Buying a house

[Firehawk]

I had my own realtor showing me houses and arguing with the seller's realtor. I thought that was pretty standard way to go about it.

[LiftGirl]

The seller's realtor gets 6% of the house price. If you (the buyer) have your own realtor, then they split the 6% commission and each get 3%.

You really need to have your own realtor (or a lawyer if you don't want a realtor) representing your interests. Remember that this is possibly the most important purchase you'll make, and you don't want to have any regrets later. Remember that the seller's agent is working for the seller, in their interests, not in yours.

[westside24]

guys, guys, I know this. thats not what im asking Although I thank you all for the tips n advice....

I have an agaent... he im not under contract with him, But I want this agent to represent me... his name is Jim...

I had a sellers agent show me a home yesterday his name is patrick... my agent didnt show me the home, patrick the sellers agent did.

so im asking, would it be shady to have my agent still make the offer and take over from there, even though the sellers agent showed me the home?????

the scenario that is playing out in my head is like this:
My agent faxs my offer, the seller agent patrick gets the offer, and sees its from me, he then is upset because he wont get that 6% , after thinking he would because he showed me the house himself, so he might lie and say the bank didnt accept my offer, or the bank wants full price... see what im saying?

[LiftGirl]

Originally Posted by westside24

so im asking, would it be shady to have my agent still make the offer and take over from there, even though the sellers agent showed me the home?????

the scenario that is playing out in my head is like this:
My agent faxs my offer, the seller agent patrick gets the offer, and sees its from me, he then is upset because he wont get that 6% , after thinking he would because he showed me the house himself, so he might lie and say the bank didnt accept my offer, or the bank wants full price... see what im saying?

No, it is not shady at all. It doesn't matter who showed you the house. Patrick would still get 3% even if you use your own agent; he would split the 6% with your agent.

If he lies and says the bank didn't accept the offer when really they did, then it would be incredibly unethical (possibly illegal?). Not to mention he'd be screwing the bank (his client) out of a possible buyer.

[westside24]

ok, thank you darling! that is the answer I wanted.

See I was figuring, since my agent is so busy n all, I could save him time by having other agents show me houses.

So now I will call my agent, so I can get him to make my offer.

[YesImAndys]

