Is It OK to Have More Than One Realtor When Buying In Oregon?

[gray horse]

Originally Posted by Sherwoody

Once again, thanks...

What are my options if I find a property myself but need someone to help me with the purchase?

You might want to visit the Real Estate forum. Some good folks over there.

[Billy_J]

Originally Posted by urbanlife78

So basically you did all the leg work before hand, the realtor that showed you the house you bought, was it their listing?

As a matter of fact it was. I think I found that house on the internet, then went to the office which had the listing. And insisted I see the realtor who listed the house.

That saved a LOT of time when I decided to purchase as there was a lot of back and forth signing documents, etc., because FHA and the lender were making REALLY STUPID demands before allowing the sale to go through. Like ONE small crack in a window HAD to be fixed and a bush growing up against the house had to be chopped down before they would allow the sale to go through!

The sellers were in a different state, but the realtor was able to get their ok for me to fix these things, although I was 2 hours away - and NOT PLEASED to have to make a trip to fix these silly things...

Both I and the sellers (realtor too) were loudly cursing FHA and the lender before all was done.

That was 10 years ago, but I have heard FHA is a little more reasonable now?

[Tulippsy]

Originally Posted by Sherwoody

We're looking at several areas in the Portland metro and I would think someone in a local office would be most familiar with the homes in particular neighborhoods. Do most people utilize several buyer agents when looking? TIA

It's not really ethical to use more than one "buyer's" agent. A buyer's agent will look for suitable houses for you and then represent your interests when negotiating a deal. They work on commission only; you don't pay them hourly for their time.

If you absolutely hate real estate agents and are opposed to working with one, then your other option is to find the house yourself and work with the listing agent, who can do the deal by representing neither party and working as a transactional broker. You don't need a separate agent.

And finally, if your realtor isn't familiar enough with the entire Portland metro area to be able to show you multiple properties in multiple neighborhoods and cities, you should find another realtor. When we purchased our condo we looked a properties from NE Portland to Lake Oswego, all with the same realtor and she was very familiar with the pros and cons of each area.

Good luck in your search!

[Silverfall]

Originally Posted by Sherwoody

Once again, thanks...

What are my options if I find a property myself but need someone to help me with the purchase?

Well it depends on what you are asking. You can hire a buyer agent to move you forward or hire an hourly rate/flat rate agent to help if you want to pay them directly. Then you would ask the agent to waive the buyer agent compensation being offered on the MLS.

Originally Posted by oregonwoodsmoke

Be sure to keep track of which agent showed you which property. Don't allow different agents to show you the same property.

That doesn't matter in Oregon. Procuring cause has been defined by the supreme court here as writing the offer and closing the transaction.

Originally Posted by Billy_J

As a matter of fact it was. I think I found that house on the internet, then went to the office which had the listing. And insisted I see the realtor who listed the house.

That saved a LOT of time when I decided to purchase as there was a lot of back and forth signing documents, etc., because FHA and the lender were making REALLY STUPID demands before allowing the sale to go through. Like ONE small crack in a window HAD to be fixed and a bush growing up against the house had to be chopped down before they would allow the sale to go through!

The sellers were in a different state, but the realtor was able to get their ok for me to fix these things, although I was 2 hours away - and NOT PLEASED to have to make a trip to fix these silly things...

Both I and the sellers (realtor too) were loudly cursing FHA and the lender before all was done.

That was 10 years ago, but I have heard FHA is a little more reasonable now?

Those issues would need to be fixed by FHA today as well. So maybe if you had a buyer agent who knew anything about FHA you might have had an easier transaction?

Originally Posted by Tulippsy

It's not really ethical to use more than one "buyer's" agent. A buyer's agent will look for suitable houses for you and then represent your interests when negotiating a deal. They work on commission only; you don't pay them hourly for their time.

If you absolutely hate real estate agents and are opposed to working with one, then your other option is to find the house yourself and work with the listing agent, who can do the deal by representing neither party and working as a transactional broker. You don't need a separate agent.

And finally, if your realtor isn't familiar enough with the entire Portland metro area to be able to show you multiple properties in multiple neighborhoods and cities, you should find another realtor. When we purchased our condo we looked a properties from NE Portland to Lake Oswego, all with the same realtor and she was very familiar with the pros and cons of each area.

Good luck in your search!

It is ethical as long as all the agents are aware the buyer is using multiple agents. It is only slimy if sherwoody doesn't share that fact.

While agents will have a general working knowledge of the entire PDX area, I get the impression that Sherwoody wants hyperlocalized knowledge. No agent can cover the entire metro and be hyperlocalized in their knowledge base.

Also, Oregon doesn't have transactional brokers. We have disclosed limited agents here, and that generally doesn't equate to good representation for either party.

[Sherwoody]

Thank you Silverfall, I was hoping you would chime in as well. Just to be clear, I haven't decided on a Realtor yet but have decided to concentrate our search on the SW side so the multiple agent idea is off. (Beaverton, Tigard, Hillsboro)

A transaction broker sounds ideal because I have time to search online, drive-by homes and request listing agents to show me homes. Do they only have them in Colorado?

I like your term "hyper-localized knowledge." May I use that term when chatting with potential Realtors?

Regarding an hourly rate/flat rate agent, how would I find one and how would I know they are competent and trustworthy? I'll Google it later, but if anyone has used such a service I'd appreciate any first hand experience. When you state "Then you would ask the agent to waive the buyer agent compensation being offered on the MLS" by that you mean I should expect the sellers agent to reduce the home price by the amount they were to pay the buyers agent?

[Silverfall]

Originally Posted by Sherwoody

Thank you Silverfall, I was hoping you would chime in as well. Just to be clear, I haven't decided on a Realtor yet but have decided to concentrate our search on the SW side so the multiple agent idea is off. (Beaverton, Tigard, Hillsboro)

A transaction broker sounds ideal because I have time to search online, drive-by homes and request listing agents to show me homes. Do they only have them in Colorado?

Transaction Brokers are in Colorado and Florida.

A transaction broker is just an agent that handles both sides of the transaction with no legal fiduciary duties to either side. That isn't the same thing as limited service which is what it sounds like you want.

Originally Posted by Sherwoody

I like your term "hyper-localized knowledge." May I use that term when chatting with potential Realtors?

You may.

Originally Posted by Sherwoody

an hourly rate/flat rate agent, how would I find one and how would I know they are competent and trustworthy? I'll Google it later, but if anyone has used such a service I'd appreciate any first hand experience. When you state "Then you would ask the agent to waive the buyer agent compensation being offered on the MLS" by that you mean I should expect the sellers agent to reduce the home price by the amount they were to pay the buyers agent?

It is illegal to rebate in the state of Oregon, so you would ask the buyer agent to waive their compensation and ask the seller to reduce the price to compensate. Then you would pay your agent directly.