Charco4231, Home Buyer in PRP Ky. 40258

Do I need an agent if I buy from owner?

Asked by Charco4231, PRP Ky. 40258 Sun Aug 7, 2011

I found a house I really like . It is for sale by owner. Do I need an agent for that? How much should an agent ask for those services?

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Answers

10
Of course not.
You also don't need to have a fire department.
When things do go wrong, the value of the fire department and professional represetation become crystal clear. By that time, however, what you have to work with is smoldering ruins.
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I know, as an agent for many years. I LOVE TO SEE A BUYER COME IN UNREPRESENTED. This means, in no uncertain terms. my seller gets a FREE RIDE. The buyer will not have a clue what just happened.
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That's what is so great about real estate. Buyers and sellers have many options. Many of these optons do not serve them weil.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.;4041
http://FirstLookHomes.us
0 votes Thank Flag Link Tue Oct 29, 2013
absolutely NOT just go to the title company they can guide you through the whole process of course agents want you to think you need them for this but we have done it without & saved lots of money that is why people try to sell it themselves to avoid the atrocious fees the realestate people charge sorry but true!!!!!
0 votes Thank Flag Link Tue Oct 29, 2013
Hi, You don't NEED an agent but it could help you with negotiating and paperwork. What many buyers don't realize is the seller has their best interest in mind anything you say can help them figure out how to get what they want from you. Things like your motivation and financial situation paint a clear picture for the seller. There are also laws that have to be followed and paperwork that you may not understand, an agent can help keep you on track. As for comission, that varies and can be negotiated with whatever agent you choose.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Mon Aug 8, 2011
Charco,

"For Sale by Owners" are typically over priced and are not an accurate reflection of the current local real estate market. The sellers know what they paid for the property as well as what they have spent on upgrades and repairs and usually expect to get more of a return on their investment than the market will support.

You would be well advised to have an agent that is familiar with the local market in your corner from a negotiations perspective and to guide you through the purchasing process.

Ask yourself this question....If you don't have professional representation and the seller has no professional representation, who is going to make sure everything that needs to be done to protect your interests gets done?

All buyers regardless of the type of purchase should have their own representation.

Good luck,

Bill
0 votes Thank Flag Link Mon Aug 8, 2011
Sorry you are not correct here FSBO homes are NOT overpriced because they don't have to pay the highly inflated price Real Estate offices & also agent charge!!!!!!!!!!!!! Because of them(realestate) that is how the FSBO came into being!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Flag Tue Oct 29, 2013
No ... not in that situation. An agent wouldn't really be of much use. The agents that want you to "have an agent on your side" are merely looking out for their own interests.

Yes you will want SOMEONE on your side. Do you want that person to be a salesperson? Or a Real Estate Attorney? Your decision to make. I wouldn't trade one for the other, if it was me but I've also been buying/selling houses for a fair while.

In reality, the decision and all the risk is yours to make. But you WILL want to have an experienced Real Estate Attorney that can help you with the process, what to look for making legal contracts, etc. A good inspector is going to be pretty key regardless of what you do.

And you can certainly get access to recent sold comps for that house - you'll want to do this ... this tells you "pretty much" what that property is worth. All agents have ready access to that but a LOT of that info is also available right here on Trulia. It probably also is on realtor.com but I"ve not looked at that site in a while. Others probably also have it.

This isn't rocket science and most "real estate professionals" ... are just salespeople ... IMO. A FEW really are good but I don't know any in your area.

Bottom line - just make sure you know what the house is WORTH, what you are willing to pay for it and don't be afraid to negotiate hard. Worst case, you don't buy it and it sits on the market. The econmy is about to go down the tubes anyway according to people like Alan Greenspan so do you really want to buy now?
0 votes Thank Flag Link Mon Aug 8, 2011
Charco4231,

If you purchase a home directly from the for sale by owner, there would be two participants in a transaction in which neither is likely to be versed. Property disclosure documentation is a requirement that most for sale by owners are unaware. This is of vital importance in your price offer decision. You would greatly benefit from an agent acting on your behalf. I would suspect you would prefer comparative marketing information to help determine the actual value of the home, not the "asking" price. As well, a legal and binding contract to have all agreements in writing is definitely in your best interest. If it is not in writing, IT SIMPLY IS NOT.

