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When you are on the lowest end of housing markets, looking at small low cost homes you don't bring a realtor much of a commission. While I understand that the compensation system in real estate is set up so that the more expensive the house the more the agent gets paid, I have a realtor that is treating me as completely unimportant. While I do understand why that is the situation is not helping me.
I have been doing all of the work. Finding homes calling the listing agent for info, driving to them and peeking in the windows. There is so much info these days online do I really even need an agent's help?
I also find that most listing agents who have the listing I call about are much more talkative when they think I have no agent representing me. I learn more about the house from them if they think I may let them represent me.
Is it better for me if I just do the research myself on houses, get a good inspection ( and the person doing the inspection can also let me know what the home is worth so I don't need an appraisal or an agent's advice) , when I find the home I like I can hire a good real estate attorney to draw up the contracts for me and since he charges the same hourly rate to everyone, I will be treated with ( hopefully ) the same respect and attention as wealthier clients.
Is having a real estate agent really necessary when buying a home?
Necessary? No. Smart? ABSOLUTELY. Most especially for a first time buyer (which I suspect you are).
Clearly, you have hired the wrong agent. Good agents understand that each client is valuable, regardless of the commission from the deal. Each buyer represents future referrals, perhaps future deals for themselves, and a professional Realtor knows that is ALL essential to building a business.
Fire this one, tell them why, then get a new Realtor. Perhaps one of those listing agents who you liked (as long as you are NOT seriously interested in the house they showed you. Dual representation is never a good idea.)
Let me say first of all, I am no expert and not an agent but in my times of buying and selling, it seems to me the real value is in the price negotiation and terms of the sale.
High quality, lower priced properties go faster in the market I live in and you have to be a pro at the art of the deal to win out. I get why they aren't jumping at showing you the property that will hit market in the next few days, but once you decide on your castle, they should be much better than you at getting the right price because they know where,what and when they can push. Also, lawyers respond better to agents than buyers because they know if they screw up, or drag things along, they won't be used by the agent that does a few closings a week and that's bread and butter.
I also think house inspector has any idea what a house is worth with regards to a particular part of town, school district or even street.
Maybe you should change agents?
Necessary? No. Smart? ABSOLUTELY. Most especially for a first time buyer (which I suspect you are).
Clearly, you have hired the wrong agent. Good agents understand that each client is valuable, regardless of the commission from the deal. Each buyer represents future referrals, perhaps future deals for themselves, and a professional Realtor knows that is ALL essential to building a business.
Fire this one, tell them why, then get a new Realtor. Perhaps one of those listing agents who you liked (as long as you are NOT seriously interested in the house they showed you. Dual representation is never a good idea.)
Yes I am a first time homebuyer. I have been looking at a lot of fannie mae, freddie mac, and hud type homes . I want to find one in a first look period open only to first time homebuyers , that will allow me to have first chance at them before the investors get them. The ones past first look are either already taken or are in really bad shape and I can't afford to fix them .
What does a realtor bring to this that really helps me beyond what a home inspector and real estate attorney can do ?
Let me say first of all, I am no expert and not an agent but in my times of buying and selling, it seems to me the real value is in the price negotiation and terms of the sale.
High quality, lower priced properties go faster in the market I live in and you have to be a pro at the art of the deal to win out. I get why they aren't jumping at showing you the property that will hit market in the next few days, but once you decide on your castle, they should be much better than you at getting the right price because they know where,what and when they can push. Also, lawyers respond better to agents than buyers because they know if they screw up, or drag things along, they won't be used by the agent that does a few closings a week and that's bread and butter.
I also think house inspector has any idea what a house is worth with regards to a particular part of town, school district or even street.
Maybe you should change agents?
When you are on the lowest end of housing markets, looking at small low cost homes you don't bring a realtor much of a commission. While I understand that the compensation system in real estate is set up so that the more expensive the house the more the agent gets paid, I have a realtor that is treating me as completely unimportant. While I do understand why that is the situation is not helping me.
I have been doing all of the work. Finding homes calling the listing agent for info, driving to them and peeking in the windows. There is so much info these days online do I really even need an agent's help?
I also find that most listing agents who have the listing I call about are much more talkative when they think I have no agent representing me. I learn more about the house from them if they think I may let them represent me.
Is it better for me if I just do the research myself on houses, get a good inspection ( and the person doing the inspection can also let me know what the home is worth so I don't need an appraisal or an agent's advice) , when I find the home I like I can hire a good real estate attorney to draw up the contracts for me and since he charges the same hourly rate to everyone, I will be treated with ( hopefully ) the same respect and attention as wealthier clients.
Is having a real estate agent really necessary when buying a home?
Inspectors don't do this. Not only because it isn't part of their job description, but because they don't have access, in many cases, to the information needed in order to do it accurately. Even in states that are not non-disclosure states, where you can get the sales price, there are things you DON'T know because they aren't public record, like how much was credited for repairs, how much of the buyer's closing costs the seller paid, what the terms of the sale were, what kind of pressure the seller was or was not under to sell or how much they owe on the house which would impact the price they would/could take, lots of things.
That you think this indicates that you, in particular, do need an agent, even if not the agent you currently have. The listing agent contractually represents the seller's interests, not yours. They are limited in what they can tell you legally, even in a dual agency situation if you should go for that.
Besides, finding the house is just the beginning; once you have negotiated and have a contract, then the cat herding part of an agent's job begins, making sure that all the people involved do what they're supposed to do when they're supposed to do it (lots of deadlines in real estate and failing to meet them can be very expensive or, at best, delay closing), following through on what you are supposed to do, keeping in touch with your lender to make sure they have everything they need and that they are moving forward timely and if not, finding out what the roadblock is and getting it fixed, helping you with your due diligence, working with the title company, and so forth and so on. If you, as a buyer, have a few deals under your belt, you might be able to go it alone. But a first time buyer absolutely should not (and I say this having, before I was an agent, bought a house with no agent on either side and then one with agents on both sides. The things that can go wrong that I didn't know about on the first one that I know about now after having/observing many deals, makes me thank my lucky stars they didn't happen to us when everyone was unrepresented).
In addition to the fine information from Texas HorsevLady, I'll add that a Realtor may becable to locate hones tjst aren't hud, fannie mae, etc. THAT would make your entire experience so much easier and might result in a much better purchase.
Which one do you trust? Ask trusted friends, co workers, advisors (CPA, attorney, banker, loan officer) for recommendations. Online reviews have 'some' value. Interview them - you are hiring them to do a job so evaluate their performance at that interview as well as their job history, experience and knowledge of the industry. And trust your gut.
What does a realtor bring to this that really helps me beyond what a home inspector and real estate attorney can do ?
Well for starters real estate agents have NAID numbers which is a requirement to place a bid on a HUD home. You have to use an agent if you are buying a HUD home.
It must be great to be a first-timer and a cash buyer. I congratulate the OP for that ability.
I am a firm believer that people should eschew services they don't value. It just adds stress.
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