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Posted: 1/21/2013 11:10:01 AM EDT
[Last Edit: 1/21/2013 11:10:44 AM EDT by Archimedic]
So recently I’ve been looking at a few houses in the area, and have just found one that is pretty reasonable. I stopped by and it looks good from the exterior, so I scheduled an appointment with the selling realtor to see the inside this week.

I’m already pre approved for the loan through my bank.

My question is, do I as the buyer need a realtor to handle the paperwork and everything, or will that burden be on the selling realtor? Also, if after I take a look through the house and all is ok, when is an inspection performed? Before I make a formal offer I’m assuming, correct?

Any other tips for a first time home buyer are greatly appreciated!

ETA: Is it typical for the seller to provide the tax information from previous years on the property, or would I have to search and find that on my own?
Link Posted: 1/21/2013 11:11:47 AM EDT
No, you aren't required to have one.
Link Posted: 1/21/2013 11:13:58 AM EDT
Get an attorney and a home inspection. Maybe an appraisal.
Link Posted: 1/21/2013 11:14:53 AM EDT
Call the county tax department for prior year's tax data.
Link Posted: 1/21/2013 11:16:21 AM EDT
Do not need a Realtor. Paperwork is easy, just decide on an escrow company for handling the transaction. And the offer can be written up on an earnest money agreement purchased from a stationary store or online.
Check the paperwork with your Attorney, not with a realtor.
Make offer and base it contingent on passing inspection. Put this in the earnest money agreement...put everything in here...light switchs stay, stove/refer stays or goes...etc.
You should be able to get the tax info yourself through zillo or county records..


This info is "general"...good luck, it is easier than it appears. I've done three.
Link Posted: 1/21/2013 11:17:39 AM EDT
Link Posted: 1/21/2013 11:18:23 AM EDT
[Last Edit: 1/21/2013 11:18:49 AM EDT by vm1970]
No we did not use a realtor to buy our home we just used an attorney.
Link Posted: 1/21/2013 11:20:46 AM EDT
[Last Edit: 1/21/2013 11:27:26 AM EDT by SharpCharge]
Well, since you haven't gone and looked at the home yet, you should contact a Realtor now. If you go and look at the home without one you'll pretty much kill the chance of using your own. There's a thing called procuring cause where by the Realtor that shows you the home (even if it's the listing agent) is the one who get's your side of the commission. You can look up tax records yourself online in most places. A Realtor won't cost you anything. The seller already signed a contract to pay what ever commission amount when they listed the home, so by having a Realtor that represents you, you have protection in certain cases should something go wrong. If you choose to go see the home on your own any way with the listing agent, and put in a bid, know that they're representing the interest of the seller. Some things you may want to know, they won't be able to tell you. You also won't have as much negotiation room since they'll be playing both sides in that case.



ETA: All inspections are performed after you have an accepted offer by the seller. You'll pay for them but make the sale of the home contingent on the home passing what ever inspections you want. The bank will choose and schedule an appraisal also. You can't pick them any more.
Link Posted: 1/21/2013 11:22:54 AM EDT

Originally Posted By COLTGOLDCUP:
http://www.zillow.com/



And stay off this site. There's a ton of fucked up things on Zillow. Look at Realtor.com if you want real time info.
Link Posted: 1/21/2013 11:26:43 AM EDT
No you don't HAVE to have one. They are nice though if you have never been through the process. DO NOT rely on the seller's agent. They are not there for you.

You should have an attorney or agent working for you especially as a first time home buyer. It can be done yourself though.

Previous tax information can be looked up on the local county website.
Link Posted: 1/21/2013 11:28:19 AM EDT
Originally Posted By SharpCharge:
Well, since you haven't gone and looked at the home yet, you should contact a Realtor now. If you go and look at the home without one you'll pretty much kill the chance of using your own. There's a thing called procuring cause where by the Realtor that shows you the home (even if it's the listing agent) is the one who get's your side of the commission. You can look up tax records yourself online in most places. A Realtor won't cost you anything. The seller already signed a contract to pay what ever commission amount when they listed the home, so by having a Realtor that represents you, you have protection in certain cases should something go wrong. If you choose to go see the home on your own any way with the listing agent, and put in a bid, know that they're representing the interest of the seller. Some things you may want to know, they won't be able to tell you. You also won't have as much negotiation room since they'll be playing both sides in that case.


