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I've been dealing with a realtor for a while now, and it turns out I really dislike her. Every time we finish a conversation or correspondence, I wonder why I continue working with her. I'm not under any contract, but I've been receiving MLS listings for a while. We've only gone to see one property that was a 'fixer' but the asking price was outrageous. In any case, every time I ask about a property (which, btw, I have to always find and research on my own -- not once has she sent us anything and said 'check this out'), she calls the listing agent and ends up asking 'how negotiable are you' (which I think undermines the negotiation process before it starts -- we've already had a disagreement about this when I asked her to stop asking for listings I inquire about) or tells me, after the fact, that I need to offer the asking price or close to it if I want the property. Meanwhile, she's supposedly a 'certified buyer's agent.'
I've been watching the market for a while and dont have a problem with making an offer based on what I believe the property is worth (based on comps and repairs that might be required). There are enough online tools available for anyone willing to take the time to figure this information out (trulia, redfin, mlsli, and so on). But she always recommends offering based on what the listing agent tells her. And every time I send her information about a property she says it's because 'you know computers'
I also asked her about foreclosures and short sales, since it's clear to me we'll likely end up with either, and she basically poo poo's them every time. When I directly asked if she has handled ANY foreclosures or short sales, she danced and said she's spent a lot of time and "money" sending listings to and working with me (which are automated through mlsli.com, by the way - the only 'effort', if you call it that, is setting up the query of towns. It's pretty easy, actually, for anyone who knows how to point and click). She also pointed to my family member who recommended her and said they trust her. However, she never answered my question, which indicates she has zero experience with these types of properties.
The last straw was that she told me, several times, that the market is going up! 1-2% per year! and I responded with news articles from BusinessWeek and other credible sources indicating the contrary. In fact, I believe NY lagged the rest of the country and took 2 years after the bubble peaked to reach the "NY" peak, and that LI prices still have to come down about 10-20% +- but, unfortunately, we're not in a position to wait too much longer. Plus, due to all the gov't meddling with the markets, prices won't correct until interest rates go up and that probably wont start until late next year (again, responsible savers getting screwed by this administration.. but that's another story for another forum). When she told me her "source" that the markets were rising was the guy at the bank that helps write mortgages for her clients, I almost fell out of my chair.
In any case, I really don't think this person has any business sense whatever, and I'm pretty tired of banging heads with her. FWIW, We haven't yet put any offers in since we have to sell our co-op first, but I expect she'll be one of those 'I don't agree with it but SINCE I have to submit all offers...' when speaking to listing agents.
Sorry about the rant, but I've pretty much had it with this realtor.
If you know of any realtors who know their stuff and how to negotiate, and handle foreclosures and short sales, please send their info my way. In Nassau, we're considering the areas of North Bellmore, Levittown, Wantagh, and Bethpage (focusing more on Levittown and Bethpage/Island Trees SD). In Suffolk, Commack and east northport, though they might be too far for my wife's commute, and it appears that area is generally about 50k+ more expensive. In either case, I'd prefer to spend less than 300k (pref mid 200's) but think that would only be possible on the south shore for now being we need a 4br/1.5+ba.
For example, here's a listing in Levittown that recently sold for $290k: Mod cut: NO links to specific properties.
Thanks in advance.
why not go to a bunch of open houses in the areas you like (without your current agent)and meet some agents that way. After meeting them, do a little research and then interview a few and see which one you like best.
You have to do what you think is best for you, this is a business transaction after all.
I've been dealing with a realtor for a while now, and it turns out I really dislike her. Every time we finish a conversation or correspondence, I wonder why I continue working with her. I'm not under any contract, but I've been receiving MLS listings for a while. We've only gone to see one property that was a 'fixer' but the asking price was outrageous. In any case, every time I ask about a property (which, btw, I have to always find and research on my own -- not once has she sent us anything and said 'check this out'), she calls the listing agent and ends up asking 'how negotiable are you' (which I think undermines the negotiation process before it starts -- we've already had a disagreement about this when I asked her to stop asking for listings I inquire about) or tells me, after the fact, that I need to offer the asking price or close to it if I want the property. Meanwhile, she's supposedly a 'certified buyer's agent.'
I've been watching the market for a while and dont have a problem with making an offer based on what I believe the property is worth (based on comps and repairs that might be required). There are enough online tools available for anyone willing to take the time to figure this information out (trulia, redfin, mlsli, and so on). But she always recommends offering based on what the listing agent tells her. And every time I send her information about a property she says it's because 'you know computers'
I also asked her about foreclosures and short sales, since it's clear to me we'll likely end up with either, and she basically poo poo's them every time. When I directly asked if she has handled ANY foreclosures or short sales, she danced and said she's spent a lot of time and "money" sending listings to and working with me (which are automated through mlsli.com, by the way - the only 'effort', if you call it that, is setting up the query of towns. It's pretty easy, actually, for anyone who knows how to point and click). She also pointed to my family member who recommended her and said they trust her. However, she never answered my question, which indicates she has zero experience with these types of properties.
The last straw was that she told me, several times, that the market is going up! 1-2% per year! and I responded with news articles from BusinessWeek and other credible sources indicating the contrary. In fact, I believe NY lagged the rest of the country and took 2 years after the bubble peaked to reach the "NY" peak, and that LI prices still have to come down about 10-20% +- but, unfortunately, we're not in a position to wait too much longer. Plus, due to all the gov't meddling with the markets, prices won't correct until interest rates go up and that probably wont start until late next year (again, responsible savers getting screwed by this administration.. but that's another story for another forum). When she told me her "source" that the markets were rising was the guy at the bank that helps write mortgages for her clients, I almost fell out of my chair.
