Real Estate Agents

[Ladskater]

I've been looking through Real Estate magazines at homes to buy and my head is spinning! I thought about getting in touch with a real estate agent. Have many of you dealt with a real estate agent? How did you fare? I need to get the lead out and get going on this thing!!!!

 

[guinevere]

I would strongly suggest getting a personal recommendation from someone who has been satisfied with a particular agent if at all possible. Several of my friends bought houses last year and their stories about their agents are amazing (unfortunately, none of their agents work with condos/co-ops, which is what I bought). I, however, wound up with a terrible agent, who tried to bully me into doing things I didn't want to do, and once I was in negotiations regarding the place I eventually bought, worked blatantly in the interest of the seller. If I hadn't been really vigilant about reading everything I'd been given, and quite vocal and persistent with my agent about things she kept "forgetting" or didn't think were important, I would have paid a lot more for the place than I did, and I would have ended up with a surprise extra $75/month payment that the sellers did not disclose (I did end up with the extra monthly payments, but it was no longer a surprise, and I got the sellers to give me $5K in cash to make up for it).

guinevere

 

[Ladskater]

guinevere:

Thanks for the tip!!!

 

[heyang]

When I was looking for a home, there was an agent who refused to work with us while we worked with other agents. I understand that they don't want to waste their time researching properties that someone else may show them, but that was a bit ridiculous. She could just tell us ahead of time what she'd like to show and ask what we'd already seen.

My friends have also had agents who have tried to prod them into buying when they were being a bit hesitant. 'Why can't you offer $4000 more for the house?' - maybe because I can't afford it?

Don't be afraid to say no to an agent. It's their loss on commission to not get the sale.

 

[Lanie]

My dad is a real estate agent, so if you have any questions, Lad, I'm sure he wouldn't mind answering them!

 

[Pati]

Ladskater, you can also look for homes for sale online. My husband and I do that all the time. Just do a google search for either real estate companies in your area, or even type homes for sale in *wherever you live". Everyone prior to my reply gave you really good advice. There are some really good agents and some that are very bad. Get references from friends and don't hesitate to use Lanie's offer. I sure wouldn't! Good Luck!

 

[Aloft02]

The absolute FIRST STEP is to get together with a lender and find out what you're qualified for (and comfortable with) borrowing.

Armed with that and a general idea of what neighborhoods you want to live in, find a real estate office active in that area and peruse their website. You'll find both property photos and bios of the agents. Interview several agents, read customer testimonials. You're hiring a person to represent your interests, so take your time and find someone who listens to you.

I'm a Realtor in Washington State - my company is www.johnlscottrealestate.com - visiting this site will give you an idea of the information available on the web.

For British Columbia I'm not as sure of a good beginning point, but you might want to try www.realtybot.ca or
www.bc.virtual-agent.com

Good luck!

 

[RealtorGal]

When I was looking for a home, there was an agent who refused to work with us while we worked with other agents. I understand that they don't want to waste their time researching properties that someone else may show them, but that was a bit ridiculous. She could just tell us ahead of time what she'd like to show and ask what we'd already seen.

My friends have also had agents who have tried to prod them into buying when they were being a bit hesitant. 'Why can't you offer $4000 more for the house?' - maybe because I can't afford it?

Don't be afraid to say no to an agent. It's their loss on commission to not get the sale.

No self respecting agent wants to work with any buyer who is concurrently working with other agents. We all have access to EXACTLY the same listing information. If I am going to spend my time working with a buyer, researching, previewing and showing homes, if I am going to check the local MLS ten times a day in case the perfect house comes on the market for that client, if I am going to devote time to getting them pre-qualified/pre-approved for a loan, etc. etc. etc., then I expect that buyer to be loyal to ME. I am only paid when I sell a home. NOTHING is worse for an agent to spend a great deal of time working on behalf of a client only to find out that individial has gone behind your back and bought something completely opposite from what he/she told you he/she is looking for. I only get paid when I sell a home. I consider my time valuable and my expertise worth the loyalty. I have NEVER had a client miss out on a house because I was asleep at the wheel. When I work with clients, they can be sure they have my full attention and consideration. BTW, I work for one of the top firms in this U.S. and I am in the TOP 4% of all agents in the country.

So, before you call something "ridiculous," I suggest you learn a bit more about the profession and how hard we work. I cannot blame that Realtor one bit. I doubt he feels that his or her actions were "ridiculous".

I do not know what the exact situation was when your friends did not wish to raise their purchase price by $4,000, nor do I know in what market you live. That equates to about $24 per month in a mortgage payment. In the San Diego market, in recent months, all well-priced and decent houses have many, many offers on them. That $4,000 may mean the difference between owning a home and being priced OUT of the market completely. We had a 7% increase in December alone! I know people who hesitated over this kind of sum and are now unable to purchase a home--they have now missed the boat. You can only bring the horse to the water...

