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Our main concern is that we prefer to have control over the process and we don't trust a middleman to adequately represent our interests. In other legal and business matters we have represented ourselves, and we are not certain a RE agent will be worth the money and time invested in establishing a relationship with one.
Time: In not having to wait for an agent's response when we are obligated to act through that agent.
Money: We would certainly negotiate with the seller's agent or owner based on the standard compensation offered a buyer's agent for bringing in buyers.
Clarity: All information and negotiations would be our responsibility. If something was done or not done, we would have a record of it, rather than the unavoidable situation where an agent claims to have done something and expects us to take their word without verification.
The irony is the reasons you've given are the reasons you should have an agent. Through the process the agent should save you time with experience and knowledge. The agent should save you money by making sure you get the right loan with the right lender and negotiating the right price on the right home. The agent should bring you clarity to the legalese of a contract and understanding of the process.
Some very informative discussion. I'm glad I started this thread.
I'm not looking to be sold on a buyer's agent nor am I trying to argue that we can do better without one. The ultimate decision will be determined by whether any of the agents we interview can convince us the services they provide are worthwhile.
Another thing that I might mention (this is totally a personal preference) is that I like an agent to really "look" the houses with us and provide observations and opinions. Afterall, 3 pairs of eyes are better than 2 pairs and the agent's should be really valuable b/c he/she should have seen so many houses in their career that they should know more about what/where to look. Our agent always wore "working cloth" when he showed us houses, always had his flash light, check attics if needed, as well as all other things important beneath pretty surfaces. He always discussed potential issues and the approximate amount that might cost to fix.
I had agents telling me that they did not like to offer their observation b/c they didn't want to influence their buyers' opinion (oh yeah, the fewer problems the buyers see of a house, the less work I need to do, and the faster I can make my commission).
I think when buyers hire an agent they really do not intend to hire a salesman.
Another thing that I might mention (this is totally a personal preference) is that I like an agent to really "look" the houses with us and provide observations and opinions. Afterall, 3 pairs of eyes are better than 2 pairs and the agent's should be really valuable b/c he/she should have seen so many houses in their career that they should know more about what/where to look. Our agent always wore "working cloth" when he showed us houses, always had his flash light, check attics if needed, as well as all other things important beneath pretty surfaces. He always discussed potential issues and the approximate amount that might cost to fix.
I had agents telling me that they did not like to offer their observation b/c they didn't want to influence their buyers' opinion (oh yeah, the fewer problems the buyers see of a house, the less work I need to do, and the faster I can make my commission).
I think when buyers hire an agent they really do not intend to hire a salesman.
I like your agent, too. I wish I could find one like that.
I like your agent, too. I wish I could find one like that.
We went through at least 10 agents among 4 properties we purchased and finally found the best.
I used to really question real estate agents' ethics, work ethics and didn't think we had to have one like the OP.
When we met our current agent, we learned what a real good agent is like and what a difference he makes in the whole process. Yeah, good agents worth every penny they make, but unfortunately, the rest of them (90% or so) don't deserve that high of the percentage of the sale.
My wife and I are looking to buy our first home. While I've been doing quite a bit of reading--online and paper published--I wanted some opinions from real people to supplement what I'm learning. I'd love to hear your thoughts, opinions, and experiences in general. I also have two specific questions for anyone with input.
1. Buyer's Agent - What are the real costs of purchasing through a RE agent? Can anyone give an honest assessment of the advantages and drawbacks? Has anyone ever gone it alone?
Most of what I read suggests it's a foregone conclusion you will buy through a realtor, but we try not to use agents in our transactions due to their lack of legal obligation (except in the case of fraud by the agent). We normally handle our own litigation, write our own contracts, etc. I see that it's possible (though uncommon) to do the same with homebuying. Thoughts?
2. This is more of a Mortgage question; my credit is top-tier but my wife's history is short so she's in the second tier. I'm the only steady wage earner. Are we more likely to get a lower interest rate with just myself on the mortgage? Is it possible to have one spouse on the mortgage, but both on the house title? I'm guessing "no" or that there's no point in this as the bank will surely review the paperwork. So it's probably just between one spouse with excellent credit's name on everything, or two with mixed good and excellent credit.
