We want 2 buy w/out a real estate agent representing us, we talked 2 the owner directly and agreed that whatever he saves by not having a r.e. agent on our side we'd split 50/50. Back in Jan. we almost bought a house twice, didn't go through w/ the deal, but I did manage to learn quite a bit about real estate. Anyway 2morrow we're going 2 meet w/ owner and his agent [the 1 that listed the house] 2 write the offer, when I talked to the agent she seemed kinda pushy and she wanted to get some of our info so she could pre-approve us even though I told her we already got our loan pre-approved w/ a lender that we trust+like. I talked 2 her again this morning and she said there was another offer on the house [scare tactic?], my lender said that we're good to go on the loan and can start escrow but he warned me 2b careful since the selling agent seems 2b wanting 2 get as much out of this as poss. and she even asked him what our FICO score is. WeDontWannaLetThisHouse go cuz it's good+cheap.
2006-06-14 16:52:06 · 9 answers · asked by M 3 in Business & Finance ➔ Renting & Real Estate
you didn't mention the state, but usually if the seller has an agent, the seller pays the full commission to the agent even if they buyers don't use an agent. the listing (seller's) agent will split commissions with a selling (buyer's ) agent, but won't split commissions with a buyer who doesn't have an agent and probably can't split commissions with an unlicensed person.
good luck!
2006-06-14 17:00:24 · answer #1 · answered by paul w 2 · 0⤊ 0⤋
Here are my thoughts...
There are different types of listing agreements. If it is an open listing agreement, then the seller only pays the selling agency. If this is the case, then the buyer is being honest with you. Typically though, most agencies do what is called an exclusive right to sell. Under this agreement, commission will be split between the listing agency and the selling agency. The buyer pays the same amount of commission regardless of who sells the house. If the seller has this type of agreement, they are not being completely honest with you about the commission (they won't have to pay anything extra for you to have your own agent), or they do not understand how commission works.
The listing agent is trying to determine if you can legitimately afford the house. She doesn't want to get stuck in a situation where the house goes under contract, but the deal falls through because you don't have the money. Get a pre-approval letter from your lender and bring that with you.
The listing agent has no business asking about your FICO score. It would be illegal to reveal that information without your consent.
Logically, the seller is going to accept the best offer. If they already have a seller with a better offer than yours, why would they waste their time on you? They are either lying about the other offer or have an offer that currently isn't as good as yours.
I would recommend getting your own agent. Your agent can look out for your best interests in the deal and stand up for your rights as a buyer.
2006-06-14 21:11:11 · answer #2 · answered by ugafan 4 · 0⤊ 0⤋
If you're in Southern California, I will give you the same deal. Whatever the owner pays me, I will split with you 50/50. That way, you still get money at closing and you have someone knowledgable on your side to make sure you're not getting ripped off. Real estate is one area, if you're not knowledgable in it, that I suggest you pay someone to get involved. It's our job to determine present value, predict future value and make sure the contracts you sign protect you as the buyer. If you're not in SoCal, call your local real estate agent and explain to him/her that you found a house to buy and see if they are willing to split their commission with you to go over the paperwork and to determine if you're paying too much.
Basically the seller's agent is looking out for the seller's interest (thats why you have agents). So the agent wants to make sure that you will qualify for a loan so this deal won't fall through.
Just remember, everything in real estate is negotiable. So if the seller's agent tells you some BS that it is standard that the buyer pay for something, you can tell him/her to go pound sand.
Good luck to you and read your contracts very carefully and make sure you understand what you sign!
Regards...
2006-06-14 18:50:19 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The owner is not saving any money by you not having an agent. The owners listing agent is still charging the same commission whether you have an agent or not. The agent wants you to use their financing so they can make more money. So use a buying agent that is on your side because the seller isn't saving any money by you not having a buying agent.
2006-06-14 18:07:07 · answer #4 · answered by Mutual Fund Dominator 1 · 0⤊ 0⤋
The subsequent might be to get an inspection performed. Though with apartment purchases purchasers often waive the inspection considering they isn't a lot for the inspector to seem for. Not like a condo in which they verify for basis disorders and such. Then you prepared the ultimate date it will have to be a date where you're definite that your financing shall be totally in situation through and they recognize they are able to be moved out. A couple of days earlier than the ultimate date is while the last stroll by way of will have to be scheduled. From there simply chill out and be ready for the ultimate. Hope I helped.
2016-09-09 01:54:55 · answer #5 · answered by ferryman 3 · 0⤊ 0⤋
I sold my parents house without an agent. If you have an attorney, you may wish to have that person present. Otherwise, as long as you have settled on a price, you should be good to go. The title company basically handles all the paperwork. Have you had the property appraised? Hopefully you have done this.
2006-06-14 17:18:23 · answer #6 · answered by wanninonni 6 · 0⤊ 0⤋
Just make sure when you close on the house, that in your contract with the seller, you have listed the things that you want fixed before you buy it.
Have you had the house inspected for all kinds of bug's , weather damage, ect?
You need tell the r.e. agent to step back, calm down and thanks for the help, but no thanks.
2006-06-14 17:02:51 · answer #7 · answered by davidejacobs 1 · 0⤊ 0⤋
Ive bought a house that way, it was really pretty easy. Talked to my banker, who sent me to a title office where both parties put down all agreements in writing..
2006-06-14 17:01:36 · answer #8 · answered by kaisergirl 7 · 0⤊ 0⤋
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2006-06-15 14:16:14 · answer #9 · answered by Anonymous · 0⤊ 0⤋