Real Estate Agent Recommendations ? (foreclosure, for sale, job)

[Shiv]

I need someobody who I can trust to do a good job. I live in MN. I expect to give the agent the criterion (suburb, kind of house etc.), the agent will narrow down a very small set of houses, and then I look over these houses one weekend, and we swing the deal. Or so goes the theory.

Any suggestions ?

On a related note: are there websites where I can explore the "rent a house" option.

Thanks
Shiv

[CellarBelle]

What area are you moving to? It is difficult to give you the name of a good agent to use without knowing the town you are going to move to. Illinois-licensed agents can sell in any town in Illinois, but you really want to find someone that knows the town you are moving to.
I recommend you find the area you are moving to, and then begin exploring the real estate companies in that area and trying to get referrals from the residents in that area. Most agents have access to the same data via the area Multiple Listing Service, so any good agent can help you narrow down the choices. The trick is finding someone that you (and your spouse, if applicable), "gel" with. Sometimes that requires "interviewing" the agents - over the phone, in person, etc. If you are being transferred or going to a new job, I recommend you ask co-workers for a referral. Most people know a REALTOR, and they can give you a good recommendation. If you are retiring and moving to an area, I recommend you utilize other connections to get a recommendation. For instance, when we found out we were moving, I contacted the church we were likely to attend and visited with the office secretary and some of the other parishoners. They were able to tell me about the area and give me the names of some agents that they had success with. Most people are very happy to give referrals when they have good agents that have helped them. I hope that gives you some direction. Good luck, and welcome to Illinois!

[HOWELL_STREET]

Every realtor in the world thinks that he / she is the best realtor and will do an excellent performance. That is only natural and nothing wrong with that. As a corollary, every realtor has a personal interest in making the most money from 'your' purchase price. Typically, somewhere between 3% to 6% or maybe even 8% of the purchase price.
So rather than searching for 'X' realtor, why not search for a given house that you might find interesting?
A good Internet source for that is REALTOR.com - Real Estate Listings & Homes For Sale but keep in mind that those listings could be outdated. Of course with a typical listing on the above web site, the realtor contacts ... name etc. ...would also be listed.
As another alternate, visit the web sites of Fannie Mae, Freddie Mac and HUD.GOV for REO home listings. An REO "REAL ESTATE OWNED" (by Freddie Mac, for example) - - is / are similar to foreclosure listings.

Best Regards,
Carter Glass

[CellarBelle]

A side note on this... rarely does a REALTOR/Real Estate Agent clear 3% or more on a transaction. That may be the percent total being paid by the seller to the listing company, but once it goes there it gets split several times. By the time it gets to the agent, it is more along the lines of 1.25 to 2% - unless the agent is getting both sides of the deal in which case it is about double. (Which by the way, that is a dual agency, and while it is legal in the State of Illinois, I recommend you work with someone that represents you and you alone. I'm personally not a big fan of dual-agency.) After that split, the agent is responsible for paying for gas, dining, franchise fees, licensing fees, MLS fees and so on, and so on. Many people don't understand this. I just point this out, because many people think the buyers agent is getting the full commission.

The check is always bigger for the agent when the price tag is bigger, but a good agent will show you homes that meet your criteria. If you find yourself being pushed toward expensive homes that are above and beyond what you asked for in your search criteria, I suggest you find another agent.

Do as Howell St says, and check REALTOR.COM. It is a good source for finding homes and agents. If the selling agents are doing their job appropriately, the listings online should not be too far behind reality. I think REALTOR.COM has gotten much better about quickly updating listings within 24 hours provided the selling agent has done his/her job and closed the transaction. One thing I don't recommend is finding a home, and then calling the listing agent for the home. That agent is representing the SELLER. You need to find a buyer agent that represents YOU. Buyer agents can show you any home on the market that is part of the local multiple listing service. So many times, people call each agent for each house they want to see. It is much better to pick one agent to represent you, tell that agent exactly what you are looking for, and let that agent use the tools at his/her disposal to find all the houses that meet your criteria. Then, that agent can show you the homes and negotiate on your behalf without a conflict of interest.

