Buying a property without a real estate agent

[DataAgent]

[quote=ybitz]ben_vo… will you be paying slightly under market value for this house since you’re saving the seller 5% or so in commission?[/quote]

Since the property is already listed with a realtor, the seller will likely still pay a commission.

[SD Realtor]

DataAgent is correct. The property is listed so the listing agent still gets whatever is worked out for him.

Ben if you have the listing agent represent you that listing agent will still get a coop commission though it may be reduced. If you are not represented then the seller pays no coop commission to anyone. You can ask the seller what they were going to pay as a coop commission and have them reduce the price by that amount.

What Brian said about more hands in the cookie jar with respect to escrow and title is incorrect. Escrow fees are for the escrow company and title insurance is a requirement for both the buyer (ie the seller should be purchasing your policy) and the lender (you will purchase a policy for your lender) What Brian was trying to point out is that many companies have both title and escrow divisions in them. However believing that since they are the same company thus you pay any less for either is not correct. If you want, go out and price shop for both escrow and title. Call a few companies and let them know you are purchasing house X for $Y and tell them you want a quote for escrow. Call title companies and do the same for title insurance. Pick what is suitable.

You can call a few attornies to ask them what the cost will be for the obligations you ask them to perform. Basically if you want them to draw a purchase agreement up for you they can. Some real estate attornies also are licensed by the DRE and will use the standard CAR forms. How much they charge you, rather then getting the coop commission offered by the seller is negotiable between yourselves. The attorney will walk through the purchase agreement with you and help you make sure that the seller produces the deliverables spelled out in the contract per the contract guidelines.

[SD Realtor]

DataAgent is correct. The property is listed so the listing agent still gets whatever is worked out for him.

Ben if you have the listing agent represent you that listing agent will still get a coop commission though it may be reduced. If you are not represented then the seller pays no coop commission to anyone. You can ask the seller what they were going to pay as a coop commission and have them reduce the price by that amount.

What Brian said about more hands in the cookie jar with respect to escrow and title is incorrect. Escrow fees are for the escrow company and title insurance is a requirement for both the buyer (ie the seller should be purchasing your policy) and the lender (you will purchase a policy for your lender) What Brian was trying to point out is that many companies have both title and escrow divisions in them. However believing that since they are the same company thus you pay any less for either is not correct. If you want, go out and price shop for both escrow and title. Call a few companies and let them know you are purchasing house X for $Y and tell them you want a quote for escrow. Call title companies and do the same for title insurance. Pick what is suitable.

You can call a few attornies to ask them what the cost will be for the obligations you ask them to perform. Basically if you want them to draw a purchase agreement up for you they can. Some real estate attornies also are licensed by the DRE and will use the standard CAR forms. How much they charge you, rather then getting the coop commission offered by the seller is negotiable between yourselves. The attorney will walk through the purchase agreement with you and help you make sure that the seller produces the deliverables spelled out in the contract per the contract guidelines.

[SD Realtor]

DataAgent is correct. The property is listed so the listing agent still gets whatever is worked out for him.

Ben if you have the listing agent represent you that listing agent will still get a coop commission though it may be reduced. If you are not represented then the seller pays no coop commission to anyone. You can ask the seller what they were going to pay as a coop commission and have them reduce the price by that amount.

What Brian said about more hands in the cookie jar with respect to escrow and title is incorrect. Escrow fees are for the escrow company and title insurance is a requirement for both the buyer (ie the seller should be purchasing your policy) and the lender (you will purchase a policy for your lender) What Brian was trying to point out is that many companies have both title and escrow divisions in them. However believing that since they are the same company thus you pay any less for either is not correct. If you want, go out and price shop for both escrow and title. Call a few companies and let them know you are purchasing house X for $Y and tell them you want a quote for escrow. Call title companies and do the same for title insurance. Pick what is suitable.

You can call a few attornies to ask them what the cost will be for the obligations you ask them to perform. Basically if you want them to draw a purchase agreement up for you they can. Some real estate attornies also are licensed by the DRE and will use the standard CAR forms. How much they charge you, rather then getting the coop commission offered by the seller is negotiable between yourselves. The attorney will walk through the purchase agreement with you and help you make sure that the seller produces the deliverables spelled out in the contract per the contract guidelines.

[SD Realtor]

DataAgent is correct. The property is listed so the listing agent still gets whatever is worked out for him.

Ben if you have the listing agent represent you that listing agent will still get a coop commission though it may be reduced. If you are not represented then the seller pays no coop commission to anyone. You can ask the seller what they were going to pay as a coop commission and have them reduce the price by that amount.

What Brian said about more hands in the cookie jar with respect to escrow and title is incorrect. Escrow fees are for the escrow company and title insurance is a requirement for both the buyer (ie the seller should be purchasing your policy) and the lender (you will purchase a policy for your lender) What Brian was trying to point out is that many companies have both title and escrow divisions in them. However believing that since they are the same company thus you pay any less for either is not correct. If you want, go out and price shop for both escrow and title. Call a few companies and let them know you are purchasing house X for $Y and tell them you want a quote for escrow. Call title companies and do the same for title insurance. Pick what is suitable.

You can call a few attornies to ask them what the cost will be for the obligations you ask them to perform. Basically if you want them to draw a purchase agreement up for you they can. Some real estate attornies also are licensed by the DRE and will use the standard CAR forms. How much they charge you, rather then getting the coop commission offered by the seller is negotiable between yourselves. The attorney will walk through the purchase agreement with you and help you make sure that the seller produces the deliverables spelled out in the contract per the contract guidelines.

[SD Realtor]

DataAgent is correct. The property is listed so the listing agent still gets whatever is worked out for him.

Ben if you have the listing agent represent you that listing agent will still get a coop commission though it may be reduced. If you are not represented then the seller pays no coop commission to anyone. You can ask the seller what they were going to pay as a coop commission and have them reduce the price by that amount.

What Brian said about more hands in the cookie jar with respect to escrow and title is incorrect. Escrow fees are for the escrow company and title insurance is a requirement for both the buyer (ie the seller should be purchasing your policy) and the lender (you will purchase a policy for your lender) What Brian was trying to point out is that many companies have both title and escrow divisions in them. However believing that since they are the same company thus you pay any less for either is not correct. If you want, go out and price shop for both escrow and title. Call a few companies and let them know you are purchasing house X for $Y and tell them you want a quote for escrow. Call title companies and do the same for title insurance. Pick what is suitable.

You can call a few attornies to ask them what the cost will be for the obligations you ask them to perform. Basically if you want them to draw a purchase agreement up for you they can. Some real estate attornies also are licensed by the DRE and will use the standard CAR forms. How much they charge you, rather then getting the coop commission offered by the seller is negotiable between yourselves. The attorney will walk through the purchase agreement with you and help you make sure that the seller produces the deliverables spelled out in the contract per the contract guidelines.

[Author]

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