I have a few questions:
Can you name the areas of the Arizona Residential Contract that have time line performance requirements?
What are considered warranted items?
What can happen to your earnest money if you fail to respond to a cure notice?
What is a good faith estimate?
How long do you have to perform your inspections?
Is taking a wrap a good idea?
What is E&O?
Does an As Is addendum take away all repair requirements?
What is a SPDS form?
How long are you protected if a land affidavit is not provided on a required property?
What parts of a real estate transaction can be binding verbal agreements?
These are but a few of the hundreds of questions a good agent has to be able to answer. Failure can cost money, court time, frustration and more.
I charge the broker representing the seller of the home 3%. I charge you, the buyer, nothing. What better deal could you want?
Either that, or you can accept that REALTORS are humans, and prone to the mistakes all humans make. Perhaps your previous agent made an aggregious mistake, or perhaps it was just an oversight, I don't know. Mistakes can and do happen. Mistakes in every business cost people money. But not every REALTOR is going to make mistakes and cost you money. In fact, I'm of the belief that a good REALTOR should save you money. But getting back to my initial advice, perhaps you'd be your own best REALTOR.
Good luck in your home search.
Good luck to you.
Search and connect at http://www.feenick.com
try foreclosures, but it is risky affair too. You need to do your DD and should be able to look for public records related to a property.
slightly dificult route but lot to be made even in this market.
Why are you interested Phoenix, Just curious.
You can also go after distressed homeowners ( pre - foreclosure) and get a good buy. Any of this will require lot of legwork.
While you think you have access to the MLS, you only have limited access to the MLS data and you most likely don't have access to MLS sold listing data at all as most MLS rules prohibit dissemination of sold listing data through the IDX. Good luck to you and I hope you won't find out that you are really making the house hunting more difficult for yourself without getting a better deal.
All of the answers below are great. And it doesn't cost you a penny? So why wouldn't you use a Realtor? Never before, has representation been more important than now...with all of the short sales, REOs, foreclosures, etc. When the chips are down, sellers will try anything to sell their house...possibly even things that aren't exactly legal or traditionally fair to you. So why would you want to expose yourself?
How do you have access to the MLS system? Has anyone told you that the valley is about to convert the current ARMLS software system to the new FlexMLS. Will you be trained on this new system? It will be completely new. And the passwords for the current system will no longer be valid.
And yes, the process is a complicated one - don't go it alone, no need, no benefit. You are much better off with an agent than without one.
Good luck and thanks for stimulating the discussion. I hope that we are collectively helping you with your thinking.
Weichert Realtors - New Jersey
Search and connect at http://www.feenick.com
We do not use lawyers here in Phoenix and all contract negotiations are performed by the agents, buyer and seller.
Craig's List has a large list of homes. Also, if you call the seller's agent from the MLS, you can negotiate a contract with them. You will not be represented, the seller's agent will be representing the seller.
If you would like to look for homes in Phoenix, I would be happy to help you. I will not cost you a dime.
Catherine Kolodin, GRI
Bank owned. And no, banks don't have to and don't usually fix damage, but they were very willing to offer monetary compensation on this sale (we were very attractive buyers).
Unfortunately, she encouraged us to go in with a repair price and we went in with a much lower repair price than we would have knowing the damage she was aware of regarding the property. We already were losing money because of her poor bargaining (numerous unprofessional errors) and we absolutely couldn't make the numbers work. Again, despite being a well-known, "reputable" REALTOR in the community, she botched the entire transaction.
Yes, I am referring to a buyer's agent. We had an agreeement for her to represent us on this property and she caused the transaction to completely fall apart. As I stated below, she knew of pertinent information from the seller regarding the property and did not relay it to her clients.
It is a fallacy to believe it does not cost the buyer anything to use a buyer's agent. We lost our deal over $5,000 dollars. The seller would have been required to pay over twice that amount to our realtor/brokerage. If we had dealt directly with the seller, we could have easily closed the deal. Clearly, they would have had a $10,000 plus buffer on their end.
Now when you say "buyer's agent" are you sure you're referring to an agent who was representing you, or an agent that showed you the house? Because many people talk about "our" agent, or "my buyer's agent", when they have no agreement. did you sign an agreement with this agent?
Hi Paula. It never ceases to amaze me that self-proclaimed do-it-yourselfers come to Trulia Voices to seek advice from real estate professionals about how they best can avoid using a real estate agent.
Ironic, isn't it? Hypocritcal too! Of course last time I mentioned the hypocrisy of it, I had the OP make some nasty posts to me. Do these non realtor users really think they will get a better deal if no agent is involved? That sellers are going to reduce their prices, or buyers are going to spend more, if there is no realtor involved? Boggles the mind doesn't ? even moreso, boggles my mind that we tell them how! :)
The seller is the one that will pay the commission.
If you use the listing agent as your buyers agent will give him the opportunity to make the deal easier and faster for you and the seller.
If you have any questions don't hesitate in call me, I can else contact you with a lender for more information about VA loans without any commitment from you.
Most Real Estate agents work hard for their career, finding one that works with your personality may be some work, however worth it. Perhaps ask work associates for referrals and make your own educated choice.
You may want to ask for referrals from the agent!
Feel free to contact me if you have any questions!
I also have a lender on my site that can set up a VA loan for you!
Try web site that advertise for sale by owner. However if you use the listing agent, you have two options. you sign a dual agency or not rep.
As someone else said - you can call all the individual listing agents, but you might find this would be a hassle. Try it for awhile and see. Some agents won't show their own listings, but that might vary market to market. Another option is to use one agent you enjoy who can just work as a sub agent to the seller - no buyers agent.
In any case, let me correct other agents here. If you're goal is to buy a home for less because the seller will be saving on commissions - that could be true. If your MLS system shows commission arrangements, look for those labeled "Variable Commission", that means that the seller pays less if there's only one agent. You commonly see that with builders. In the vast majority of cases, it will not affect the seller's net either way. Remember, the seller pays the listing agent from his proceeds. The LISTING AGENT SPLITS HIS COMMISSION WITH ANY SECOND AGENT, in accordance with the listing agreement. One agent=no split, but almost twice the work for that agent.
Don't believe that? Take another post I read recently - if the listing agent offers (by accident) to pay a higher amount to a buyers agent than the listing specified, what happens? Answer - the listing agent pays up. What if the amount is higher than the listing agent is getting paid? Answer - the listing agent pays up. It's the listing agent that pays the buyer commission.
In reference to the anonymous home buyer in AZ, there have been and always will be agents that are not interested in their clients best interest, which makes the rest of us REALTORS placed in a category in which we do not belong. You need to find an agent that you are comfortable with that follows up on the entire process: timelines, and communicates regularly with you.
She failed to notify us of pertinent information regarding the property that she was made aware of by the Seller. We had an inspection period extension, but she did not tell us about the property damage and we filed our buyer's inspection report closing out the inspection period. As a result, we were unable to negotiate on the additional damage and unable to afford the expenses of repair. Throughout the process she was not our advocate, did not put our (buyer's) interests ahead of her own, did not relay offers timely, and made major blunders-filed incorrect bids at thousands less, typos in the thousands, etc. We lost our entire transaction over $5,000. We contacted the principal broker at her firm and they did not do anything either.
We used to believe that it would be crazy to not use a buyer's agent. Now, we realize that her incompetence cost us bargaining power. We would be closing on the transaction if it were not for the brokerage's commission. If you are concerned about liability over contract legalities-hire a lawyer. The lawyer's fee is probably much lower than the realtor's commission. That would be a bargaining tool when dealing with the seller.
This is soley from our experience in our transaction. But, good luck.