OH GOD, Y'all got me going.......Andy warned ya...UNLESS YOU CAN FIND A REALTOR THAT STILL CARES ABOUT WHAT SHE DOES FOR A LIVING...I have ACTUALLY been known to take NO COMMISSION PERIOD because the couple I was working FOR had 3 kids and NO MONEY and NO HOME...I spared my commission so they could get in the home with out costs to them.....When buying or selling Real Estate, you may find it helpful to have a real estate agent assist you. Real estate agents can provide many useful services (not just get a commission for nothing...I bust my ass at work, buyers side and/or sellers side) and work with you in different ways...In some real estate transctions, the agents work for the seller. In others, the seller and buyer may each have agents. And sometimes the same agents work for both the buyer and the seller. It is important for you to know whether an agent is working for you as YOUR agent or simply working WITH you while acting as an agent of the other party...Seller's agent (someone that doesn't do much for their commission)...Duties to the seller...The listing firm and its agents must promote you best interests, be loyal to you, follow your lawful instructions (SUEABLE), provide you wil all material facts that could influence your decisions, use reasonable skill, care and diligence, and account for all monies they handle for you (SUEABLE). Once an agreement is signed a selling agent may not give any confidential information about you to prospective buyers or their agents without your permission as long as they represent you (SUEABLE)...To help sell your home, the listing firm and all of its agents will offer to perforn a number of services for you (not just sit behind a desk and computer)...These may include, helping you price your property by performing a competative market analysis on your home (mini appraisal that can take days to prepare, free of charge), advertising and marketing you property (usually @ $2,000 in a 6 month period per home or property), giving you all the required property disclosure forms to fill out so YOU don't get sued if not answered correctly...(YEAH, I WOULD GET SUED and have to PAY UP), negotiating for you the best possible price and terms (keeping the "heat" and "stress" off you YOU), and reviewing all written offers with you and otherwise promoting you best interests...For representing you and helping you sell your property, you will pay the listing firm a sales commission or fee. You in turn will allow the firm to share the commission with other agents involved representing the buyer. Then there is the DUAL Agent...(yet another agent that doesn't do alot for the commission)...You may choose to even permit the agents and its firm to represent you AND a buyer at the same time ...This "dual agency relationship" is most likely to happen if an agent with your listing frirm is working as a buyer's agent with someone who wants to purchase your property. If this occurs and you have not already agreed to a dual agency relationship in your listing agreement, you listing agent will ask you to sign a separate agreement or document permitting the agent to act as agent for both you and the buyer (SUEABLE)..It may be difficult for a dual agent to advance the interests of both the buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally (SUEABLE)...Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party (SUEABLE)...Now then, there is the Buyers agent (yet a 3rd person not doing much for that HUGE commission)...When buying real estate, you may have several choices as to how you want a real estate firm and its agents to work with you. A buyers agent's duties to the buyer: If the real estate firm and its agents respresent you they must; promote your best interests, be loyal to you, follow your lawful instructions (SUEABLE), provide you with all material facts that could influence your decisions, use reasonable skill, care and diligence and account for all monies they handle for you (SUEABLE). Once you have agreed for the firm and its agents to be your buyers agent, they may not give and confidential information about you to sellers or their agents without your permission so long they represent you (SUEABLE)...Services and Compensation...A buyer's agent will perform a number of services for you...These may include helping you find a suitable property (sometimes up to 20 home showings and thousands of miles per client), arrange financing (including helping you fill out the bank applications, USDA, VA, FHA, HUD, etc), selecting the best banker for your income and credit history, do courthouse research to find out every possible thing about a property that the "other" agent may not know, otherwise promote your best interests, then filling out the offer to purchase for you and "fighting" back and forth with the sellers agent for your best possible price acceptance...A buyer's agent can be compensated in different ways...For example, you can pay the agent out of your own pocket (Not practiced). Or the agent may seek compensation from the sellers listing agent first, but require you to pay if the listing agent refuses. For an easy breakdown of what a Realtor earns for the "small" job they do....For easy figuring....Say a commission is $10,000.00, I am the buyers agent....I get half of that, the sellers agent gets the other half.......Here is MY BREAKDOWN FROM THERE..........................$5,000.00 MY SIDE
MINUS.......... $ 500.00.......10% FOR THE FRANCHISE NAME
2,500.00......1/2 TO THE FIRM ITSELF (DESK FEE, ETC)
@ 500.00......GAS, INK, STAMPS, PAPERWORK
@ 750.00......ADVERTISING (FOR @ 2 MONTHS)

OUT OF A $5,000.00 COMMISSION (REMEMBER THESE CLOSINGS COME FAR AND FEW BETWEEN, SOMETIMES ONLY 1 EVERY OTHER MONTH OR SO)........I am walking away with $750.00....TIMES THAT BY 6 AND I AM AT POVERTY LEVEL FROM HELL, MAKING $4,500.00 PER YEAR....NOW MULTIPLY THAT BY 12 I AM A RICH B****....AT $9,000.00 PER YEAR IN COMMISSIONS....

My advise to ANYONE when picking an agent....Interview them....Find the one that gave up a commission to help a family out and actually physically goes with you to look at homes (not just hands you paperwork about the places and lets you go it alone).....We are there to "hold you hands through this"....This is a VERY big investment in your lifetime...The BIGGEST you will EVER make....ITS NOT LIKE GOING TO WALMART AND GETTING A PAIR OF UNDERWEAR.........

[YesImAndys]

Originally Posted by westside24

ok, thank you darling! that is the answer I wanted.

See I was figuring, since my agent is so busy n all, I could save him time by having other agents show me houses.

So now I will call my agent, so I can get him to make my offer.

