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Old 01-15-2013, 07:30 AM
 
3,313 posts, read 4,291,879 times
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Quote:
Originally Posted by DUNNDFRNT View Post
You prove the point. Speed is crucial in a sellers market, if you don't see the property the day is listed and are ready to make an offer then you may be a back up offer the next day. It is impossible for an agent to provide that immediateness to all their customer, so someone is losing out. I agree first time buyer, new to the area, sure there is value there. Since it wasn't my first rodeo and was very familiar with the area for me it was a frustrating experience. I went through 3 agents, the last one finally could tell that i was ready to walk away, and when he couldn't make it he would text me the code of the house, i lost 3 houses including the one that i ended up buying, I called the listing agent and she explained to me that the offer they had was shaky and we put in a back up offer and it came through. What I advised my brother in law who recently bought a house was to just go with the biggest agency, because often they will hear about houses being listed prior to the MLS from another in-house agent and as long as you are offering the asking price, the house hits the market already under contract. The house across the street from me sold the same way, the sign went up with the contract pending sign on it, my neighbors didnt care as long as they got what they were asking.
That's a good point!
I was thinking about it too. But in that crazy market I have a friend who bought his house (within last 2 months) and overpaid for it. He was tired of loosing bids, so as soon as his realtor heard about upcoming house, he made an offer... And know I see 2 similar houses within his community listed for less money with no offers for asking price...
As for bank owned homes like Fannie Mae they have first look period and based on my experience they are not excepting any offers until first look period is over, so be the first one to submit an offer is not that important...
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Old 01-15-2013, 07:36 AM
 
4,815 posts, read 3,464,550 times
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Quote:
Originally Posted by EngGirl View Post
It was a great post, thank you!

few questions... How did you find a realtor who agreed to lower % (or gave most back to you)?

As for the data base - with every single realtor their mailing was a joke. It was showing houses that were off the market for a looooong time! I am using one website I found on google "msl florida" (not sure if I can give a link) which is updated more often than anything else I used, and it also have a helpful info on name of the neighborhood, HOA/CDD fees and so on. So, another reason I don't need a realtor I guess.

I was not interested in spending my time and doing research myself since I am not getting paid for it as realtors do, but my realtors were not interested in research at all, that's why I post here... to figure out if I expect too much from the realtor...
get a listingbook account, thats the most up to the minute service on mls listings. You should be able to talk to the realtor you were working with and get a username and password, also in open houses sometimes they have a sign in sheet that if you put your email they will send you a listingbook account. If all fails i have one I could let you use. Pm me if you need it.
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Old 01-15-2013, 07:36 AM
 
2,709 posts, read 4,386,598 times
Reputation: 2307
Quote:
Originally Posted by BBI View Post
The real estate transaction process is really not difficult. There's a standard form of contract that every realtor uses. Filling it in is very, very easy. Once both sides have entered into the contract, you hire an inspector, and, after the inspection/re-negotiation process, your mortgage broker and the seller's title company will prepare all the documents you need for closing. That's it. Any smart person willing and able to put in the work can handle the process. And, sure, there are potential legal issues that a realtor can spot. But there's no reason the buyer can't spot them, too. The form contract is written at about a 6th grade reading level. If someone puts something dumb in there, it's easy to spot.

Of course, there's nothing wrong with hiring a realtor. Lots of people pay for lots of luxury services. I need the outside of my house painted, and I'm an able-bodied adult with a ladder. I could do it myself. But I hate exterior painting, so I'll probably pay someone to do it. I needed some basic work done to my sprinkler system, and I didn't want to take the time to learn about sprinkler systems, so I called my handyman to do it. Realtors are basically the same thing, only way, way, way more expensive. An average person could easily paint her own house, figure out and fix my sprinkler problem, and close a real estate deal. If it cost me 6% of my home's value to paint my house or fix my sprinkler, you can bet your bottom dollar I would have taken the time to do those things myself.

As for realtor vs lawyer, that's a red herring. You don't need either. If you don't want to handle one aspect of the deal, use a lawyer. If you don't want to handle any aspect of the deal, use a realtor. Both are a luxury service.

I work for a diversified financial services company.

The key is knowing your limitation whether it is money, time, or knowledge.