In any case, I really don't think this person has any business sense whatever, and I'm pretty tired of banging heads with her. FWIW, We haven't yet put any offers in since we have to sell our co-op first, but I expect she'll be one of those 'I don't agree with it but SINCE I have to submit all offers...' when speaking to listing agents.
Sorry about the rant, but I've pretty much had it with this realtor.
If you know of any realtors who know their stuff and how to negotiate, and handle foreclosures and short sales, please send their info my way. In Nassau, we're considering the areas of North Bellmore, Levittown, Wantagh, and Bethpage (focusing more on Levittown and Bethpage/Island Trees SD). In Suffolk, Commack and east northport, though they might be too far for my wife's commute, and it appears that area is generally about 50k+ more expensive. In either case, I'd prefer to spend less than 300k (pref mid 200's) but think that would only be possible on the south shore for now being we need a 4br/1.5+ba.
For example, here's a listing in Levittown that recently sold for $290k: Mod cut: NO links to specific properties.
Thanks in advance.
Sorry for problems you are having yes, I would go to open house and talk to agents, it is still a buyers market. I am looking to buy too possibly winter of next year and I've been reading and talking to family and friends in LI, the Market will continue to go down until the end of 2010 way into 2011. Short sale and foreclose property is what I'm leaning towards as well in Commack, Kings Park, Smithtown and possibly, Farmingdale, Levittown and Bethpage. My husband and I are not looking to spend any more than 300k either I like to stay in mid two hundreds as well. I am willing to settle for 2 bed room with finish basement or den to end up in a really good area but prefer 3 bdrm so I guess I'll have to see.
There are plenty of realtors out there. Stop wasting your time and find a new one. Short sales and foreclosures can be a real pain in the ass sometimes though no matter how good your agent is. Foreclosures are usually quicker but anything decent gets snatched up quickly. Short sales can be drawn out for months and months depending on the banks. Good luck in your search. I think the time to buy is now if you can afford it.
much like Life in LI said, short sales aren't normally the silver bullet to everyone's problems that they think. the process takes months upon months to get the offer heard by a bank. A lot realtors won't deal with them much. Normally sdomeone wants to move faster and not hold up their search for a few months wait to just see if the offer is acceptable. I've heard this from numerious agents.
a few have told me stories about offers they put in and they heard back after the buyers have already closed on a different property.
Open houses work well for finding a realtor along with recommendations.
if your budget is under 300K you're going to be hard pressed to find a decent house in most of those areas Levittown probably being the exception. Yes some houses have closed in that price range, but they are "unique"
If you see a house you like on mlsli.com, why not just contact the listing agent and ask them for an appointment? You don't need a middleman.
As for short sales, the process does not seem to be so difficult and I think any realtor can handle that. Basically the offer must be approved not only by the seller, but by the bank(s) in question who holds the current mortgage(s).
Regarding foreclosures, do you have $300K cash? That is the way most foreclosures are successfully acquired after the auction on the courthouse steps. Also you really have to know what you are doing with houses and be able to tell which are lemons or you could very well get stuck. Another thing is that the upset price is often based on the mortgage owed to the bank that foreclosed on them, so many are not rockbottom bargains! There's a reason they go mostly to investors. Others do not have the cash on hand or the know-how. Those TV commercials that say, "Buy a foreclosed house for $75K! Financing available!" are full of it. Generally what those people are doing is selling lists of foreclosures, many of them outdated at that.
The only way around that is by "hiring" a Buyer Agent who works for YOU and not the seller.
The other way around that is to shop for houses that are in your budget range (don't offer $300K for a house listed at $600K, etc.) and be firm on what you are offering and be prepared to walk away if they won't negotiate in your ballpark. I had no problem that way, but you have to be a person who is prepared to stick up for yourself and prepared to do basic research. You can work directly with a listing agent. They won't eat you! Also, they are obligated to present all offers made to the sellers they represent, whether or not they themselves think the offer is high enough. They cannot refuse to present your offer.
The listing agent can "aim to get as much as possible from the buyer" all s/he wants, but it's ultimately up to the buyer on what they are comfortable offering. Then it's up to the seller on what s/he will accept or counter-offer. As you have found, the middleman buyer's agent thing is not working out because it seems in your case, the buyer's agent is more interested in what their peers (listing agents) want and not in what you want. This happens more often than you might think. Your situation is not that unique.
The listing agent can "aim to get as much as possible from the buyer" all s/he wants, but it's ultimately up to the buyer on what they are comfortable offering. Then it's up to the seller on what s/he will accept or counter-offer. As you have found, the middleman buyer's agent thing is not working out because it seems in your case, the buyer's agent is more interested in what their peers (listing agents) want and not in what you want. This happens more often than you might think. Your situation is not that unique.
I wonder if this agent is indeed working as a Buyer Agent, i.e. is there a contract? The Listing Agent has a contract with the seller, a Buyer Agent has a contract with the buyer; at least that's the way it's done if you go by the book
And yes, there are lots of agents out there who don't understand "agency" rules and regs.
There is a reason why most of the rest of the country uses Buyer Agents when they're looking to buy a home...
I wonder if this agent is indeed working as a Buyer Agent, i.e. is there a contract? The Listing Agent has a contract with the seller, a Buyer Agent has a contract with the buyer; at least that's the way it's done if you go by the book
And yes, there are lots of agents out there who don't understand "agency" rules and regs.
There is a reason why most of the rest of the country uses Buyer Agents when they're looking to buy a home...
The OP said they are not under contract with her, but that she is "supposedly a certified buyer's agent."
In the rest of the country, do agents who show other people's listings get paid only if they show something that results in a sale like here or do "buyer's agents" actually get paid for their time and trouble spent?
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