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I beat people to some of the properties after being on market for few days and when I called the agent for an appointment, they gave some lame excuse that they can't get hold of the owner for a scheduled showing. Fast forward one week , they say its under contract.
Its like I hunt and dig the diamonds out and they claim it.
Jeez, I used to think some Realtors are beautiful inside and out. Apparently not.
What are the possible vested interest he/she could potentially have? Are they working for somebody who is cash cow?
Can they buy such properties themselves for their investment or primary occupancy?
I beat people to some of the properties after being on market for few days and when I called the agent for an appointment, they gave some lame excuse that they can't get hold of the owner for a scheduled showing. Fast forward one week , they say its under contract.
Its like I hunt and dig the diamonds out and they claim it.
Jeez, I used to think some Realtors are beautiful inside and out. Apparently not.
What are the possible vested interest he/she could potentially have?
You can't mess around. For example, if you looking in the $380,000 range in New Milford or Riveredge for example, and you find a decent house, your offer better be close to full price and in right away. It is NOT a buyer's market in those areas for meat and potatoes family homes that are priced right.
It is up to your buyer's agent to run the listing agent down and make sure the offer gets in right away and is properly presented. If you do not have a buyers agent, that could be part of your problem. A buyers agent gets paid when you buy, do they are quite aggressive in pushing their offers promptly and with market data and comparables to support them.
It could be that the listing agent has buyers lined up prior to the listing. Personally I don't think it's a good idea to use the listing agent as the buyers agent anyway. You should probably find an agent in the area that you like and let them work on your behalf.
It could be that the listing agent has buyers lined up prior to the listing. Personally I don't think it's a good idea to use the listing agent as the buyers agent anyway. You should probably find an agent in the area that you like and let them work on your behalf.
I would go directly to the listing agent. why mess around with a buyer's agent? obviously, the listing agent would want keep the whole commission to themselves and find their own buyer
I would go directly to the listing agent. why mess around with a buyer's agent? obviously, the listing agent would want keep the whole commission to themselves and find their own buyer
Terrible advice. The listing agent's goal is to sell the listing for the highest possible price and best terms for the seller. Directly counter to the buyer's interest. Plus it is unethical to represent both sides of a real estate transaction. Therefore going to the listing agent directly is asking for 1) a bad deal, and 2) unethical treatment.
Terrible advice. The listing agent's goal is to sell the listing for the highest possible price and best terms for the seller. Directly counter to the buyer's interest. Plus it is unethical to represent both sides of a real estate transaction. Therefore going to the listing agent directly is asking for 1) a bad deal, and 2) unethical treatment.
Why would a rational buyer want to do that?
-Marc
Because they want to represent themselves and not have an agent representing them? Which could be wise or incredibly stupid depending on the person in question.
Of course a buyer's agent earning a commission has their own interests (a higher price means a higher commission) in conflict with the client from the get go anyway.
Because they want to represent themselves and not have an agent representing them? Which could be wise or incredibly stupid depending on the person in question.
Of course a buyer's agent earning a commission has their own interests (a higher price means a higher commission) in conflict with the client from the get go anyway.
Absolutely wrong. A higher price does not mean a higher commission to a good buyer's agent. A lower price means referrals and happiness and a stream of new clients. A higher price is a failure for a good buyer's agent. If I am negotiating a typical $600,000 deal, the difference in commission between a full price deal or a $520,000 deal is peanuts. I want the lowest possible price for my buyer and I want to beat down the seller. That's the game. If I am representing the seller, I will attempt to get the highest possible price and deflect the buyer's attempts to steal my house.
A buyer cannot represent himself as well as I can. It has nothing to do with intelligence, it has to do with data and presentation. An offer should never be presented without convincing and compelling data to back it up. A non-Realtor buyer does not have the data, and does not have the tools to select and present the data. It's just that simple.
I agree and would further add that a good buyers agent earns his/her commission, unlike a seller's agent, that in many cases doesn't do more than a smart seller can do by himself saving 50% of the commission. I know you'll disagree but a house basically sells itself.
Absolutely wrong. A higher price does not mean a higher commission to a good buyer's agent. A lower price means referrals and happiness and a stream of new clients. A higher price is a failure for a good buyer's agent. If I am negotiating a typical $600,000 deal, the difference in commission between a full price deal or a $520,000 deal is peanuts. I want the lowest possible price for my buyer and I want to beat down the seller. That's the game. If I am representing the seller, I will attempt to get the highest possible price and deflect the buyer's attempts to steal my house.
A buyer cannot represent himself as well as I can. It has nothing to do with intelligence, it has to do with data and presentation. An offer should never be presented without convincing and compelling data to back it up. A non-Realtor buyer does not have the data, and does not have the tools to select and present the data. It's just that simple.
-Marc
A commission pay structure directly results in a conflict of interest for the buyer's agent. Yes a non-stupid one will understand that future business due to finding a great house that comes in under the client's budget limit, but not everyone is non-stupid. Not everyone is acts ethically either.
But you are correct that basically the reason we are stuck having to use an agent is because they have locked up the data so that us non-realtors don't have ready access to it. Like travel agents had in the 80s.
Terrible advice. The listing agent's goal is to sell the listing for the highest possible price and best terms for the seller. Directly counter to the buyer's interest. Plus it is unethical to represent both sides of a real estate transaction. Therefore going to the listing agent directly is asking for 1) a bad deal, and 2) unethical treatment.
Why would a rational buyer want to do that?
-Marc
The buyer needs to do their own research on the property they're interested in, and determine the highest they would go for an offer. Then they go directly to the listing agent.
What does the buyer's agent do? They want to close the deal as soon as possible, so they will normally recommend to their buyer as close to the asking price as possible. Who wants to waste more time schlepping the buyer around from one house to the next?
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