Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
...
That agent is protection and assurance for you that you are making a good deal, like or not we all benefit from good professional help.
One does wonder where all these good buyer's agents were when they were telling millions of people to purchase over priced property they really couldn't afford it. Property that ended up losing huge amounts of money All of which led to the financial meltdown. Property that later went underwater and sending the owners into bankruptcy, short sells, repossession, etc. This includes 1000s & 1000s in the Charlotte area.
IMO, buyer's agency is way overrated. It's not a substitute for doing your own homework. A real estate agent will still assist you without a contract. They get paid by the seller in any case. Don't ever rely on them however for finding a "good deal".
Never ever take advice from anyone who will be making money off your decision. Not unless you want to join the ranks of the above.
If you read the OP, they wanted to save the cost of what would be charged for a buyer's agent and have it applied to the purchase price. It was explained that it wouldn't make a difference if she used one or not.
I can understand someone wanting to save 3% on a home, that's quite bit of money. Especially since an attorney is a fourth of that cost. But it is what it is, so I do suggest using a buyer's agent.
Thanks, I did read it and understood what the OP was aiming for. Yes, it was explained it wouldn't make a difference. You suggested using a buyer's agent and so did I. In general, I hear of a lot of people who are leary or apprehensive about using an agent. Then I went on to relay my opinion based on my experience.
One does wonder where all these good buyer's agents were when they were telling millions of people to purchase over priced property they really couldn't afford it. Property that ended up losing huge amounts of money All of which led to the financial meltdown. Property that later went underwater and sending the owners into bankruptcy, short sells, repossession, etc. This includes 1000s & 1000s in the Charlotte area.
IMO, buyer's agency is way overrated. It's not a substitute for doing your own homework. A real estate agent will still assist you without a contract. They get paid by the seller in any case. Don't ever rely on them however for finding a "good deal".
Never ever take advice from anyone who will be making money off your decision. Not unless you want to join the ranks of the above.
It is no way is it an agents responsibility to tell a person what they can and cannot afford, that rests with the individual and the individual only. The only thing that sent owners into bankruptcy, short sales, etc.., was the individuals own stupidity, to not take into account their finances if their current situation went south.
A buyers agent is only overrated if you know the ins and outs of the real estate market and transactions, this is not knowledge that can be gained by reading the internet or doing homework. It is knowledge gained by conducting transactions time and time again. Doing your homework is good to ensure your agent is doing what is in your best interest, but it is not a replacement. A buyer acting as their own agent is like a person acting as their own attorney, they have a fool for a client.
... A buyer acting as their own agent is like a person acting as their own attorney, they have a fool for a client.
Not really. When you sign those closing papers, every problem that comes with the home is now yours and not that of the buyer's agent. They have their money and they are gone.
Not really. When you sign those closing papers, every problem that comes with the home is now yours and not that of the buyer's agent. They have their money and they are gone.
A licensed real estate agent is more able to find those problems and potential problems before they close, so they can be fixed before transfer of ownership, than an individual who thinks they did their homework, but missed something and is now stuck with the problem after closing.
Buyers (nor sellers) do not have to use an agent and I understand wanting to save money. Who doesn't? Often people think it's just a sales transaction so it should be fairly simple to buy something right? But it is a very big & important purchase, often emotional, transactions can get complicated and people may not understand the process, paperwork, responsibilities or have the time to conduct the transaction on their own. A buyers agent can spend a great deal of time on a transaction from start to finish as we have to assist with finding a property, educating,researching, provide all relevant & material facts, negotiate, keep all the parties informed and on track (buyers, list agent, loan officer, attorney, etc).
Buying property is a totally different type of purchase and there are just so many variables, that having an agent makes it easier and less stressful since we are experienced, looking out for you & working in your best interests (at least the good ones are). We are there to keep the transaction on track and get you to closing.
And FYI....Even if you are going to build a new home you should have a buyers agent to represent you as the sales person is representing the builder and working in their best interests, not yours. The sales rep is not going to sell you the home for less with or without representation and once you sign they are not going to continue to assist you as they don't have the time and its not their job. Their job is just to keep selling. If an issue arises its on you to deal with it. Building is a lengthy process and there are many variables to deal with there as well so again, a buyers agent is well worth having.
In the end, you as the buyer should be doing as much due diligence as you can whether you have an agent or not. You also need to know what you can afford (despite what you get approved for), and consult with the right professionals for certain questions. Agents are not attorneys, cpa's, financial planners, etc. We can make recommendations on who to contact but you are always welcome to work with any loan officer, inspector, etc.
I'm sure for anyone who has had a bad experience with an agent or just thinks agents are lazy and greedy, that my post will not mean much to you but you can't lump all agents into one category nor can you do that with any profession or experience. Those agents don't make my job any easier and I dislike them more than you do. But there are also some great agents out there who will go above and beyond for you because they care and because they take pride in their business. I know I do! And honestly, if I was going to buy in another state I'd hire an agent because they are going to have far more area knowledge than me and its just worth it to have a professional's assistance in my opinion.
One does wonder where all these good buyer's agents were when they were telling millions of people to purchase over priced property they really couldn't afford it. Property that ended up losing huge amounts of money All of which led to the financial meltdown. Property that later went underwater and sending the owners into bankruptcy, short sells, repossession, etc. This includes 1000s & 1000s in the Charlotte area.
IMO, buyer's agency is way overrated. It's not a substitute for doing your own homework. A real estate agent will still assist you without a contract. They get paid by the seller in any case. Don't ever rely on them however for finding a "good deal".
Never ever take advice from anyone who will be making money off your decision. Not unless you want to join the ranks of the above.
I think you confuse Realtor agents with banks who does the search on who can afford what and the property market value. Realtor agent job is to represent and help a buyer find and negotiate for best price on his/her "dream home".
Since you don't seem to trust "anyone who will be making money off your decision", are you never going to a doctor/dentist/store/etc?
The NAR which represents realtors is basically a criminal organization. They never have negative forecasts about the housing market, and have historically use deceptive tactics to make things look rosy ("ie homes double in appreciation on average every 10 years")
When was the last time you heard a realtor tell you that its "not a good time to buy"?
Never...
Of course realtors were part of the problem w/the housing market over the years.
One does wonder where all these good buyer's agents were when they were telling millions of people to purchase over priced property they really couldn't afford it. Property that ended up losing huge amounts of money All of which led to the financial meltdown. Property that later went underwater and sending the owners into bankruptcy, short sells, repossession, etc. This includes 1000s & 1000s in the Charlotte area.
IMO, buyer's agency is way overrated. It's not a substitute for doing your own homework. A real estate agent will still assist you without a contract. They get paid by the seller in any case. Don't ever rely on them however for finding a "good deal".
Never ever take advice from anyone who will be making money off your decision. Not unless you want to join the ranks of the above.
WaldoKitty and Coupon Jack pretty much said it all. When anyone pays someone else to think for him/her they will pay for it, some more than others. A good real estate lawyer, who is required to be highly educated, can guide the process and prevent many commission driven bad advice. Salespeople do not have the education so if you are willing to do a little work yourself, you can save tens of thousands in commission.
It isn't rocket science which is why all you need a little time to get a license to sell.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
