getting rid of a bad agent under contract.

Would you feel comfortable in signing an agreement to buy a car from only one used car salesman for the next X # of months? Yeah it's nonsense. Yet both do exactly the same job, yet we are led to believe that we have to sign a contract with a real estate agent. The concept didn't even exist 20 years ago.
How can you compare the two jobs as being similar?
A car dealer does nothing extra, you go and see him/her. He does not go and drive you around to visit different dealerships, negotiate for you, advice you on location, etc.

On the other hand the real estate agent will preview properties for you (to save you time), provide market analysis for different properties, make sure you are aware of new listings (sometimes before they hit the market), gives recommendations (based on your preferences), negotiates for you, ensures HUD is correct, goes to closing representing you, etc.
In other words he/she spends a lot of time on your behalf, I don't feel it is professional and/or fair that you use two or more agents in same time. If you are not happy with what one agent does, at least make them aware of their shortcomings. I'm sure they will prefer to know rather than continue to waste time for you when they end up not making anything for their expenses.

I'm not a real-estate agent but purchased/sold many properties to know about the process. I also own my own business so I appreciate someone's else time and effort, especially when his bread depends on it.
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Old 04-30-2013, 02:02 PM
 
Location: South Charlotte
1,435 posts, read 5,746,358 times
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Quote:
Originally Posted by krokus View Post
If this is an auction at the Charlotte courthouse, the highest bidder gets the house on the day and, that could be the bank itself who may well bid just to keep the property from going too cheap.

After the auction there is a 10 day "upset bid" process whereby anybody can put in a bid to upset the auction winner. After close of business on the 10th day whomever now has the highest bid is the winner.

All the other stuff about not gaining interior access is true. You really are bidding blind.

During the 10 days the owner can also redeem the property or someone else can increase the bid and the 10 days starts over again.
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Old 05-01-2013, 12:46 PM
 
309 posts, read 761,681 times
Reputation: 230
Ok, clarification question and sorry if this sounds ignorant. When the property gets auctioned at the courthouse, who is doing the auctioning and who gets the money if it is sold?

I would have thought that if your house goes into foreclosure, the bank automatically takes it since they hold the lien/deed.
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Old 05-01-2013, 12:58 PM
 
3,914 posts, read 4,936,564 times
Reputation: 1272
Quote:
Originally Posted by 28173 View Post
.....negotiates for you, .....it.
I'd be very upset if a real estate agent started to negotiate for me. They present offers, they don't negotiate. I'd never let a real estate agent do this and I'm surprised that anyone who claims to own a business relevant to this discuss would suggest it.

As for the rest of what you describe, it's paper work required for the sale. Car salesman, does many of the same tasks for the buyer. They after all are not selling you the car. They are presenting your offer to the owner (or his representative) of the dealership. Like real estate agents, they collect a commission based on the sales price. A buyer should not forget this, and his is how they can be compared. (if you have to ask)

It's best to understand these relationships and who is beholding to who.
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