Home Buying in 80209>Question Details

Ohm Spirit, Both Buyer and Seller in 80209

If I found a home I like and am a cash buyer, do I have to hire a realtor

Asked by Ohm Spirit, 80209 Wed May 2, 2012

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Answers

24
No, you don't have to hire a realtor but its good to have someone representing you.

Shelley Bryant, Villa Realty
1 vote Thank Flag Link Fri Jul 13, 2012
Only a licensed agent or an attorney can complete a contract to buy and sell real estate in Colorado. If you want the Listing agent to put together a contract between you and the seller, you are asking for trouble. That agent would only represent the seller and would have no fiduciary duty to you, the buyer. The best thing about having an agent of your own is you are represented in your offer, counter offers, and at the closing table. Even if this isn't your first rodeo, you will have someone (paid by the seller) to give you answers to every conceivable question or problem that arises.
1 vote Thank Flag Link Thu May 17, 2012
Here is what the National Realtor Association says in it's 2011 Buyer Seller Guide: Buyers most often noted that the benefit of having an agent was helping them understand the process (61 percent), more so for first-time buyers (81 percent). Also, more than half of buyers noted that real estate agents pointed out unnoticed features or faults with a property, while over 4 in 10 said real estate agents negotiated better sales contract terms, improved buyers’ knowledge of search areas, and provided a better list of service providers. You deserve to have an agent assist you with this major investment.
1 vote Thank Flag Link Thu May 3, 2012
Ohm Spirit,

My answer to your question is no you don't have to hire a Realtor. Having said that I would also say that it is to your advantage to use a Buyer's Agent for your transaction whether it is cash or not. The seller is prepared to pay the agent in your behalf. There are contracts to write, a CMA to determine the true value, as well as coordinating all of the my intricate details of the transaction. Even if you have purchased a home previously, you don't see all of the work going on in the background by an experienced and diligent Buyer's Agent. Besides that, most sellers, even 'for sale by owners' want a good Realtor to present the offer so they know everything will be taken care of correctly. Good success with your purchase.

Robert McGuire
Realtor/Consultant
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct – 303-669-1246
http://www.theRobertMcGuire.com
1 vote Thank Flag Link Wed May 2, 2012
Hi Ohm,
Remember me? You have contacted me about a couple homes and emailed you back?

Although, you do not HAVE to have an agent, I would highly recommend you having an experienced person to represent YOU and work in YOUR best interest! The seller's agent is looking out for the seller and is not you. They will fill out the paperwork, but not be able to give you any advise or help. You will not be saving any money by not using an agent to be on your side. Instead, the seller's agent would most likely get all the commission rather than splitting it with a buyer's broker. So, why wouldn't you want to use a real estate broker? Almost always, you will get a much better deal when you use a broker.

Also, in this crazy market right now, many homes are getting multiple offers. An agent can help you with a situation that you might not know what to do.

There is a lot more about buying a home that requires a knowledgeable professional real estate agent. Once all the negotiating for price and other items is complete, the next step is doing an inspection. That can be a tricky part of the home buying process. An inspector will show you things in the home that need correcting, but an agent can help sort through what are the important items and help you get what is necessary. Of course, there are many other areas that could go soar and need attention too which would be your agents job to figure out. Buying a home can be very complicated. However, working with a great agent can make the process a positive and pleasant experience.

Anyway, I hope you make a decision and even call me to help you buy a home!! I would love to help you and make it a wonderful experieince.

Good luck with your decision.
With A Smile,
Wendy Glazer

Kentwood Company
303 906 9000
bdglaz@aol.com
1 vote Thank Flag Link Wed May 2, 2012
while you are not required to hire a Realtor, it would most likely be in your best interest. Besides, the seller typically pays the commission, so your cost would be zero. The paperwork involved is extensive, and the services of a Realtor would make the process much easier for you. I would be glad to be of service, of course.
Keith Kennedy
303-242-6163
1 vote Thank Flag Link Wed May 2, 2012
It's been a while. Did you buy the house? I see you have plenty of answers here. Can you share with us if you used a realtor and how was the experience? Would you recomend other buyers using one then?
0 votes Thank Flag Link Fri Feb 1, 2013
Hi! That is great that 1. You found a home you like and 2. That you have enough to be a cash buyer! You will want to use a Realtor. The seller is the one that pays the commission, so you don’t have to worry about the extra expense and the Realtor will help you determine if you are paying the right amount, and walk you through all of the contracts. I am available this week if you would like to discuss in person.

