There are several issues to consider:
1.) Most buyer's agents get paid by a percentage of the listing agent's comission. (NO cost to you). The listing comission is already set in contract between that agent and the seller. A buyer's agent will work hard for you if you commit to them. Some agents use a contract for this, others don't. Some require a fee if you do not purchase but they have spent time on your behalf.
2.) There are several types of sales in this market (short sales, REO/Bank owned) that require a lot of work, time, patience, and navigation. Plan to submit multiple offers. The competition on these properties is high, thus increasing the end result sales price. If you are really lucky you will find a "traditional" sale.
3.) The listings you see on the various online sites may never make it to market. Some are notices of default that get modified by the lender, some get foreclosed on and go into auction or REO status, and others go through a short sale process.
I could go on and on, however it would be best to sit down with the agent you are already working with and find out how they can best help you.
Marcie Sands, REALTOR
Simply The Best Real Estate Company, Inc.
I find your post fascinating and it shows (IMHO) that you do not comprehend the nature of the market. Based on your post ....put yourself in the shoes of the seller....would you want YOUR Realtor giving advance notice to buyers and selling YOUR property under market value?
So, what makes you think that there are Realtors "with whom you have no formal relationship? who are going to abandon their fiduciary relationship with their client so they can give YOU a good deal?
Are you kidding? Really, think about what you are asking.
Good luck. BTW, I hope your Realtor in 92101 reads this. If I were them I'd put you on a tight leash or turn you loose. We do not work for free and I find your attitude very disturbing.
Consider the analogy... if I were in a lawsuit with you, would it be OK with you if my lawyer defends you? This is similar to what Buyers are trying to do by working with one Agent on both sides of a transaction. Further, it is the Seller who pays the commissions to the Buyer and Seller's Agents. Not the Buyer.
Perhaps others on this forum have put it more eloquently than I, but frankly I won't work with any Buyer that is not comfortable making a commitment to work with an Agent under a Buyer Representation Agreement. Buyers Agents can spend months trying to find a property for a Buyer expending time, effort, resources.... and possibly never be paid for that work when the flippant Buyer walks into an open house and writes an offer with the agent on duty with complete disregard to the Agent that has been helping them.
No Agent or Seller would consider listing a home for sale without a listing agreement. So why is there such a problem with the Buyer Representation Agreement?
However I digress, my input on the issue in the question from Robert is to work with one Agent that will represent you. Discuss with that Agent that fact that you want to consider non-MLS or pre-MLS properties. Your Agent should be able to "pitch" you as a Buyer at weekly Realtor and office meetings to other Agents that may have these pre-listings. Additionally your Agent should be able to tap into their office's REO department and find out what is in the pipeline coming up. There may be properties there that can meet your needs.
In closing, consider this. You are asking your Agent to do a lot of research and work for you to find a property that meets your needs. So don't ask the Agent to work for free. Make a commitment (Buyer and Agent) to work together with one another and you'll get results.
Mark W. Miller, Realtor
Keller Williams San Diego Metro
Pre MLS listings are also know as pocket listings - a listing that has a signed contract but is not or will not be advertised. Investors are very active in the 92101 , 92102 and 92103 areas and they are all looking to find a deal before it hits the market so that they can maintain their buying and selling margin, which is usually $100,000.
I would encourage you to look in another market.
These are not the find them on the internet offering low commission type real estate agents.
They are professionals that know what you are looking for and network with the respect of their fellow professional agents.
This is the agent you want.
If you are working with an agent that is part of a 'we sell it to you and credit back your commission agents' well... that is not an agent who is going to be able to access 'inside' information.
Just my humblest of opinons!
Patrick A. Hale, CDPE, RSD
Real Estate Broker & Investor
REO & SHORT SALE EXPERTS WITH A MISSION TO:
"Help Over 360 Distressed Home Owners Avoid Foreclosure"
If You or Someone You Know is in Financial Distress Visit: http://www.SDRealEstate360.com
Generally, and I am only speaking for myself, when we obtain a good lead for a purchase, I go to my best clients first. I am guessing most realtors who have made this a career do the same thing. I might suggest that you ask your current 92101 agent if they have any agent friends specializing in 92103 properties or if they know any agents who work in 92103. It used to be a lot easier to find an agent who focused on one specific area. The internet has opened the marketplace, so many agents tend to be working wherever their clients want them to work.
Have you tried searching the PreMLS properties you want in RealtyTrac? That is a foreclosure tracking service and if you have the time and patience it may be helpful to you.
But I understand your frustration. We all do. In these times, all my buyers are REQUIRED to sign a buyers agent agreement. That way, they get the best service available and I dont get screwed by buyers like you. Why would any agent want to give you 100% of their time if your not 100% commited. I know its a vicious circle, but truthfully, it boils down to the agent you choose.
