Do I need a different realtor for each town? (Denver: for sale by owner, real estate)

[5thIndian]

C-D CO forum diehards,
You know, I think this is the smartest, most helpful group of forum regulars on C-D. Just saying. You guys are great. okay, now down to business...

I am visiting (again) in June to hopefully continue my narrow-down-journey toward my new home and life in CO.
What is your opinion on whether to use a different realtor for each town or use one realtor when looking at several towns? I have had some realtors I have met, for ex, in Summit County, that tell me they can also help me with RE in other areas, Boulder, etc.

Just so ya know...My narrow down search has me living happily ever after in either Denver, Boulder, Nederland, or Summit County. Right now I have semi established contacts with 3 different RE's from 3 different areas. Also, I get multi area listings each day from automated homefinder. Anyone ever use them?

Thx.

[OneMoreMove]

Realtors love their narrative about how every neighborhood is different, and you need someone who 'knows' the area. But, I really question that. It seems rare that a realtor truly has some special information about an area that makes a real difference. It happens, but rarely I think.

If you have a realtor that you trust and like working with, I'd stick with them.

[Bob from down south]

I would use separate realtors (buyer's agents, actually), and make sure to write into any contract to buy or sell that you sign a specific regional scope that restricts that contract's reach to houses in the region specified. Also, since we're on the subject, I recommend you restrict the time period to a max of 60 days...some of the boilerplate contracts extend far too long.

If the agent you're using doesn't have good detail on the neighborhoods he's showing (i.e. stuff you couldn't find yourself in 10 minutes on Google), then you have the wrong agent. And back to contracts, NEVER sign a buyer's agency contract until after spending some with the guy to make sure you want to be stuck with him/her for 2-3 months. A few pointed questions on property value depreciation should give you a feel for whether the agent is honestly serving your interests or is just another NAR-lobotomized pumpmonkey who'd tell you anything to get you to line his pockets with a commission check from your purchase.

[OneMoreMove]

What kind of detail would a good agent bring? Agents have knowledge of neighborhoods around Denver, but I certainly learned more on my own just from this forum. Can you give an example of the kind of info we are talking about?

[5thIndian]

Thx, in googling buyers agent, I see that there are exclusive and non-exclusive agreements and that in CO there is something called transaction broker. Did anyone ever use a transacton broker?

[Bob from down south]

Originally Posted by 5thIndian

Thx, in googling buyers agent, I see that there are exclusive and non-exclusive agreements and that in CO there is something called transaction broker. Did anyone ever use a transacton broker?

A transaction broker is used when the seller is using the same RE agency as the buyer...since the seller expects his agent to be his fiduciary, and the buyer does also, there arises a conflict. Frankly, it seems like a weasel-worded construct created by lawyers that doesn't necessarily solve the conflict of interest problem.

[Bob from down south]

Originally Posted by OneMoreMove

What kind of detail would a good agent bring? Agents have knowledge of neighborhoods around Denver, but I certainly learned more on my own just from this forum. Can you give an example of the kind of info we are talking about?

Sure. The buyer's agent I used told us that houses in one neighborhood we were interested in had a rash of problems from compressible soils, and that the foundations needed a hard look by an expert. He warned us about accessibility and drivability issues on some back roads and steep driveways up around Chipita Falls. He had good detail on the seller and the seller's note(s) for each house we looked at, and prevented us wasting a lot of time on houses that had sellers deeply indebted with second mortgages and/or underwater refis from banks that had a reputation of stalling for months on short sale offers. His assessments of realistic prices was based on current knowledge of trends (not just comps) in specific markets. And when we bought our house (a bank-owned foreclosure) his experience working with REOs enabled us to make an offer presented to them with our clear intent to look elsewhere if we didn't get expeditious responses from them.

Like I said, if all you're getting is a human interface to the MLS system, you've got the wrong guy. And my gut feel is that most of them are "the wrong guy..."

[2bindenver]

Originally Posted by Bob from down south

A transaction broker is used when the seller is using the same RE agency as the buyer.

Not true. Some buyer and sellers choose a transaction broker instead of an agency relationship. In my experience, lawyers and other broker ask for a transaction brokerage relationship. All others need an advocate.

In Colorado our real estate contracts are required by the state for all of us licensees to use.

If a buyer or a seller wants an agency relationship they agree upfront what happens if the other party also has an agency relationship with that broker.

We are a designated agency state. Dual agency is forbidden, disclosed or not.

[Bob from down south]

Originally Posted by 2bindenver

Not true. Some buyer and sellers choose a transaction broker instead of an agency relationship. In my experience, lawyers and other broker ask for a transaction brokerage relationship. All others need an advocate.

In Colorado our real estate contracts are required by the state for all of us licensees to use.

If a buyer or a seller wants an agency relationship they agree upfront what happens if the other party also has an agency relationship with that broker.

We are a designated agency state. Dual agency is forbidden, disclosed or not.

OK, the contract I had when I bought my house said that if the seller and the buyer ended up having the same RE agent, the agent could function as a transaction broker...having no fiduciary responsibility to either party, but able to facilitate the transaction. Sure, you can elect up-front to have a transaction broker too.

But if Seller A lists his house with a relitter from Plunging Properties, Inc, and then Buyer B comes along and signs a contract to buy and sell making a relitter from Plunging Properties HIS buyer's broker, and then Buyer B decides to come look at Seller A's house, the realtor can't be a dual agent, so he has to revert to a role as a transaction broker, or bow out completely, right?

The standard RE contract used in Colorado can, of course, be amended by the parties to the contract.

[5thIndian]

Guys, I just googled "relitter".

I am appreciating this dialogue. And, to add a thought, what about for sale by owner? With zillow.com and all, won't more owners go that route? I am thinking of selling my home that way.