If You Knew Then What You Know Now

[kwm03160]

Originally Posted by newtoutah

is a buyers agent the same as a realtor???

Yes. I purchased my last home just using the builder's sales agent. It was during the "boom" cycle in 2006, and the builder basically was able to strong-arm their way out of doing what they promised. I will admit that I was EXTREMELY stupid and didn't get everything in writing. What I did get in writing, they basically told me "take it or leave it" when they didn't perform. In hindsight, I wished I would have gotten an attorney and gone after them. At the time, with how drastically home prices were rising, I didn't want to take the chance of losing the home. I'm still bitter about it 2 years later, and don't live in the home anymore. DON'T BUY HOLMES HOMES!!

[SouthernBelleInUtah]

There are 2 realtors in most transactions, the buyer's agent and the seller's agent. You know when you list a house to sell, you have to sign a listing agreement with them. It specifies the 6% commission and that if a buyer's agent is involved, the commission will be split between the agents. Technically speaking, a buyer's agent is a realtor with whom you sign a contract stating that they will be working for you. Then, they have to represent only your interests in any and all discussions. If you don't have a buyer's agent, then the listing agent does all the work but he/she represents ONLY the seller's interests. And naturally, buyer and seller don't have the same interest!

[newtoutah]

Ahhh ok i thought they were just called realtors...i also never knew some builders use realtors..back home u just bought directly from the sales people for the builders..no realtors involved

[hueimo]

Originally Posted by newtoutah

Ahhh ok i thought they were just called realtors...i also never knew some builders use realtors..back home u just bought directly from the sales people for the builders..no realtors involved

was that normally 'safe'? to get it from the sales people directly? who preps the home purchase contract for those new homes?

[newtoutah]

I am guessing a real estate attorney...I just know thats how they did it back home. Why pay a realtor if you found the property yourself. They didn't have one on site. I won't buy until Im settled into the area that I feel is right for me. I personally would rather own a really old Victorian instead of one of these homes they stick up in a month...construction is shotty in the one Im in and its only a year old

[SouthernBelleInUtah]

Originally Posted by newtoutah

Ahhh ok i thought they were just called realtors...i also never knew some builders use realtors..back home u just bought directly from the sales people for the builders..no realtors involved

Realtor is actually a designation they earn. Real estate agent, broker, and realtor all have different meanings but to most of us, they're interchangeable. My agent works under a broker's license, not sure but I think everyone has to work under a broker's license. Maybe a RE person could clarify?

[newtoutah]

i thought a broker and an agent are two different people

[SouthernBelleInUtah]

I saw my agent at pool therapy today and she gave me a quick explanation. To sell, you have to take courses and pass the state test to get licensed as a real estate agent (every state has its own test as the laws differ from state to state). Then you can join a nat'l association and call yourself a "realtor." You have to tkae so many continuing education hours per year. After more classes and another test, you can become a broker. There is another certification for buyer's agent, after more classes and test, but many RE agents can act as buyer's agent w/o the certification. So, "real estate agent" is the basic qualification and everyone has to start there. Very few go on to become brokers, there's more liability involved.

[kwm03160]

Originally Posted by newtoutah

Ahhh ok i thought they were just called realtors...i also never knew some builders use realtors..back home u just bought directly from the sales people for the builders..no realtors involved

Usually the builder's sales agent is a licensed Realtor. The larger builders have their own in-house real estate agencies, and their agents work exclusively for the builder. They are also working on commission. The builder's realtor isn't working for you, they are working for the builder. You probably don't need your own Realtor if you are savvy and have done your homework. Part of my problem was that I panicked when the market took off and grabbed at whatever I could. But, even with the Vegas market in shambles, I still got my own agent when I bought my newly-constructed home.