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Thread summary:

First time homebuyer seeking information on obtaining buyers agent, how to find a good buyers agent, real estate attorney to draft purchase and sales agreement

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Old 01-03-2009, 10:47 AM
 
Location: Atlanta/Decatur/Emory area
1,320 posts, read 4,260,106 times
Reputation: 501

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SXN,

You really never want to "use" the listing agent, and you never want to give the listing agent significant information about your negotiating position (ie., how big a loan you're approved for; whether you're "desperate" to move quickly; or that you're completely in love with that listing), but casually attending an open house on your own and asking that agent questions about the market, that and other homes for sale in the area, and how familiar he or she is with the neighborhood (without asking questions that would be a problem regarding the Fair Housing Act) can help you find an expert agent in the area where you're looking.

Some agents "farm" certain neighborhoods -- they spend a lot of time working with buyers and sellers in that particular area -- and they are true experts. They generally know every house that's been on the market there in recent years, what the condition of the houses are, how much they sold for. They may even know of houses that are about to come on the market (or owners who would be willing to sell but don't want to put their house on the market), etc. Not every agent who holds an open house will be such an expert and they're usually pretty easy to spot because they can easily answer every question you put to them about their local market.

Just to add regarding your interview. Don't get hung up on an online questionnaire you find. As others have pointed out, they frequently focus on things that aren't really terribly relevant.

I suggest that, in addition to finding out how much experience your agent has helping buyers in the neighborhood(s) you're looking in, you try to get a feel for whether the agent's personality is a good fit for you and whether his or her method and style of communication is acceptable to you (and yours is acceptable to him or her). Are you a phone person or an e-mail person? Is the agent a phone person or an e-mail person? Before you sign a buyer brokerage agreement, make sure you have enough experience of trying to reach this person and making sure he or she gets back to you promptly if you don't get him/her on the phone immediately (or replies to e-mail quickly).

As long as an agent has experience helping buyers in the area (and with the type of property) you're looking for, personality and communication are really the most important factors (in my opinion). You're likely to spend a lot of time with this person during a very stressful experience. If you don't get on well, or you don't trust them, or you have a hard time getting in touch, you'll make it much harder on yourself than you need to.

A couple more notes. First, make sure the agent has experience with the type of property you're looking at (condos, coops, townhomes, single family, multi-family, etc.). Second, there is a growing trend (at least in Atlanta) where listing agents are slashing the commission they pay to buyer's agents if they (the listing agent) show the house to the buyer. Along the same lines, in condos, if you first see the condo through the sales office they may completely refuse to work with a buyer's agent and pay the buyer's agent commission. Therefore, it's a good idea to find out whether or not this is the case before you tour a home or condo with a listing agent or a sales center agent. And once you do choose your buyer's agent, make sure he or she is the one who shows you the property.
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Old 01-03-2009, 12:16 PM
 
Location: Olympia
1,024 posts, read 4,123,559 times
Reputation: 846
SXN,

You should have no trouble getting to know various agents in your area through Active Rain.
Here are some of the questions you want an agent to answer, so you know where you stand:
1. Will you represent me exclusively?
2. What happens if I want to make an offer on a home listed with you?
3. What is your availability for showings?
4. Will you disclose agent bonuses?
5. How do you handle agent bonuses?
6. Do you have special designations?
7. Do you know the current market statistics and trends?
8. Do you require me to sign an agency agreement?

I hope this helps.

Sandy
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Old 01-03-2009, 04:56 PM
 
35 posts, read 35,351 times
Reputation: 16
Quote:
Originally Posted by SXN View Post
I'm a first time homebuyer and need help finding a buyers agent. Couple questions:

1) I've only been living in my city for less than a year (Chicago), so I only have one good referral from a coworker thus far. I want to explore other agents also. What other approaches could I take to find someone? I checked out homefind.com and found some realtors, but it just feels so random. I don't think the realtors even read the information I send them in advance. I get canned, generic responses to all my interview questions.

