Home Buying in Miami>Question Details

An9el, Home Buyer in Miami, FL

The Economy is bad yet I can't find a House. Do I need the sellers agent to be my Realtor?

Asked by An9el, Miami, FL Thu Apr 5, 2012

Now is the time to buy! is all I hear, yet I can't find a nice home that stays in the market longer than 48 hours. Every time I see a new MLS listing it's either under contract or the listing agent won't answer any form of communication for a showing, and when he does, guess what? is under contract. I truly believe every listing agent is aiming to be both the seller and buyer's agent, and due to the demand they easily can.
Boy was I wrong believing the media. I thought the economy was so bad, distressed home owners were practically going to hand me their keys while I tried to negotiate with the bank. Boy was I wrong. Sorry for venting and give me you thoughts cause after 10 months of everyday searching, unless I use the sellers agent as my Realtor, I don't think Ill find a Home in a reasonable neighborhood in Miami.

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Answers

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Many buyers share your surprise and frustration. Buyers hear about the huge inventory of homes on the market (in many geographical areas) and then expect to be able to get a great deal on the perfect home. In my market (Chicago south/southwest suburbs), the homes that are in good condition, and are appropriately priced, sell quickly. I make sure my buyers understand the market and have realistic expectations so that when they see the right home, they are ready to make an offer....and often the home they buy has been on the market only a few days. You should consider looking at properties that are not distressed (short sales and bank owned) because the market value of non-distressed properties is also down. And more importantly, find a great buyer's agent, who will work for you to find you the right home. Good luck and don't give up!!
0 votes Thank Flag Link Sat Apr 7, 2012
No ,they will not be acting in your best
Interest call me an i'll work for you
305 300 8540
Anthony Khouri
0 votes Thank Flag Link Sat Apr 7, 2012
A lot of smart are realizing that this definitely is the time to buy and have the cash to buy with. They or the Realtors watch the MLS and as soon as a good property is available, they are ready to buy. Are you working with a good Realtor? You have to be very vigilant in watching the Real Estate Listings that come on the market.
Find a good Realtor and Good Luck!
Genevieve Ramachandran
0 votes Thank Flag Link Sat Apr 7, 2012
Hello Angel,

I understand your frustration and thoughts on how you are interpreting the Miami market right now. I myself go through the same situations and have had the same experiences you have so your thoughts are not unreasonable. What you must remember is that the difference is how your offer is presented and the way the terms are structured can make a big difference.

The Miami market is definitely HOT and the reports are stating that we are on an uptrend in the local market which is great news as we have gone through a few years of dealing with a very troubled market here, so it's about time things start turning around.

I believe the agent you choose must be quick to respond and you must get out there quickly to see any new homes on the market that you feel match your criteria.

Should you need an agent to assist you I would be happy to help you with the process. You can contact me at 786-443-0404 or email csrealtor1@aol.com

Best Regards,

Scott Mees
0 votes Thank Flag Link Fri Apr 6, 2012
I understand how you feel and many more feel the same way. However this is a popular misconception of the buying public, in that the listing agent has the buyers interests at heart and will push for them more than others, when in reality the exact opposite is the rule. What I mean is that if you were going to court, would you go without your own lawyer and rely on the other side's attorney to "help" you or would you hire your own attorney?
In reality approx only 30% of transactions involve only 1 agent, the other 70% are 2 brokers cooperating, 1 on the buyers side, the other representing the seller.
Each property sale & purchse is a case by case, single entitiy situation, no 2 are alike. And have lited & sold, rented & managed real estate in Miami for over 32 years I can tell you of many different scenarios. Eg there were 5 offers at the listed price or higher, 4 were cash, 3 from other agents/brokers and with 1 cash + 1 financed of my own buyer (I was also the lister) And guess what ... another agent's cash buyer bid highest and won ... so you see I didn't double-end anything here (as much as I would've liked to) I cooperate with all licensees. The Seller only chose to work with the cash offerors.
The moral of the story is that no one agent can dictate the price or the ultimate deal (despite their "sales-talk"). It is always up to the Buyer to make their highest & best offer & the Seller to agree. We are messengers, the better the messenger's skills is the better the probability of making you the deal.
So IF you want to hire my Buyers Agent, Dan Mayobre and myself, to help you find and buy the right home, great! However we can only give you 100% loyalty if we get the same in return from. And if you want to continue with your present business model to find homes through the listing agents only, that's fine too. Just let us know and I will only bring you properties that I have listed.
Best Regards, Good Wishes and I look forward to hearing from you.
PS> The media sells news that is bad, not what is good or even reality ... this is a rapidly changing market, supply low, demand high, prices low, rates low too. What a time tio buy but have to be ready ready ready and not "cheap", penny wise & pound foolish, know what I mean. The media reports on 6-month old stats, agents that are professional are in the trenches everyday, so who do you believe? The professionals. The issue is finding one, so call us 305-546-5132 and we'll be ready to appply for the job to help you find & buy the right home.
0 votes Thank Flag Link Fri Apr 6, 2012
I would have your own agent working with you and ask them to set up an automatic e-mail that will notify you whenever a new home comes on the market that fits your criteria and then check your e-mail a couple times a day and as soon as you see something you like get over there to see it as soon as you can and if you like it have your agent call the listing agent and let them know that you are submiting an offer and submit it.
0 votes Thank Flag Link Thu Apr 5, 2012
Florida is seeing a surge in home prices and a drop in the amount of time properties are on the market. It is most definitely a seller's market now as the available inventory is nearing only 3 months! I would recommend finding a home that you like and offering FULL PRICE or more with a short closing time. This will up your chances of getting what you want. Going straight to the listing agent does not protect you too much as they have to be classified as transaction broker and can only monitor the deal, not have your best interest in mind.
0 votes Thank Flag Link Thu Apr 5, 2012
Hi Angel,