Here is another example: when we bought our house I did all the outside maintenace (mowing, triming and all the chemical applications) myself and I kept tab on it. After months of doing it, I found out it actually costs me more to do the lawn treatment myself than hiring a company (I have a huge lawn and chemical cost that I buy are actually more expensive than what one of these companies buy in bulk), not to mention that I have to dress up like emergency workers and had to separatley clean my working clothes each time I do this. Just a hassel! So, I outsourced the job and kept only mowing and trimming duty as part of my excercise while saving money. But I am glad that I spent enough time to learn and did it so I now know what it takes to do the job. If we move to a house with samall lawn, I could do it myself but currently doesn't make any financial sense.
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Old 01-15-2013, 07:55 AM
BBI
 
490 posts, read 808,463 times
Reputation: 369
Quote:
Originally Posted by MeInDenudinFL View Post
Now how this is related to the realtor I have? The equity I have depends on how much I bought it 3 years ago compared to market. And I knew that I got a good deal at the time but I confirmed my initial thought through current appraisal that the bank did. For me to get a good deal, mine and my realtor knowledge of what we were doing was the key. Second, I was confident in my appraisall calculation (even though it came 4% below my estmate) and no surprise there. In order to come to my good estmate of my own appraisal before comitting money to start the refinance process, this same realtor was helpful and that was for free.
We also refinanced this year. We knew we got a good deal because we had evaluated the neighborhood (we expected it to rebound), and we had seen about 20 houses and evaluated the comps in the neighborhood (we paid less than average price/sqft at the time and our home was recently updated). We knew it was time to refi because we saw that interest rates fell and we evaluated the comps in the neighborhood again (confirming a rebound). The appraisal came in right where I told the appraiser it had to come in for me to be willing to go through with the deal because that's where appraisals come in unless you're asking appraisers to do something indefensible/unreasonable relative to comps in your neighborhood. We did all this on our own. The only kinda-challenging thing was seeing all the houses back when we were house-shopping because sellers agents didn't want to show them to us, so we had to lie about our agent being sick or tied up or whatever.

I'm glad your realtor was helpful. But you write like an intelligent person, so I'm confident you could have done it on your own if you'd wanted to. Bear in mind, your equity in your home would be 3% higher if you didn't pay a buyers' agent, and 6% higher if you didn't pay any agent (assuming you still decided invested that money in your home). Whether you believe the help you received was worth the price is your call.

Quote:
Originally Posted by EngGirl View Post
It was a great post, thank you!

few questions... How did you find a realtor who agreed to lower % (or gave most back to you)?

As for the data base - with every single realtor their mailing was a joke. It was showing houses that were off the market for a looooong time! I am using one website I found on google "msl florida" (not sure if I can give a link) which is updated more often than anything else I used, and it also have a helpful info on name of the neighborhood, HOA/CDD fees and so on. So, another reason I don't need a realtor I guess.

I was not interested in spending my time and doing research myself since I am not getting paid for it as realtors do, but my realtors were not interested in research at all, that's why I post here... to figure out if I expect too much from the realtor...
To find a realtor who'll make a deal, just call around and ask. Agents in the larger agencies are not going to play along because they're stuck with the agencies' self-preservation policies, which will not permit this sort of deal. You want a small agency, preferably that has its own brokerage. So call 20 small shops. There are probably also agents on this board who'd happily take 1% for doing literally nothing, so if you're interested in that (it sounds like you're not), you could always ask here.

On database access, agree that the emails are generally unhelpful, but what you want is access to the real-time MLS website from them. Anything you find on a free website that doesn't need a login is going to be at least a few days behind real time. So, if you're doing the research yourself and you don't have access, you'll miss most good opportunities that pop on the market because they'll be under contract before you know about them. Of course, if you don't want to do the research yourself, that's really a non-issue. You just need someone willing to actually give you the full service you want. Call the office of a large, brand name agency in an affluent neighborhood and ask for their best-performing agent.
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Old 01-15-2013, 07:57 AM
 
3,313 posts, read 4,291,879 times
Reputation: 1835
My realtor made few mistakes on the pre-contract papework (offer)... talking about the importance of having one...
I was the one to ask her to add addendum regarding contingencies to protect myself... I guess my experience were not typical and perhaps where are a lot of good realtors... I just don't know how to find one.

Thanks you all of you to share your opinions!
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Old 01-15-2013, 08:04 AM
 
3,313 posts, read 4,291,879 times
Reputation: 1835
It seems like a realtor and an inspector are not responsible for everything they are telling you. Everything is "best to their knowledge".... Basically if they don't know something, they are safer - no need to disclose an info that potentially can brake the deal...
Am I correct?
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Old 01-15-2013, 08:06 AM
 
1,106 posts, read 1,947,355 times
Reputation: 954
Quote:
Originally Posted by EngGirl View Post
I guess it takes time and patience to find a good realtor. Before I started the process I was sure there is a benefit from the realtor and now I see my realtors don't earn their $$ (around 8K if you would like to know the value). Everything I heard were "make an offer, go above asking price, it won't last long" and "it's a best time to buy a house"...
You are correct, most realtors think that because they are paying a lot of money to get that "realtor" term on their business card, they don't have to act professionally. Like every profession, there are good ones and not-so-good ones. Realtors exploit the fact that people are very uneducated about the buying/selling process and run them over.

