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Old 12-25-2021, 09:13 PM
 
79 posts, read 72,025 times
Reputation: 108

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Thank you all for taking the time and writing a response. I can see that there are two sides to the coin. We checked on the agreement we signed. The agreement is not binding if our offer is not accepted (which is the case). We found this home ourselves and the price negotiation will unlikely be an issue. On the other hand, we will need some help to be safe on the legal side when completing the transaction. We have purchased a house in the past, so we are somewhat familiar with the process. Will need to decide between a real estate lawyer/agent.
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Old 12-25-2021, 11:10 PM
 
1,085 posts, read 678,430 times
Reputation: 1864
Just hire a real estate attorney to review the contract and use a title company. Might run a few grand total.
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Old 12-25-2021, 11:58 PM
 
5,683 posts, read 4,097,854 times
Reputation: 7402
Quote:
Originally Posted by TeamLynn View Post
Finding the house is about 10% of the work. Getting it to closing with trusted advice is the other 90%. It could go totally smoothly and you'll think you never needed the agent, but then again, especially with a FSBO it could go horribly wrong and you will wish you had included a great agent and all their resources when they do.

I regularly save my clients thousands on a purchase even if it is not purely the price of the home. For example this last summer, home inspector says roof is fine, minor hail damage. My roofer goes out, looks at the roof, says there is plenty of hail damage, and negotiates with the seller to file insurance claim, get a new roof and a new fence for the buyer. That's MY roofer, not your fly by night roofer you called out of the phone book. That's why I use him. Very well probably saved the buyer $10,000. Does that happen ever time? No, but just one of many examples. That buyer did not use my recommended lender, but they would have saved another $3500-$4500 if they had.

I also say my service does not stop at the sale. You may want to fight your tax appraisal next year....do I take your call after you ghosted me, or do I help you fight your taxes for the next 10 years?

How many great AC people do you know? How many great plumbers? and on and on and on.....

When you have a contract issue, does your attorney answer real estate questions for free, or charge you $400/hour plus. If you're going at it alone, you are going to hire an attorney aren't you? Have someone in your corner.

Don't ghost your agent who has worked hard for you and you trusted. They'll help keep you out of trouble in many cases and potentially get you a better deal...in some shape, form, or fashion.
Agents aren't the only people who know qualified subs, and you aren't allowed to give legal advice.

But this all comes down to the OP's knowledge and comfort level. I've bought many houses with no agents involved, and it's gone well every time. But I've bought many properties, and I'm comfortable with what's needed. If the OP isn't experienced, he or she should use an agent.

Like many things, this is a gamble. On one side is a guaranteed cost of hiring an agent. Let's say that's 3% of $400,000, or $12,000. On the other side is the unknown risk of losing out on something an agent might have saved. For an experienced person, I rarely think the expected value of this second risk exceeds $12,000, but it might for a person without proper experience.
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Old 12-26-2021, 10:34 AM
 
Location: Fort Worth, TX
2,502 posts, read 2,177,730 times
Reputation: 3784
A bad agent causes problems but an experienced agent can save you lots of time, money, and stress. When we bought our previous house, our agent was invaluable. We wanted a home in an established neighborhood but were having no luck so she suggested a brand new neighborhood because she knew that they offered something that we hadn't been able to find so far, a downstairs bedroom for my mother-in-law. She went with us and was able to find an almost finished home that met our needs. The person who originally was building the home had just walked away so they were eager to find a buyer. Because she had worked with the builder before, she knew what concessions that they were willing to entertain and was able to get concessions and additional items we never would have thought of such as upgraded landscaping and extra trees. At the time they were offering as a promotion a $2,000 gift card to Nebraska Furniture Mart. We were having trouble getting them to give it to us so she took care of that. She checked on the build multiple times to make sure no corners were cut and went to the final walkthrough where she went over the place with a fine-tooth comb and noticed issues that we didn't see. I'm so glad we hired her.

