Help Buying a House? (Bangor: short sale, mortgage, selling a house)

[399083453]

I don't blame them, they earn a living from commission. But don't think for a minute that they are looking out for the seller or the buyer, they are looking out for themselves. Its a doggy-dog world. (wink)

[399083453]

Originally Posted by WhoFanMe

"many more homes are sold without real estate agents than with real estate agents" or "you won't find bargain homes on the MLS"

I dont have proof, but I agree, most homes are sold through agents. Yes, you can find bargins in MLS. People sell homes for soooo many reasons. You just need to have good timing.

[Bydand]

Originally Posted by WhoFanMe

I am sorry if I offended you, I was addressing my comments to others on the forum as well. I quoted the only survey that I'm aware of, I'm just the messenger. And yes, when there are factual errors on posted on the board such as "many more homes are sold without real estate agents than with real estate agents" or "you won't find bargain homes on the MLS" I am going to ask for documentation. You and the others are certainly entitled to your opinions and I welcome them. I only have a problem when they are stated as fact. This is a discussion board and I'm grateful for everybody's opinion, it keeps things interesting, doesn't it?

I didn't take offense, I was clearing up some wrongful statements you made about my post you quoted. If you are directing your comments to others on the forum, the statement made shouldn't be "you and some others" when you are direct quoting my entire post and no others. Common English usage dictated that statement is directed toward the person you are quoting, not the fora in general. Where do I state that my experiences as State wide fact. They ARE fact as I stated them which was prefaced by either "everybody I know", or "most of the transactions I know of" never stated as cold hard statewide facts, and never have I said you can't find bargains on the MLS, or that more homes are indeed sold without Realtors. Just the homes I know of, vast difference. Please stop quoting my posts, then making sweeping general statements that appear to answer something I said directly. If you have a general statement to make, do so without quoting somebody first. That is simple elementary English class stuff. If you are answering something I said, get it right and stop trying to spin it to sound like something I never wrote, and in the context I wrote it, clearly didn't mean. Just because I live in "The County" it doesn't mean I'm a Hick from the Sticks that cannot see the insinuations that I don't even really understand what I typed.

Differences of opinion are what make the world go around really. If everybody thought alike, it would be one boring old rock we would live on.

[WhoFanMe]

I'm sorry, yours was the most recent post and I won't do it again.

[WhoFanMe]

Originally Posted by Zymer

They certainly are...and the (few) UNethical ones blight the rest. I contracted a very nice gentleman to act as my buyer's agent in the Caribou area.

We found a house that we were *really* interested in and were getting ready to make an offer. We looked at the property twice, then wanted to go back one more time to put in the offer, but a few days before we were supposed to go up my agent called and said he was no longer going to represent us.

When I finally got the story sorted out, it turned out that the owner of the agency representing the seller had browbeat my agent into dropping us in order to keep the entire commission in her agency.

Ding! No Sale.

It's a shame too because it really was a very nice property with a lot of potential, already more than half-way to being almost exactly what we were looking for.

That is a shame. It sounds like the listing agency doesn't co-broke with other agencies, which is a serious disservice to the seller. However I'm not sure why your agent didn't give you other options.

[WhoFanMe]

Originally Posted by 399083453

One I bought, the listing agency said my bid was too low and the seller wouldn't accept it. I told her "by law she must submit my bid to the seller" She was pissed, but submitted it to the seller, the seller accepted and all ends well.

You dont need a buyers agent or anything, just tell them to submit your bid and don't take no for an answer.

That is true. In this market, there are some interesting offers being floated, particularly on properties that have been on the market for awhile.

[WhoFanMe]

Originally Posted by forest beekeeper

I have experienced that attitude from realtors as well. Anything to raise the price and thus commission.

The seller sets the price and accepts/rejects offers. The REALTOR advises, but it's the seller who signs the listing agreement and Purchase and Sale Agreement.

[Zymer]

Originally Posted by WhoFanMe

That is a shame. It sounds like the listing agency doesn't co-broke with other agencies, which is a serious disservice to the seller.

If I recall correctly, the contract specified that I would be responsible for paying the commission if for any reason it was not paid out of the selling agent's commission, and that I would be responsible for paying a commission on any purchase made whether I used his services or not. I think that's pretty standard language on the buyer agent contracts, isnt it?

All she had to do was refuse to split, instead she coerced him to break our contract. In tracking down the reason for my agent's sudden and mysterious refusal to represent us I spoke to the woman myself. She told me she did it because she wanted another agent in *her* office to represent us and get the split.

I consider that sort of behavior to be unscrupulous and dishonest and had contracted with an agent on my own specifically because I did not want a single agency to represent both parties. The fact that this agent would go to such lengths as tortious interference in a contract between two other parties serves only to heighten any concerns of fair representation by a a single office handling both sides of the transaction.

Originally Posted by WhoFanMe

However I'm not sure why your agent didn't give you other options.

What other options do you mean?

[WhoFanMe]

You are right on. The standard Exclusive Buyer Representation Agreement has a paragraph explaining Appointed Agency - the process in which the Agency appoints an agent to represent you (Buyer Agent) who then has complete fiduciary duties to you, but another Agent in the brokerage may represent the seller. You have the option to choose Yes or No to this arrangement and it sounds like you chose No. I really can't understand why your agent did not stand up for you (and himself). Perhaps he was afraid to approach you to ask for the commission or was afraid of offending the listing broker, I don't know. Needless to say, that is not the type of agent I would want in my corner negotiating terms and conditions on my behalf! Looks like you did the right thing in not working with him.

[Submariner]

Originally Posted by 399083453

I don't blame them, they earn a living from commission. But don't think for a minute that they are looking out for the seller or the buyer, they are looking out for themselves. Its a doggy-dog world. (wink)

Good point, I have had associates who have been realtors, and just like everyone else they too need to be able to earn a living from their profession.

They do serve a purpose, of course most things serve a purpose. The Plague served a purpose too, slaughtering millions served to strengthen the gene pool of European stock.

They serve a purpose by representing buyers and sellers [sometimes honestly], being able to compare many of the homes in an area that are 'for sale', and keeping prices high so they can take their cut.

Reality also shows us that some folks trade homes without their services, and those transactions do not include the commissions.