Home Buying in Duncan>Question Details

Newokbuyer, Home Buyer in Duncan, OK

How do you buy a home that is owned by a real estate agent?

Asked by Newokbuyer, Duncan, OK Sat Apr 3, 2010

We lease a home in Oklahoma that is owned by a real estate agent. They asked if we would like to purchase the home and we've expressed interest. How do we proceed? Do we need to find a real estate agent to represent us? This is the first time we've bought a home and need advice.

Thank you in advance!

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6
Yes, get another agent to represent you as a single party broker. That way he/she will be your advocate. You want an advocate because the real estate agent has his own best interests in mind. Your single party broker by definition, has your best interests in mind. All agents have to be honest, but only a single party broker can be your advocate. Talk to another agent. If they don't agree to be a single party broker, move on down the road to one who will.

Hope this helps. Steve
Web Reference: http://www.stevetoker.com
0 votes Thank Flag Link Mon Apr 5, 2010
Hi there, buying a home from a real estate agent is no different than buying from any other seller - the issue here is procuring cause, if an agent was involved in exposing you to this property as a rental, it is very possible that a commission agreement was built into the lease if you were to buy it. Check on that. If not, then it may be tricky for an agent to get involved at this point and be paid by the seller and claim "procuring cause" which is the acid test on whether we should be paid...did the agent introduce you to the property or not. Now you can tell the seller/agent that you are interested but really want to engage the services of your own real estate agent to help you, and see how she/he responds. You will certainly benefit from the support. Even if the seller/agent refuses to pay, you could arrange some sort of compensation for the agent yourself.

At a minimum you will need the services of a good real estate attorney. In the state of NJ it is required by law that a seller disclose on a listing if she/he holds an active real estate license. The process does not change, but the level of knowledge on the part of the seller certainly does. You want to be similarly armed with infomration and well supported - so best case, work with a buyer's agent and attorney, at a minimum with a great real estate attorney.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sat Apr 3, 2010
Newokbuyer,

First you need to contact a lender to see if you qualify for a loan and can afford to purchase.

Advanatages:

Since the owner is a realtor they already know that they can only sell it to you for what it will appraise. So price should not be an issue as with an unrealistic seller.

Since s/he will not be paying a commission they may be amenable to help with the closing costs.

You already live there so you know exactly what the condition of the home is. (But still recommend you hire a professional inspector)

You are not competing with other buyers to buy that house.

It is up to you whether you want a different agent to represent you. You may want to ask the owner/realtor if they will pay a commission to your representation.
0 votes Thank Flag Link Sat Apr 3, 2010
It may not hurt to get a Buyer's Agent to represent your interests. This may effect price and/or other offerings. However, it may not be needed. Realtors in Oklahoma are bound to treat all transactions fairly and honestly, (as a Transaction Broker). He/she should handle all initial paperwork for you. Title companies handle most of the "flow", Lenders handle appraisal, you schedule inspections, etc. It will be your responsibility to gain the knowledge necessary to feel comfortable with the overall transaction.

Some Realtors will handle the flow (on your behalf), for a flat fee. We do this for folks in the area, who already have the Buyer and Seller secured, but need someone to guide all the process. Fees vary, based upon needs and depth of work performed.

If we may be of service, give us a shout. Best of luck and let us know how it turns-out!
Web Reference: http://www.ubhometeam.com
0 votes Thank Flag Link Sat Apr 3, 2010
I would recommend to do so, some agents might handle the transaction for a reduced rate however you want to confirm you are not taken advantage of.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Apr 3, 2010
You may want to have an agent on your side--you need to be aware of recently sold similar properties in the immediate area, review the data and make a determination as to a fair offer, an agent can help with the paperwork, other information, etc.--or if you don't want an agent, do use the services of an attorney who specializes in real estate for all related paperwork.
0 votes Thank Flag Link Sat Apr 3, 2010
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