Contrary to an earlier remark, it doesn't take "63 hours of work" to get that realtor designation. A "realtor" is just a real estate agent who pays a lot of extra money for that term. The Florida real estate program and exam are so easy a dedicated 3rd grader could complete it in a weekend. I cannot over-emphasize how easy it is, and everyone who is ever going to buy a home should take the course for two reasons: you'll learn a few things about how the process works, and with a license, you can negotiate your own commissions HARD. When I buy/sell properties, I identify what I want, have someone else do all the paperwork and negotiations and I keep 2% of the 3% commission.

If your agent is in line to get an $8,000 commission, they should not only be busting their back for you, but should be giving you a rebate of a portion of that amount.

With my license, I help people buy properties as a hobby, and am not looking to make big bucks (but at the same time I don't provide full-time service. I have a non-real estate life, too). If you've given up on realtors or just want to talk real estate offline, message me.
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Old 01-15-2013, 08:10 AM
 
2,709 posts, read 4,386,598 times
Reputation: 2307
Quote:
Originally Posted by BBI View Post

I'm glad your realtor was helpful. But you write like an intelligent person, so I'm confident you could have done it on your own if you'd wanted to. Bear in mind, your equity in your home would be 3% higher if you didn't pay a buyers' agent, and 6% higher if you didn't pay any agent (assuming you still decided invested that money in your home). Whether you believe the help you received was worth the price is your call.
You also seem to be intelligent person but this doesn't make sense. I was a buyer 3 years ago, explain me how I can save 6% by not using any agent. I know you can't. The seller agent is out of my control.


Your assumption that if you buy a house by yourself and not use a realtor, you will save 3% of the sale that might otherwise gone to the buyer's agent is debatable...and we can talk about that specific part.
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Old 01-15-2013, 08:12 AM
BBI
 
490 posts, read 808,463 times
Reputation: 369
Quote:
Originally Posted by MeInDenudinFL View Post
The key is knowing your limitation whether it is money, time, or knowledge.

Here is another example: when we bought our house I did all the outside maintenace (mowing, triming and all the chemical applications) myself and I kept tab on it. After months of doing it, I found out it actually costs me more to do the lawn treatment myself than hiring a company (I have a huge lawn and chemical cost that I buy are actually more expensive than what one of these companies buy in bulk), not to mention that I have to dress up like emergency workers and had to separatley clean my working clothes each time I do this. Just a hassel! So, I outsourced the job and kept only mowing and trimming duty as part of my excercise while saving money. But I am glad that I spent enough time to learn and did it so I now know what it takes to do the job. If we move to a house with samall lawn, I could do it myself but currently doesn't make any financial sense.
Some of it is limitation, other is preference. My wife and I have always done our own lawn, and it's cheaper for us to do it because we don't care enough about lush/green to use chemicals regularly. But we also like doing some outdoor work like that (even in summer here), so we're good doing it on our own. By contrast, we had a patio put in. I'm not doing that myself. I'd need a heck of a lot of training to be confident I could do that well, I don't even know what tools I would need but I'm sure I don't have them, and labor's cheap here.

The realtor/no-realtor decision, it's only a few days of research to be able to do it on your own and, depending on the price of your home, you're talking about spending a heck of a lot of money to pay someone to handle the transaction for you. Plus, when I'm house shopping, I spend a lot of time doing research, whether or not I have a realtor. So full service is really lost on me.
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Old 01-15-2013, 08:14 AM
 
3,313 posts, read 4,291,879 times
Reputation: 1835
Quote:
Originally Posted by chi_tino View Post
You are correct, most realtors think that because they are paying a lot of money to get that "realtor" term on their business card, they don't have to act professionally. Like every profession, there are good ones and not-so-good ones. Realtors exploit the fact that people are very uneducated about the buying/selling process and run them over.

Contrary to an earlier remark, it doesn't take "63 hours of work" to get that realtor designation. A "realtor" is just a real estate agent who pays a lot of extra money for that term. The Florida real estate program and exam are so easy a dedicated 3rd grader could complete it in a weekend. I cannot over-emphasize how easy it is, and everyone who is ever going to buy a home should take the course for two reasons: you'll learn a few things about how the process works, and with a license, you can negotiate your own commissions HARD. When I buy/sell properties, I identify what I want, have someone else do all the paperwork and negotiations and I keep 2% of the 3% commission.

If your agent is in line to get an $8,000 commission, they should not only be busting their back for you, but should be giving you a rebate of a portion of that amount.

With my license, I help people buy properties as a hobby, and am not looking to make big bucks (but at the same time I don't provide full-time service. I have a non-real estate life, too). If you've given up on realtors or just want to talk real estate offline, message me.
So, basically everyone can get a real estate agent license, am I correct?
Don't you have to work under a broker to buy a house? Can I get a license just to help myself to buy a house without being a realtor? I also have a life with a job I really like, so I am not looking to become a realtor. But since I already spend a lot of time for research and driving around using my car, maybe I should be rewarded for that...
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