Home Buying in 08830>Question Details

April, Home Buyer in Edison, NJ

Buying without Broker

Asked by April, Edison, NJ Mon Dec 10, 2012

I am looking to buy for last 2-3 months; but have frustration around agent who showed me the property at the begining. The frustrations are due to lack of communication, lack of clarity and also misbehaviour - these finally led to back me out. So now I am thinking to talk to listing agent for the next property I will be interested and then will hire a lawyer to do the legal work for buyer; do I really need buyer's agent for anything else ? How do I get a good lawyer - who does not lead to me another phase of frustration ?

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Answers

15
Yes, let's hope so...but I think the real issue is that many other buyers are getting an "advice" here as well.... Cheers!
1 vote Thank Flag Link Tue May 14, 2013
You clearly would benefit from understanding the basics behind buying and selling real estate. You can certainly elect to use anyone you choose to us when buying or selling but it's important to understand that the seller pays for the services of both the listing and selling agent. To know this and bring an additional expense for yourself into the process may not be a good move.

So you had a bad experience....I'm sure it's not your first. Frustrating, I'm sure but it's not the end. So brush yourself off, and have another try. Understand, there are far more exceptional agents out there than the one you just worked with.

Should you work directly with the listing agent's representative? Now think about it....you want to put your trust in someone that already has a contracted relationship with the seller? Does the potential for a "conflict of interest" exist? I would think so...

In my opinion, your best approach is likely to just get started again with a new agent.

Good luck,

Bill
1 vote Thank Flag Link Tue May 14, 2013
well, let's hope that in the past 5 months since this question was first posted, April has resolved her issues.......... and bought a home!
0 votes Thank Flag Link Tue May 14, 2013
Very well put, Bill Eckler!

And, Negrinha1980, I'm sorry that you feel the way you do, but I must say that a buyer is much better off with their own agent. Also, I'm not sure what you mean by "I wont pay money to someone that is not doing his/her job and its making me waste my time and the opportunities of getting a good house. " As a rule, the buyer doesn't pay for a buyer's agent. The listing agent shares their commission with the buyer's agent for bringing a buyer to their listing.
0 votes Thank Flag Link Tue May 14, 2013
I am going to the dentist this afternoon. I could have hired a lawyer to look at my teeth but for some reason it seemed like I should hire the right person to look after my mouth. If you think that is the list agent it is a better choice than an attorney. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Tue May 14, 2013
Yes Negrinha, buying a house is not an easy thing.... In real estate, as well as anywhere else, there are people that "don't do their job". But believe me, there are many agents who take pride in what they do!.
...and when a client says: "Thanks for everything! I will be referring everyone I know.... " - that is the best payment a Realtor could get.

Just FYI - the buyer does not pay for any Realtor related services in the transaction, the seller does.
... and this is for you and future buyers. ;)
All the best,
Armin
0 votes Thank Flag Link Tue May 14, 2013
Negrinha makes some excellent points. As with any group of humans, there are going to be some bad apples. She is absolutely correct that some agents are only interested in their own income. But the smart and truly successful agents understand that by putting the client's interests ahead of their own, they ARE serving their own interests. A happy, well-served client will recommend the agent and will often result in additional business for the agent. So, not only is it the RIGHT thing to do (because we work in a service industry and our JOB is to provide a SERVICE to our clients), but it is also the best thing to do to ensure our financial success.
My advice is to find a GREAT Realtor (and understand the difference between a Realtor (R) and just an agent). Get recommendations from friends, search Trulia profiles and sit down and chat with candidates. Make sure s/he seems like a good person (because that is the basis on which a good ANYTHING is built on, unless you're looking for a good criminal). Then work TOGETHER with them to find yourself a good home. Best of luck...
0 votes Thank Flag Link Tue May 14, 2013
I'd be interested to know what makes you so frustrated. Home buying process is not easy and every transaction is different. Communication is the key to every transaction. I'd advise sitting with a couple of different agents to learn more about the home buying process. by the way the attorney will charge more when you do not have any buyer representation also the buyers agent does not cost you a penny in fact they usually safe you a lot of money.
0 votes Thank Flag Link Tue May 14, 2013
I also had the same experience, i never thought that buying a house was going to be so frustrating and stressful, i tried two agents and i had the same experience with both, it always seemed that i was 99% per cent of the time a step ahead and that I have to be after them, so i decided I wasn't going to use an agent. Im still searching for my house but i feel more at ease and I wont pay money to someone that is not doing his/her job and its making me waste my time and the opportunities of getting a good house.

Im not an agent, but it seems that mostly agents give their advise here, so from buyer to buyer i want to tell you this; must agents say that a buyer's agent represents your interest but this is not always true, many times they are only after their own interest, my advise is don't rely in an agent, do your own research, and be on top of your game, you will find out there are many things you can do yourself and it will save you the headache.

If you already got your house i hope it has been a good one , if you haven't I wish you good luck, this is for you and future buyers.

