If you are not in a rush, take your time and keep your eye on your market. You do not need an agent, at this point. I am looking in to buy in two different states, NY & Florida. I have been watching listings on MLS in both states. In NY I have been looking for about 6 months and have seen prices slowly fall and inventory increase. Sellers have been very rigid about dropping prices but when I see properties sitting over 6 months, without selling, I feel justified making low offers. Watch the comps and note the DOM and final selling price. Look to see how many houses are for sale. This market is tricky. My area is desirable because of proximity to NYC. Prices have remained high but inventory has increased. I find high-end houses are selling but mid-price homes more slowly. I don't understand that. I could be wrong, but there is a glut of mid-price homes available. The comps are confusing because some homes are selling way below list price yet others are selling close to list. I've noticed bidding wars where the houses sold above list price. Hard to make heads or tail of this market. I am using an agent to gain access to properties only. I am not using her to do any searches for us. I have made an offer on a property which she submitted. It was considered a low offer and she was not supportive yet did submit it. The seller would not counter. I'm okay with that as there have been no other offers at this point. We can wait. I think the market in my area is starting to decline; later than other areas but definitely dropping. Sellers are dropping prices after a year. When they sell, they become the comps. My advice is to wait it out and keep an eye on your market. Let this listing sit for a while and watch what goes on in the neighborhood. Good luck, Jane

Real Estate Agents are licensed by the state and follow state laws and regulations. Realtors have taken a step further and joined the NAR (at the local, state and national levels) and are bound by their stricter rules and the Code of Ethics. Most Realtors also join their local MLS and sometimes more than one. I don't believe you can join MLS without being a Realtor, but you can be a Realtor without joining MLS. In my experience, the 2nd-hand websites are not as up-to-date or accurate as MLS. I know some agents put their buyers on auto-notification but I always screen the notices so that incurs a delay, but it's the service I provide my buyers. I forward along maybe 1/4 of the notices because the searches will send along a lot of junk. For example right now, a buyer I'm working with would keep getting notices about a particular home that is a disaster because the listing agent is dropping the price or making a change to the listing every few days so that it keeps popping up on my notifications, but I know my buyers are NOT interested, so I screen it out for them. As far as access to MLS, as far as my local one goes, I have a lot more search and screen capability (with the exception of being able to exclude specific properties, unfortunately!) than any of the online sites, especially in the mapping which I have to use all too often to encapsulate certain neighborhoods. The closest, most accurate one available of course, is Realtor.com, because that is directly sourced from MLS. I don't know the specifics, but I think Redfin and Trulia and Zillow all data-mine their "listings" and that's why there are numerous inaccuracies. I am often, all too often, looking up properties that my buyers find on Zillow or Craigslist and have to tell them that it has been off the market for weeks or sold or a scam (in the case of CL) and basically, there is a legitimate reason I didn't show you that house! This stuff is all over my head, but I know there are rumors of NAR going into cooperation with these other websites, which will change the game. As far as low inventory - that is my neighborhood exactly. The home that I found for my buyers was a walk-by - knew they had it listed years ago, and FSBO after that, so I was walking by last week and saw them out front and asked it they were still thinking about moving and...we should be under contract tonight if all goes well. This is after I've already contacted the major agents who farm this neighborhood to see if they had any pocket listings (meaning a listing coming up, or someone thinking about selling but hasn't committed, basically pre-MLS). This is what an aggressive buyers' agent can do for you. All the major agents who farm here have been sending out letters in the last few months stating that they have buyers looking for homes, so much that the last listing went under contract the same day the sign went up. You'll have to see the threads that have been posted about approaching people, writing letters and postcards, etc and maybe try that if you can't find a buyers' agent to work aggressively for you.