Try Seth Obyrnes Team in 92103 www. sethobyrne.com he is top notch agent with some great buyers agents. He is dooer and will not dissappoint. But keep in mind he is a pro and will not partake in any shannigans.
My first route however will be offering 10%-20% below asking on properties I care less about. Hopefully that practice is still acceptable!
I am actually curious if you sold properties in 2006 or early 2007. If you did, sounds like you knew the peak but led your buyers wrong.
I have a feeling that in 2006 you probably did not even use an agent and bought from a developer becuase you thought you were saving money.
Irregardless, real estate is a long term investment, not a short one. Take the "greed" and the "pride" out of the equation and your buying process will be less convoluted.
Lastly, #1 rule in real estate as my pappy once said, "Dont Get Emotional, Son"
I am no Realtor so some concepts and terminology elude me. Clearly, I am not looking to make an unethical transaction. The thing that prompted my original question is the Realtor I spoke with in 92101, when asked about listings I find on foreclosure.com did not sound too excited about the prospect of researching or showing them. These include Foreclosures, Tax liens, Bankruptcies, Auction and other properties that I call "PRE MLS" as they show up before being placed on the MLS and sometimes not at all. I have seen some of these properties sell for 15% below comparable asking prices on the MLS.
I can and do go to many sites such as zilow and MLS fed agent sites which is what every agent does so, what am I paying 3% for when I can just contact the listing agents directly and let him/her get double commission and maybe even save 1-2%? I know, you run a conflict of interest doubling down but I bet every Realtor on here would do it and I am comfortable paying out of band for someone else to review it.
It sounds like it is taboo for me to work with more than on Realtor but it seems unwise for me not to. Maybe I am crazy but if I am going to be paying a percentage of the sale to an agent I want them to do more than setup MLS alerts for me and spend around 12 hours working with me before submitting an offer. I get that you care about the seller but I do not (Especially if it is a bank). Out of 500 properties, there has to be a seller/agent who have concluded that the market will decline in 92101 a bit more and selling at 20% under now is the cheapest alternative. I want to pay a Realtor to find me that property.
You may have bought a house in 2006 that is 30% above what it is today, but that is not the definition of a comparable. Based on that definition people who bought homes in the 1950â€™s bought 500% under market. What you asked is to have an agent who will knowingly sell a home that is priced under market. Unless the seller aggress that they want to accept a price lower than the market value, the agent is not living up to his/her fiduciary responsibility. As for you paying 10% above market when you purchased, that may have to do with your experience and the quality of the agent you worked with. If you had an agent that was looking out for your best interests, you would have paid a market rate.
As to you working with multiple agents: That is your choice and the choice of your agents. Most agents will not work with clients who have multiple agents because it is not fair for them to do months of work to have the buyer go with someone else. If your agents are ok with that then there is no problem.
I wish you luck in your search, but repeat what I said in a previous post. If you work with an agent who is â€œgetting you a dealâ€ at the expense of the seller, you may be taken too.
A listing agent's responsiblity is to protect their client's best interests (the seller). What your are describing is a very risky dual agency situation that most credible agents would not consider . (I doubt you will find a REALTOR that would touch it). Your current agent is not limited to just one zip code, so I am confused why they are not searching for all properties/zips that meet your needs. There is not a "source" in place that I am aware of where one can learn about listings before they appear in the MLS.
Marcie Sands, REALTOR
Simply The Best Real Estate Co., Inc.
As a listing agent, if a desperate seller wanted me to sell their property, I would try to help that seller get the highest and best price for their property. Otherwise, I am not being an ethicial or good listing agent. I am being a crummy listing agent because I am selling their home for less than they could get. The best way to get a highest and best offer is to put the listing in the MLS, and try to get as many buyers interested in the property as possible. The "desperate" sellers need this help the most of all.
Sounds to me like you are interested in "pocket listings," which are listings that may not ever go into the MLS...basically, the agent has them in their "pocket." These types of listings do exist, but they are rarely priced below market value. They are usually sellers who don't have to sell...but will if the price is right. Not exactly desperate sellers.
I'm sorry that you are not finding the answers you are looking for. I have found most of the realtors on this website to be top-notch and extremely knowledgable. I wish the best in your home search. Maybe you should visit Zillow?
Christine Van Tuyl
Prudential California Realty
I actually think the agents that have responded are just aggravated I am wisely using more than one Realtor. And to you Ray Calnan, I purchased a place in 2006 so yes, I did pay well over 30%. Easily over 10% at time of sale because I was naive and uneducated. The role is now reversed and I am looking to make up for my loss.