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Old 12-28-2012, 03:20 PM
 
11 posts, read 25,903 times
Reputation: 12

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Hello,

I am in the process of buying a 300k home in summerlin.(Las Vegas NV) I have a RE agent, for name sake. He contacted me through some website (like zillow, trulia) where I had put some of my info.

Now,here is how we do stuff, I was wondering are all agents like this or am I getting fooled!

1.He set me up in MLS to get e-mails of new properties.
2.I myself do a lot of searching in MLS and short list homes that I want to see and let him know the list.
3.He says why take two cars and always rides with me in MY CAR as a passenger to go see homes.
4.If I select 10 homes to go see, he doges 3 or 4 saying that they are on contract or no appointments or something .. etc..(when they are really not)
5.To put an offer, I do all my own comps with MLS, redfin etc and come up with a price and ask him to write it up.
6.He sends me the contract (with many mistakes) and after few revisions,I have to print, sign and fax or e-mail it back to him.
7.He does not call the sellers agent or talk with people get to know the situation of offers on the property, ie. he does not do ground work.He just submits the offer!
8.When I ask him to act fast on some properties, he says he will not put an offer without showing it to me!
9.He is slow in sending me correspondence from seller's agents etc.. sometimes very late.
10. If we buy from him, his company wants, a fee of $495 as admin fee on top of the commission.

3% on 300k is $9000+$495 admin fee. Does he deserve this?

--All he did was set me up in his MLS. I get the info from redfin already!
--I use gas, my car and drive myself+drive him around too! to go see properties.
--I do the comps and research
--I sometimes call seller's agent to know what to offer to seal the deal.
--I use my printer, paper, scanner, fax to send all correspondence
--I come up with my own offer price with no help!
--He is even reluctant to show all the properties I want to see.(ER MLS)


Why should he get paid for doing almost nothing! I am almost thinking of dumping him (into no contract yet!) I am thinking of talking with many seller's agents directly and get 3% reduction when I go by myself.

Please suggest me if I can do that..

Thank You!

Last edited by observer53; 12-28-2012 at 04:56 PM.. Reason: add city/state
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Old 12-28-2012, 04:20 PM
 
56 posts, read 100,421 times
Reputation: 29
if u are already in a contract to buy you can't get rid of the agent on that contract but you don't have to go thru him for any other real estate transactions. I have a good agent if you want his #.

PS: agents are so greedy, i doubt the agent would give up their 3% on the buy side if u go directly to the seller's agent.
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Old 12-28-2012, 04:46 PM
 
Location: Here and there, you decide.
12,818 posts, read 25,789,820 times
Reputation: 4874
you may have signed an exclusivity contract.. so you may be stuck..
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Old 12-28-2012, 05:11 PM
 
Location: NJ
17,579 posts, read 43,410,277 times
Reputation: 16225
If you didn't sign an agreement with this agent and you aren't under contract on a house find a new agent.
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Old 12-28-2012, 06:02 PM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 13,954,883 times
Reputation: 3867
In this post //www.city-data.com/forum/27341278-post1.html you say that you are already under contract with that home.

Last edited by Captain Bill; 12-28-2012 at 06:20 PM..
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Old 12-28-2012, 06:04 PM
 
12,973 posts, read 14,442,930 times
Reputation: 5458
Quote:
Originally Posted by regor100k View Post
Hello,

I am in the process of buying a 300k home in summerlin.(Las Vegas NV) I have a RE agent, for name sake. He contacted me through some website (like zillow, trulia) where I had put some of my info.

Now,here is how we do stuff, I was wondering are all agents like this or am I getting fooled!

1.He set me up in MLS to get e-mails of new properties.
2.I myself do a lot of searching in MLS and short list homes that I want to see and let him know the list.
3.He says why take two cars and always rides with me in MY CAR as a passenger to go see homes.
4.If I select 10 homes to go see, he doges 3 or 4 saying that they are on contract or no appointments or something .. etc..(when they are really not)
5.To put an offer, I do all my own comps with MLS, redfin etc and come up with a price and ask him to write it up.
6.He sends me the contract (with many mistakes) and after few revisions,I have to print, sign and fax or e-mail it back to him.
7.He does not call the sellers agent or talk with people get to know the situation of offers on the property, ie. he does not do ground work.He just submits the offer!
8.When I ask him to act fast on some properties, he says he will not put an offer without showing it to me!
9.He is slow in sending me correspondence from seller's agents etc.. sometimes very late.
10. If we buy from him, his company wants, a fee of $495 as admin fee on top of the commission.

3% on 300k is $9000+$495 admin fee. Does he deserve this?

--All he did was set me up in his MLS. I get the info from redfin already!
--I use gas, my car and drive myself+drive him around too! to go see properties.
--I do the comps and research
--I sometimes call seller's agent to know what to offer to seal the deal.
--I use my printer, paper, scanner, fax to send all correspondence
--I come up with my own offer price with no help!
--He is even reluctant to show all the properties I want to see.(ER MLS)


Why should he get paid for doing almost nothing! I am almost thinking of dumping him (into no contract yet!) I am thinking of talking with many seller's agents directly and get 3% reduction when I go by myself.