Thanks for that. So if I understand right, the sellers Realtor will by default become mine if I don’t show up with one? I don’t understand that, why would I be forced to pay her commission if she isn’t doing anything for me?
Link Posted: 1/21/2013 11:28:55 AM EDT
I did it myself. Saved a shitload doing it too.
Link Posted: 1/21/2013 11:30:42 AM EDT
[Last Edit: 1/21/2013 11:34:25 AM EDT by klinc]

Originally Posted By Archimedic:
Originally Posted By SharpCharge:
Well, since you haven't gone and looked at the home yet, you should contact a Realtor now. If you go and look at the home without one you'll pretty much kill the chance of using your own. There's a thing called procuring cause where by the Realtor that shows you the home (even if it's the listing agent) is the one who get's your side of the commission. You can look up tax records yourself online in most places. A Realtor won't cost you anything. The seller already signed a contract to pay what ever commission amount when they listed the home, so by having a Realtor that represents you, you have protection in certain cases should something go wrong. If you choose to go see the home on your own any way with the listing agent, and put in a bid, know that they're representing the interest of the seller. Some things you may want to know, they won't be able to tell you. You also won't have as much negotiation room since they'll be playing both sides in that case.


Thanks for that. So if I understand right, the sellers Realtor will by default become mine if I don’t show up with one? I don’t understand that, why would I be forced to pay her commission if she isn’t doing anything for me?

You are not paying anything. If you call the number on the sign to look at the house then that person (listing agent) will become both agents. They will not look out for your interests.

Listing fees are usually 6 percent. That is split 50/50 between selling and buyers agents. If the same person gets both sides then they will get all 6 percent.

EDIT: If you're in Florida by chance I can give you my wife's number. She is a Realtor in Florida and can give you any info needed.
Link Posted: 1/21/2013 11:32:00 AM EDT
Originally Posted By anjan9:
Get an attorney and a home inspection. Maybe an appraisal.


This. Unless you need help finding places to look at in an area, you definitely do not need them. We bought our current home on our own and then had a RE Atty do the paperwork to make sure we were covered. Worked flawlessly.
Link Posted: 1/21/2013 11:32:23 AM EDT
I would certainly recommend buying sans realtor (as long as an attorney has your back). However, when it comes time to sell, I would never take that on without a realtor; the 5% commission is more than worth the amount of work they put in.
Link Posted: 1/21/2013 11:33:18 AM EDT
Originally Posted By SharpCharge:
Well, since you haven't gone and looked at the home yet, you should contact a Realtor now. If you go and look at the home without one you'll pretty much kill the chance of using your own. There's a thing called procuring cause where by the Realtor that shows you the home (even if it's the listing agent) is the one who get's your side of the commission. You can look up tax records yourself online in most places. A Realtor won't cost you anything. The seller already signed a contract to pay what ever commission amount when they listed the home, so by having a Realtor that represents you, you have protection in certain cases should something go wrong. If you choose to go see the home on your own any way with the listing agent, and put in a bid, know that they're representing the interest of the seller. Some things you may want to know, they won't be able to tell you. You also won't have as much negotiation room since they'll be playing both sides in that case.


Also, be aware that real estate agents are having a hard time of it now, and are very scared of deals that exclude them.

If you think you're being led along by one for the good of the profession, just look for the overuse of industry terms like "Realtor". Note the capitalization, it's a trademarked industry term for an agent that belongs to a protectionist trade association.

Also be aware that a buyer's agent may represent them, but they are only paid if the house sells. This can lead to that agent maybe not being as forthright with info that might quash a sale as they might be if they were, say, a lawyer or an inspector that gets paid either way. An agent that is paid a percentage of the sale price might also not be as eager to negotiate a price down, or push a negotiation to the edge for fear of losing the sale entirely.

Basically, a good agent is a great thing to have on your side but a bad agent is worse than going it yourself, and its not as easy to tell the difference between bad and good as it is with, say, a quart of milk.
Link Posted: 1/21/2013 11:33:28 AM EDT
[Last Edit: 1/21/2013 11:35:43 AM EDT by thelastgunslinger]
No, but you may want one if this is your first home.

The seller pays the realtors, so it doesn't directly cost you anything as a buyer to use one. You MAY be able to negotiate a lower price with the seller, since there won't be a buyer's agent needing their commission. But since the buyer's agent commission comes from the commission paid to the seller's agent, you also have to get the seller's agent to agree to reduce the total commission on the sale. And when they find out that you don't have an agent, they will try to "double end" the deal and collect both the buying and selling commission. Certainly not impossible, but it does add one more layer to the negotiations.
Link Posted: 1/21/2013 11:40:19 AM EDT
Originally Posted By Archimedic:
Originally Posted By SharpCharge:
Well, since you haven't gone and looked at the home yet, you should contact a Realtor now. If you go and look at the home without one you'll pretty much kill the chance of using your own. There's a thing called procuring cause where by the Realtor that shows you the home (even if it's the listing agent) is the one who get's your side of the commission. You can look up tax records yourself online in most places. A Realtor won't cost you anything. The seller already signed a contract to pay what ever commission amount when they listed the home, so by having a Realtor that represents you, you have protection in certain cases should something go wrong. If you choose to go see the home on your own any way with the listing agent, and put in a bid, know that they're representing the interest of the seller. Some things you may want to know, they won't be able to tell you. You also won't have as much negotiation room since they'll be playing both sides in that case.