Well all the answers you have received are right on the money. I am faced with similar situations on a daily basis with my clients, although I have not had any go beyond 5 months before I find them a home. The truth is there is a lot of money in Miami right now and mostly from foreigners getting a piece of Miami which puts the locals at a disadvantage mainly because foreigners are coming in with cash and a seller finds this more attractive than a an offer that is subject to financing.

I think the media does not point out that although there are still some distressed properties they are not necessarily in the sought after neighborhoods and Foreclosures are 1/4th of what they were last year if not less.

I normally set up my clients in an automated database where they get the listing on their computer the minute it is entered into the system so they don't have to be searching online all day. It is simple just tell your agent to set up a critiria of what you are looking for and link it to the areas you prefer and set you up automatically. It is great because whenever something new comes up I get it and so does my client- and if it's worth it I call them immediately.

Good luck and don't give up, it is still a very good time to buy I am certain you will find your home soon.
0 votes Thank Flag Link Thu Apr 5, 2012
You have seen the light,a lot of others haven't as yet
I can help you find a home
Call me 305 300 8540
Anthony K
0 votes Thank Flag Link Thu Apr 5, 2012
Boy are your wrong ... if you believe that the sellers agent will make a difference :-)

First of all you will create a loyalty conflict for this so-called DUAL agent (which is by the way absolutely not legal), or need to put up with a TRANSACTION BROKER's status and you cut his responsability back to a point where you have only limited representation.
Please forget it.
Since commissions are generally split, you do not pay more if there are two agents in a transaction and you can have your agent lobby for you, even in situations were doors are closed to those non-represented buyers.

Apart that, ALL available properties on the market are necessarily in the (same) MLS, so every agent has the same information. Remains the speed and quality of your agent to find you what you want. In order to do so, you need to have an intense briefing with the realtor of your choice and he
will find exactly what you look for.

If you think you won't find yourself "a home in an reasonable neighborhood" yourself, you might now have to decide to call your new realtor.
My phone is 305 491 0492 or email: HansKlemmRE@gmail.com
Best to you
HANS
0 votes Thank Flag Link Thu Apr 5, 2012
The truth is that the Miami market is very hot and moves very quickly. There is a lag time between when properties appear on MLS and the web sites you view. Well priced properties sell quickly to buyers that have buyer's agents combing the MLS many times daily for properties that meet their criteria. In addition, please remember that having your own agent to represent YOU is key to successful negotiations and a smooth purchase.

I would to happy to begin this process for you to ensure that you get the home you want within your budget.

Arleen Simonson
Keller Williams Elite Properties
http://www.sofloridabeachrealestate.com
0 votes Thank Flag Link Thu Apr 5, 2012
An9el,
If you are searching yourself you may not be seeing listings right away when they hit the market. Contact your agent and have that agent send you listings direct from the MLS system. (Don't wait until you identify listings) That way as soon as a new listing hits the market you will know about it. The other listings sites get their information from the MLS or the agent who listed the property, but they don't post for as long as 48 hours. When homes are priced right they sell fast. REO properties are being priced to sell, and lenders what them off the books soon due to the large inventory. If you hire an agent and get your information direct daily from the MLS system you will be ahead of most of your competition for the home you want.

All the best,
Gary Geer

http://www.ggeer.illinoisproperty.com
0 votes Thank Flag Link Thu Apr 5, 2012
Oh, I just realized I never answered your very direct question......

I do not know the laws in your state. I admit that. But under most circumstances it is best to have your own realtor that solely represents YOUR best interests and not yours along with the seller's best interests.

Mark
0 votes Thank Flag Link Thu Apr 5, 2012
An9el....

Wish I was there to console you and help you. But I hear and feel your pain. Your market is similar to here in Minnesota and let me just say this.

