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Old 11-30-2014, 01:16 PM
 
47 posts, read 52,699 times
Reputation: 19

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A little background. I regularly live in Arizona. Two years ago I purchased a second home in Mississippi. We are selling the home in Miss and moving to the Delray Beach area of Florida. When I purchased the home in Miss, as the buyer I didn't have my own realtor. Did a lot of MLS research, found a house we liked and used the sellers agent. Bottom line, we got the home below market. I believe it was mostly due to the fact the agent knew my top dollar was it, and the seller was desperate to sell, having already moved and paying two mortgages.

I have done hours of research on the Delray/Boynton Beach MLS and have about 18 homes I am tracking.

What I would like is some comments from locals about whether it is a good idea to just contact the seller agents and negotiate myself; or are there things I'm missing and I should get my own local area agent?

thanks, Steve
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Old 12-01-2014, 09:49 AM
 
Location: North of South, South of North
8,704 posts, read 10,865,475 times
Reputation: 5150
As a buyer, ALWAYS get an experienced and reputable agent....IMO. You pay nothing for that. The seller pays. The key is to do research to ensure you get a quality agent.
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Old 12-02-2014, 06:11 AM
 
Location: Jupiter, Florida
96 posts, read 187,873 times
Reputation: 75
Steve, I agree with North_Pinellas_Guy especially when relocating. As a Realtor who will work with both buyers and sellers, I must say that you have nothing to lose and everything to gain by engaging a realtor to help you through the transaction. Laws in each state are different. In Florida, it is illegal for a Real Estate Agent to represent both the buyer and seller (Dual Agent). Therefore most agents work as Transaction Brokers which means that they represent the transaction. However, there are still quite a few who have a Single Agent relationship with the seller which means they are fully obligated to the seller and can not represent the buyer in any way. In this case you will still be able to purchase the home without an agent by signing a No Brokerage Relationship with the seller's agent. But you will have no one watching out for you best interest. Contact me if you need some clarification. Thanks for your question.
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Old 12-02-2014, 07:00 AM
 
47 posts, read 52,699 times
Reputation: 19
Gail, you pretty much stated what I had decided. When we bought the home in Mississippi it was a Dual Agent transaction and worked out great. But it was a completely special situation and we did happen to get a very honest and also top realtor in the area, all by blind luck. Don't figure that will happen again.

I have purchased three homes (2, 6,& 30 yrs ago) in my life and in all three cases I found the home we ended up purchasing, not the realtor. But in all three cases I was familiar with the area. I've also decided there are just to many things that may go wrong or at least end up costing more. So now I have to figure out how to find a "good" realtor.
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Old 12-02-2014, 10:58 AM
 
Location: South Florida
5,016 posts, read 7,420,342 times
Reputation: 5446
It's not uncommon for realtors to say a home is n/a when the commission is less than they'd like... so watch out for that.
(It's completely illegal - but they do it anyway. As I'm sure you're aware - there are plenty down here with zero ethics.)

Best of luck!
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Old 12-02-2014, 12:09 PM
 
Location: Jupiter, Florida
96 posts, read 187,873 times
Reputation: 75
Quote:
Originally Posted by cfbs2691 View Post
It's not uncommon for realtors to say a home is n/a when the commission is less than they'd like... so watch out for that.
(It's completely illegal - but they do it anyway. As I'm sure you're aware - there are plenty down here with zero ethics.)

Best of luck!
If you are concerned that a realtor is doing this simply ask for the MLS listing which will show that it is sold or under contract. Do not rely on the Zillow or Trulia listing as those lag behind the local MLS. Realtor.com is more current than Zillow or Trulia but your best bet is to ask the realtor to show you the current MLS listing. If it is under contract it will say so. If not ask to see it. If they still won't show it call the listing agent. Then fire your buyer's agent and find one you can trust. The buyer's agent should also provide you with a market analysis of any home that you are interested in buying so you can make a competitive offer.
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Old 12-09-2014, 03:13 AM
 
Location: 33432
51 posts, read 184,695 times
Reputation: 47
Firstly, I appreciate that you are making efforts to be an educated consumer and I fully understand that you'd want to take advantage of this knowledge.

It sounds like you invested your time in educating yourself on the communities you are interested in and are monitoring the sales activity as it unfolds, this is certainly an important factor for getting greatest value.

I can appreciate that we both have access to the same pictures, descriptions and pricing, but I either know the story behind the story or know someone that does. The background and motivation of the transaction and seller aren't readily available online, this specific transactional knowledge is just part of the value a buyer's agent would offer.

You might know the recent sales price and price per sq footage history for every community you are interested in, but I'm most likely in a better position to help you take advantage of this information. You are most likely a situational negotiator, while I do this for a living. You wil eventually become emotionally attached to a property, a place, a thing or outcome, my impartiality often leads to more savings, value and benefit for you when you finally know what you want.

Stop thinking that a buyer's agent can't be aligned with your desired outcomes, we represent your interests and satisfaction in this transaction, while the listing/seller's agent represents the interests and outcomes of his client. They don't want what you want, they want to sell for the highest price to the highest bidder with the quickest close date. The right buyer' agent will structure counteroffers that will either serve to save money or create value for their clients, you may or may not be as successful on your own doing the same.

Lastly, you also need to attribute a value for your time. Most people's time isn't worth zero, the time saved by someone doing it for you has a corresponding value that should be factored into the equation.

I'm not suggesting that you get a buyer's agent because it will cost you nothing, I'm saying you should because it will could cost you something if you don't.
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Old 12-09-2014, 06:32 AM
 
Location: Port Charlotte
3,930 posts, read 6,421,760 times
Reputation: 3457
I am a real estate appraiser, as is my wife. We have bought and sold many times. But when we moved to Florida, we engaged a buyers agent. The reason is that what you see on MLS is not the whole story. There are hidden issues (crime pockets, planned projects changing traffic flows or impacting future costs, etc) that you won't know.

Always get one. It will pay in the long run.
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