Home Buying in Sunnyvale>Question Details

Sb_buyer, Home Buyer in Sunnyvale, CA

South Bay real-estate agent that specializes in short sales?

Asked by Sb_buyer, Sunnyvale, CA Sun Mar 29, 2009

My fiance and I are working with one agent, but after working with her for 3 months, we've decided that she's not going to work out for us. We've very hands-on buyers and we do most of the searches ourselves. We know the areas we want to buy and have been getting more suitable listings ourselves than what our agent has shown us. We've already made an offer on a house through this agent, but found her assistance in pricing less than assuring. In fact, we got much more reliable comp data based on most recent sales than her comp report. It makes no sense that we're doing all this work yet the agent still gets the full commission. We'd love to work with an agent can work with us on short sale offers. Does anyone have an agent they've worked with that they can recommend? We're particularly interested in agents that can give back 1-1.5% commission since we're happy doing as much legwork as we can.

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6
sb_buyer,

Option 1

If your only requirement for an agent is someone to work with you on short sale offers, I suggest that you seek council from a real estate attorney. You can continue your hands on approach by continuing to do home searches and informing yourself. When you have found the house, the attorney can write up the contract and you're done.

Oh wait, you might want to have the attorney also check on the home's condition, verify that the listing agent has provided the correct documentation and disclosure documents. You might also have the attorney read through the disclosure documents to make sure that there is nothing that raises a red flag. Oh wait again, many short sales don't have disclosures. You might check with the attorney to see if there are any special documents required for short sale transactions. Hmm.

You should also have the attorney assist in checking out the neighborhood and subject property's condition, after all you don't want any hidden surprises down the road. I'm sure the attorney will meet you at the house several times to verify it's condition, measure rooms etc.

Since most attorney's doen't know neighborhood details like school boundaries, crime statistics and other issues that affect the desirability of a property, you may have to do more research yourself. However, because that information may not be important to you, you need not have to pay extra.

The attorney should also make sure the other agent is doing his/her job in a timely manner. Afterall, we all know that real estate agents are all alike...you know...offering bad advice, providing wrong data and forcing the buyer to buy the most expensive house that the buyer can afford. It has nothing to do with the fact that our region is one of the most expensive in the country and if a buyer purchases a home, he/she tends to buy the most expensive home he/she can afford because anything less is not appealing. Remember, Realtors are the cause of the region's high home prices.

Have the attorney check and re-check on your financing to make sure that once you remove contingencies, you actually have financing. And if the lender should go belly up, I'm sure most attorney's could get you a loan real quick so you don't lose your deposit or the house or both. Recently, financing has become the easiest part of the home perchase.

Fortunately, the real estate attorney will "only" charge you on a per hour basis. Really good ones start at about $300.00 per hour, but I suggest that you find a real estate attorney that has a very low fee schedule because it is more economical to hire an attorney with low fees versus someone who is more expensive. After all, there is no correllation between experience and cost.

If the attorney is also a licensed real estate agent you could try to get him/her to "give you back" the commission offered in the multiple listing service. I'm not to sure it will work, but might as well ask. I'm sure if he/she is willing to give back his fee (his income), he will do a stand up job when negotiating for you.

Option 2

Work with a Realtor who has a clue! Let him/her earn their fee by doing their job. Don't back off from your due diligence and ask questions. It takes a loyal, informed buyer and an experienced agent to make a successful transaction.

Start first by talking with your agent to see if she is the correct one for you. If not, you gave her a chance and she just wasn't a good fit. If you need to find a new agent, interview a few. Start by checking out how long they have been licensed and work from there.
0 votes Thank Flag Link Mon Mar 30, 2009
Mondays! Whew!

Does your agent KNOW how you feel. Maybe a good heart to heart with her will open your/her eyes.

I can't help but laugh at all of this! (My tongue deep in my cheek) :) If you have it all figured out then do it. What do you need a Realtor for? Excuse my sarcasm...a little. Oh! you need an "agent" to write an offer..right, sorry.


" We know the areas we want to buy and have been getting more suitable listings ourselves than what our agent has shown us. "


Your agent has likely "culled" the properties in advance for you. I hope anyway!

Are you serious! Let me open your eyes to something you CAN'T GET. You will never get ALL the information you need to make a suitable and acceptable offer that provides for your best interests. Period.


Remember something SB, HOMES ARE LOW PRICED! Now, go buy a great house with a great agent.
I'll bet you will SAVE more than you will get in "give back".

Michael
http://www.Michael RobertsHomes.com
0 votes Thank Flag Link Mon Mar 30, 2009
Hi SB,

If money back is the only thing that interests you, then I am NOT the Realtor for you. Does anyone ask you for part of your paycheck back, saying hey you only did part work? Home buying is a process, and your request says you do not understand how much more is involved in buying a home than just looking online for one......infact, by not working with a Realtor, who would have only showed you homes that defined your purchase criterias.....you have already wasted 6 months time.......
If you do not use a good realtor and respect the thorough work someone does for you, earning their paycheck through the process for the job they do......and making sure you sleep in peace in your home, then you shouldnt expect much from your Realtor either. Unfortunately there are many discount realtors/brokers......but remember you get only what you pay for, no different.....and if they are willing to give their money away, how hard would they work for yours?? Something to think seriously about.
Need help, call, happy to take you throught he process and beyond as smoothly as feasible......expecting money back? then you need to find someone else. I value myself and the work I do!.
All the Best,
Nina Daruwalla
0 votes Thank Flag Link Mon Mar 30, 2009
I know some realtors are great, but most are useless (no offense to anyone). Most of them offer plain wrong advice, false data, and just try to sell the biggest house you will qualify for. So, you are actually better off working for yourself. It's your money and none will care more about it anyway than you!