You truly ARE hearing the good news that the market is great and this is a great and opportune time to purchase a home. And you are also right that the left wing media is still broadcasting how horrible the economy is and how bad the housing market is and how house prices are still not at their bottom. Hogwash. Well, to be fair, there are still some areas that may have not hit bottom, but most of the country has turned the corner and the buyers are experiencing the market as you are.

It does not sound like you have an agent that is representing you as a buyer. If you do, you need a new one. If not, you need to find a good realtor that will set you up on a portal on your regional MLS so you can see all the new listings in real time and jump on them the day they hit the market. Be prepared to offer full price or more, and get that offer in immediately. You WILL get a good deal and a good home!!

Mark
0 votes Thank Flag Link Thu Apr 5, 2012
Hello An9el,

In Miami, we have international buyers from all over the world, plus domestic buyers, and everyone wants their piece of paradise in Florida. Plus, the values were super low, are still relatively low and the rates are low as well. Sorry about the media issues, but it is the best time for you to buy now, since you didn't buy before...

A lot of buyers and realtors are frustrated with the current short invetory and fast pace market situation. Plus, it is a seller's market now. You got to jump on the property the day/hour it's on the market.

To do that, you need to work with your own agent who will send auto updates for the areas that you are interested in, for the properties matching your price point and criteria.

Once you get an update like that, you have to "drop everything" and run to see the property right away. You have to be ready with either proof of funds, pre-approval and escrow deposit money already. Place the best offer that you can (not only price-wise but also terms wise), and if they counter, negotiate to get your offer accepted. However, make sure not to go over the reasonable market price (per comparable sales that your agent, not the listing agent, will provide). If you go over the market price, you won't get your mortgage approved (appraisal value might be lower than your purchase price).

Your agent can find out "the real deal" info from another agent.
This is because we know what to ask and what we are entitled to know about the property.
We also can help you figure out what the right price/terms are.
We know what is legal and what's not legal to do as far as the listing agent is concerned.
We know how to protect your interest in the transaction.

With a good knowledgable agent and your readiness to move quickly, I'm sure you'll be able to
find a great property for youself.

I'll be happy to help,

Irina Karan, CDPE
IrinaKaran@gmail.com
Beachfront Realty, Inc.
0 votes Thank Flag Link Thu Apr 5, 2012
Sorry to hear, I know it's tough an your 100% right. I wish the media would understand that this market is complicated. They make it sound like the sellers can't give it away. Obviously, not true. That's only true with overpriced sellers! The best advice I can give is to have a really good agent that has your interest at heart, be quick and try not to be cheap. Many people miss a good opportunity because they refuse to see the forest through the trees. Yes a REO may be priced at 100k but it actually sells for 110 or 120. So you must offer more, I know it sounds crazy. Why doesn't the bank price it accordingly? I agree, but if you have a good agent that hands you comps for the property and others are selling for 120k and above... You still get a great deal even though you are bidding more. The key is knowing the comps and always submitting your highest and best first. I wish you the best of luck and I know you will find the perfect place that will be a solid investment for years to come. Hang in there and find an agent that you trust as a friend and respect as a realtor. All te best, Danny
0 votes Thank Flag Link Thu Apr 5, 2012
You convince me Daniel. I would like you could be my realtor. It is a shame you don't live in Miami.
Flag Tue Apr 10, 2012
An9el,

If you are looking for a house, the first step you have to take is been realistic with the price.
Every neighbor have a different price range.
If you ask me for a single family home in homestead within 50K FHA buyer and want closing cost I can't help. But if the price range is up to 100K same neighbor and description I can probably help you.
The market is not easy and this is a good time to buy, Is more inventory right now than other past months.
If you try to reach the listing agent and make everything on your own it is difficult. can you imagine trying to contact almost 30K agent in Miami probably 15K are listing agents, and every single would said to you.
If you are not pre-qualify I can't work with you, or get 15K application just to have the listing agent attention.
That's why we have buyers and seller and buyers agents. try to be loyal with your agent and work with them.
Well if you are interested we can help you, give me a call for an interview.
Carlos Escamilla
Realty World Executive.
305-300-8814
0 votes Thank Flag Link Thu Apr 5, 2012
No ,you need your own rep ,I can
Represent you ,the sellers agent is in favor of the seller not you,call me
Don't make that mistake
305 300 8540
Anthony k
0 votes Thank Flag Link Thu Apr 5, 2012
The good properties go fast and there are a lot of people looking so when something comes up for sale there are buyers waiting and the agent they are working with call them and let them know. Where are you looking. Have you considered a new home, there are lot of nice new homes that are being built in South Florida.

Thanks

Howard
727-244-3664
0 votes Thank Flag Link Thu Apr 5, 2012
It doesn’t sound like you are working closely with any Realtor, seller’s or otherwise. That would be my first step, hook up with a good Buyer’s rep. 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 Thu Apr 5, 2012
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