2) Is there anywhere I can find out a seller's asking price to selling price ratio? Is that even information that realtors give out? The ones I talked to thus far couldn;t provide me that info???

3) I'm looking for condos in the $210,000-$230,000. Given that price range and the market in Chicago, I think the buyers agent's commission would be very small. Could that have any impact on my relationship with the realtor and his interest in helping me out?

4) How many condos could I tour and take a look at before my realtor would start to get pissed off?

5) My employer provides a legal services benefit. I'd like my program's lawyers to review my purchase and sales agreement and draft the offer related documents. From watching HGTV , I noticed that the realtor always drafted the offer letter and presented it to the seller. However, can I have a real estate attorney draft the offer letter and give it to my realtor for negotiations with the seller?

Sorry for all the questions, I've searched the forums but still have these open questions.
BEWARE THE "BUYERS" AGENT: THERE IS NO SUCH THING!

Would you hire a used-car salesman to help you buy a used car from another salesman? Whose interests do you think would be at the forefront during subsequent negotiations? If your 'buyers' agent is commission based they'll sell you out in a heartbeat in exchange for the highest possible percentage for him'herself. If your paying them a flat fee they'll start getting antsy with you the longer you take to select a home.

IF YOU WANT SOMETHING DONE RIGHT: DO IT YOURSELF! RE agents are part of the problem NEVER the solution.
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Old 01-03-2009, 05:00 PM
 
Location: Central Texas
20,958 posts, read 45,197,233 times
Reputation: 24737
ambernoble, I wasn't one of the ones who spoke up (though I did cringe inside, especially since it was clear you were referring to AR, of which many of us on here are members) you might want to read the City-Data TOS:

Real Estate Agents and other businesses will not advertise their services nor solicit business in their posts. Create a free business profile by going to //www.city-data.com/profiles/add and fill out your forum profile instead. Do not include links to your websites, MLS listings, etc. in your posts. Do not try to push the envelope by attempting to hide your intentions. (Emphasis mine.) Do not solicit business by DMs. Show your knowledge about the area and help people and you will get leads naturally. Real estate agents should join the usergroup for them here: //www.city-data.com/forum/profi...editusergroups. It will set your user title and add an icon next to your name, so you will get free advertising with your posts.

When an agent comes on here and is blatantly trolling for business (referral or not), it makes all of us look bad. Thus the reception you got.
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Old 01-03-2009, 05:07 PM
 
35 posts, read 35,351 times
Reputation: 16
"If you are a good honest ethical agent hang around city-data."

You might as well be describing unicorns.
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Old 01-03-2009, 05:15 PM
 
Location: Salem, OR
15,500 posts, read 40,206,742 times
Reputation: 17374
Quote:
Originally Posted by SurfGod View Post
"If you are a good honest ethical agent hang around city-data."

You might as well be describing unicorns.
Actually I think there is a solid group of agents on here from what I have seen. It's okay that you think all agents are idiots.

You don't have to like everyone in the world.
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Old 01-03-2009, 05:31 PM
 
Location: central NJ
37 posts, read 150,384 times
Reputation: 16
Quote:
Originally Posted by TexasHorseLady View Post
ambernoble, I wasn't one of the ones who spoke up (though I did cringe inside, especially since it was clear you were referring to AR, of which many of us on here are members) you might want to read the City-Data TOS:

Real Estate Agents and other businesses will not advertise their services nor solicit business in their posts. Create a free business profile by going to //www.city-data.com/profiles/add and fill out your forum profile instead. Do not include links to your websites, MLS listings, etc. in your posts. Do not try to push the envelope by attempting to hide your intentions. (Emphasis mine.) Do not solicit business by DMs. Show your knowledge about the area and help people and you will get leads naturally. Real estate agents should join the usergroup for them here: //www.city-data.com/forum/profi...editusergroups. It will set your user title and add an icon next to your name, so you will get free advertising with your posts.

When an agent comes on here and is blatantly trolling for business (referral or not), it makes all of us look bad. Thus the reception you got.