Thanks for that. So if I understand right, the sellers Realtor will by default become mine if I don’t show up with one? I don’t understand that, why would I be forced to pay her commission if she isn’t doing anything for me?


The seller of the house is paying 6% (most of the time this is true). That 6% goes to the selling Realtor, unless another agent brings a prospective buyer to see the house, then that 6% gets cut into 3% for the sellers agent and 3% for the buyers agent.

You don't pay any extra.

The Inspections are done after you submit an offer.
Link Posted: 1/21/2013 11:41:09 AM EDT

Originally Posted By klinc:

Originally Posted By Archimedic:
Originally Posted By SharpCharge:
Well, since you haven't gone and looked at the home yet, you should contact a Realtor now. If you go and look at the home without one you'll pretty much kill the chance of using your own. There's a thing called procuring cause where by the Realtor that shows you the home (even if it's the listing agent) is the one who get's your side of the commission. You can look up tax records yourself online in most places. A Realtor won't cost you anything. The seller already signed a contract to pay what ever commission amount when they listed the home, so by having a Realtor that represents you, you have protection in certain cases should something go wrong. If you choose to go see the home on your own any way with the listing agent, and put in a bid, know that they're representing the interest of the seller. Some things you may want to know, they won't be able to tell you. You also won't have as much negotiation room since they'll be playing both sides in that case.


Thanks for that. So if I understand right, the sellers Realtor will by default become mine if I don’t show up with one? I don’t understand that, why would I be forced to pay her commission if she isn’t doing anything for me?

You are not paying anything. If you call the number on the sign to look at the house then that person (listing agent) will become both agents. They will not look out for your interests.

Listing fees are usually 6 percent. That is split 50/50 between selling and buyers agents. If the same person gets both sides then they will get all 6 percent.

EDIT: If you're in Florida by chance I can give you my wife's number. She is a Realtor in Florida and can give you any info needed.

This. You don't pay for it. Even if you and your realtor went and looked at 100 homes, they don't make a dime till you get one to close and it comes from the seller. Commissions vary by area and aren't always a straight 50/50 split. My wife too is a Realtor here in NE Ohio. She's been at it for about 10 years in 3 different states as I moved around in the .mil. There's a lot of differences between states in regards to real estate laws, brokers, etc.
Link Posted: 1/21/2013 11:44:05 AM EDT
Originally Posted By SharpCharge:
Well, since you haven't gone and looked at the home yet, you should contact a Realtor now. If you go and look at the home without one you'll pretty much kill the chance of using your own. There's a thing called procuring cause where by the Realtor that shows you the home (even if it's the listing agent) is the one who get's your side of the commission. You can look up tax records yourself online in most places. A Realtor won't cost you anything. The seller already signed a contract to pay what ever commission amount when they listed the home, so by having a Realtor that represents you, you have protection in certain cases should something go wrong. If you choose to go see the home on your own any way with the listing agent, and put in a bid, know that they're representing the interest of the seller. Some things you may want to know, they won't be able to tell you. You also won't have as much negotiation room since they'll be playing both sides in that case.



ETA: All inspections are performed after you have an accepted offer by the seller. You'll pay for them but make the sale of the home contingent on the home passing what ever inspections you want. The bank will choose and schedule an appraisal also. You can't pick them any more.


I'm a Realtor and I was going to say something very similar to this, but he said it better than I would have. Do get a competent buyers agent to represent you!
Link Posted: 1/21/2013 11:44:05 AM EDT
You should use one. The majority of responses here are not accurate or complete....

1. As the purchaser in the transaction it will not cost you anything.
2. Do not let the LA be your BA (double dip, how could someone who has been hired by the seller truly look out after your best interests?)
3. There is no way to accurately guage a CMA without spending hours looking at tax data without access to MLS
4. Realtors have E&O insurance.
5. Your contract with a realtor is null and void anytime you say so in writing. You are never per say bound to a Realtor unless you like their performance.
6. DO NO USE ZILLOW, TRULIA, and other websites. Realtors use MLS, the others are marketing, hence you click the "send me more info" and it is considered a "lead"
7. This is their job, they will do it easier and communicate better with the LA then you can.
8. Generally they have good contacts, be it lenders, atty's, home inspectors, etc.
Link Posted: 1/21/2013 11:47:22 AM EDT

Originally Posted By 220:
Originally Posted By SharpCharge:
Well, since you haven't gone and looked at the home yet, you should contact a Realtor now. If you go and look at the home without one you'll pretty much kill the chance of using your own. There's a thing called procuring cause where by the Realtor that shows you the home (even if it's the listing agent) is the one who get's your side of the commission. You can look up tax records yourself online in most places. A Realtor won't cost you anything. The seller already signed a contract to pay what ever commission amount when they listed the home, so by having a Realtor that represents you, you have protection in certain cases should something go wrong. If you choose to go see the home on your own any way with the listing agent, and put in a bid, know that they're representing the interest of the seller. Some things you may want to know, they won't be able to tell you. You also won't have as much negotiation room since they'll be playing both sides in that case.