I still say nothing is better than a personal referral. Talk to the people in the town to where you are moving, you should be able to find someone that meets your needs. Despite the preconcieved notion that agents are out for themselves only, there are many agents that enjoy helping their clients and will work hard for them. There are many hours of work done behind the scenes sorting through properties, mapping out a tour, scheduling appointments and providing followup to the selling agent. For every 6-hour day I spend with my client looking at homes, I spend about 4 hours at home prepping for it. It's not necessarily rocket science, but it does take a lot of time. You don't do this job for long if you don't geniunely enjoy helping people. The money made off the home is just the paycheck for a job hopefully well-done.

Hope that helps.

Originally Posted by HOWELL_STREET

Every realtor in the world thinks that he / she is the best realtor and will do an excellent performance. That is only natural and nothing wrong with that. As a corollary, every realtor has a personal interest in making the most money from 'your' purchase price. Typically, somewhere between 3% to 6% or maybe even 8% of the purchase price.
So rather than searching for 'X' realtor, why not search for a given house that you might find interesting?
A good Internet source for that is REALTOR.com - Real Estate Listings & Homes For Sale but keep in mind that those listings could be outdated. Of course with a typical listing on the above web site, the realtor contacts ... name etc. ...would also be listed.
As another alternate, visit the web sites of Fannie Mae, Freddie Mac and HUD.GOV for REO home listings. An REO "REAL ESTATE OWNED" (by Freddie Mac, for example) - - is / are similar to foreclosure listings.

Best Regards,
Carter Glass

[RickMG]

I would just like to add a statement to CellarBelle's excellent response. I posted, months ago, an answer to a similar post mentioning how a realtor is paid and thus would want the buyer to pay the highest price for a home in order to make more money. Anyway, here's my response then, hope it's good here too.

Original Quote:
Originally Posted by gotcha
"I still don't see how anyone can say they are working for you when they get paid by the seller. no one answered that, except to say some hooflah about feduciary duty. sorry, I don't buy it. I would rather pay the commission. However, the system does not work this way right now. It is in place for the Realtors to make thier $."

Well gotcha, you bring up a very valid point. First, the plain and simple answer. Most realtors that are successful are so almost entirely because of repeat and referal business. I am sure that if you ever (and everyone will) find out that you paid more, got a lame inspection, etc. because of something you believe your agent did, you would NEVER use them again, or refer them to friends. That's the simple answer.

Now something that I don't even understand, and a buyer or seller will never believe. When it gets down to negotiating a contract, human nature takes over. Your agent will fight tooth and nail if need be for your best interest. I've seen, and been in, fights with agents even in my own office to argue for the client. Again, it is human nature to try and win, and that's just what your agent feels. There is no way to explain it to you the way you want so we can prove it to you, but I go back to repeat and referal.

[lbined]

Hi
This is my first post. I ran across this site by accident, when looking for Illinois tax info.
My two cents worth...most of the agents I know and have worked with are honest, hard working and good people. Many times they work for free! Agents working with buyers don't get paid unless their buyers buy property. It's amazing how many times buyers will change their minds about moving...and it can be months before they discover this.
I think working on your own is fine, up to a point, but a good agent will do the leg work for you. I believe there are great buys out there, but you will spend tons of time looking for them if you don't know where to look.
Hot properties sell quickly. Hire yourself a good agent and they will keep on top the the market on a daily basis. If that agent doesn't do the work for you, I'm sure you will find one who will.

[acdevane]

I am in total agreement with the previous posts but would like to add one thing. When you are selecting an agent to represent you, make sure you ask whether the agent lives in the town you've selected and for how long? Many Realtors represent a number of areas. Finding someone who actually has lived in (not just moved to) an area allows them to have knowledge. For instance - that cars park down your street when the local church overflows it's lot. Or, just behind that fence is the train and you will have extensive pedestrian traffic, or during rush hour you won't be able to get out of this particular subdivision etc. You need someone who knows the ropes.

[Juice13610]

HOWELL_STREET likes to stir the pot a bit, it seems.

[HOWELL_STREET]

Hello Dear Friend:

Yes, you are very observant. I do like to stir the pot so that people can consider the options and think for themselves. A very good observation on your part !


Best Regards,

Carter Glass