Julie Bloch Burton - Broker Associate, Realtor®
Brixton Real Estate - http://brixtonassociates.com/
Cell Phone: 970.396.7435 | Fax: 720-306-2397
email: julieb@Brixtonmail.com
0 votes Thank Flag Link Sat Oct 6, 2012
Ohm Spirit,

I think I remember your name on here before. If so, welcome back. My answer is, no you don't have to, but why wouldn't you? There are so many nuances and disclosures and contracts in a cash transaction that it is prudent to have a good Buyer Broker on you side to make sure the price is right, you are getting a good deal, and all of the i's are dotted and the t's are crossed correctly. The seller will be represented by a professional Realtor. Again, why should you go in to the transaction on your own. When you consider that the seller will also pay for you agent in the process of the transaction, it just makes sense and there are no downsides to having your own Realtor. Let me know if I can help. All the best.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Oct 6, 2012
When someone tells me that they did not have a realtor when they bought their house, I ask them one question "Did you get a good deal?" The answer is always "I don't know." You decide..

Marina Bay
Cherry Creek Properties
303-880-6167
0 votes Thank Flag Link Sat Oct 6, 2012
This one is a no brainer! The seller has ALREADY PAID for your buyer's agent, so if you don't use one, you failed to get the extra value that they would bring to YOUR side of the deal. If you don't use one, the seller's agent will just get paid more money to help the seller because they will get the money that would have gone to a buyer's agent to help YOU. Not much to think about...
0 votes Thank Flag Link Thu May 17, 2012
By all means you do not have to hire a realtor, but would'nt you like to have the peace of mind of getting all the services of a realtor free? The seller pays the commission... knowing what the current comparative market analysis of the home is, and detailed information that can be researched by agent. Cash prices of homes are sometimes different then homes purchased with a loan...Dont you want to get the best price?
Point being, realtors are licensed professionals that have a duty to their client to assist you...call one today!
0 votes Thank Flag Link Thu May 17, 2012
You hire. Seller pays for that service. It's a very good deal and as others note, you wind up with someone who has plenty of experience buying (and selling) homes.

Suz
0 votes Thank Flag Link Thu May 17, 2012
Why would you not? The seller pays for the Buyer's Agent's commission.
0 votes Thank Flag Link Fri May 4, 2012
Hi Ohm:

You do not have to hire your own agent. However, as others have mentioned, you may want to seriously consider it. Assuming that you are purchasing a home listed by a real estate professional, there is a good chance you will end up as a "customer" if the listing professional is acting as the seller's "agent." If you are a customer, you are pretty much on your own as far as a listing agent is concerned.

Before you make a decision, I would suggest you go to the DORA link below and look at two important documents DD25-5-09, Definition of Working Relationships and CBS1-10-11 Contract to Buy and Sell Real Estate-Residential.

Definitions will give you a good idea about the various relationships you can have with a real estate professional. The Contract to Buy and Sell is the agreement you almost certainly will be signing as a buyer. If you have any trouble understanding this contract, you will want to hire a broker or a lawyer to avoid any possible negative surprises.

You should also be aware that acting on your own behalf may or may not save you money. In many cases, the listing broker will simply retain the part of the seller's commission that would pay your real estate professional for helping you.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
303.981.1617
info@rovtar.com
http://www.rovtar.com
0 votes Thank Flag Link Wed May 2, 2012
No you dont.

Now that said, Real Estate Sales is a complex maze of legal paper work. And just because you are paying CASH, does not mean you are getting a good deal. Many CASH buyers OVER pay for homes.

This is were an experienced Reator will help you through all the contracts and paper work. Search and get you the comparible SOLD properties, or find you an apprasier to help you verify that is was a good price.

Good Luck
0 votes Thank Flag Link Wed May 2, 2012
Well said. Cash or a Loan makes no difference to the seller. The seller is getting the home sold. An experienced agent can assist you, the buyer, in your best interests
Flag Thu May 3, 2012
As a buyer, to emphasize what some have already stated, Realtor services would be free of charge - service fee paid by the seller. Don't mistakenly think that without using a Realtor to represent you that the seller will pass along a savings discount to you. This is wishful thinking.

