Windermere

[cfIfan]

Im curious to know why you dont want a realtor to help you?

Originally Posted by redlove

I have the same question. How to find foreclosures/good deals on houses without the help of a realtor?

[redlove]

Originally Posted by cfIfan

Im curious to know why you dont want a realtor to help you?

Well, if you buy a property for investment, you would want to minimize the cost, right?

[GregTraub]

Originally Posted by redlove

I have the same question. How to find foreclosures/good deals on houses without the help of a realtor?

Certainly possible, just not fun.

1. Watch the neighborhood/area you purchase within for a minimum 3-6 months viewing as many homes that go on the market as possible, taking notes on price condition, lot, etc...

2. Keep track of what sells, what is sells for, how long it took to sell and if there where multiple offers or selling concessions for those months.

3. At the tail end of your observation period when you really get to know what the market has been doing start calling the listing agents to get viewings.

(Have fun getting ahold of the agents that handle the Bank owned homes...when they do eventually return your call most will send you to another buyers agent to help you anyway)

4. Make sure you get together all the extra paperwork you need to submit an offer on REO's, make sure the T's are crossed I's dotted and it's as neat as possible.

5. After missing out on several REO's to those that where able to act quicker or with proper offers....you end up working with a dedicated agent to help speed up the process.....either way, you aren't saving any $$, bank pays the same commission whether u have your own agent or use the listing agent.

Hope I don't come across as being an a$$ but when trying to go after foreclosures, short sales, or finding great deals....unless your a professional investor (meaning real estate investing is your full time job) it just doesn't make financial sense to go it alone.

I know from personal experience when I bought my first home (before I was a residential agent) I thought I was getting a great deal and knew all I needed to (working in the commercial real estate realm) but looking back it really was not a great deal! If I knew then what I know now.
Hard part is finding a great agent to work with....not all are created equal.

Originally Posted by redlove

Well, if you buy a property for investment, you would want to minimize the cost, right?

You want to maximize value much more so. Plus there is no cost to buyer for using an agent. Seller pays listing agent, listing agent pays buyer's agent.

[cfIfan]

I was going to say that by not using an agent isnt going to minimize the sellers costs so you are not making your offer look any more attractive than if you are using an agent who is working with you for your best interests. The seller has already agreed upon a commission with the listing agent, and he or she then splits the total with your agent. If you dont use an agent all it means is one less party for the listing agent to have to pay. Meaning the listing agent will get paid the total.

In the meantime you are not being represented and the selling agent has probably just doubled their commission.

The only time this type of sale would save you money is if you were looking at a possible for sale by owner, and the seller wasnt prepared to pay a commission to the buyers agent and you would then need to pay if you wanted the agent to show you a property like this he found for you, but in this market, your not going to find the steal of a century like that.

Good luck

[redlove]

I myself have some bad experience with realtors who only want to show you houses in the high end of your price range if they know it to maximize their commission. You end up finding no good deals at all.

[cfIfan]

Unfortunatly that is the difference between a good realtor and a bad realtor. To give you an example, my business is all about referrals. If i have provided excellent service to my clients then they are likely to refer me to firends and family and in the future should they want to sell or buy another property i have already built that relationship with them and they are likely to use my services again.

Unfortunatly some agents like you said are in the business on a sale by sale basis and are only concerned about how much they make per sale. In my opinion in the short term business may be good for them, but in the future sales are likely to dry up. People talk and it wont take long to develop a bad reputation. In your previous realtors case you obviously wouldnt recommend them.

The key is to interview agents and get a feel if you are on the same wave length and if you feel you can work well together. You will hear many people on these boards slam realtors and it is an unfortunate truth out there that there are bad realtors out who give those of us who do work hard for our clients a bad name. But there is good and bad in every profession, and as i tell my clients selecting a realtor you are going to work with is so important, because this isnt a burger and fries you are buying, its a major investment.

Originally Posted by redlove

I myself have some bad experience with realtors who only want to show you houses in the high end of your price range if they know it to maximize their commission. You end up finding no good deals at all.

[GregTraub]

Originally Posted by cfIfan

Unfortunatly that is the difference between a good realtor and a bad realtor. To give you an example, my business is all about referrals. If i have provided excellent service to my clients then they are likely to refer me to firends and family and in the future should they want to sell or buy another property i have already built that relationship with them and they are likely to use my services again.

Unfortunatly some agents like you said are in the business on a sale by sale basis and are only concerned about how much they make per sale. In my opinion in the short term business may be good for them, but in the future sales are likely to dry up. People talk and it wont take long to develop a bad reputation. In your previous realtors case you obviously wouldnt recommend them.

The key is to interview agents and get a feel if you are on the same wave length and if you feel you can work well together. You will hear many people on these boards slam realtors and it is an unfortunate truth out there that there are bad realtors out who give those of us who do work hard for our clients a bad name. But there is good and bad in every profession, and as i tell my clients selecting a realtor you are going to work with is so important, because this isnt a burger and fries you are buying, its a major investment.

Gave you Rep points for that one, great post. There are still many people with the "used car salesmen" mentality in the real estate industry... even with the downturn.

[John E Quest]

We are moving in to Summerport this week...can anyone tell me how I found out abot youth sports? My 10 and six year lds both want to play football, but I can't find any info. Thx...