Please suggest me if I can do that..

Thank You!
How we do it...

1. Set up the MLS feed. With a good MLS feed there would be no reason for you to go to other sites...unless of course you are telling us one thing and looking at another.

2. Client selects from list (or other sources if used)

3. We schedule the list. Generally do a routing if not close geographically. We may not get at every home as strange things do happen. But we will show all that can be shown. We will almost always take our car as we have stuff in it that would not be available to a client and it is a Realtormobile.

4. We tour the homes. If any appears of enough interest to contemplate an offer we will generally call the listing agent real time and see what we can find out as to what is going on. It is helpful to know there are already six offers. Or that there are none.

5. We do comps. Generally a couple of graphs showing recent behavior of the class involved and short form MLS sheets on any that have recently sold or are for sale. This gives a reasonable view. We recommend a price to the buyer and tell him why. We may even argue if he does not want to go our way...in the end though we do what the buyer wants...we are agents.

6. We send the contract to the client either in electronic form or physical if more suitable. Client signs and returns by method of choice. Errors occur but rarely. We do like having our client take a good look as we can get hooked into seeing what we want after a few thousand contracts.

7. We verbally or by email make contact with the seller's agent. If we have not talked before we do it now. Get straight how and when the seller will respond. Pick up anything the other agent will give. Sometimes they are transparent...other times like talking to a stone wall. Even that though is valuable.

8. Under some circumstances we will offer blind. Under others we will not. It depends on the client. Sometimes we will view the property and make additional photos or videos. Particular good if you have a real handle on what the clients want. If we go to contract we put great pressure on the client to see the property before we are out of due diligence. We have only two clients where we would close without them viewing the property...and both are investors buying specific things.

9. We try to be timely with documents and communications though we do sometimes regulate the flow. That is we will not forward a HUD-1 to the client until we have had a chance to review it and correct any errors. Most HUD-1s have errors in our experience. We may also hold a prelim title if it has weird stuff on it. We want to run that down before the client asks. And that does happen...sometimes the docs turn into to a successive disclosure party where it takes a week and a dozen communications before the truth comes out. Listing agents don't lie...but they sometimes don't disclose the whole truth up front.

10. Administrative fees are a way of life when dealing with a big brokerage. You might however ask him if he is taking any of it or if the same fee is charged all customers.

I would advise against trying to pull out of a written contract. It creates all sorts of problems. But if no outstanding offers just walk.

You can go to the listing agent. Generally they are not required to give you anything and may well have a contract that lowers their commission by a percent or a percent and a half in they take both sides.

You are also not in much of a position to tell if you actually got anything. The agent gives you 3% where he would have given 5% if asked differently.

Last edited by lvoc; 12-28-2012 at 06:28 PM..
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Old 12-28-2012, 06:33 PM
 
3,629 posts, read 5,190,366 times
Reputation: 4802
I had a bad experience with an RE agent recently. It wasn't the first time either. The kicker was when they dropped the "admin fee" bomb. I went through with the purchase of a home for reasons I won't bore you with, but I will do everything possible to avoid RE agents in the future.

I would try to get away from this guy if I were you. You don't have to buy a house through an agent.
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Old 12-28-2012, 06:34 PM
 
Location: Scottsdale, AZ
2,131 posts, read 4,644,906 times
Reputation: 3203
I read a lot of posts like this, Buyer complaining about agent. I agree your agent should be doing more for, but have you asked him/her?

When you hire someone, you should make sure that you set the expectation for what you want, if they do not perform fire them! It is no different than any other job.

Many clients do not want their agent directing them to houses, they prefer to search on their own, maybe a mis-communication.

Lastly, mistakes in a contract should never be tolerated. It will cost you money. Instead of complaining to this forum, let your agent know you are unhappy, that you expect more, and that you will complain to his/her broker.
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Old 12-28-2012, 06:36 PM
 
Location: Ocala, FL
5,194 posts, read 8,080,299 times
Reputation: 5635
regor100k,

Just wanted to clarify something that you may not be aware of.

Internet sites like Redfin, Trulia, Zillow often list homes as active months after they have closed, expired or withdrawn and therefore may be inaccurate. I doubt your agent is misleading you about the availability of the listings you are finding "on your own" and is not their fault. Realtors use their local MLS (Multiple Listing Service) which is far more up to date. By the way, Realtors and/or their office pay annual fees to use the MLS.
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Old 12-28-2012, 06:58 PM
 
Location: DFW - Coppell / Las Colinas
38,497 posts, read 43,238,893 times
Reputation: 48039
There is a very simple question....

.... Why do you put up with this crap ? I would not and I'd dump the agent. Who's at fault .... Him or you for tolerating ?

I can't believe any normal person would do what you're doing.
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