Not having a Realtor when negotiating what is likely the largest purchase and biggest obligation that you will ever have is like going to trial and representing yourself.

You will be very glad you had a Realtor.

Cheers!
0 votes Thank Flag Link Wed May 2, 2012
Good stuff.
Flag Thu May 3, 2012
You will still need an agent or an attorney to fill out the complex buyer contract for you. The attorney will cost you money from beginning to end. The buyer's agent will represent you and complete all the transactions from showings, negotiations, contract, counter offers, and following through with the many contract deadlines all the way to the closing. The seller's brokerage pays the buyers agent. You would relax more knowing you have someone completely representing you on your side of the table. Take good care.
0 votes Thank Flag Link Wed May 2, 2012
I would highly recommend it. Keep in mind, that typically, as a buyer you don't have to pay any Realtor fees. So, why wouldn't you work with a Realtor? Working with a professional allows you to have negotiating power on your side. As a cash buyer, you have a tremendous advantage - but there is still a lot to the contracts and the deal that needs to be negotiated. Having a Realtor as your agent will only benefit you, and help you get a better deal with as little stress as possible.

If you want more information, you can go to http://www.mydenverproperties.com. I would love to help you in your search for your home, you can contact me at gbarnesrealtor@gmail.com or 303-775-7864.

Hope that helps!
0 votes Thank Flag Link Wed May 2, 2012
The answer is absolutely. Being a cash buyer gives you a tremenous amount of negotiating power, and without understanding the market or home values (especially in today's market) you could end up making a very costly mistake. The purchase and sale contract is heavily weighted to protect the buyer's best interests, but the biggest issue is making sure you will not overpay for the property. It's becoming a seller's market, which makes people think they can grossly overprice their home and it will still sell. Doesn't work that way ... in addition, as I'm sure you know, hiring a Realtor to represent your interests throughout the transaction is free. If I can help further, please contact me at 303-906-3150 or jmontgomery@coloradomasters.com. Julie Montgomery, RE/MAX Masters, Inc., http://www.jmontgomery.com
0 votes Thank Flag Link Wed May 2, 2012
You don't ever have to hire a Realtor, but let me ask why you wouldn't? Hiring a buyers agent, just means that you would now have a Realtor looking out for your best interest. If the home is already listed with a Realtor the commission is already handled by the seller.
0 votes Thank Flag Link Wed May 2, 2012
good comment!
Flag Thu May 3, 2012
No you don't. I have certainly had instances where a buyer came unrepresented, and asked to take the commission of the price of a listing I have.

However I can promise you that in 100% of these instances the only parties that have benefited from this arrangement were myself, and the seller.

I can see the logic behind the idea, and why you wouldn't take a Realtor's word you shouldn't do it; but I 100% agree with the other posters. I'd also be willing to wager you'll actually pay less than you would on your own.
0 votes Thank Flag Link Wed May 2, 2012
No requirement, but HIGHLY recommended.... unless you are very familiar with the State Sales contract and all the contingencies and disclosures contained within it and the people you will need to help you with those (inspectors, title companies, contractors for potential estimates, etc).

Let me ask this question: Why would you NOT find a Buyer Broker to represent you? You don't pay them. They are compensated by the Listing Broker who has already signed an agreement to share their commission with the Buyer Broker. And that Buyer Broker is dedicated to working for you and your best interests.

I always phrase it this way: The Listing Broker's job is to Sell that home for the Highest Price possible and as quick as possible. How does that serve you and your interests? A Buyer's Broker job is to get you the very best possible price and to walk you through the pitfalls of a very complicated process.

Best of luck to you!
Web Reference: http://www.jonrroberts.com
0 votes Thank Flag Link Wed May 2, 2012
You are not required to hire a Realtor, however it is advised as they can negotiate on your behalf and advise you on matters of the purchase. Also, it's important to mention the agent you hire would be paid by the seller.

Best of luck whichever way you decide.

If would have any questions please don't hesitate, my contact information is listed below.

Thanks,
Damon Anglin
ReMax Southeast, Inc.
303-517-7425
Danglin@remax.net
http://Www.GoToDamon.com
0 votes Thank Flag Link Wed May 2, 2012
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