Do u use buyer`s agent when u buy properties? I get frustrated with realtors (not much choice in small areas) who don`t really provide data/legwork I need to make a wise investment that maybe I should just deal with vendor`s agent & use my lawyer to draw up purchase agreements? I know the spiel about buyer`s agents being "free" but they really aren`t - their commissions come off the purchase price which buyer pays so to me they`re not really "free" but if they`re not worth their fee, dealing with the vendor`s agent & doing my own due diligence if I can may cut me a better price even - `coz vendor`s realtor has not buyer`s realtor to share their commission with.
Worthwhile using Buyer`s Agent?
- Thread starter donksky
- Start date
- Joined
- Oct 10, 2007
- Messages
- 39
If you haven`t located a very helpful agent yet or you are confident that you can do a good job by yourself or with help from lawyer, it`s ok for you to contact seller`s agent to view the property and submit the offer yourself. It`s beneficial that you adhere REIN offer principle (subject to ) and your own "subject to" through your own due delligence to protect yourself.
As for the purchase agreement, REIN have provided during Quick Start, you may also get it freely on line. We did it twice without a suitable agent this year and last year. In fact I`m going to do it again and again and again if I located a good property myself ( not necessarily from MLS via private sale thru networking )
It`s fun to submit offer yourselve as long as you know what you are doing the follow the system.
Hope it helps. Rgds, Oliver
As for the purchase agreement, REIN have provided during Quick Start, you may also get it freely on line. We did it twice without a suitable agent this year and last year. In fact I`m going to do it again and again and again if I located a good property myself ( not necessarily from MLS via private sale thru networking )
It`s fun to submit offer yourselve as long as you know what you are doing the follow the system.
Hope it helps. Rgds, Oliver
- Joined
- Oct 10, 2007
- Messages
- 39
Also I`d like to mention that if a realtor finds me a property, they deserve to be paid for their effort or sometimes I`d say finder`s fee. They do have fiduciary duty to follow your instruction.
If you have signed exclusive Agreement ( a contract with time period ) you`re supposed to follow through with the agent.
If you have signed exclusive Agreement ( a contract with time period ) you`re supposed to follow through with the agent.
- Joined
- Jan 9, 2008
- Messages
- 196
QUOTE (donksky @ Apr 18 2008, 05:56 PM)
Do u use buyer's agent when u buy properties? I get frustrated with realtors (not much choice in small areas) who don't really provide data/legwork I need to make a wise investment that maybe I should just deal with vendor's agent & use my lawyer to draw up purchase agreements? I know the spiel about buyer's agents being "free" but they really aren't - their commissions come off the purchase price which buyer pays so to me they're not really "free" but if they're not worth their fee, dealing with the vendor's agent & doing my own due diligence if I can may cut me a better price even - 'coz vendor's realtor has not buyer's realtor to share their commission with.
I have a number of friends who are realtors. The big picture is: If a you, the buyer comes to their listing, they can certainly cut a deal with you since they do not have to split the funds with a buyer's realtor so they have room to play with working both sides of the deal. They can even give the owner a kickback and if the owner buys their next property with them, they might even not pay the the listing fees to sell. Basically, you have to search out the properties and visit each one with the listing agent (who would love to have you for a client to look at other properties as well.) The listing agent is also working for the buyer and cannot disclose any "priviledged" information about the seller's background, reasons for selling, etc. If you use the same lawyer as the seller, you can save courier costs, etc... but that does put the lawyer in a spot serving both parties so if the deal is a clean straight forward one, it would work. If suspicious about anything, then be sure to use a different lawyer.
A realtor's job can be tough so although most have no problem in sharing some of pie with you, don't try and take it all as that is their livelyhood. If they cut you a good deal, be sure to help them find new clients as part of your share of enjoying the break that they gave you.
Do u use buyer's agent when u buy properties? I get frustrated with realtors (not much choice in small areas) who don't really provide data/legwork I need to make a wise investment that maybe I should just deal with vendor's agent & use my lawyer to draw up purchase agreements? I know the spiel about buyer's agents being "free" but they really aren't - their commissions come off the purchase price which buyer pays so to me they're not really "free" but if they're not worth their fee, dealing with the vendor's agent & doing my own due diligence if I can may cut me a better price even - 'coz vendor's realtor has not buyer's realtor to share their commission with.
I have a number of friends who are realtors. The big picture is: If a you, the buyer comes to their listing, they can certainly cut a deal with you since they do not have to split the funds with a buyer's realtor so they have room to play with working both sides of the deal. They can even give the owner a kickback and if the owner buys their next property with them, they might even not pay the the listing fees to sell. Basically, you have to search out the properties and visit each one with the listing agent (who would love to have you for a client to look at other properties as well.) The listing agent is also working for the buyer and cannot disclose any "priviledged" information about the seller's background, reasons for selling, etc. If you use the same lawyer as the seller, you can save courier costs, etc... but that does put the lawyer in a spot serving both parties so if the deal is a clean straight forward one, it would work. If suspicious about anything, then be sure to use a different lawyer.
A realtor's job can be tough so although most have no problem in sharing some of pie with you, don't try and take it all as that is their livelyhood. If they cut you a good deal, be sure to help them find new clients as part of your share of enjoying the break that they gave you.
- Joined
- Sep 5, 2007
- Messages
- 244
I am not saying you should always do things this way but I bought a property I saw in a MLS listing a couple of years ago and we did fantastic. The property was listed for a long time and the person really wanted to sell.
Fortunately (in this case) we did not have a realtor at the time and we were able to get a lot of information from the listing realtor. We got the property for $100k under listing. After renovating the property (it was a huge renovation and took 1.5 years) we were able to sell it and realize a $400k profit.
Terry Kruse
Fortunately (in this case) we did not have a realtor at the time and we were able to get a lot of information from the listing realtor. We got the property for $100k under listing. After renovating the property (it was a huge renovation and took 1.5 years) we were able to sell it and realize a $400k profit.
Terry Kruse