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Old 01-27-2010, 10:39 AM
 
Location: Dark Side of the Moon
308 posts, read 570,248 times
Reputation: 188

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Hi everyone,

The wife and I are planning on purchasing our first home in the Clayton area. Should we get a buyer's agent to represent us and to help guide us through the house hunting , negotiating and purchasing process? We have been in contact with a realtor, but wouldnt the realtor only be concerned with the seller's interests? I dont think she would be the person to talk to about offers below asking price, etc. Are some realtors dual agents? Are the sellers responsible for paying a buyer's agent? All feedback and advice is greatly appreciated. Have a great day!

Regards,
Gary & Cathy
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Old 01-27-2010, 10:41 AM
 
Location: Dark Side of the Moon
308 posts, read 570,248 times
Reputation: 188
By the way, all buyer agent recommendations for the Clayton area are welcome. Please DM all recommendations to us. Thanks!
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Old 01-27-2010, 10:48 AM
 
Location: Cary, NC
31,614 posts, read 55,349,802 times
Reputation: 30178
Same answer as I gave on the CD Real Estate forum:

http://www.ncrec.state.nc.us/pdf/bro...ingwAgents.pdf

Any agent should review agency with you at "first substantial contact." It is the law.
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Old 01-27-2010, 10:50 AM
 
Location: Raleigh, NC
11,792 posts, read 27,455,077 times
Reputation: 8114
Most Realtors work for their sellers as listing agents AND their buyers as Buyer's agents.

Realtors are dual agents when they have the listing AND have the buyers.

Vicki
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Old 01-27-2010, 03:06 PM
 
Location: Cary, NC
2,408 posts, read 9,667,371 times
Reputation: 1369
Quote:
Originally Posted by MikeJaquish View Post
Same answer as I gave on the CD Real Estate forum:

http://www.ncrec.state.nc.us/pdf/bro...ingwAgents.pdf

Any agent should review agency with you at "first substantial contact." It is the law.
:

Read the brochure that Mike linked, then as you approach potential agents you might hire to be your buyer's agent, you can ask each agent to explain real estate agency and how they would advocate for you should you hire them.
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Old 01-27-2010, 05:11 PM
 
99 posts, read 322,825 times
Reputation: 21
Here's what my experience have been working with both, regular Real Estate agents (who does both buy & sell) & Exclusive Buyer's Agent.

Normal Real Estate agent: Can represent both the buyer & the seller. They don't charge the buyer but get about 2.4-3.0% commission from the seller's agent.
Risk: Many a times, the agent will try to push the property they are selling for their customer. Besides, since they also represent a company (e.g. Coldwell Banker, ReMax, Weichert, etc.) they'll also try to sell the property which is being sold by their company/ colleagues. That's how they can control the negotiation process & make their $$$.

Exclusive Buyer's Agent: As the name implies, works exclusively for the buyer.
However, do not let the name fool you. Remember that all the agents are working for themselves first. Their primary focus is to make as much $$$ out of you as possible. They might have pre-existing "terms" with the seller's agent (works better in new communities since they have many homes to sell ) In short, let's just say they are quite smooth in their operation immaterial of what they tell you.

In both cases, the agent knows what your price range is & what you can afford. I know, it sounds a bit rude but that's the fact of life. And I'm sure, a lot of active members in this forum are not going to like me for being honest. Guess who???

As a buyer, the only thing I can advise you is to do your own homework. Just because they have a license, it doesn't mean that they are knowledgeable about all the communities in your preferred area. Ultimately, it's your Home & your money. Nobody knows what is important for you & how you're going to pay your bills. Take their inputs, but you decide how much you want to put an offer for or settle for.

Ask your friends for reference. If you're not comfortable with one, move on & find another one. You just have to find an apple that is not as badly rotten.

There's still a silver lining. One of my friend's broker was able to reduce the price (somehow) after the deal was made & returned him the difference. Since the market is quite soft nowadays, many agents pass-on portion of their commission to the buyers as an incentive.

Last edited by HitsOfMisses; 01-27-2010 at 05:27 PM..
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Old 01-27-2010, 05:59 PM
 
Location: Cary, NC
31,614 posts, read 55,349,802 times
Reputation: 30178
Quote:
Originally Posted by HitsOfMisses View Post
Here's what my experience have been working with both, regular Real Estate agents (who does both buy & sell) & Exclusive Buyer's Agent.

Normal Real Estate agent: Can represent both the buyer & the seller. They don't charge the buyer but get about 2.4-3.0% commission from the seller's agent.
Risk: Many a times, the agent will try to push the property they are selling for their customer. Besides, since they also represent a company (e.g. Coldwell Banker, ReMax, Weichert, etc.) they'll also try to sell the property which is being sold by their company/ colleagues. That's how they can control the negotiation process & make their $$$.

Exclusive Buyer's Agent: As the name implies, works exclusively for the buyer.
However, do not let the name fool you. Remember that all the agents are working for themselves first. Their primary focus is to make as much $$$ out of you as possible. They might have pre-existing "terms" with the seller's agent (works better in new communities since they have many homes to sell ) In short, let's just say they are quite smooth in their operation immaterial of what they tell you.

In both cases, the agent knows what your price range is & what you can afford. I know, it sounds a bit rude but that's the fact of life. And I'm sure, a lot of active members in this forum are not going to like me for being honest. Guess who???

