Buyer's Agent Questions
kats_meow
6 years ago
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summersrhythm_z6a
6 years agolast modified: 6 years agoRelated Discussions
Two simple questions - Buyers Agents
Comments (5)I certainly would expect my buyer's broker to show me all the reasonable competition for the house I want to buy, and the closing prices for all the no-longer-on-the-market competition for the house I want to buy. Should he/she be able to tell me, at the time of the first viewing, whether a house is signficantly overpriced? I'm not sure that's fair to ask of him. Though it's a question I would ASK my buyer's broker before signing on: "do you know this market well enough to tell me if a home is *significantly* overpriced before we view it? or immediately afterward?" And DEFINITELY, once I've said, "I like this house, I think it's the one I want to put a bid in on," I expect him to provide me w/ FACTS--asking prices and DOM for the competition; closing prices and DOM for the recently-sold competition. As Bernie says--educate me so well that I know why I am offering what I'm offering. (and THAT is what the agent on the other thread did NOT do) And yes, if you are my agent, I think you have an ethical obligation to give me your professional opinion. (you don't like small bathrooms, I don't care; but if you believe that small bathrooms should command a lower price, you owe it to me to tell me that)...See MoreHow do I find a home inspector? A good buyer's agent?
Comments (9)Kristen, I'm very excited for you! There are lots of things you must seriously consider, of course, and it sounds like you are on the right track. I had a buyer's agent, and I am glad I did have one. The house that I did buy had a listing agent that was VERY unprofessional and would do anything to sell the house. However, DO NOT, and I repeat, DO NOT, put all your faith into a buyer's agent. Make sure you do alot of your own homework and question everything. At the end of the day, any agent - buyers or sellers - are looking at accomplishing one thing: to sell you a home. Absolutely DO NOT use any inspector the buyer's agent or listing agent, or anyone that has a stockhold in selling you a property. Find your own. I hired one that was highly recommended from my trusted buyer's agent, and he screwed up royally. Missed so much...$20K worth of things that should have easily been found. But, he was working with her to make the sale go through. And inspectors are not that worried about reprecussion of a bad inspection...the most they could ever get is a little slap on the wrist and to refund your inspection cost back. Surely not enough to cover damages that should have been found. Home inspectors DO NOT move anything. So this is what you should do yourself: look under area rugs for trouble, move the curtains to see the windows better, move the refrigerator to see what is lurking beneath (in my case it was a rotten floor), ask to see the house after it rains, etc. Go in yourself with a flashlight and look into every corner. Better yet, take knowledgable friends and family with you. Specifically have these questions asked and answered: when was the electric updated and where? when was the plumbing updated and where? how old is the septic system? How old is the roof? Also make sure you get the water tested. VERY important, especially if you have well water. Another very good thing to do is to go to the town hall and see what permits were pulled for work done on the house. See what was done professionally. Big things count: roof, septic, electric, plumbing, and installation of a furnace. Make sure you have the chimneys checked as well (not doing so cost me $4,000 to have them updated as they were caved in and I waived the chimney inspection). Don't think the ASHI organization is the pinnacle of excellence in finding a great home inspector either - that is used mostly for advertising so HI's can say they are part of some national organization where their credentials are checked. The take a test once, pass, and that's it. Find your HI through friend's recommendation. Interview several yourself. After all, YOU are hiring them to do a job. As far as a buyer's agent, do the same thing: interview a few, ask alot of questions. You are basically giving them a listing on a potential sale. So, you have every right to check them out to see if they really do have your best interests at heart. So do, many do not. Remember, they want a sale, period. Good luck, Kristen, take your time, and ask, ask, ask questions galore to find the right people. They are out there, it just takes some digging. Best to you!!!...See MoreListing Agent & Buyer's Agent
Comments (4)I recently had a horrible experience with a Realtor I had known for years and who had listed and sold two properties for me. He did an excellent job as a seller's agent. His marketing was excellent, his advice to me as a seller was on-point, and his connections had both homes sold quickly in a very challenging market. Then, this spring I didn't hesitate to call him up when I was ready to buy again. Unfortunately, he was a HORRIBLE buyers agent. He never had time to show me properties, a couple houses slipped through my fingers due to his inability to get us in to see the place for as long as 5-6 days sometimes. A couple times I insisted that if he couldn't be available then to send someone else from his office instead. Unfortunately, the state I am in requires a buyer's agent contract, otherwise I would have dropped him like a hot potato. Also, no matter how many times I requested it, he never set me up with automated reports of new houses on the market that met my criteria--he never called me to let me know there was something new he thought I would be interested, and he never paid attention to my comments on what I liked or disliked about the houses we were viewing. Each and every house we viewed (over 20) were houses I had found on the internet or drivebys and sent them to him asking for showings. I could go on and on...he even neglected to tell me for 24hrs that he had an answer on an offer we had submitted. So, although I would be willing to use him again to sell, I need an agent that is ready and available and listens to me and what I am looking for in a home to buy. I would never use him again as a buyer's agent and would never recommend him, either....See MoreWhen a Potential Listing Agent is the Buyer
Comments (8)Time to put a postscript to this. The potential buyer shifted the terms and conditions of her offer so many times, we gave up and have now listed on MLS. First, she was going to purchase at list price, "without fees." When her written offer arrived, it was to purchase the house at the "list price LESS the fees," i.e., about $40K less than the agreed to list price (all three agents we interviewed arrived at the same number for list price). Plus, she wanted us to pay all her closing costs, another $14 or $15K. On that issue, we said no. She accepted that counter, and her contract proposal still looked attractive, as it contained no contingencies on sale of her current home, which she maintained she would retain as a rental. Verbally, she said her lender was fine with that. She had another property which she said she would sell, not because she needed to, but because it would no longer be needed. But her offer had a specific close with a thirty day rent back provision. As we had yet to identify even ONE house we wanted to live in, we said we weren't yet able to commit to any date which would have us move from the house, but as soon as we found ONE, we would enter into her contract to purchase. The parties agreed to keep each other informed, which is what I did. Over the next several weeks, we found not one, but two houses we could afford, and would relocate to if everything worked. I reported all this as it happened. For her part, her previous story started to fall apart. At first, she was going to retain her current home and sell another smaller property; however, in an email she said now the family had decided to sell both properties. That prompted a back and forth about her ability to deliver on her prior promise to present us with a "clean" non-contingent on sale of house contract. Although she had claimed at one point selling her current family home would go quickly and not be a problem (providing all the expected Real Estate language why this would be so), now we learned that both properties she owned were going to get some significant upgrades --- whole house painting, new kitchen counters, etc. before they would be listed for sale. It was unlikely that could happen before 1 April (this development took place around 1 Mar). Finally, pinning her down, she said that they would be unable to make an offer that wasn't contingent on the sale of BOTH her properties. But she asked that if we did list, could we name her as an exception for a FSBO sale? We did sign a listing agreement yesterday without naming her as an exception. There was just way too much shifting of the goal posts....See MoreDenita
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