real estate agent question
- Thread starter Wikkd03
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I'll try to make it short & hit some key points. Purchasing or selling a home is not exactly a walk in the park. An agent can help you understand everything that is involved in the buying/selling process of a home. They can help find a home that meets your budget & requirements. An agent can also help with negotiation's with more than just the listing price, there are inspections, which can lead to repairs & depending on the cost this can lead to renegotiation. This is not like buying a car. Choosing an agent that has gone through this process will definitely make your search that much easier.
I wouldn't try going without an agent unless you've been through the training and classes. My wife is an agent and I see just how much paperwork she goes through with clients.
Not to mention, if you have an agent, you also have some form of legal protection in case something goes wrong.
Not to mention, if you have an agent, you also have some form of legal protection in case something goes wrong.
Go with a agent. You'll be glad you did
Purchasing a home is a complicated process with lots of possible serious problems. The knowledge and experience of the right agent is invaluable. But you should keep in mind it's a bit like having the same lawyer for both sides of a legal case. Remember the agent gets paid by the seller, and will have the sellers interests as top priority.
For buying, I say go with an agent since the seller pays all commissions. Plus, like others have said, it's a lot and you don't want to get screwed.
Definitely go with an agent. Mine, who happened to also be a good friend of the family, found a structural defect in one of the interior walls during a walkthrough. This was something I never would've noticed myself and, had it been left unchecked, would've led to costly repairs down the road. He stepped up to bat for me and got the whole room redone before we signed the papers.
Agents may cost you a bit up front. But for the peace of mind, and ease of purchase relative to going solo, it is a worthy course of action hands down.
Agents may cost you a bit up front. But for the peace of mind, and ease of purchase relative to going solo, it is a worthy course of action hands down.
This is the job of a home inspector which you can get without an agent. This is not a good reason to have an agent as most are there just for paperwork. I would not trust any agent checking out a home for me.
This is true. The house was new at the time, so I didn't bother with a home inspector. Now whether that was a good idea or not in the long run remains to be seen.
Fastback does bring up a good point. If the home is an older one, definitely worthwhile to get a home inspector to have a look as well. A good one should find anything and everything that is potentially wrong with a home.
Mostly paperwork and looks for the houses for you if you don't have time.
Agents may cost you a bit up front. But for the peace of mind, and ease of purchase relative to going solo, it is a worthy course of action hands down.[/QUOTE]
Having an agent will probably cost you nothing out of pocket except for some cicumstances that I will explain.
Agree! A good agent will actually recommend that you hire a home inspector.
Not necessary true. The majority of the time your agent will be paid from the proceed of the sale but sometimes, no.
Definitely!
To summarize: I truly recommend you hire an agent but one that will have your best interest in mind. Not all agents work for you. Most of the times they are also working for the seller even though they show you the house. Make sure you interview the agent and ask him to represent you in the purchase of that property.
You will then sign a contract and the agent we act as a Buyer Broker. Therefore he owes you a fiduciary duty and everything you confide in him must stay confidential and his job will be to get you the house at the best price as possible. Yes there is work ivolved from his part. That is why he will charge you a fee, usually 2%-3%. The good part is, most of the times, that fee is already covered by the seller because the listing agent negotiated those fees. However, sometimes, the listing agent negotiates only his fees or take a low fee to sell the house. For example, a listing agent takes 3% to market a house. He will probably give 1% to whoever brings the buyer and keeps 2% for himself or herself. Now let's say you have a buyer broker working for you, and charging you 2%, he or she will only get that 1% from the other side and you, the buyer will have to pay the difference (the other 1%). That's why it's not always true that the seller pays all the fees.
My advice to you: 1-Get an agent that represents you (buyer broker). 2-Negotiate your fees as well because a great agent will with you. 3-Have everything in writing. 4-Don't be afraid to fire your agent if you are not happy with his or her work.
Good luck getting your new home and if you have any specific questions, feel free to pm me. Just keep in ming Real Estate is definitely local meaning things are different from one state to others but the basic is the same.
Having an agent will probably cost you nothing out of pocket except for some cicumstances that I will explain.
Agree! A good agent will actually recommend that you hire a home inspector.
Not necessary true. The majority of the time your agent will be paid from the proceed of the sale but sometimes, no.
Definitely!
To summarize: I truly recommend you hire an agent but one that will have your best interest in mind. Not all agents work for you. Most of the times they are also working for the seller even though they show you the house. Make sure you interview the agent and ask him to represent you in the purchase of that property.
You will then sign a contract and the agent we act as a Buyer Broker. Therefore he owes you a fiduciary duty and everything you confide in him must stay confidential and his job will be to get you the house at the best price as possible. Yes there is work ivolved from his part. That is why he will charge you a fee, usually 2%-3%. The good part is, most of the times, that fee is already covered by the seller because the listing agent negotiated those fees. However, sometimes, the listing agent negotiates only his fees or take a low fee to sell the house. For example, a listing agent takes 3% to market a house. He will probably give 1% to whoever brings the buyer and keeps 2% for himself or herself. Now let's say you have a buyer broker working for you, and charging you 2%, he or she will only get that 1% from the other side and you, the buyer will have to pay the difference (the other 1%). That's why it's not always true that the seller pays all the fees.
My advice to you: 1-Get an agent that represents you (buyer broker). 2-Negotiate your fees as well because a great agent will with you. 3-Have everything in writing. 4-Don't be afraid to fire your agent if you are not happy with his or her work.
Good luck getting your new home and if you have any specific questions, feel free to pm me. Just keep in ming Real Estate is definitely local meaning things are different from one state to others but the basic is the same.
I'd say that 'sometimes' is probably 1% of the time. I'm going through the buying\selling process right now (just got off the phone with my attorney because our buyers are screwing around).
Our agent is a great friend of the family, so I asked her. Aside from the times where buyers pay closing costs, or some unique agreement, agents are almost always paid from the sellers.
EXACTLY !!!!!!!!!!!!! As the buyer it costs you nothing to have the agent!
As stated already if you are buying an agent cost you nothing. If you are selling by all means you will do better with a reliable agent. Well worth the average of 6% commission. Our house is currently on the market and our agent has been great..got a good contract today in fact!:beer:
This will actually be the third house this same agent has sold for us over the last 35 years. THe key word of course is a GOOD AGENT!
This will actually be the third house this same agent has sold for us over the last 35 years. THe key word of course is a GOOD AGENT!
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