ETA: All inspections are performed after you have an accepted offer by the seller. You'll pay for them but make the sale of the home contingent on the home passing what ever inspections you want. The bank will choose and schedule an appraisal also. You can't pick them any more.


I'm a Realtor and I was going to say something very similar to this, but he said it better than I would have. Do get a competent buyers agent to represent you!

Damn, that means I've been listening to the wife too much. haha

Link Posted: 1/21/2013 11:49:14 AM EDT

Originally Posted By SharpCharge:

Originally Posted By 220:
Originally Posted By SharpCharge:
Well, since you haven't gone and looked at the home yet, you should contact a Realtor now. If you go and look at the home without one you'll pretty much kill the chance of using your own. There's a thing called procuring cause where by the Realtor that shows you the home (even if it's the listing agent) is the one who get's your side of the commission. You can look up tax records yourself online in most places. A Realtor won't cost you anything. The seller already signed a contract to pay what ever commission amount when they listed the home, so by having a Realtor that represents you, you have protection in certain cases should something go wrong. If you choose to go see the home on your own any way with the listing agent, and put in a bid, know that they're representing the interest of the seller. Some things you may want to know, they won't be able to tell you. You also won't have as much negotiation room since they'll be playing both sides in that case.



ETA: All inspections are performed after you have an accepted offer by the seller. You'll pay for them but make the sale of the home contingent on the home passing what ever inspections you want. The bank will choose and schedule an appraisal also. You can't pick them any more.


I'm a Realtor and I was going to say something very similar to this, but he said it better than I would have. Do get a competent buyers agent to represent you!

Damn, that means I've been listening to the wife too much. haha



And they say we never listen.
Link Posted: 1/21/2013 11:52:28 AM EDT
Originally Posted By klinc:

Originally Posted By SharpCharge:

Originally Posted By 220:
Originally Posted By SharpCharge:
Well, since you haven't gone and looked at the home yet, you should contact a Realtor now. If you go and look at the home without one you'll pretty much kill the chance of using your own. There's a thing called procuring cause where by the Realtor that shows you the home (even if it's the listing agent) is the one who get's your side of the commission. You can look up tax records yourself online in most places. A Realtor won't cost you anything. The seller already signed a contract to pay what ever commission amount when they listed the home, so by having a Realtor that represents you, you have protection in certain cases should something go wrong. If you choose to go see the home on your own any way with the listing agent, and put in a bid, know that they're representing the interest of the seller. Some things you may want to know, they won't be able to tell you. You also won't have as much negotiation room since they'll be playing both sides in that case.



ETA: All inspections are performed after you have an accepted offer by the seller. You'll pay for them but make the sale of the home contingent on the home passing what ever inspections you want. The bank will choose and schedule an appraisal also. You can't pick them any more.


I'm a Realtor and I was going to say something very similar to this, but he said it better than I would have. Do get a competent buyers agent to represent you!

Damn, that means I've been listening to the wife too much. haha



And they say we never listen.


NICE
Link Posted: 1/21/2013 11:55:40 AM EDT
No you don't need a realtor.

Inspections are generally after you make and they accept an offer. Your offer should have a contingency clause for inspections for mold, radon, plumbing, heating, well, septic, etc etc etc.

A buyer's realtor will prepare a list of market comps and should help you negotiate, but you can make an offer.

Posted Via AR15.Com Mobile
Link Posted: 1/21/2013 11:58:06 AM EDT
Anyone telling you not to have a Realtor when you are the buyer is kind of stupid if you ask me. When you are the buyer you pay the Realtor nothing at all. If they try to charge you a buyers brokerage fee tell them no that you will just go get another agent. Trust me, they will still work with you even if they can't get you to pay the fee. The buyers agent is going to get paid from the seller side so don't pay them anything. Also another reason to use a Realtor is they will make sure you do everything you are suppose to be doing. Plus if the home you want is listed with an agent already then it is stupid not to have your own agent. Don't let the sellers agent control both sides.
Link Posted: 1/21/2013 11:59:28 AM EDT
One other thing. When someone says "you can make the offer without a Realtor" they are 100% wrong. You making an offer without your own Realtor is really just the sellers Realtor making the offer for you. This means they are now your agent.
Link Posted: 1/21/2013 12:03:20 PM EDT
[Last Edit: 1/21/2013 12:07:19 PM EDT by kpu1127]
Originally Posted By Taboot:
I did it myself. Saved a shitload doing it too.


