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.
Having just returned from a short trip, I read this thread a few minutes ago.
The initial post worried me a bit, ... then all the subsequent posts gradually put a smile on my face. What a great collection of posts!
Here's an idea for selecting a Realtor who can represent you: Ask some friends for recomendations. Then call a few whos names you hear repeatedly. Ask for an appt and explain that you're interviewing for the position and will be choosing one after interviewing a few. Ask the Realtors you interview to bring a few things to the interview: 1) written references from first time home buyers such as yourself 2) written buyer agent certification (ABR designation or something similar) 3) Market Data for the area you're looking at 4) commonly used forms (a written Agency Disclosure/Consumer Information form or whatever the document is called in your State
And since you mentioned FSBO properties, when you meet with the agent in person, ask to hear what the agent is going to sound like when making the first call to an unrepresented seller on your behalf. You could do worse than choose somebody just by listening to this little bit of dialogue as it's demonstrated for you. You're looking for somebody who can put the sellers at ease, make a firm appointment, and disclose the Buyer Broker relationship with you - in a telephone call to the sellers...in about 90 seconds! Ask the agent to role play this conversation with you...
Jimj, did you get the house inspected prior to purchase? Termite letters are standard practice down here in GA, but the other things seems like an inspection should have picked up on...
Back to the OP...
There is absolutely nothing wrong with buying FSBO. But, you need to know what you are doing. And if you buy ANY house, either a FSBO or with a REALTOR, you need to have it inspected. Some agents will tell you to stay away from FSBO's because it takes money out of their pockets and is a conflict of interest. A really good agent will work his commission in, however, a 6% commission on a FSBO is quite greedy.
Your lender will coordinate a great deal of the work, it's not rocket science.
Generally speaking, FSBO's are trying to save themselves money, not the buyer; many are over-priced too.
A true buyer's agent is focused on getting a lower price & better terms for the buyer; furthermore, reveal adverse facts that a buyer may or may not be able to extract.
A well informed buyer with great negotiating skills can still fall short on current real estate law and industry changes. Not many people look for or read those changes....similar to the tax code, who wants to except those who work in that field.
I'm going to bet the attorney licensing agency in your state would be interested to hear the advice you give re: the changes in real estate laws and the tax code. For such a protective industry, that sure is a hypocritical sales pitch.
In Nebraska you must be a Real Estate Agent or Broker to receive a comission, even to get a referal fee.
With all the problems out there you would be better off with a Buyers Agent if it not listed with an agency (FSBO TYPE) but the agent will need to be paid somehow.
If you insist on going it alone, you can make an offer to the seller pointing out how much less they will pay, but then you are really asking for problems with escrow, title, etc.
Since the listing agent will basically be handling both sides of this transaction, why would you feel entitled to half of the commission? From your statements, you do not seem knowledgeable enough to handle this on your own. As Joan said, in most states you must be a real estate agent or broker to receive commission.
Actually, I think that particular law is to prevent certain kinds of fraud and corruption in real estate deals and protect both buyers and sellers. But your mileage may vary.
I have a question: Ive been a Realtor for 20 years, 9 months ago I began working for a company that purchased 200 homes in Detroit in 2010 (unlicensed) and sold them over seas (sales person also unlicensed). We open every home as an LLC and then transfer the LLC. I thought it was all ok because of the LLC, I'm not so sure now. Our buying agent ( licensed) is paid by the Unlicensed owner (s-corp). Can I talk to someone about this please. I have come to find I am the only other licensed Realtor and I am executing all LLC transfers over seas.
I have a question: Ive been a Realtor for 20 years, 9 months ago I began working for a company that purchased 200 homes in Detroit in 2010 (unlicensed) and sold them over seas (sales person also unlicensed). We open every home as an LLC and then transfer the LLC. I thought it was all ok because of the LLC, I'm not so sure now. Our buying agent ( licensed) is paid by the Unlicensed owner (s-corp). Can I talk to someone about this please. I have come to find I am the only other licensed Realtor and I am executing all LLC transfers over seas.
Why would you post this question to the end of a 2 year old, totally unrelated, thread? Start a new one with an appropriate headline and you might get more and better responses
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.
real estate laws?
I have a question: Ive been a Realtor for 20 years, 9 months ago I began working for a company that purchased 200 homes in Detroit in 2010 (unlicensed) and sold them over seas (sales person also unlicensed). We open every home as an LLC and then transfer the LLC. I thought it was all ok because of the LLC, I'm not so sure now. Our buying agent ( licensed) is paid by the Unlicensed owner (s-corp). Can I talk to someone about this please. I have come to find I am the only other licensed Realtor and I am executing all LLC transfers over seas.