Currently, the market is very hot. Our current neighborhood is so sought after that most residents are selling their homes through pocket listings. If you don't have a realtor who has connections within the neighborhood, you aren't buying a house here.
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Old 01-01-2022, 09:11 AM
 
Location: Texas
1,387 posts, read 983,676 times
Reputation: 1548
Quote:
Originally Posted by pisekar View Post
Thank you all for taking the time and writing a response. I can see that there are two sides to the coin. We checked on the agreement we signed. The agreement is not binding if our offer is not accepted (which is the case). We found this home ourselves and the price negotiation will unlikely be an issue. On the other hand, we will need some help to be safe on the legal side when completing the transaction. We have purchased a house in the past, so we are somewhat familiar with the process. Will need to decide between a real estate lawyer/agent.
I don't think you understand what posters are telling you. Did you sign an agreement to work with the agent? They aren't talking about a contract to submit an offer. When I interviewed agents here in Tx and picked one, I signed an agreement to work with them for 3 months. If I found a house on my own and made it to closing without using them, I still owed them the 3% commission. You need to check to see if you signed a contract prior to looking at houses and see if it contains that language.
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Old 01-02-2022, 08:31 PM
 
537 posts, read 438,863 times
Reputation: 817
Quote:
Originally Posted by tewest86 View Post
I don't think you understand what posters are telling you. Did you sign an agreement to work with the agent? They aren't talking about a contract to submit an offer. When I interviewed agents here in Tx and picked one, I signed an agreement to work with them for 3 months. If I found a house on my own and made it to closing without using them, I still owed them the 3% commission. You need to check to see if you signed a contract prior to looking at houses and see if it contains that language.
Good catch. They may in fact owe that realtor a 3% commission.
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Old 01-03-2022, 03:18 PM
 
Location: Dallas suburbs
315 posts, read 222,036 times
Reputation: 505
Any agent with pulse will have had you sign a Buyers Representation Agreement, especially if you've put in offers, this is a compliance standard so you will owe a commission, they will have to sue to get it though. Secondly, during the time you spent with this realtor, did they teach you nothing? If your comfort level has increased to the point you feel you can negotiate your own purchase, I believe your realtor helped with that. And third, buying a FSBO is dangerous as the seller has no need to behave ethically, as long as they behave legally. Why give up your advocate? A transaction with 2 realtors is better as law and ethics are going to be upheld.
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Old 01-04-2022, 07:28 AM
 
392 posts, read 312,778 times
Reputation: 378
Quote:
Originally Posted by TeamLynn View Post
Finding the house is about 10% of the work. Getting it to closing with trusted advice is the other 90%. It could go totally smoothly and you'll think you never needed the agent, but then again, especially with a FSBO it could go horribly wrong and you will wish you had included a great agent and all their resources when they do.

I regularly save my clients thousands on a purchase even if it is not purely the price of the home. For example this last summer, home inspector says roof is fine, minor hail damage. My roofer goes out, looks at the roof, says there is plenty of hail damage, and negotiates with the seller to file insurance claim, get a new roof and a new fence for the buyer. That's MY roofer, not your fly by night roofer you called out of the phone book. That's why I use him. Very well probably saved the buyer $10,000. Does that happen ever time? No, but just one of many examples. That buyer did not use my recommended lender, but they would have saved another $3500-$4500 if they had.

I also say my service does not stop at the sale. You may want to fight your tax appraisal next year....do I take your call after you ghosted me, or do I help you fight your taxes for the next 10 years?

How many great AC people do you know? How many great plumbers? and on and on and on.....

When you have a contract issue, does your attorney answer real estate questions for free, or charge you $400/hour plus. If you're going at it alone, you are going to hire an attorney aren't you? Have someone in your corner.

Don't ghost your agent who has worked hard for you and you trusted. They'll help keep you out of trouble in many cases and potentially get you a better deal...in some shape, form, or fashion.
If you represented the buyer, didn't you also hired (referred) the inspector that said that "the roof is fine" ?
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Old 01-19-2022, 01:26 PM
 
218 posts, read 210,671 times
Reputation: 285
Why wouldn't you use your agent if it's not costing you anything? Is the seller not offering Agent Protected with 3% for bring a buyer?
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