But REMEMBER...That is not the answer I gave you in the Emails...In TRUTH....It DOES matter WHO showed you the house...I would be DARNED if I want to show homes all day long and get 3% in the end to show for it...One says but Patrick will get 3% anyway, so what, he did 6% of the work......the ENTIRE 6% should in fact be his....Patrick is the one doing all the "work" here and Jim is not...And if that stuff happens a lot, "Jim" will NOT be very liked very soon...I think I did explain that in our emails...If Jim is a MORAL AGENT, he WILL tell you to make the offer through Patrick...You might be saving Jim time in the end because he is SO BUSY (which is thoughtul), but Patrick's time is equally as valuable....Why should Patrick waste time putting forth 6% worth of effort in when he will only get 3% in the end........I hope you get my point...AND NO PATRICK WILL NOT TELL YOU THE BANK WONT TAKE ANYTHING BUT THE FULL PRICE AND ALL THAT...IT IS ILLEGAL AND HE WILL LOSE HIS REAL ESTATE LICENSE AND WILL SERVE JAIL TIME FOR FRAUD...........AND THAT IS ANY STATE LAW..........

[westside24]

Originally Posted by YesImAndys

But REMEMBER...That is not the answer I gave you in the Emails...In TRUTH....It DOES matter WHO showed you the house...I would be DARNED if I want to show homes all day long and get 3% in the end to show for it...One says but Patrick will get 3% anyway, so what, he did 6% of the work......the ENTIRE 6% should in fact be his....Patrick is the one doing all the "work" here and Jim is not. I think I did explain that in our emails..........

haha I got the answer just now... I value your advice, especially since you are a realtor! so yea, ill take heed to your warning. I know I would be pretty upset. and chances are jim is gonna tell me he cant do that.

thank guys.... ill keep you guys updated.

[YesImAndys]

Good deal, I'm glad I could help you out......

[westside24]

so just n update... I do remember telling patrick I had other realtors showing me house, so I guess that give him indication I wasnt alone. So I called my realtor jim, told him the whole situation and he said it shouldnt be a problem, and said he would call and make sure everything is ok there. he did, called me back said everything is good and patrick was not even involved? it was some guy named dan and he still made dan aware of the situation, that I already looked at the house, but he was gonna take me for a second look, and dan was ok with that, and im going saturday, and then im gonna make an OFFER! YES! well I hope anyways, im going to look at a few other houses around that area.

[YesImAndys]

Originally Posted by westside24

so just n update... I do remember telling patrick I had other realtors showing me house, so I guess that give him indication I wasnt alone. So I called my realtor jim, told him the whole situation and he said it shouldnt be a problem, and said he would call and make sure everything is ok there. he did, called me back said everything is good and patrick was not even involved?

Very good......See babe.....I told ya if you would just explain the situation to Jim all would be good....Glad you DID make mention to Patrick that you were actively looking with other Realtors....Good luck on your house bid and I hope you get it.....

[westside24]

thank you! me too.

[westside24]

So..... I made my offer saturday after looking at the house again. the bank is asking 44,900 I offered 44, with 3500 back to pay for all my costs. OK so its now tuesday... Im waiting, n waiting, n waiting.... how long do I gotta wait for? I called jim yesterday, and he said its his job to do all this, so he will call me when he gets the offer! and it was kinda stern like I may be bugging him.

[westside24]

so yea... figures, its been since saturday since I made my offer, to the bank, still no word. If I wouldve just done it myself like SOMEONE told me to (liftgirl) I wouldve prolly been in a house by now...

Im an idiot.

Note to self: Never buy a house using a realtor again!

[Lady C]

Originally Posted by westside24

So..... I made my offer saturday after looking at the house again. the bank is asking 44,900 I offered 44, with 3500 back to pay for all my costs. OK so its now tuesday... Im waiting, n waiting, n waiting.... how long do I gotta wait for? I called jim yesterday, and he said its his job to do all this, so he will call me when he gets the offer! and it was kinda stern like I may be bugging him.

I think they get 72 hours to respond in writing.