How to Buy w/out a Realtor?

[bearishgurl]

[quote=drboom][quote=bearishgurl]Was the procuring agent on this short sale (referenced below) your wife’s relative, a different agent (perhaps referred to at the top of this post), or did you represent yourself in the original short-sale transaction?[/quote]

I represented myself, as I have said repeatedly.[/quote]

drboom, no one is accusing anyone here of “unethical business practices.” You’re not even an agent! I now understand almost everything, except these two things:

If this agent, referred to below, didn’t represent you in the failed short-sale transaction, did he represent you in transactions before that? If so, what was the outcome of that representation? i.e. rejected offer(s), failed escrow, etc.

[quote=drboom]Our agent, who did a terrific job on the tasks we needed him for, was completely useless to us for research … because he is a transplant who settled here when he retired from the navy and went into RE in the late 80s. :-)[/quote]

And, when you represented yourself on the failed short-sale transaction, did the listing agent ever offer to give up any of his commission to entice the bank to accept your (short) offer to purchase? After all, wasn’t he/his broker going to be paid 100% of the commission since you were unrepresented and thus they didn’t have to split any with you?

Thank you for your patience ;=)

[Anonymous]

Ha, we covered this years ago. I have bought and sold a half dozen properties without RE agents. They fill in a few blanks on a standard form and hand it over to an escrow/title/lawyer company to do the real work. When making an offer I always take my 3% off the top stating that in the offer directly: This offer reflects 3% savings off the price for not using an agent…I have purchased 3 homes like this and two were from builders. I have had represented buyers come in with agents, offered 2%. Then when they thought they would get smart with me and try to negotiate after a low estimate, I took half of the reduction with their commission and got it down to 1%. They did not want to negotiate down any more after that.

Bottom Line, The only need I would ever have for RE representation is if I was in a hurry and not around the area, or did not know the area. Other than that, I have no need for any middle people who are typically a complete waste of time. Because most of you know how to use a computer and can do all the MLS and paperwork stuff on your own, you should also not be using any one. They are not there to help, but to hinder and play market tricks in many cases.

The RE bubble is not over by a longshot, the computerization of the industry is nearly complete, I estimate maybe 3-5 years left before the entire RE sales function is eliminated, except for the cases above.

[Anonymous]

Ha, we covered this years ago. I have bought and sold a half dozen properties without RE agents. They fill in a few blanks on a standard form and hand it over to an escrow/title/lawyer company to do the real work. When making an offer I always take my 3% off the top stating that in the offer directly: This offer reflects 3% savings off the price for not using an agent…I have purchased 3 homes like this and two were from builders. I have had represented buyers come in with agents, offered 2%. Then when they thought they would get smart with me and try to negotiate after a low estimate, I took half of the reduction with their commission and got it down to 1%. They did not want to negotiate down any more after that.

Bottom Line, The only need I would ever have for RE representation is if I was in a hurry and not around the area, or did not know the area. Other than that, I have no need for any middle people who are typically a complete waste of time. Because most of you know how to use a computer and can do all the MLS and paperwork stuff on your own, you should also not be using any one. They are not there to help, but to hinder and play market tricks in many cases.

The RE bubble is not over by a longshot, the computerization of the industry is nearly complete, I estimate maybe 3-5 years left before the entire RE sales function is eliminated, except for the cases above.

[Anonymous]

Ha, we covered this years ago. I have bought and sold a half dozen properties without RE agents. They fill in a few blanks on a standard form and hand it over to an escrow/title/lawyer company to do the real work. When making an offer I always take my 3% off the top stating that in the offer directly: This offer reflects 3% savings off the price for not using an agent…I have purchased 3 homes like this and two were from builders. I have had represented buyers come in with agents, offered 2%. Then when they thought they would get smart with me and try to negotiate after a low estimate, I took half of the reduction with their commission and got it down to 1%. They did not want to negotiate down any more after that.

Bottom Line, The only need I would ever have for RE representation is if I was in a hurry and not around the area, or did not know the area. Other than that, I have no need for any middle people who are typically a complete waste of time. Because most of you know how to use a computer and can do all the MLS and paperwork stuff on your own, you should also not be using any one. They are not there to help, but to hinder and play market tricks in many cases.

The RE bubble is not over by a longshot, the computerization of the industry is nearly complete, I estimate maybe 3-5 years left before the entire RE sales function is eliminated, except for the cases above.