Here is a non all inclusive list of what my responsibilities and duties are as a Buyers Agent (I'm sure I can add items as they come to mind. Tasks are not necessarily done in the order shown) Fiduciary Duties Of A Real Estate Agent A real estate broker who becomes an agent of a seller or buyer is deemed to be a fiduciary. Other examples of fiduciaries are trustees, executors, and guardians. As a fiduciary, a real estate broker is held by law to owe specific duties to his/her principal (the person who they are representing), in addition to duties or obligations set forth in a listing agreement, buyer representation agreement, or other contract of employment. These specific fiduciary duties include: Loyalty Obedience Disclosure Confidentiality Reasonable Care and Diligence Accounting Loyalty One of the most fundamental fiduciary duties an agent owes to the principal. The duty obligates a real estate broker to act at all times, solely in the best interests of the principal, excluding all other interests, including that of the broker. Buyers Agent: Must do everything possible to gain an advantage for the Buyer. Obedience An agent is obligated to promptly and efficiently obey all lawful instructions of his/her principal that conform to the purpose of the agency relationship. However, the duty does not include an obligation to obey unlawful instructions, such as instructions to not market a property to minorities or to misrepresent the condition of a property. Buyers Agent: Must obey all lawful instruction of the Buyer, is not obligated to obey instructions from the Seller. Disclosure An agent must disclose to the principal all known relevant and material information that pertains to the scope of the agency. The duty includes any facts affecting the value or desirability of the property, as well as any other relevant information pertaining to the transaction, such as the other party's bargaining position, the identity of all potential purchasers, information concerning the ability or willingness of the buyer to offer a higher price, any intent to subdivide or resell the property for a profit. Buyers Agent: Must tell Buyer everything they can find out about the Seller including the motivation for selling and any reasons the Seller may have for wanting a quick sale. Must tell Buyer everything they can find out about the property, including any known or suspected problems with the property or area. Confidentiality An agent is obligated to safeguard his/her principal's lawful confidences and secrets. Therefore, a real estate broker must keep confidential any information that may weaken a principal's bargaining position. The duty of confidentiality precludes a broker who represents a seller from disclosing to a buyer that the seller can, or must, sell a property below the listed price. Conversely, a broker who represents a buyer is prohibited from disclosing to a seller that the buyer can, or will, pay more than what has been offered for a property. Buyers Agent: Must keep all information about the Buyer confidential, including the Buyer's ability or willingness to pay more for the property than they are offering as well as the Buyers motivation for buying. Reasonable care and diligence An agent is obligated to use reasonable care and diligence when pursuing the principal's affairs. The standard of care expected of a buyer's or seller's real estate broker is that of a competent real estate professional. By reason of his/her license, a broker is considered to have skill and expertise in real estate matters superior to that of the average person. Buyers Agent: Must prepare themselves through education and study to competently represent the Buyer in all matters. Accounting An agent is obligated to account for all money or property that belongs to his/her principal entrusted to that agent. The duty compels a real estate broker to safeguard any money, deeds, or other documents entrusted to them relative to their client's transactions of affairs. Buyers Agent: Must account to Buyer for any money or documents entrusted to them. When starting to work with a buyer months or weeks out: 1. Go over brokerage disclosure with buyer 2. Find out buyers needs as to size, price and location 3. Sign Buyer Broker Agreement 4. Meet buyer at lender & get GFE 5. e-mail a lists that meets their needs 6. After a few lists find out if its applicable or to make changes 7. Preview homes if time permits 8. Check with lender about buyer qualification & get pre-qual letter 9. When meeting with buyer 1st time in the office, reaffirm requirements 10. Do buyers want to see FSBOs and should I look for them? 11. Depending on buyers timeframe tour target neighborhood & look at homes 12. Upon home selection, write the offer accompanied with earnest money 13. Depending on the offer price, a CMA might be needed prior to 14. Make an offer strategy 15. Address inclusions & exclusions of Property 16. Offer is accepted, follow the timelines for: a. Alternative Earnest Money Deadline (if applicable) b. Loan Application Deadline c. Loan Conditions Deadline d. Buyer's Credit Information Deadline (if applicable) e. Disapproval of Buyer's Credit Information Deadline (if applicable) f. Existing Loan Documents Deadline (if applicable) g. Existing Loan Documents Objection Deadline (if applicable) h. Loan Transfer Approval Deadline (if applicable) i. Appraisal Deadline j. Title Deadline (I meet you to review) k. Title Objection Deadline l. Survey Deadline m. Survey Objection Deadline n. Document Request Deadline o. Common Interest Community (CIC) Documents Deadline p. CIC Documents Objection Deadline (I meet you to review the following) 1.) Are there any unpaid expenses or assessments on the property? 