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+--- Thread: Why would any buyer go through a real estate agent? (/showthread.php?tid=76497)
Why would any buyer go through a real estate agent? - 3d - 04-16-2009
Nowadays, with public MLS (lite) sites, Trulia, Craigslist, etc. I can pretty much find all the information i need about a house before i even step foot in it.
Address, how long it's been sitting on the market, lot size, school district, and even in some cases when it was bought and how much it cost the seller.
Is there anything from preventing me from just leaving a note on the sellers mailbox to let them know i'm interested. Call me for coffee and a time to see the house?
I know sometimes at OpenHouses the agent will have you sign a contract saying that if you are interested in the home you have to go through this particular agent and no other. And you can't bypass the agent and talk to the owner directly.
But what about a listing online, that clearly shows the address?
I guess security for the home-owner is a concern. But you encounter that with any OpenHouse.
If i was a seller i would love to bypass that agent and save $12,000 (3%) on a $400,000 home.
Am i missing something?
When a seller agrees to go through an agent are they forbidden to sell the property themselves anymore?
Re: Why would any buyer go through a real estate agent? - WHiiP - 04-16-2009
3d wrote:
Am i missing something?
When a seller agrees to go through an agent are they forbidden to sell the property themselves anymore?
Yes, until the listing expires. However, if the eventual buyer was shown the house while it was listed, the the agent comes into play again. If you have someone who might be interested before listing with the agent, then you can have them excluded from the contract, thus making a sale to them possible.
YMMV.
Re: Why would any buyer go through a real estate agent? - jardster - 04-16-2009
3d wrote:
When a seller agrees to go through an agent are they forbidden to sell the property themselves anymore?
Yes, it's called a contract, and it's binding.
Why have an agent as a buyer?... I work and don't have time to look for all of the houses that are for sale. My agent knew what we were looking for... she'd go preview the house before even offering to take us. Because she's an agent, it's much easier to go see a house at night or when it's not "open." Also, she took care of the paperwork and helped with negotiations/legal issues/etc. Maybe you are more well versed in some of these things, but I trusted this person (sold me my first house and both of my brothers houses, grew up with her kids, etc), she had my back. I know I know, she just wants the sale... then how come she gave me 50% of her commission back?
Re: Why would any buyer go through a real estate agent? - Racer X - 04-16-2009
because my agent was able to negotiate a far better price, and took care of every little "thing" that popped uip during the whole process. What he was able to save me was far more than he got paid for his part in the process.
Re: Why would any buyer go through a real estate agent? - 3d - 04-16-2009
WHiiP wrote:
[quote=3d]
Am i missing something?
When a seller agrees to go through an agent are they forbidden to sell the property themselves anymore?
Yes, until the listing expires. However, if the eventual buyer was shown the house while it was listed, the the agent comes into play again. If you have someone who might be interested before listing with the agent, then you can have them excluded from the contract, thus making a sale to them possible.
YMMV.
Ahhh.. ok. Nowadays these home listings online are all available to the public and are so detailed in info and pictures and "virtual tours". I was wondering how all this is not counter-productive to the selling agent. How they protected themselves from being cut out of the commission.
I was surprised to see info about how long a property has been sitting on the market and the previous selling price right there in the listing with the exact address. Thanks for the info.
Re: Why would any buyer go through a real estate agent? - OWC Jamie - 04-16-2009
3d wrote:
If i was a seller i would love to bypass that agent and save $12,000 (3%) on a $400,000
home.
Am i missing something?
Without the agent, do you think you'd get $400,000 ?
In too many cases , the answer is no
When a seller agrees to go through an agent are they forbidden to sell the property themselves anymore?
What do you think the answer is if you're the agent working to make a buck ?
Re: Why would any buyer go through a real estate agent? - OWC Jamie - 04-16-2009
in some instances there can be buying and selling agents making a cut.
quite the racket. Why there is 'help-u- sell' and sales with no agents.
Re: Why would any buyer go through a real estate agent? - what4 - 04-16-2009
Buying a house may be the largest financial transaction you'll ever make. It's probably good to have an agent or real estate attorney shepherd you through it, to make sure your interests are properly protected.
If you buy and sell houses a lot, you might not need this help.
Re: Why would any buyer go through a real estate agent? - 3d - 04-16-2009
Do i detect a "tone" in some of these replies?
Yeah, i know the value of a good buyers/sellers agent. I was mainly wondering how a seller's agent protects himself from getting cut out of the commission after he does all the work in posting the listing online.
I get a chuckle when i see ForSaleByOwner listings online that say... "Please NO AGENTS!!!!! Thank you." Haha.
Re: Why would any buyer go through a real estate agent? - mrbigstuff - 04-16-2009
I am *totally* with you on the principle of the thing. It seems completely anachronistic to rely on a "middleman" to do the shopping or the selling for us. (I do find the buyer's agent a more rational model than a seller's agent given the time concerns cited above but their cut is the same). But, when it comes to selling or buying, an attorney is what both sides need; the agent is mostly irrelevant. Who can't put together a listing? If the MLS wants to restrict those of us who are willing to do it ourselves, why not form another market segment? (I know some exist now).
And, don't even get me started on how agents/brokers profited on the insane housing prices during the "bubble years."
Do you hire an agent to help you buy a car? A computer? All you need is a good attorney to research title and mortgage (a good, local bank can even most of this for you).
If showing the house is a concern, hire an underemployed person you know for $50/showing and give that person your house key. They'll be thrilled to do multiple showings in one day.