Please explain, as a buyer, how you saved a shit load of money for a service that doesn't cost you anything.

ETA: unless you can convince the sellers agent to apply half of their ~6% commission to the sale, essentially giving you the 3% that would have gone to another realtor.
Link Posted: 1/21/2013 12:06:31 PM EDT
Well, due to the help of you all I now have a buyer’s agent on my side. I feel much more comfortable now knowing I can ask them any of my “noobie” questions, and receive an honest answer. The fact that it doesn’t cost me a dime helps too.

Thank you all for the insight!
Link Posted: 1/21/2013 12:06:48 PM EDT
I bought my third after the listing expired with the realtor from the owner.
I thought it had sold over the weekend, and it Was out of my price range (238k). They had pulled the ads and web info. On Monday I called the realtor, and she said it was not listed with them and to call the owner.

I called the owner, and she gave me her walk away price (175k). Told her I'd do it, no thinking or hemming around, and she couldn't believe me. Had her husband call back and confirm I'd write a deposit check That day. House was mine the nest day.

I saved a ton of money, but I did feel bad that the agent that showed me the place twice was a friend, and didn't get the sale commission. Her commission to watch me look at a house for two hours would have been 7 grand.

A good title or deed outfit like mine will facilitate the whole thing for you. Just cover your ass on inspections. Its probably been inspected multiple times. My bank had an inspection done and charged me,,, I'm like really, when did this happen? I rekeyed the locks myself and have been living there, no Inspector has been here. They used an older inspection and charged me retail.
Link Posted: 1/21/2013 12:10:53 PM EDT
OP READ THIS, it is probably already stated but too lazy to read myself. You may already know some or all of this:

Seller is paying 6% of his list price for agents... there are always two agents. Sellers and Buyers agents. Each take roughly 3% each. The sellers agent is out of your hands. You as the buyer can either pocket 3% or give it to a realtor.

here is where you can do your own legwork and save some money rather than allow the sellers agent to become your buyers agent and achieve all 6%... it's useless to use the sellers agent as a buyers agent. IT DOES NOT HELP YOU.

find a LIMITED SERVICE REALTOR!!!!! That 3% commission that the seller has set in stone has to go to someone. The only way it can go to you is if you find a LIMITED SERVICE REALTOR.

Here in Charleston, SC I used one to list my house for $300... that's it. NOT 3%
If I was buying a house they charge 1%... not 3%. They will literally cut you a check after the closing. You, of course, will be represented in a 'limited' manner, meaning you will schedule inspections, CL100, appraisals (usually the lender or insureance co. will require that).

Save yourself 2% and find a LIMITED SERVICE REALTOR in your area. You will pocket 2% rather than give it to that D.Bag sellers agent
Link Posted: 1/21/2013 12:11:53 PM EDT
Dumb question -


Can you be your own realtor and collect the other half of that 6%?

Link Posted: 1/21/2013 12:16:46 PM EDT
Originally Posted By follybeacher:
OP READ THIS, it is probably already stated but too lazy to read myself. You may already know some or all of this:

Seller is paying 6% of his list price for agents... there are always two agents. Sellers and Buyers agents. Each take roughly 3% each. The sellers agent is out of your hands. You as the buyer can either pocket 3% or give it to a realtor.

here is where you can do your own legwork and save some money rather than allow the sellers agent to become your buyers agent and achieve all 6%... it's useless to use the sellers agent as a buyers agent. IT DOES NOT HELP YOU.

find a LIMITED SERVICE REALTOR!!!!! That 3% commission that the seller has set in stone has to go to someone. The only way it can go to you is if you find a LIMITED SERVICE REALTOR.

Here in Charleston, SC I used one to list my house for $300... that's it. NOT 3%
If I was buying a house they charge 1%... not 3%. They will literally cut you a check after the closing. You, of course, will be represented in a 'limited' manner, meaning you will schedule inspections, CL100, appraisals (usually the lender or insureance co. will require that).

Save yourself 2% and find a LIMITED SERVICE REALTOR in your area. You will pocket 2% rather than give it to that D.Bag sellers agent


Saved for future reference. If I would purchase this property I’m more than happy to pay the 3% to have someone hold my hand through it all. It’s a cheap property, and won’t be my only purchase in the next 5 years.. Thanks
Link Posted: 1/21/2013 12:21:15 PM EDT
[Last Edit: 1/21/2013 12:30:39 PM EDT by follybeacher]
Originally Posted By Archimedic:
Well, due to the help of you all I now have a buyer’s agent on my side. I feel much more comfortable now knowing I can ask them any of my “noobie” questions, and receive an honest answer. The fact that it doesn’t cost me a dime helps too.

Thank you all for the insight!


