Real Estate Agent???

[huntingislife]

Today we came across a lakeshore property that we are interested in. We had not been dealing with any agents, just kind of looking on our own every once in a while. We will probably meet with the representing agent next week to view the property. Is this something where we should have our own agent also? Or would you just go ahead dealing directly with the representing agent? I am a little unfamiliar on how that works.

[Stratosman]

There are many rules an agent must follow when representing both parties of the transaciton which is called dual agency. SO there is no issue with that, but if you have any concerns go ahead and get an agent to represent you, it doesn't cost the buyer anything to have an agent as the commission is paid to the selling broker from the listing broker directly.

[huntingislife]

Thats kind of what I was thinking. Is there any benefit to having my own agent?

[nofishfisherman]

You'll avoid any possible conflict of interest if you bring your own agent. You'll know that you have someone who should be looking out for your best interest and no one else.

[Tom7227]

You can chose your own agent who will be responsible for looking out for your interests. But most importantly you can also find a person with the knowledge and skills you need. If you chose correctly your agent will have knowledge of what is available in the area, what price is right for the one you are looking at, and may even know some personal stuff about the area, the property or the seller. Your agent can help you negotiate a readonable deal, make sure the paperwork is done correctly, and help with any inspections that seem wise or are required by law.

Your biggest task right now is finding a knowledgable agent in the area you are looking.

[CJH]

I would definitely get one. As mentioned above, it doesn't cost you anything (you will have to sign a contract however) and based on their experience and skills will be able to give you insight into the ups and downs of that property. Its a good CYA move. Especially considering all of the paperwork that must be done.

[huntingislife]

Thanks for the help guys!

[BobT]

If it doesn't cost the buyer anything to secure an agent, what incentive is there for the agent to work in his/her behalf? When it comes to real estate, I've always considered the agent to be representing the seller's interest more than the buyer's. The more the agent can gain for the seller, the more he/she earns in commissions.

Just something to think about.

[muskyhunter57]

The listing agent receives a commission when the house closes. There are lots of people that work on the listing side knowing they will get a commision. The problem with that side of the business is the listing agent will inflate the price of the house

and effectively "Buy the Listing" and make it look it very appealing to the home owner and the property then sits on the market forever and a day.

[crothmeier]

theres two ways to look at it, i sold my house and ended up using dual agency, and the agent told me she had to work in my best interest first because she was signed with me as the seller.

so she was working for me over the other guy, which is what will happen if you go through the listing agent. that agent will be working for the seller's bet interests first then yours.

On the other hand mine lowered the commision rate becasue she would be recieving all of the commission and not half. I believe if you find another realtor and go in they will get a split of the commission. If you use the listing agent you could possibly negotiate a lower price if they cut out some of the commission. (if that makes sense?? hopefully it did)

that was my experience with dual agency, its saved money, although not really on my end, after some not so good negotiating by the buyer, but i was a motivated seller.

[Tom7227]

that was my experience with dual agency, its saved money, although not really on my end, after some not so good negotiating by the buyer, but i was a motivated seller.

I agree with all of what you wrote but saving money may not be the smartest thing to do, especailly for a first time buyer, or perhaps someplace outstate where issues about wells, septics, code compliance (or non-compliance) may become an issue. There's a whole lot more to buying a place than four walls and a roof. Having someone on your side can prevent tons of trouble in the long run.

- planned/pending improvements that may involve a large assessment

- issues with neighbors/neighborhood

- well and septic issues which can be incredibly costly particularly for city folks who don't know anything at all about them

- possible developments nearby that could impact the property

- some of the local dope on either seller or their agent

- someone can add something there without a doubt

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-

When I sold my first home the buyer brought in an agent, I was handling it alone. The agent first told me that I didn't have to worry about the low ball first offer cause the buyer wanted the place and was just feeling me out. Then I watched at closing as the agent talked the buyer into every bell and whislte you could add to a mortgage - all coming from a subsidiary of the agent's employer. By the time they were done their costs jacked the mortgage up to more than 10% of the total deal. I walked with a check for my full asking price and the buyer had to limp home after the reaming - and they didn't realize what had happened.