[Anonymous]

Ha, we covered this years ago. I have bought and sold a half dozen properties without RE agents. They fill in a few blanks on a standard form and hand it over to an escrow/title/lawyer company to do the real work. When making an offer I always take my 3% off the top stating that in the offer directly: This offer reflects 3% savings off the price for not using an agent…I have purchased 3 homes like this and two were from builders. I have had represented buyers come in with agents, offered 2%. Then when they thought they would get smart with me and try to negotiate after a low estimate, I took half of the reduction with their commission and got it down to 1%. They did not want to negotiate down any more after that.

Bottom Line, The only need I would ever have for RE representation is if I was in a hurry and not around the area, or did not know the area. Other than that, I have no need for any middle people who are typically a complete waste of time. Because most of you know how to use a computer and can do all the MLS and paperwork stuff on your own, you should also not be using any one. They are not there to help, but to hinder and play market tricks in many cases.

The RE bubble is not over by a longshot, the computerization of the industry is nearly complete, I estimate maybe 3-5 years left before the entire RE sales function is eliminated, except for the cases above.

[Anonymous]

Ha, we covered this years ago. I have bought and sold a half dozen properties without RE agents. They fill in a few blanks on a standard form and hand it over to an escrow/title/lawyer company to do the real work. When making an offer I always take my 3% off the top stating that in the offer directly: This offer reflects 3% savings off the price for not using an agent…I have purchased 3 homes like this and two were from builders. I have had represented buyers come in with agents, offered 2%. Then when they thought they would get smart with me and try to negotiate after a low estimate, I took half of the reduction with their commission and got it down to 1%. They did not want to negotiate down any more after that.

Bottom Line, The only need I would ever have for RE representation is if I was in a hurry and not around the area, or did not know the area. Other than that, I have no need for any middle people who are typically a complete waste of time. Because most of you know how to use a computer and can do all the MLS and paperwork stuff on your own, you should also not be using any one. They are not there to help, but to hinder and play market tricks in many cases.

The RE bubble is not over by a longshot, the computerization of the industry is nearly complete, I estimate maybe 3-5 years left before the entire RE sales function is eliminated, except for the cases above.

[drboom]

[quote=bearishgurl]drboom, no one is accusing anyone here of “unethical business practices.” You’re not even an agent![/quote]

Screwing people in business deals is unethical, period. My standards are considerably higher than those mandated in codes of conduct.

[quote]I now understand almost everything, except these two things:

If this agent, referred to below, didn’t represent you in the failed short-sale transaction, did he represent you in transactions before that? If so, what was the outcome of that representation? i.e. rejected offer(s), failed escrow, etc.[/quote]

Never met him before.

[quote]And, when you represented yourself on the failed short-sale transaction, did the listing agent ever offer to give up any of his commission to entice the bank to accept your (short) offer to purchase? After all, wasn’t he/his broker going to be paid 100% of the commission since you were unrepresented and thus they didn’t have to split any with you?[/quote]

Fair question. We had a buyer’s agent–a former colleague of the listing agent–at a different brokerage lined up for the sole purpose of representing us during escrow–a fig leaf, if you will. We would have split the commission with that buyer’s agent. I never met that agent, let alone signed anything with him, since the deal never went into escrow.

[quote]Thank you for your patience ;=)[/quote]

I hope all this is of some value to the OP who is trying to figure out whether to go it alone. 😛

Perhaps he will note the disbelief coming from even enlightened Piggie RE agents when someone like me talks about how he didn’t follow the rules and still prospered.

FWIW, the residential real estate biz is a congregation of highly regulated smalltime saints compared to the commercial property leasing world. Those guys assume you know what you’re doing and pull no punches. I’ve handled a couple of commercial space deals for a company I worked for, and you absolutely must have a lawyer look at every single piece of paper before signing.

[drboom]

[quote=bearishgurl]drboom, no one is accusing anyone here of “unethical business practices.” You’re not even an agent![/quote]

Screwing people in business deals is unethical, period. My standards are considerably higher than those mandated in codes of conduct.

[quote]I now understand almost everything, except these two things:

If this agent, referred to below, didn’t represent you in the failed short-sale transaction, did he represent you in transactions before that? If so, what was the outcome of that representation? i.e. rejected offer(s), failed escrow, etc.[/quote]

Never met him before.

[quote]And, when you represented yourself on the failed short-sale transaction, did the listing agent ever offer to give up any of his commission to entice the bank to accept your (short) offer to purchase? After all, wasn’t he/his broker going to be paid 100% of the commission since you were unrepresented and thus they didn’t have to split any with you?[/quote]

Fair question. We had a buyer’s agent–a former colleague of the listing agent–at a different brokerage lined up for the sole purpose of representing us during escrow–a fig leaf, if you will. We would have split the commission with that buyer’s agent. I never met that agent, let alone signed anything with him, since the deal never went into escrow.