DUDE. YOU FUCKED UP IF YOU'RE TRING TO SAVE MONEY... and forget that honest answer bullshit. Realtors are salesmen and retards at best (sorry realtors)
If you are a competent person, and not everbody is, you dont need a realtor. again, LIMITED SERVICE REALTOR. do some legwork and find one.
but, on the flip side, 2% of the total list price might be worth it to you if you don't feel you can sign your name or talk to an insurance company or deal with a lender on your own (ps realtors only fluff you while they send you to go contact those people anyway). your call. if you havn't signed anything with your 'sellers buyers agent' it's not to late to save 2%
and put in perspective 2% of 200k is 4k. that's your money
Link Posted: 1/21/2013 12:21:59 PM EDT
Originally Posted By follybeacher:
OP READ THIS, it is probably already stated but too lazy to read myself. You may already know some or all of this:

Seller is paying 6% of his list price for agents... there are always two agents. Sellers and Buyers agents. Each take roughly 3% each. The sellers agent is out of your hands. You as the buyer can either pocket 3% or give it to a realtor.

here is where you can do your own legwork and save some money rather than allow the sellers agent to become your buyers agent and achieve all 6%... it's useless to use the sellers agent as a buyers agent. IT DOES NOT HELP YOU.

find a LIMITED SERVICE REALTOR!!!!! That 3% commission that the seller has set in stone has to go to someone. The only way it can go to you is if you find a LIMITED SERVICE REALTOR.

Here in Charleston, SC I used one to list my house for $300... that's it. NOT 3%
If I was buying a house they charge 1%... not 3%. They will literally cut you a check after the closing. You, of course, will be represented in a 'limited' manner, meaning you will schedule inspections, CL100, appraisals (usually the lender or insureance co. will require that).

Save yourself 2% and find a LIMITED SERVICE REALTOR in your area. You will pocket 2% rather than give it to that D.Bag sellers agent


While I'm sure your legit and you probably wrote it wrong, if anyone is cutting checks after the closing (undisclosed) IE it doesn't show up during the closing on the HUD1 form. Well you probably have committed some sort of fraud.
Link Posted: 1/21/2013 12:23:35 PM EDT

Originally Posted By follybeacher:
Originally Posted By Archimedic:
Well, due to the help of you all I now have a buyer’s agent on my side. I feel much more comfortable now knowing I can ask them any of my "noobie” questions, and receive an honest answer. The fact that it doesn’t cost me a dime helps too.

Thank you all for the insight!


DUDE. YOU FUCKED UP IF YOU'RE TRING TO SAVE MONEY... and forget that honest answer bullshit. Realtors are salesmen and retards at best (sorry realtors)
If you are a competent person, and not everbody is, you dont need a realtor. again, LIMITED SERVICE REALTOR. do some legwork and find one.
but, on the flip side, 2% of the total list price might be worth it to you if you don't feel you can sign your name or talk to an insurance company or deal with a lender on your own (ps realtors only fluff you while they send you to go contact those people anyway). your call. if you havn't signed anything with your 'sellers agent' it's not to late to save 2%
and put in perspective 2% of 200k is 4k. that's your money


There we go... that's how these threads usually go. Surprised it took this long.
Link Posted: 1/21/2013 12:29:01 PM EDT
Originally Posted By klinc:

Originally Posted By follybeacher:
Originally Posted By Archimedic:
Well, due to the help of you all I now have a buyer’s agent on my side. I feel much more comfortable now knowing I can ask them any of my "noobie” questions, and receive an honest answer. The fact that it doesn’t cost me a dime helps too.

Thank you all for the insight!


DUDE. YOU FUCKED UP IF YOU'RE TRING TO SAVE MONEY... and forget that honest answer bullshit. Realtors are salesmen and retards at best (sorry realtors)
If you are a competent person, and not everbody is, you dont need a realtor. again, LIMITED SERVICE REALTOR. do some legwork and find one.
but, on the flip side, 2% of the total list price might be worth it to you if you don't feel you can sign your name or talk to an insurance company or deal with a lender on your own (ps realtors only fluff you while they send you to go contact those people anyway). your call. if you havn't signed anything with your 'sellers agent' it's not to late to save 2%
and put in perspective 2% of 200k is 4k. that's your money


There we go... that's how these threads usually go. Surprised it took this long.


Is now a good time to say "IN"?

Link Posted: 1/21/2013 12:29:03 PM EDT
i apologize for being so adamant about this topic, but realtors are a friggin ponzi scheme. it's hard to explain if you only bought that one house and didn't know better. that's exactly their business. to take 6% for nothing. if you are on house three and realize you could have saves shit tons, and i mean shit tons of money for just doing the legwork yourself, then you might understand.

i dont care about the OP's finances, but through experience, the only way to beat them at their own game is a LIMITED SERVICE REALTOR or FSBO, which as we know has it's drawbacks because you cant get on MLS.

rant out
Link Posted: 1/21/2013 12:35:26 PM EDT
News flash: this isn't like buying a gun FTF at the gun show.

