Is it better to use the listing real estate agent or use an agent you know to purchase a home?
Posted on March 29th, 2010 in Renting & Real Estate | 5 Comments »
generic asked:
I want to buy this bank owned property that I found. This is my first time buying a home and never used a realtor before. The home is listed for more then I want to offer buy it for, so I want to offer a lower price. I know a realtor who is really aggressive and I think he could get me the house for what I want it for. But I think there will be a few offers on this home. So would it be better if I were to just use the agent who is representing the bank and put my offer in? Would he have more power to negotiate with the bank rather then an agent not representing the bank? I'm not too sure how it works when you use a real estate agent to purchase a home that they are not listing. I know they get a 50/50 split on the commission when the home is sold. I really don't care who I use, I just want to be able to buy the home for the price and terms I want it for.
Mar Vista Real Estate
I want to buy this bank owned property that I found. This is my first time buying a home and never used a realtor before. The home is listed for more then I want to offer buy it for, so I want to offer a lower price. I know a realtor who is really aggressive and I think he could get me the house for what I want it for. But I think there will be a few offers on this home. So would it be better if I were to just use the agent who is representing the bank and put my offer in? Would he have more power to negotiate with the bank rather then an agent not representing the bank? I'm not too sure how it works when you use a real estate agent to purchase a home that they are not listing. I know they get a 50/50 split on the commission when the home is sold. I really don't care who I use, I just want to be able to buy the home for the price and terms I want it for.
Mar Vista Real Estate
5 Responses
Houston Discount Real Estate
hire an agent with an ABR designation, they specialize in the repbresentation of buyers, and took the time to futher their knowledge in order to obtain the designation.
Ultimately it’s who you feel good representing you that counts.
Good luck, if you need an agent with a designation let me know.
Seneca real estate
You can choose your representation. The bank does not care who represents the buyers, and it will not give you additional pull with them using the listing agent. It is all about the money for the bank, and their final carrying costs. Often, these have multiple bidders. Just try to present your best offer first, with optimal conditions for the bank– no closing costs paid by them, quick close, pre-approval provided.
Typically, the buyers and listing agents commissions are paid by the seller, so it will not cost you either way. Use someone you trust, and has your best interest at heart. The listing agent has a fiduciary duty to represent the best interest of the seller first. They have to be neutral and cannot help you on pricing against the seller, whereas a buyers agent can provide advice based on recent sales etc…
New Homes In Houston Texas
You do not want to work with the listing agent. That agent already works for the Seller. You want a Buyer’s Agent, one who will represent only you.
Huntsville Homes for sale
Either way would be fine. Just be in the lookout for agents that recommend a lender.
I say, the first thing you want to do is to know what are the best lenders in your county or city. Then pick one of them and tell your agent to help you get a mortgage with that lender. After all, that is what agents are for.
One good place to start is mylenderscore.com. You can get free information on mortgager lenders there.
fair trade coffee
I always suggest you have your own agent, only because they work for you not the seller and have your best interest in mind. I am not saying the listing agent is bad, they are working for the seller and their job is to sell that house.
Leo Namiot