[quote]Thank you for your patience ;=)[/quote]

I hope all this is of some value to the OP who is trying to figure out whether to go it alone. 😛

Perhaps he will note the disbelief coming from even enlightened Piggie RE agents when someone like me talks about how he didn’t follow the rules and still prospered.

FWIW, the residential real estate biz is a congregation of highly regulated smalltime saints compared to the commercial property leasing world. Those guys assume you know what you’re doing and pull no punches. I’ve handled a couple of commercial space deals for a company I worked for, and you absolutely must have a lawyer look at every single piece of paper before signing.

[drboom]

[quote=bearishgurl]drboom, no one is accusing anyone here of “unethical business practices.” You’re not even an agent![/quote]

Screwing people in business deals is unethical, period. My standards are considerably higher than those mandated in codes of conduct.

[quote]I now understand almost everything, except these two things:

If this agent, referred to below, didn’t represent you in the failed short-sale transaction, did he represent you in transactions before that? If so, what was the outcome of that representation? i.e. rejected offer(s), failed escrow, etc.[/quote]

Never met him before.

[quote]And, when you represented yourself on the failed short-sale transaction, did the listing agent ever offer to give up any of his commission to entice the bank to accept your (short) offer to purchase? After all, wasn’t he/his broker going to be paid 100% of the commission since you were unrepresented and thus they didn’t have to split any with you?[/quote]

Fair question. We had a buyer’s agent–a former colleague of the listing agent–at a different brokerage lined up for the sole purpose of representing us during escrow–a fig leaf, if you will. We would have split the commission with that buyer’s agent. I never met that agent, let alone signed anything with him, since the deal never went into escrow.

[quote]Thank you for your patience ;=)[/quote]

I hope all this is of some value to the OP who is trying to figure out whether to go it alone. 😛

Perhaps he will note the disbelief coming from even enlightened Piggie RE agents when someone like me talks about how he didn’t follow the rules and still prospered.

FWIW, the residential real estate biz is a congregation of highly regulated smalltime saints compared to the commercial property leasing world. Those guys assume you know what you’re doing and pull no punches. I’ve handled a couple of commercial space deals for a company I worked for, and you absolutely must have a lawyer look at every single piece of paper before signing.

[drboom]

[quote=bearishgurl]drboom, no one is accusing anyone here of “unethical business practices.” You’re not even an agent![/quote]

Screwing people in business deals is unethical, period. My standards are considerably higher than those mandated in codes of conduct.

[quote]I now understand almost everything, except these two things:

If this agent, referred to below, didn’t represent you in the failed short-sale transaction, did he represent you in transactions before that? If so, what was the outcome of that representation? i.e. rejected offer(s), failed escrow, etc.[/quote]

Never met him before.

[quote]And, when you represented yourself on the failed short-sale transaction, did the listing agent ever offer to give up any of his commission to entice the bank to accept your (short) offer to purchase? After all, wasn’t he/his broker going to be paid 100% of the commission since you were unrepresented and thus they didn’t have to split any with you?[/quote]

Fair question. We had a buyer’s agent–a former colleague of the listing agent–at a different brokerage lined up for the sole purpose of representing us during escrow–a fig leaf, if you will. We would have split the commission with that buyer’s agent. I never met that agent, let alone signed anything with him, since the deal never went into escrow.

[quote]Thank you for your patience ;=)[/quote]

I hope all this is of some value to the OP who is trying to figure out whether to go it alone. 😛

Perhaps he will note the disbelief coming from even enlightened Piggie RE agents when someone like me talks about how he didn’t follow the rules and still prospered.

FWIW, the residential real estate biz is a congregation of highly regulated smalltime saints compared to the commercial property leasing world. Those guys assume you know what you’re doing and pull no punches. I’ve handled a couple of commercial space deals for a company I worked for, and you absolutely must have a lawyer look at every single piece of paper before signing.

[drboom]

[quote=bearishgurl]drboom, no one is accusing anyone here of “unethical business practices.” You’re not even an agent![/quote]

Screwing people in business deals is unethical, period. My standards are considerably higher than those mandated in codes of conduct.

[quote]I now understand almost everything, except these two things:

If this agent, referred to below, didn’t represent you in the failed short-sale transaction, did he represent you in transactions before that? If so, what was the outcome of that representation? i.e. rejected offer(s), failed escrow, etc.[/quote]

Never met him before.

