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We recently went to buy a house that was realtor-owned. The realtor disclosed this in the ad. We were happy with that fact because we're comfortable purchasing without a realtor ourselves, so we were all in a position to move things along quickly and could agree to a price all were happy with.
Things were progressing smoothly at first. Then we found out that realtor went behind our back and contacted our mortgage guy directly acting as if the realtor was our buyer agent and tried to move the closing date around, etc. Shady.
When the issue of PB pipe came up, the realtor told us it was "no problem and you can just get insurance through a company called Citizens if the other insurance companies give you a hard time about the plumbing, Citizens is a great insurance company...so easy to work with" Hmmmm.
During the deal, we clearly asked if there was anything to disclose about the property or the neighborhood. The realtor said 'no, nothing at all'. We happen to know the house next door is owned by a non-profit and they place mentally disabled people in there (we didn't care, but it does affect resale later).
The realtor was unaware that I know this neighborhood intimately, I've owned in this neighborhood for a long time.
It was no reflection on realtors as a whole, just on this one individual. Needless to say, the deal fell through (by the realtor's choice, suprisingly!). When a home is listed "for sale by realtor", it is a disclosure, nothing more.
It's a legal requirement to disclose this. Doesn't necessarily mean you will pay too much. Maybe he/she got a fixer upper for a good price and made improvements.
Quote:
Originally Posted by josephhawkinson
I was looking at a house and the advertisement reads "owner is a licensed realtor" . Why do you think he may have put that sentence in the MLS. IS there any benefit of buying from a realtor if he is the owner as well.
Thank you for your response?
Joe
Last edited by Magnolia Bloom; 04-20-2007 at 07:39 PM..
This should be reported to the Florida Real Estate Commission (FREC).
Quote:
Originally Posted by riveree
We recently went to buy a house that was realtor-owned. The realtor disclosed this in the ad. We were happy with that fact because we're comfortable purchasing without a realtor ourselves, so we were all in a position to move things along quickly and could agree to a price all were happy with.
Things were progressing smoothly at first. Then we found out that realtor went behind our back and contacted our mortgage guy directly acting as if the realtor was our buyer agent and tried to move the closing date around, etc. Shady.
When the issue of PB pipe came up, the realtor told us it was "no problem and you can just get insurance through a company called Citizens if the other insurance companies give you a hard time about the plumbing, Citizens is a great insurance company...so easy to work with" Hmmmm.
During the deal, we clearly asked if there was anything to disclose about the property or the neighborhood. The realtor said 'no, nothing at all'. We happen to know the house next door is owned by a non-profit and they place mentally disabled people in there (we didn't care, but it does affect resale later).
The realtor was unaware that I know this neighborhood intimately, I've owned in this neighborhood for a long time.
It was no reflection on realtors as a whole, just on this one individual. Needless to say, the deal fell through (by the realtor's choice, suprisingly!). When a home is listed "for sale by realtor", it is a disclosure, nothing more.
I was looking at a house and the advertisement reads "owner is a licensed realtor" . Why do you think he may have put that sentence in the MLS. IS there any benefit of buying from a realtor if he is the owner as well.
Thank you for your response?
Joe
By Law a real estate agent is supposed to disclose that he is representing himself in a sale to let the other party know it is for the unknowledged consumers benefit
I am sorry if there are any realtors reading this but. My experience is, realtors are right up there with used car salesmen, maybe worse, and in today's market, Oh my God.. Here it is doubly worse, he owns the house. I doubt you could trust a thing he would say.
I understand your feeling but you are wrong. That may be the case with some but not all Realtors. The law states that Realtors must disclose their status to buyers so that buyer's will know that the sellers are familiar with the law and have experience in contracts and negotiation. In other words they are saying "You can put in an offer on this property without a Buyer's Agent if you want, but we don't recommend it."
It's just a fair warning. Another warning is find a Buyer's Agent that has some ethics and a conscience. When I represent a buyer I look at the property as if I were buying it myself. If I wouldn't do it; I don't recommend that my client does.
Never, ever, ever buy a home that is owned by a Realtor and use that same Realtor for yourself. There is no way in this world that Realtor is going to look after your best interest and by law he/she isn't obligated to. You need an agent who is legally bound to a fiduciary responsibility to YOU. In fact, you should never use the same listing agent when you buy. Each individual in the transaction needs THEIR OWN representative. And, in most cases the service is free to buyers, so why wouldn't you?
up to recently in maine,,,real estate agents didnt have to disclose ,,that they were an agent, to SELL,,,,,but if buying they had to disclose by law.
states have different laws,,,and also by law,,if the realtor misrepresents himself in this transaction,,he can be reprimanded,,or lose his license,,,,,if you, suspect the realtor is shady, call the owner of his agency or call the real estate comission in your state,,believe me,,he will change his tune.
I guess I am a moron when it comes to buying a home. I'm convinced that I will never own a home. I'm just not savvy when it comes to the whole thing.
hiknapster - buying a home is really not that intimidating of a process. Interview a few realtors and find one that is knowledgeable and will work hard for you. That's what we're here for, to represent your best interests and guide you through the whole process . . . and our services are free to the buyer. You really can own your own home!
I am sorry if there are any realtors reading this but. My experience is, realtors are right up there with used car salesmen, maybe worse, and in today's market, Oh my God.. Here it is doubly worse, he owns the house. I doubt you could trust a thing he would say.
your right on. I buy properties a few a year and for every 1 good Realtor about 20 are crap. The national realtor association would rather chop off their left hand than say there is a bubble in any region. they even down play it when some part of FL prices have dropped up to 30%. Never trust a realtor. have your own appraisor, find your own lender, Find your own property inspector, or even better give a good contractor $100 to inspect that property and give a list of repairs. Attorneys don't matter much, make sure you get title insurance. I once bought a house but not the land the house was on. LOL the land was about to go to the Tax auction before I put 2 and 2 together. I do buy about 90% of my properties with Realtors but I don't let them BS me. most don't like me. Those are the ones that waste my time.
Yes it does matter if it is Realtor owned. once you find your own lender ask for a few appraisers be present when the house is appraised. sometimes the Realtor will put a bug in his ear to bump the price up a few thousand. Underwriters don't always catch everything. Good luck.
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