I work often with buyers who are interested in purchasing for sale by owner properties. I service the Bardstown, Kentucky area and would be happy to approach the seller for you to negotiate the commission payment for you and schedule a tour of the home and property. I have never had a seller refuse to pay a commission when representing the buyer.

Feel free to contact me and I would be happy to take the first step for you and guide you through the path to home ownership. In order for me to provide you with compartive marketing analysis data, Nelson County tax rates and property valuation accessments, please contact me with the address and the information will be forthcoming.

Don't put the key to your happiness in someone else's pocket, keep it in your own!

Linda Greenwell Cell 502-639-3913
REALTOR®
Certified Distressed Property Expert®
Seniors Real Estate Specialist®
International Real Estate Specialist®
USACares®
RE/MAX Alliance
10302 Brookridge Village Blvd #103
Louisville, Kentucky 40291
Office 502-239-2000
Each office is independently owned and operated.
Fax 502-239-8698
email: LindaGreenwell@remax.net
0 votes Thank Flag Link Sun Aug 7, 2011
You do not have to have an agent, but it is definitely in your interest to have someone on your side, representing you.

You could have an attorney help with the transaction/closing, but a good agent would probably go even further to make sure you get the best deal possible.
Feel free to interview several realtors, that does not cost you a penny, pick someone you trust and then negotiate the fees.

Good luck.
0 votes Thank Flag Link Sun Aug 7, 2011
Dear Charco4213 --

We strongly recommend that you use the services of a well-experienced real estate agent -- who will look after your best interests, provide you with market data/insight that only a seasoned professional would know how to acquire and to analyze; help you develop a negotiating strategy; and walk you through the many steps involved after successfully negotiating a contract to purchase the home you desire.

Regarding compensation for such services, this is a matter of discussion and agreement between you and your selected real estate professional. Rates vary -- both between agents and our respective brokerages - and - on the level/type of services that you want/need.

Regarding compensation for your selected real estate professional: Most FSBOs (for sale by owner sellers) are happy, willing and able to pay your agent -- just as is generally the case in a more usual purchase transaction involving properties that are listed for sale by real estate professionals.

You'll want to select an agent who not only is well-experienced and demonstrates in-depth market knowledge and negotiating skills, but with whom you also feel very comfortable, as you will be working very closely with each other for several weeks or more.

Hope this helps. Best wishes to you in your prospective home purchase!

Syndi Chesser, 100% Club, Broker Associate, Builder
Senior Partner - Chesser Meade Group
Accredited Buyer Representative (ABR)
Certified Distressed Property Expert (CDPE)
RE/MAX Associates of Louisville (Kentucky)
O/C: 502.222.9167
Fax: 502.222.9030
Email: ChesserMeadeGrp@aol.com
Web: http://www.ChesserMeadeGroup.com
Web Reference: http://www.VIPBuyerKY.com
0 votes Thank Flag Link Sun Aug 7, 2011
Buying a home especially from by owner, you should have someone representing you and looking out for your best interests. Owners may not know state and federal disclosures. As well with any house you need to assess what the house is worth in todays market to know what to offer, You should be able to find a good agent for 2-2.5% and their service should be less than attorney and pay fro themselves in savings and potential aggravations and stress
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Aug 7, 2011
I would still recommend using a Realtor to insure that you get the best information about the property in question as well the market in that area. Most offices offer transactional brokeage, which means we handle the paperwork for a fee. If you have other concerns, please contact me at 605 545-0331
0 votes Thank Flag Link Sun Aug 7, 2011
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