Now, Lad, again, there are good agents out there and there are bad. You really need to ask your friends and co-workers for referrals. That's the best way to find someone terrific.
To try to do this all on your own is not wise. Unless Canadian real estate practice is totally different from that in CA, the seller pays the commission, NOT the buyer. By the time you see something you like in a magazine, it will likely be sold. A good agent will be on the ball and make sure you see all current and new listings.

Good luck!

 

[Aloft02]

Hi RealtorGal! That's an excellent point you made about being on top of new listings.

I sold a cute little water view house yesterday, its very first day on the market! My client had communicated exactly what her dream home (and her budget) were. The lockbox wasn't even on it yet and the listing agent hadn't got the photos on the website, but since I knew the house I picked her up at her job and rushed her out to go see it.

She is so happy that her offer was accepted. I love it when being ahead of the information gets your client exactly what she wanted. It's such a thrill, isn't it. There's a lot of competition for affordable homes around here.

I'm glad you made the distinction about how we get paid as buyer's agents. It's often a pleasant surprise to first-time buyers.

 

[RealtorGal]

Isn't it? I remember before becoming an agent, I did not know that I did not have to pay a buyer's agent! I make sure to remind all new clients of that important fact.

Congrats on the sale! Isn't it just the best feeling to get someone the house they've dreamed of? Once I had clients who had been waiting for months for just the right house to come on the market. I knew EXACTLY what they wanted. 7 a.m. I checked the MLS. It wasn't there. 9 a.m. I checked again. There it was! I called them immediately, told them COME NOW. They mumbled something about a doctor's appointment first. I said "CANCEL IT AND COME RIGHT NOW!!!" Well, to make a long story a bit shorter, they came, they saw, they were thrilled, they bought, I didn't give anyone else a chance to even see the place, let alone to write a competing offer! But it was so worth it because they just love that house. I will stick with someone for months if I have to--as long as I know they're really serious about buying--I've learned to tell when they are and when they are not--it's worth the wait and the investment of time!

 

[megsk8z]

Considering how long we dragged our real estate agent around looking for a house, I would say that most agents definitely earn their money. Sometimes the hard way.

 

[gsk8]

Market Value = Total Just Value + ?

I'm curious about as to how "market value" is determined when factoring in "total just value" and "assessed value". Whether it's land or home or together.

 

[Grgranny]

I never thought the assessed value included the property.

I know I made the agent we had angry when we were looking but she knew what we were looking for and never came up with anything. She just kept showing us places that were nowhere near what we wanted. We ended up building. Now I am having to get it ready to sell. How in the world do you ever collect so much STUFF? What a headache. Wish I knew how to find out how much the property is worth. I know what they are saying my house, etc. is worth but not the land alone.

 

[gsk8]

Guess we'll have wait for the pros on the forum to help us out

 

[Ladskater]

Wow! Thanks for all this great advice!!! Just looking through the real estate brochures is making my head spin!!!

 

[Aloft02]

Hi Paula - to your questions re: 'assessed value' vs. 'fair market value' - sorry to delay in getting back....(it has been really busy at work with good weather and daffodils emerging - yay!)

"Fair market value" is what a ready, willing, and able buyer will pay for a property - nothing more. From time to time I see listings for waterfront cabins and snicker knowingly, "Nobody in their right mind would pay that for this!" Know what? They usually do - if given the right amount of time on the market.

"Assessed value" is determined and assigned by the county in which you live (remember now, I'm only speaking of Washington state - which is where my license is) - county assessors (not to be confused with bank appraisers, whole different deal) assign a value as a basis for property taxes. Ordinarily here it lags behind the actual or fair market value so isn't necessarily an indicator of what we can ask for and expect to receive for a property around here. On our tax statements we have 'land' value and 'improvement' values broken down and then a total figure shown - they differ widely around the country.

Keep in mind that real estate matters differ greatly from state to state, which is the level on which they are regulated. RealtorGal and I are amazed at the differences just between our states of California and Washington. Hope this helps you, gsk8.

As Realtors we cannot interpret the law as it relates to real estate or we risk the loss of our license. There may be questions we cannot, or will not, attempt to answer that verge on interpretation of law - simple definitions like this and an overview of how we work, I'm happy to help with.

 

[gsk8]

Thanks!

Do realtors in general get upset when a buyer wants to see the deed to examine just, tax, and assessed value? I know the counties make these records public, but you won't see this info inside an listing of course. But what do you do when a buyer wants this information?

 

[Aloft02]

A good Realtor will encourage a potential buyer to learn as much as possible in every way about the property, and aid her client to that end.

 

[RealtorGal]

Thanks!

Do realtors in general get upset when a buyer wants to see the deed to examine just, tax, and assessed value? I know the counties make these records public, but you won't see this info inside an listing of course. But what do you do when a buyer wants this information?

You give it to him/her. It's public record. Anyone has a right to see that information. I may facilitate access freely.

 

[Aloft02]

Is that Pug just gettin' more adorable by the day?!