As a buyer, the only thing I can advise you is to do your own homework. Just because they have a license, it doesn't mean that they are knowledgeable about all the communities in your preferred area. Ultimately, it's your Home & your money. Nobody knows what is important for you & how you're going to pay your bills. Take their inputs, but you decide how much you want to put an offer for or settle for.

Ask your friends for reference. If you're not comfortable with one, move on & find another one. You just have to find an apple that is not as badly rotten.

There's still a silver lining. One of my friend's broker was able to reduce the price (somehow) after the deal was made & returned him the difference. Since the market is quite soft nowadays, many agents pass-on portion of their commission to the buyers as an incentive.
I think that if you were honest, or at least accurate, it would be well-received by almost everyone on the forum.

OP, be cautious accepting too much "honesty" and mistaking it for "truth" or "help." If a licensed agent, engaged to act as your fiduciary isn't to be trusted, then how much credibility should you lend to anonymous internet banter from someone with absolutely no stake in your success?

No agent will care if you buy a home at the top, bottom, or middle of your price range, as long as you are happy with the purchase.
That isn't smooth. That is just "common sense." A good agent is deeply vested in your success, as they need clients to have great experiences. Failing to deliver that good experience, or fumbling while delivering that good experience, is embarrassing and humiliating to an agent who needs your bon mots to further build business.
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Old 01-27-2010, 06:41 PM
 
Location: Raleigh, NC
11,792 posts, read 27,455,077 times
Reputation: 8114
Quote:
Originally Posted by HitsOfMisses View Post
Here's what my experience have been working with both, regular Real Estate agents (who does both buy & sell) & Exclusive Buyer's Agent.

Normal Real Estate agent: Can represent both the buyer & the seller. They don't charge the buyer but get about 2.4-3.0% commission from the seller's agent.
Risk: Many a times, the agent will try to push the property they are selling for their customer. Besides, since they also represent a company (e.g. Coldwell Banker, ReMax, Weichert, etc.) they'll also try to sell the property which is being sold by their company/ colleagues. That's how they can control the negotiation process & make their $$$.

Exclusive Buyer's Agent: As the name implies, works exclusively for the buyer.
However, do not let the name fool you. Remember that all the agents are working for themselves first. Their primary focus is to make as much $$$ out of you as possible. They might have pre-existing "terms" with the seller's agent (works better in new communities since they have many homes to sell ) In short, let's just say they are quite smooth in their operation immaterial of what they tell you.

In both cases, the agent knows what your price range is & what you can afford. I know, it sounds a bit rude but that's the fact of life. And I'm sure, a lot of active members in this forum are not going to like me for being honest. Guess who???

As a buyer, the only thing I can advise you is to do your own homework. Just because they have a license, it doesn't mean that they are knowledgeable about all the communities in your preferred area. Ultimately, it's your Home & your money. Nobody knows what is important for you & how you're going to pay your bills. Take their inputs, but you decide how much you want to put an offer for or settle for.

Ask your friends for reference. If you're not comfortable with one, move on & find another one. You just have to find an apple that is not as badly rotten.

There's still a silver lining. One of my friend's broker was able to reduce the price (somehow) after the deal was made & returned him the difference. Since the market is quite soft nowadays, many agents pass-on portion of their commission to the buyers as an incentive.
You are incorrect that an Agent would push their own listings. My last listing was priced at $164,900. I had buyers this past weekend that were looking to purchase a home in the $250,000. And that wasn't the only criteria that didn't match up so why would I try to push my own listing???

I get no additional monies for selling my company's listings, so why would I "push" this upon my clients? Again, the idea is to find what your clients are looking for, no matter who has the listing. "Control" the negotiations? I'm not even sure what that means!

I'm not trying to be rude either but I must be honest with you. Your comments lead me to believe that you don't know what you are talking about!

Vicki
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Old 01-27-2010, 08:12 PM
 
Location: Raleigh
64 posts, read 148,885 times
Reputation: 57
Quote:
Originally Posted by VickiR View Post
....I get no additional monies for selling my company's listings, so why would I "push" this upon my clients? Again, the idea is to find what your clients are looking for, no matter who has the listing. "Control" the negotiations? I'm not even sure what that means!

I'm not trying to be rude either but I must be honest with you. Your comments lead me to believe that you don't know what you are talking about!

Vicki
I cannot speak for you specifically, but it is the overwhelming norm that an agent is paid more for selling an in-house listing.

In your defense, it is also the overwhelming norm that an agent will want to build their business using best practices and the "Golden Rule", which is as you say, to serve your client's best interests, which means finding the home for them that best fits their needs.
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Old 01-27-2010, 08:17 PM
 
Location: Cary, NC
31,614 posts, read 55,349,802 times
Reputation: 30178
Quote:
Originally Posted by catseye View Post
I cannot speak for you specifically, but it is the overwhelming norm that an agent is paid more for selling an in-house listing.

In your defense, it is also the overwhelming norm that an agent will want to build their business using best practices and the "Golden Rule", which is as you say, to serve your client's best interests, which means finding the home for them that best fits their needs.
I'll let you speak for me.
I don't make more for an in-house listing.

NC real estate law makes agents disclose "additional compensation."
Unfortunately, that does not apply to in-house spiffs.
The rationale is that commission is paid at the firm level, and then to the agent. I think that is an unfortunate smoke screen covering that some agents may have motive to stress listings that may not fit the client well.

But, I just have to ask, if it is the "overwhelming norm" what are the percentages of firms that engage in the practice?
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