Need to write an offer...

Asked by M Y, San Jose, CA Tue Oct 1, 2013

I need to write an offer on a house either Weds or Thurs.

I have already identified the house, seen the house, know what I plan to offer.

I'm looking for someone who's willing to be paid less than the 3% as this shouldn't require a lot of time. I'm willing to pay a flat rate whether my offer is accepted or not, it that's more acceptable. If my offer is accepted, I'd also likely need an agent to meet the appraiser. There might be other things I'd need that I don't know about yet, please feel free to tell me and tell me a reasonable rate.

I'm looking to pay a fair price - don't want to de-value your services, but at the same time don't want to pay tens of thousands of dollars for hours of work.

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10
Terri Vellios, Agent, Campbell, CA
Wed Oct 2, 2013
If the house is not on the MLS then that is something to discuss.

If it is on the MLS, I wonder why it is important to you that the offered compensation to the Buyer Broker is less than 3%. Not all sellers are offering 3% on listings. It is the seller who pays the commission, even though the buyer is the one purchasing.

There are many business models and not all agents are alike. As the other agents stated there really is more to real estate than finding the property, and meeting the inspectors. Risk management in knowing how to craft a winning offer, keeping the deal together, knowing what to look for in inspections, and so much more.

Which ever way you go, please research the Broker you select to insure you are receiving a skilled negotiator, one who knows the contract and to best protect your earnest money, and to watch the investment and advise you risks. From beginning through after close.
2 votes
Nina Daruwal…, Agent, Cupertino, CA
Wed Oct 2, 2013
OMY,
Looking for, and Identifying the home you like and want to Buy, is just the start of the journey. For you to finish it with a competant, knowledgable Realtor who is well trained, and experienced by your side Is another. Buying a home is a full blown process, just like any other major purchase you make. This will probably be The most expensive buy currently, of your life. RE also has legal binding contracts and paperwork.
Its a sad day when one person thinks they can undermine, and put a worth on the time and effort, without understanding the amount of work another person does! No respect shown here.
You really shouldn't even be going down this road, after all, you wouldn't really know the tremendous amount of work involved in seeing a transaction through to a smooth closure......this is being penny wise, pound foolish! We don't claim to understand your job, and all it involves, don't you get compensated for the work you do? .....you shouldn't be judging ours - "it shouldn't take a lot of time", how do you know what complications may arise in the course of the transaction? Every transaction has something going on! Or de-valueing the work put it, that's just not right! Its the Seller who pays the commission anyway.
What less amount do you accept, if you do your job professionally and completely? Do you not expect to work to the best of your capacity and be paid for that? Those who are willing to accept your "reasonable rate" are de-valueing themselves, and letting you de-value them! Did you not pay thousands of dollars for your car, or your Doctor, or your dentist?
Never forget, you get what you pay for! Compromising Quality over discounted price and service!
Good Luck with getting what you want!
1 vote
Richard Hebe…, Agent, Cambrian Park, CA
Tue Oct 1, 2013
You may end up costing yourself more than you SAVE and have no sure way of knowing that without a competent professional representing your best interests. I seriously doubt you would represent yourself in court or worse in other matters involving professional consultants and fiduciaries.

By the way, RE commissions are baked into fair market valuations across the board.

As for paying tens of thousands for a few hours work, you describe a fictive narrative in this scenario.
Real estate professionals work endless hours, pay tremendous fees, have very real costs of doing business, and must know the market and houses inside out....

...while helping several buyers and sellers simultaneously and staying current on everything going on in this business of marketing and selling real estate to well-informed, astute buyers.

Then there is the fun involved with multiple offers, counter offers, multiple counter offers, various sundry problems and issues that arise invariably in every transaction. Not to mention working out a smooth escrow with everyone touching the process from the perspective of their respective expertise, specialty, skill, knowledge and competence.

Buy a house with a faulty foundation and then what? Save a few bucks on a cheap pest control report and then what? Choose the wrong lender and then what if seller won't wait for your lender to fumble through before deciding to decline. Then what?

will you save money if you make several offers that are rejected and prices continue to climb?

How confident are you that your price is not overpaying for an overpriced home with a discounted sales price 4-5% over fair market value?

As it is, many overpriced homes sell while others do not. The only difference is the agent involved, who did not recognize fair market value. SOme slip through the cracks when sold too quickly.

A house on the market too long is overpriced, unless under construction while being pre-sold to a discerning clientele. It matters not why an overpriced home is not selling within the average days on market. Can you discern why it is overpriced? Can you be certain the priced issue is the competency of listing price or a significant material defect or shortcoming?

If anyone can answer ALL of these concerns well in every situation, and not being a licensed real estate professional in good standing for oneself, it may be a good idea to go it alone and submit your offer without an agent.

After all, your time is worth far more than those you seek to diminish, in order to get what you want and need. No one wants to waste time and money, and few find comfort and good will from wasting other folks' time and money.

Good faith. Meeting of minds. Win-win.

best wishes
1 vote
Michelle Car…, Agent, Coppertino, AL
Fri Nov 1, 2013
M Y are you aware that in California the seller pays for the buyer commission? In other states, such as Oregon, buyers need to procure and pay for their buyer agent services.

Part of what agents are paid for is their experience-knowing what to do and what not to do. If an agent saved you $10,000, you'd find that valuable would you not?
0 votes
Lance King, Agent, San Francisco, CA
Wed Oct 2, 2013
What you are actually asking for is a rebate from the buyer's agent, because the seller pays the commission for both listing and buyer's agent, so you aren't paying anything for their services.

Also, identifying the property is but one tiny piece, and buyers invariably put a lot more value on that then is appropriate. What happens after that determines whether or not you get into a place at the right price, whether or not you get into a place that has issues, and whether or not when the bumps come up in the deal as they do almost every deal, you can get past them or the deal blows up. Why would you even think of asking for this if it isn't already offered as part of their general business model?

Best Regards,

Lance King/Owner-Managing Broker
King Realty Group

lance@king-realtygroup.com
415.722.5549
DRE# 01384425
0 votes
JR Thrasher, Agent, San Diego, CA
Wed Oct 2, 2013
I'll do it for free.

Give me a call.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
0 votes
Grace Hanamo…, Agent, Cupertino, CA
Wed Oct 2, 2013
Hi MY,

Call me tomorrow morning. After signing a few papers to formalize your discount, we can get started. My commission is 1/2 of the commission offered by the seller with a minimum of $6000, and the other half is given to you. I am knowledgeable, aggressive and have worked successfully for many buyers.

You can reach me at 408-426-1616.

Sincerely,
Grace Morioka
Allison James estates and Homes
Discount agent and proud to serve my clients!
0 votes
P.s. MY it is not just the hours of work, it is also the liability incurred.
Flag Wed Oct 2, 2013
Joyce Sloan, Agent, Cambrian Park, CA
Tue Oct 1, 2013
HI, Please give me a call. I'd be happy to discuss an agreement. My office is in San Jose.
Thanks, Joyce Sloan
(408) 981-9933
0 votes
Mario Pinedo,…, Agent, Cupertino, CA
Tue Oct 1, 2013
MY,

My partner in Cupertino can work out an agreement with you.

Feel free to call me or email me.

Mario Pinedo, CCIM
Keller Williams
BRE 01118365
NMLS 1029116
415-269-6249
mariopinedo@kw.com
0 votes
Elena Talis, Broker, Palo Alto, CA
Tue Oct 1, 2013
First, is the property listed on MLS? If yes - the buyer's agent compensation most probably is already set at less than 3%.
Web Reference:  http://talisrealestate.com
0 votes
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