2.) Are there any unpaid special assessments on the property? 3.) Are there any unpaid liens on the property? 4.) Are any special assessments being contemplated on the property? 5.) Are any increases being contemplated to the periodic fee? 6.) Is there a monthly association fee? 7.) Is there a quarterly association fee? 8.) Is there a semi-annual association fee? 9.) Is there an annual association fee? 10.) Is the property subject to more than one association fee? 11.) Must a buyer prepay monthly association dues at time of closing? If so, how many months? 12.) Is a working capital reserve deposit required from the buyer? 13.) Is a transfer fee imposed by the association upon sale of the property? 14.) Is a fee imposed by the association for providing a status letter? 15.) Is there a charge for common area access devices? (pool keys, common hallway keys, etc.) 16.) Are any other fees imposed by the association upon sale of the property? 17.) Are there any violations of covenants that the seller has been advised of? 18.) Are there any existing or pending law suits against the association and/or the property? 19.) Is the association still under the control of the developer? 20.) Is there any damage to this property, any common areas, any adjacent properties, or violations of the covenants or rules and regulations that could cause a lien against the property? 21.) Is the sale of this property subject to a right of first refusal by the association or a member? 22.) Does this property include the use of? Deeded Exclusive use (a.) Storage unit(s) (b.) Parking space(s) (c.) Carport(s) (d.) Garage(s) 23.) The regular association dues includes the following: Management Insurance premiums (a.) Structure(s) (b.) Common area liability Common area/element repair, maintenance or replacement Trash collection Water Sewer Heat Hot water Snow removal Roof Indoor swimming pool Outdoor swimming pool Hot tub Tennis court(s) Club house Perimeter fencing Cable/satellite TV Gas service Electric service Road maintenance Common area utilities Exterior maintenance Other q. Off-Record Matters Deadline r. Off-Record Matters Objection Deadline s. Right of First Refusal Deadline (if applicable) t. Seller's Property Disclosure Deadline (we will review together) u. Inspection Objection Deadline (I meet you at the inspection) v. Inspection Resolution Deadline (identify repair items to be corrected) w. Property Insurance Objection Deadline (CLUE Report) x. Closing Date & Final Walk-through (I meet you at walk-through) y. Possession Date & Time z. Acceptance Deadline Date & Time 17. Go over the following Documents with the Buyer a. Review Sellers Property Disclosure b. Review Square Footage Disclosure c. Review Mold Disclosure d. Review Water Source Disclosure e. Review Lead Based Paint Disclosure (if applicable) f. Review Special Taxing Districts (if applicable) g. Go over Inspection Report Prior to closing: a. Contact Utility Companies ( I have list) b. Contact your Home Owners Insurance c. Review HUD 1 and provide copy to buyer d. Buyer get cashiers check made out to Title Co. At closing: a. Make sure everyone has all required docs b. Get keys & Garage door openers

Historically, earnest money was given when the contract was offered as a show of good faith. It got adopted to real estate to keep someone from making frivolous offers, and it kept that function for hundreds of years. Essentially, you handed over a week's wages to demonstrate that you were serious. Even though you have the right to get your money returned, there is a serious amount of trust in handing someone your money. Over time they warped into this idea that a buyer who can produce earnest money is qualified, but with the emergence of prequal letters that went away. Today in many regions they are mostly useless. The real estate agent doesn't even collect the check until after the offer is accepted. The seller doesn't even get the money and every state has specific rules for escrow that practically keep it from the seller even in default. The signal of seriousness is more than taken care of with inspections, which are much more of a sunk cost and a much better signal of intent. Of course a seller could sue, but you can't force a buyer to buy, and the money the seller would pay to sue would likely be less than money awarded. So sueing isn't a VIABLE OR REALISTIC option. The courts can and have forced people to buy. As for the money people paying being less than awarded...rarely is that the case. Suing someone for contract damages doesn't usually take more than a few thousand dollars. Despite the amount of the transaction, real estate contracts are fairly simple. The problem is the duty to mitigate damages, the seller must continue to market the property and is only entitled to the damages actually incurred. Which for most people means the couple of thousand bucks they would get are a waste of their time. However, that also typically makes it a case you can pursue in small claims court. If you are a real estate agent you know this. At least I hope you do...How can you advise your clients if you don't?