TexasHorseLady (Tricia):

How are any of us hiding our attentions? Me and you included? We BOTH clearly have profiles that say you're a real estate agent. You didn't just come to City-Data to shoot the breeze, because if you did you would identify yourself as a Real Estate Agent on your profile. Right or Wrong?

As far as "blatantly trolling for business (referral or not)" and "it makes all of us look bad" (two statements you made), the OP didn't complain or make disparaging remarks...other people did.

Furthermore, I didn't make anyone look bad. On the contrary, the people on this thread who couldn't think of a more articulate and reasonable way to express themselves made EVERYONE look bad.

People can try to reconcile in their minds however they'd like, but the bottomline is that you CANNOT attack someone (particularly in a public forum) and assume they are not going to defend themselves.

Moderator cut: removed signature

Last edited by Marka; 01-05-2009 at 05:28 AM..
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Old 01-03-2009, 06:21 PM
 
Location: Cary, NC
43,046 posts, read 76,570,629 times
Reputation: 45353
Thumbs up Oh, my...

Quote:
Originally Posted by ambernoble View Post
TexasHorseLady (Tricia):

How are any of us hiding our attentions? Me and you included? We BOTH clearly have profiles that say you're a real estate agent. You didn't just come to City-Data to shoot the breeze, because if you did you would identify yourself as a Real Estate Agent on your profile. Right or Wrong?

As far as "blatantly trolling for business (referral or not)" and "it makes all of us look bad" (two statements you made), the OP didn't complain or make disparaging remarks...other people did.

Furthermore, I didn't make anyone look bad. On the contrary, the people on this thread who couldn't think of a more articulate and reasonable way to express themselves made EVERYONE look bad.

People can try to reconcile in their minds however they'd like, but the bottomline is that you CANNOT attack someone (particularly in a public forum) and assume they are not going to defend themselves.

Amber Noble-Garland
Amber,
It just doesn't have to be like this. As a matter of fact: It will not be like this.

To be helpful with your concerns:

1. Read the thread posts over, and satisfy yourself as to which contributing members have truly offered the OP the most real assistance (answers)here, assistance on topic with the original concern, rather than jumping in for a cheap referral.
You tooted your horn, claimed "I answer questions like the ones you've posed from buyers & sellers across the country regularly, because I am very active in the online space," touted your referral base, and answered NO question. Not one answer.
That approach will make you a short timer here.

2. Read the Terms of Use regarding posting others' personal information, i.e., members' first names instead of usernames that folks have chosen.
"Silverfall" is "Silverfall," unless SHE indicates a different username.
I'm "MikeJaquish," but "Mike Jaquish" is acceptable. No harm done.

3. Read the TOU regarding posting signatures. Specificly verboten.(Sorry. Just saw "Valkyrie.")

4. Think how much better we all could have gotten along without all the drama. A lot of people come here, have some fun, make friends, jab at each other a little. Every now and then someone flies off the handle, and reacts very emotionally.
But I am sure we are all big enough to get through it, and accept each other as the professionals we assuredly are.

I like City-Data very much because of the give-and-take between some very talented people, the access the public has to helpful input when they are sometimes under great stress, and the distinct restriction on directly soliciting business.

But that solicitation restriction comes with a learning curve that seems difficult for some to master.
Many people, including professionals in various CD forums, show up and get banished after a handful of posts because they just cannot accept offering information free, a la Web 2.0, with no assurance of a quid pro quo.
They never adapt and just can't stop themselves from soliciting.

Hang in there. You will get it. I find a sense of humor helps.
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Old 01-03-2009, 06:36 PM
 
Location: Central Texas
20,958 posts, read 45,197,233 times
Reputation: 24737
Darn, Mike, it says I must spread some reputation around before I can give you any more points! Beautifully said.
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Old 01-03-2009, 07:06 PM
 
Location: Salem, OR
15,500 posts, read 40,206,742 times
Reputation: 17374
I think we should have all real estate agents meet Austin-Willy first. My little comment would seem so small in comparison...

MikeJ...I just saw Valkyrie as well...
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