Unless a buyer is extremely sophisticated getting an agent to help them is wise IMO.

[papabear]

I was just wondering about that if the one person getting full commision will be more motivated to get the deal done. I was looking at land, contacted a third party and all they did is direct me to properties they represnted and were unable to answer questions on the land I was interested in. Contacted the selling agent and she seemed motivated to answer questions even research them for me. I believe she may be getting antsy to sell the property before her contract with seller expires.

[CJH]

Never trust someone who is working both sides of the deal.

If you have experience and know what you are doing, then that is different, but you should still be cautious.

[Archerysniper]

I can recommend a very good real estate agent in the cambridge Isanti area we used her and also recommender to other people that use her and we all have had nothing good to say about her.

Michelle Lundeen

If you are looking around your area

[Tom7227]

we all have had nothing good to say about her.

Nothing good, or nothing but good?

[huntingislife]

We found a real estate agent in the area and will be viewing the property again tomorrow. Hopefully all goes well and we can make an offer by the end of the week. Thanks for all the suggestions and discussion guys.

[luckey]

Not to slam anyone or dis any agent, but remember all agents are working for ONE person. Themselves. Their main objective is to close the deal. Remember, follow the money, if the deal don't close, they don't get paid. Just because you have an agent, doesn't mean he/she isn't working with the other agent to "close the deal".

Note: I don't have a beef with any agent and have had mostly positive experiences with them. Just don't sit back thinking they are working only for you.

[Archerysniper]

Sorry Nothing but good

[WingDing2]

Luckey,

That just isn't true, As an RE agent I take that as an insult! Really thats all we care about? How about building a business and building relationships with clients for the future, as most business persons would. Do you really think I would be sucsessful if I treated even one deal like that?

Bad news travels alot faster than good news.

You are clearly very opionated or just ignorant...

One more thing, Do you know that Realtors have a strict code of ethics that they follow and if they dont well there not Realtors very long.

[luckey]

WingDing2,

My statement was meant as a warning to not place 100% trust in your agent. Notice I indicated I was not trying to slam any agent, didn't have a beef with an agent and also said I have had mostly positive experiences with them. Seems to me I may have hit a nerve with you. At least you gave me a choice to be "opionated or ignorant". Being this is a place to express opinions, I will chose "opinonated". Cheers.

[Bear55]

I hear what you are saying luckey, I recently sold my home and got a new place. Ya my agents seemed to be honest and worked for us on both ends but throughout the whole process you could read between the lines and see she just really wanted to make the sale and move on to the next sale.

[WingDing2]

Sorry guys but thats just whats wrong with the business these days nobody has any faith or trust in the RE agent anymore.

Its really to bad for the consumer and the industry as a whole.

[solbes]

When we bought 5 years back we used the listing/selling agent and did not get our own. It was a fairly simple offer and transaction since it was land only. If there was a cabin involved or other buildings that would have required an inspection, we would have gone dual agents for sure. Much more likely to get in disputes with that, and I would not have felt comfortable with using the buying agent to also look out for our interests.

I'm sure there are some bad egg realtors out there, but we have always had excellent dealings with the 2 transactions we've been involved in. I would agree that it's in their own best interest to look out for their clients, otherwise they will not be recommended in the future.

[Bear55]

Sorry guys but thats just whats wrong with the business these days nobody has any faith or trust in the RE agent anymore.

Its really to bad for the consumer and the industry as a whole.

I know a lot of people (myself included) who have had bad experiences with realtors in the past. Sure their might be a few good eggs out there but as a group I don't trust them and never will.

I don't want to get into the commissions but if someone can explain why a realtor deserves a 50K commission on one home and a 10K commission on another even though they put in the same amount of time and work into each.

[Eckie]

Because they're paid a percentage of the price of the home.