A buyer's agent doesn't cost you a dime, and will know more about the home buying process than most people.

I'm sure there are shitty buyer's agents out there. There are also good ones. But here's the great thing - they work for you and they don't get paid until you buy. Don't like the agent you're working with? BYE!!!


I'm also not sure why a lot of people seem to need/want a lawyer. I can't speak for every location and every scenario, but around here simple person to person real estate transactions will typically involve one or two agents, the lender/broker and the title company.
Link Posted: 1/21/2013 12:38:42 PM EDT
Originally Posted By follybeacher:
i apologize for being so adamant about this topic, but realtors are a friggin ponzi scheme. it's hard to explain if you only bought that one house and didn't know better. that's exactly their business. to take 6% for nothing. if you are on house three and realize you could have saves shit tons, and i mean shit tons of money for just doing the legwork yourself, then you might understand.

i dont care about the OP's finances, but through experience, the only way to beat them at their own game is a LIMITED SERVICE REALTOR or FSBO, which as we know has it's drawbacks because you cant get on MLS.

rant out


Thank you for trashing a couple million people and their profession based on your experience with a few. Maybe if you didn't like the Realtors you worked with you should have found one that was better. Sometimes it is not the Realtors fault but stupid people who think they know everything about buying a selling a house. Kind of sounds like you.
Link Posted: 1/21/2013 12:40:50 PM EDT

Originally Posted By follybeacher:
i apologize for being so adamant about this topic, but realtors are a friggin ponzi scheme. it's hard to explain if you only bought that one house and didn't know better. that's exactly their business. to take 6% for nothing. if you are on house three and realize you could have saves shit tons, and i mean shit tons of money for just doing the legwork yourself, then you might understand.

i dont care about the OP's finances, but through experience, the only way to beat them at their own game is a LIMITED SERVICE REALTOR or FSBO, which as we know has it's drawbacks because you cant get on MLS.

rant out

If he were selling and not buying I'd say maybe. But since the seller already has a Realtor, there's no advantage here. The listing agent probably won't reduce their commission, it's up to their broker not the individual agent in most cases. You can do pretty much anything on your own, but if you do it for a living you know all the requirements and know how to get them to work for you.
Link Posted: 1/21/2013 12:46:32 PM EDT
[Last Edit: 1/21/2013 12:48:57 PM EDT by AlamTX]
You don't need one by law, but it's something that just makes sense in Texas, at least. If you go without one and the seller has a Realtor, that agent will get 6% of the sale price, generally, as commission. If you bring your own Realtor to represent you in the negotiation or to help you find a house, your agent will get half of that 6% as commission. It's built into the cost to the seller and already agreed upon in a listing contract. If you go without an agent, well the Realtor representing the seller will keep the whole 6% anyway. You really won't save any money if the seller has their own agent. In fact, in those situations, that Realtor will try to convince you that his role will shift to an intermediary one and he'll be representing both of you.

Personally, I'd get a Realtor. It won't cost you extra and if you got someone who you can trust and get along with, they might just help you negotiate a transaction that will save you money in the grand scheme of things. Heck, they might help you sell the house down the road.

FYI... I'm not a Realtor. I'm a mortgage broker.
Link Posted: 1/21/2013 12:47:48 PM EDT
Originally Posted By klinc:
No you don't HAVE to have one. They are nice though if you have never been through the process. DO NOT rely on the seller's agent. They are not there for you.

You should have an attorney or agent working for you especially as a first time home buyer. It can be done yourself though.

Previous tax information can be looked up on the local county website.




Exactly. If you don't have your own agent you are using the sellers agent, who has an obligation to give the seller the best deal and you the worst deal. It makes no difference to the seller as they are already getting 6pct taken out of their check.

Granted, our realtor was useless and our lawyer was CRITICAL to get the deal done. Make sure you have someone you trust so you can ask the important questions like " should I sign that?"
Link Posted: 1/21/2013 12:53:17 PM EDT
Bought my second home, just the seller, me, and my attorney, who the seller was fine with, since he was from out of town.
Link Posted: 1/21/2013 12:53:46 PM EDT
Basically, it's like going to court. You can go without an attorney if you like, but it's not advisable.
Link Posted: 1/21/2013 12:59:03 PM EDT
[Last Edit: 1/21/2013 12:59:40 PM EDT by follybeacher]
Originally Posted By nisa715:
Originally Posted By follybeacher:
i apologize for being so adamant about this topic, but realtors are a friggin ponzi scheme. it's hard to explain if you only bought that one house and didn't know better. that's exactly their business. to take 6% for nothing. if you are on house three and realize you could have saves shit tons, and i mean shit tons of money for just doing the legwork yourself, then you might understand.