[quote]And, when you represented yourself on the failed short-sale transaction, did the listing agent ever offer to give up any of his commission to entice the bank to accept your (short) offer to purchase? After all, wasn’t he/his broker going to be paid 100% of the commission since you were unrepresented and thus they didn’t have to split any with you?[/quote]

Fair question. We had a buyer’s agent–a former colleague of the listing agent–at a different brokerage lined up for the sole purpose of representing us during escrow–a fig leaf, if you will. We would have split the commission with that buyer’s agent. I never met that agent, let alone signed anything with him, since the deal never went into escrow.

[quote]Thank you for your patience ;=)[/quote]

I hope all this is of some value to the OP who is trying to figure out whether to go it alone. 😛

Perhaps he will note the disbelief coming from even enlightened Piggie RE agents when someone like me talks about how he didn’t follow the rules and still prospered.

FWIW, the residential real estate biz is a congregation of highly regulated smalltime saints compared to the commercial property leasing world. Those guys assume you know what you’re doing and pull no punches. I’ve handled a couple of commercial space deals for a company I worked for, and you absolutely must have a lawyer look at every single piece of paper before signing.

[bearishgurl]

[quote=steveno]. . . When making an offer I always take my 3% off the top stating that in the offer directly: This offer reflects 3% savings off the price for not using an agent…I have purchased 3 homes like this and two were from builders. I have had represented buyers come in with agents, offered 2%. Then when they thought they would get smart with me and try to negotiate after a low estimate, I took half of the reduction with their commission and got it down to 1%. They did not want to negotiate down any more after that. . . [/quote](emphasis added)

Oh, hi steveno . . . it’s me again . . .

Do I have it correct that you only purchased ONE resale property unrepresented?

Did you ever receive any proof (i.e. commission addendums or amended escrow instructions) during or at the end of your resale transaction, that showed the listing agent had the 3% shaved off of their contracted commission rate that you requested in your offer should “come off the top?”

And when you closed your two transactions with the builder/developer offices at new construction sites, how do you know whether or not their salespeople were paid any commission for assisting you in your transaction?

[bearishgurl]

[quote=steveno]. . . When making an offer I always take my 3% off the top stating that in the offer directly: This offer reflects 3% savings off the price for not using an agent…I have purchased 3 homes like this and two were from builders. I have had represented buyers come in with agents, offered 2%. Then when they thought they would get smart with me and try to negotiate after a low estimate, I took half of the reduction with their commission and got it down to 1%. They did not want to negotiate down any more after that. . . [/quote](emphasis added)

Oh, hi steveno . . . it’s me again . . .

Do I have it correct that you only purchased ONE resale property unrepresented?

Did you ever receive any proof (i.e. commission addendums or amended escrow instructions) during or at the end of your resale transaction, that showed the listing agent had the 3% shaved off of their contracted commission rate that you requested in your offer should “come off the top?”

And when you closed your two transactions with the builder/developer offices at new construction sites, how do you know whether or not their salespeople were paid any commission for assisting you in your transaction?

[bearishgurl]

[quote=steveno]. . . When making an offer I always take my 3% off the top stating that in the offer directly: This offer reflects 3% savings off the price for not using an agent…I have purchased 3 homes like this and two were from builders. I have had represented buyers come in with agents, offered 2%. Then when they thought they would get smart with me and try to negotiate after a low estimate, I took half of the reduction with their commission and got it down to 1%. They did not want to negotiate down any more after that. . . [/quote](emphasis added)

Oh, hi steveno . . . it’s me again . . .

Do I have it correct that you only purchased ONE resale property unrepresented?

Did you ever receive any proof (i.e. commission addendums or amended escrow instructions) during or at the end of your resale transaction, that showed the listing agent had the 3% shaved off of their contracted commission rate that you requested in your offer should “come off the top?”

And when you closed your two transactions with the builder/developer offices at new construction sites, how do you know whether or not their salespeople were paid any commission for assisting you in your transaction?

[bearishgurl]

[quote=steveno]. . . When making an offer I always take my 3% off the top stating that in the offer directly: This offer reflects 3% savings off the price for not using an agent…I have purchased 3 homes like this and two were from builders. I have had represented buyers come in with agents, offered 2%. Then when they thought they would get smart with me and try to negotiate after a low estimate, I took half of the reduction with their commission and got it down to 1%. They did not want to negotiate down any more after that. . . [/quote](emphasis added)

Oh, hi steveno . . . it’s me again . . .

Do I have it correct that you only purchased ONE resale property unrepresented?

Did you ever receive any proof (i.e. commission addendums or amended escrow instructions) during or at the end of your resale transaction, that showed the listing agent had the 3% shaved off of their contracted commission rate that you requested in your offer should “come off the top?”

And when you closed your two transactions with the builder/developer offices at new construction sites, how do you know whether or not their salespeople were paid any commission for assisting you in your transaction?

[Author]

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