Thanks in advance for anything you care to share.
Most county auditor websites have purchase price, date, sq.ft., sales history, lot map, pictures, etc.
In my area you use a title attorney. You need a standard purchase agreement and they provide whatever else you need. Title search, hud lead paint, known defects, and any other ones needed.
Neighborhoods are easy to check out. I am sure that the local library has city directories. You can see where the neighbors work, teenage children(i forget the minimum age for listing), % retired. Asking the neighbors might work. The neighbor may not want you as a neighbor and lie. He may hate the person selling and will lie about how good things are to get rid of the neighbor. Sex offenders are listed on many sites.
You will have a home inspection. You will have needed repairs in the contract. When you are still weeding out homes you can use a basic list of things to check. Nothing on basement floor means water comes in. Flooring around toilet and basement under toilet will show leaks. There are many lists online.
Most county auditor websites have purchase price, date, sq.ft., sales history, lot map, pictures, etc.
In my area you use a title attorney. You need a standard purchase agreement and they provide whatever else you need. Title search, hud lead paint, known defects, and any other ones needed.
Neighborhoods are easy to check out. I am sure that the local library has city directories. You can see where the neighbors work, teenage children(i forget the minimum age for listing), % retired. Asking the neighbors might work. The neighbor may not want you as a neighbor and lie. He may hate the person selling and will lie about how good things are to get rid of the neighbor. Sex offenders are listed on many sites.
You will have a home inspection. You will have needed repairs in the contract. When you are still weeding out homes you can use a basic list of things to check. Nothing on basement floor means water comes in. Flooring around toilet and basement under toilet will show leaks. There are many lists online.
cls88, you've really given me a good baseline against which to compare agents should we decide to go with one. A lot of what you've suggested is what I've read to look for in an agent, but none of the materials I've covered really give you a sense of how these like-to-haves stack up against the real world and how many agents we may have to go through to find a good one. Your experience of 1 in 10 is a good data point to have.
cls88, you've really given me a good baseline against which to compare agents should we decide to go with one. A lot of what you've suggested is what I've read to look for in an agent, but none of the materials I've covered really give you a sense of how these like-to-haves stack up against the real world and how many agents we may have to go through to find a good one. Your experience of 1 in 10 is a good data point to have.
Now I just need one more and I'll have a trend.
I totally agree with you - if you can't find a real good one, you'd be better off not having one at all! I had an agent who wasted months of our time the second half of last year which were golden opportunities to buy for our area . When we interviewed her, she promised a world.
It seems like you have done your homework and know exactly what you want.
Good luck!!!!!
We had a real estate agent when buying the house. If I did that again, I would have not stuck to one agent. I would have contacted seller's agents to see the property and I would have only used a lawer to closed the deal.
The reason is
1. Our agent stopped helping us rigth after the contract was signed. The contract we signed with his help was pretty bad and we had to negotiate stuff later and that was not in our advantage.
2. He never showed us some listings, which, as I suspect now, just did not promise him any commssion. So, we felt bad about contacting those property sellers ourselves, and might have missed great deals.
3. We wasted a lot of money on inspection and a lawyer by getting into a contract to buy a house that had obvious signs of structural damage. We noticed that damage on our second viewing, but he insisted that we should still sign the contract and then have inspection.
Now, I am sure that people here would say that there are great agent too, but in my experience - finding out if this particular agent is good or bad - is simply not worth the risk. If I ever buy a house I would take the responsibility on myself, I would not trust any agent to compile a contract for me , since this is a risk, that may be not obvious to the first time buyers.
Ok, this is a messy post.
But finally, I would try to get some kick back from the sellers agent. I willl TRY, OK? I am not saying I will get it. But since I agree to do the paper work myself, I do not see why I cannot ask. If you ask, you may get something or not, but If you do not ask - you do not get anything for sure.
Last edited by Dressy; 08-18-2011 at 12:17 AM..
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. When we interviewed her, she promised a world.