i dont care about the OP's finances, but through experience, the only way to beat them at their own game is a LIMITED SERVICE REALTOR or FSBO, which as we know has it's drawbacks because you cant get on MLS.

rant out


Thank you for trashing a couple million people and their profession based on your experience with a few. Maybe if you didn't like the Realtors you worked with you should have found one that was better. Sometimes it is not the Realtors fault but stupid people who think they know everything about buying a selling a house. Kind of sounds like you.



it's not my experience with the realtors as individuals. they did their job. it is the industry as a whole i am dissatisfied with. their only power is MLS.
you sir should keep paying 3% everytime you buy and sell a house. doesn't sound like you want to open your mind to the point i was tring to get across.
Link Posted: 1/21/2013 1:05:29 PM EDT

Originally Posted By follybeacher:
Originally Posted By nisa715:
Originally Posted By follybeacher:
i apologize for being so adamant about this topic, but realtors are a friggin ponzi scheme. it's hard to explain if you only bought that one house and didn't know better. that's exactly their business. to take 6% for nothing. if you are on house three and realize you could have saves shit tons, and i mean shit tons of money for just doing the legwork yourself, then you might understand.

i dont care about the OP's finances, but through experience, the only way to beat them at their own game is a LIMITED SERVICE REALTOR or FSBO, which as we know has it's drawbacks because you cant get on MLS.

rant out


Thank you for trashing a couple million people and their profession based on your experience with a few. Maybe if you didn't like the Realtors you worked with you should have found one that was better. Sometimes it is not the Realtors fault but stupid people who think they know everything about buying a selling a house. Kind of sounds like you.



it's not my experience with the realtors as individuals. they did their job. it is the industry as a whole i am dissatisfied with. their only power is MLS.
you sir should keep paying 3% everytime you buy and sell a house. doesn't sound like you want to open your mind to the point i was tring to get across.

Regulations are usually stacked in the favor of groups with large PAC's just like the National Association of Realtors. In fact, this may help you see why laws and regulations are structured the way they are:

Link Posted: 1/21/2013 2:31:54 PM EDT
[Last Edit: 1/21/2013 2:34:36 PM EDT by TheRealSundance]

Originally Posted By Lockstep:
I bought my third after the listing expired with the realtor from the owner.
I thought it had sold over the weekend, and it Was out of my price range (238k). They had pulled the ads and web info. On Monday I called the realtor, and she said it was not listed with them and to call the owner.

I called the owner, and she gave me her walk away price (175k). Told her I'd do it, no thinking or hemming around, and she couldn't believe me. Had her husband call back and confirm I'd write a deposit check That day. House was mine the nest day.

I saved a ton of money, but I did feel bad that the agent that showed me the place twice was a friend, and didn't get the sale commission. Her commission to watch me look at a house for two hours would have been 7 grand.

A good title or deed outfit like mine will facilitate the whole thing for you. Just cover your ass on inspections. Its probably been inspected multiple times. My bank had an inspection done and charged me,,, I'm like really, when did this happen? I rekeyed the locks myself and have been living there, no Inspector has been here. They used an older inspection and charged me retail.


Buying a for sale by owner is different. I see you own a title company, makes it much easier.

Did you sue the bank for fraud?


A guy I worked with was selling his house w/o a realtor. When a person came with one a made an offer, he said he would accept it but they had to add in the 6% to cover their realtor.

Link Posted: 1/21/2013 2:36:15 PM EDT
Originally Posted By Taboot:
I did it myself. Saved a shitload doing it too.


How amazing, since the seller pays the realtor costs, whether split or whole.
Link Posted: 1/21/2013 2:58:07 PM EDT
Originally Posted By Fast_Jimmy:
Originally Posted By Taboot:
I did it myself. Saved a shitload doing it too.


How amazing, since the seller pays the realtor costs, whether split or whole.


The seller just tacks on the agent fees to the price of the house. It's like the gov raising taxes on "just businesses" it will always get passed on the the consumer.

And the idea of a buyers agent who is getting a % commission on the sale of a house having the sellers interests purely in mind is interesting. Im sure they never think that "if I can get him to agree to as high a price as possible, then I make more money"...just say'en
Link Posted: 1/21/2013 3:02:44 PM EDT

Originally Posted By kpu1127:
Originally Posted By Taboot:
I did it myself. Saved a shitload doing it too.


Please explain, as a buyer, how you saved a shit load of money for a service that doesn't cost you anything.

ETA: unless you can convince the sellers agent to apply half of their ~6% commission to the sale, essentially giving you the 3% that would have gone to another realtor.

That's the only way it will save a buyer money, but it is possible to do.
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