:)
0 votes Thank Flag Link Sat Mar 16, 2013
Dear April,

A buyer's agent serves as your representative during the home search and purchase process. The tasks that they perform can include helping you find a home that meets your needs, liaising with building contractors, providing you with an analysis of the prices of similar properties in the area and any property value trends and identifying any problems that might be associated with the property. They can also help you to negotiate the best price for the property as well as furnishing you with information on the seller and the reasons for the sale.

Buyer's agents are licensed real-estate agents. The major difference between them and a seller's agent is that they work exclusively on behalf of the buyer. Most commonly, a buyer's agent might help negotiate with the seller for a smaller deposit for the house. Or help negotiate for the seller to pay closing costs. They also will help buyers find a real-estate lawyer to examine the sales contracts and inspectors to examine the property being purchased.

I hope that answers your question. Should you have any questions, feel free to call.

Vishal Maher
0 votes Thank Flag Link Thu Jan 24, 2013
Sorry to hear about your bad experience. The buyer's agent is there to make sure your home buying process is actually less stressful. As others mentioned before, the seller's agent will not act in your best interests. Besides, finding your ideal home is just the first step in the process, then comes the contract, negotiating the best price for you, help with choosing a reliable lawyer, making sure everything is done on time. etc... Go to the open houses and interview more agents, make sure you like him/her before you even start previewing the properties.

Good luck,

Armin Lusinyants
E-mail: alusinyants@weichert.com
Cell: 917-626-9420
http://www.MoveOutorInwithArmin.com
0 votes Thank Flag Link Mon Dec 10, 2012
Thanks very much for replying; I was told that I will have less stressful experience - but I did not. Let's see what is waiting for me next.
Flag Wed Dec 12, 2012
Hello. I apologize for your poor home buying experience thus far. However, not having a Buyers Agent represent you and your best interest in the transaction may end up costing you monetarily and time wise. Please do not let this experience deter you from seeking excellent representation! Ask friends, and relatives for a referral. Agents handle multiple transactions at a time. A Buyers Agent can point things out to you that may pose a potential problem in the future like the ability to obtain financing on a non-financeable home, health hazards, etc.

Additionally, by not having representation of your own, you will not have the benefit of an experienced negotiator, nor the counsel of a Real Estate expert. You are pretty much on your own, which is never a pleasant feeling, especially when you are making such a large purchase.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.


Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
(631)384-3695
http://cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
http://www.facebook.com/ISellNY
DeVonte.Williamson@cbmoves.com
"I Stand Behind Getting You Results!"
0 votes Thank Flag Link Mon Dec 10, 2012
Hi there, it's unfortunate that you're home buying experience with your agent has been frustrating and unpleasant. It's evident that your agent did not do his/her job properly. That being said, you shouldn't not purchase a home without a buyer's agent because of your bad experience alone.

Sure, you can go direct to the listing agent, but you must understand the dynamics of that relationship and what that means to you.

Listing agents are contractually obligated to work for the seller to get the best offer from buyers. When you approach the listing agent directly, they might not be looking out for your best interest and are limited in how they can assist you.

Without a buyer's agent, you might be on your own when it comes to negotiating price and terms, conducting market analysis, coordinating the buying process, financing, etc. If you feel you can do all that on your own, go for it.

If you feel you need more guidance and help, then maybe just finding the right buyer's agent is all you need.

In terms of finding a good lawyer, I can refer you to a few attorneys I recommend to my clients.

Should you need more information, or considering interviewing another buyer agent, feel free to contact me.

Raymond S. Lee, SFR, CNE | Vice President & REALTOR Associate
Nextage M3 Realty | Residential & Commercial Real Estate
1910 Oak Tree Road, Edison, NJ 08820
Cell: 732-585-8379 | Office: 732-603-0700
http://www.RaySellsNJHomes.com | rlee@nextagerealty.com
0 votes Thank Flag Link Mon Dec 10, 2012
If you talk to the listing agent, without buyer representation you are doing yourself a disservice. The listing agent has a fiduciary responsibility to his client, the seller. You require an honest and hardworking agent who can work for your interests. You need to interview multiple buyer's agent and let them know exactly what services you can expect from them and understand how they will operate to find you the home of your dreams. A buyer's agent represents you alone and has a fiduciary responsibilty to you alone. They should be able to run a market analysis for the house that you want to make an offer on to determine the true market value. They will be able to look at a property and point out items of concern to you that the listing agent certainly will not.

Regarding an attorney, our office has a list of attorneys that have been recommended by our clients and that we have had extensive experience with. Contact me for more information.
0 votes Thank Flag Link Mon Dec 10, 2012
Thanks for giving me to-the-point answer I was looking; so in this case if I am working with a listing agent without choosing Buyer's agent for myselt as Buyer - then it could end up me losing the money that I put as down payment - if for some reason I feel the vagueness along the way; is that right ?
Flag Sun Dec 16, 2012
I understand your frustration and would like to extend my services to you as your buyer's agent.
It always best to seek your own representation because the listing broker represents the seller and so they may negotiate the contract in the seller's favor. If you hire your own agent, that agent can make sure you are getting fair dealings in the contract.

Feel free to interview me and I can also refer a few reputable attorneys for contract review.

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
973.687.7095
lbaez@weichert.com
0 votes Thank Flag Link Mon Dec 10, 2012
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