When I was shopping for realtors, I heard same argument as you are getting. I was actually impressed with one guy who was REALLY experienced, had vast knowledge and had dealt with multiple million $ houses. He could count number of houses sold in entire area and all the price points etc. He refused to return any money, I still chose to work with him based on his knowledge and friendly nature. But, in the end he just was not interested in getting me the best house but rather wanted to rush me into any OK house.

My current agent has been good so far. he offers good and helpful insight. you can negotiate commission return w/ him - I did. if you are interested send me an email at hikelife AT gmail DOT com
0 votes Thank Flag Link Sun Mar 29, 2009
Sb;
I was born, raised, working and still live right here in Sunnyvale CA. I have been a real estate investor for over 30 years, I have owned apartment complexs, I have built new homes, I have bought, repair and resold homes. I am a investor first and a Realtor by chance. I would love to help you. I would be willing to give you back what your asking as long as you guarantee me in writing, agreed upon and noterized with a attorney that you can not sue me and if the seller sues me you will pay 100% of the lawsuit for me. Fair enough?
Here is what you are missing. 3 months working with that agent and you never bought a home. So how much money did that Realtor make? NOTHING. Whats 1.5% of NOTHING? NOTHING. She may work with you for 6 months or a year and never make a penny, or if you ever did buy a home you then want the Realtor to work for minimum wage? The public has no idea what a Realtor goes through and the cost of doing business. Have you heard of E & O insurance that Realtors must have? To become a Realtor and be a member of a board alone is a couple thousand a year plus the lock box keys, the insurance, the advertising cost, website cost, printing cost, plus all the work Realtors do and never get paid for. It's a small fortune. I am not trying to insult you but you should sit down with someone who is in business and they will explain their over head for you. You need to hire someone who knows what they are doing. It's not just all about searching and finding a home, that's the easy part. Negotiating, understanding disclosures, knowing the area comparibles and many other things is what you pay for. Most importantly, It's also the liability a Realtor assumes by just representing you. Wathcing your back per say, making sure your not getting ripped off by a un ethical seller. Try this, Go ask your lawyer to lower his rates for you, as your Doctor, Dentist, accountant to lower his rates to work for you. Just isn't going to happen and if someone does agree to do that I wouldn't use them in the first rate. As goes with Realtors who know what they are doing. Here is how you should look at it. If your working with someone who knows the business and has actually bought many homes for themselves, they will know a deal way before you will and they know how to negotiate in the right manner to make people do things the way they want it done. If you work with a Realtor who gives you back 10,000 dollars but you over pay for a property by 30,000 dollars are you still going to be happy you got back 10k from that Realtor? Put your faith in a honest hard working Realtor. Like me? Or someone just like me will do.
I will be willing to give you free advice, free consultation, free answer sessions, no obligation. But when I find or your find the right home and I negotiate the right price where I know your going to make money in the long run, I would like to get paid, and so would the other Realtor if you do choose someone else. I am just being straight up with you. I am a from the school of the GOLDEN RULE. I treat you the way I would want to be treated and nothing else will do. Realtors work endless hours for nothing.
Re think this part about your agent giving back and you will find a pro who will make you more money in the long run than the money your hoping to save going in. Specialy if your an investor. And even if this is your first home. GO BIG OR STAY HOME! Even worst, do it yourself with a agent who hasn't a clue and loose your ass! Just being straight up with you Sb. I think I speak for many of us in the industry. Sorry, but nothing but the truth.
David Rivas
(408) 431-7202
I am a foreclosure specialist. I work with all phases of foreclosure. Showing you people who just got the notice of default and they have no way out. Many of these folks have no way out. I can show you how they will sell their home to the first buyer that comes along with a soldi offer. I have all the information you need to find auction homes, bank owned homes and all the short sales you want and more. Do it alone or find a mentor like me to help you.
See my website below and go sign up for daily email alerts for the home your looking for and I promise you will not be waisting your time. Tell me you have already been pre approved, right? If you haven't this is the first step I can help you with. If your not pre approved and say you did find the home you want, the offer would not even be considered by the seller, with out a pre aprroval letter. IF your serious about buying a home or if you just want a free education on it call or email me. Email; ultimaterequest@sbcglobal.net
I have two websites. http://www.UltimateHomeRequest.com and the one below. http://www.ServingSantaClaraCounty.com
0 votes Thank Flag Link Sun Mar 29, 2009
I suggest you to look for REO properties. In my opinion the Short Sales are the most difficult real estate sales, especially if the listing doesn't belong to the buyer agent. It takes a lot of "leg" work Niether listing agent or buyer agent knows what it will take to buy the short sale property til the time the lender approves the offer. I'm not sure if your agent is any "good", but if he (she) deals in Short Sales thaey must know the "trade". Not a lot of agents will give-up portion od commissions when they are in "short sale" contracts. I know that for sure.

Gene
0 votes Thank Flag Link Sun Mar 29, 2009
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