Tim D. Young

Sorry, but I don't know one single listing agent who cuts their fee in half if a non-represented buyer offers to buy their listing. I list a home for 6% planning on paying 3% out to agents who show the property, negotiate for their buyer, arrange inspections, appraisals, financing, etc. If I am going to do all that work for a non-represented buyer (not to mention expose myself to the potential legal problems) then I am going to get paid the full 6% that ther seller has already agreed to. - Wed Apr 9 2008, 05:18

Buying without an agent sounds very apealing at first, based on the commission savings alone. But good Realtors bring value to the table in exchange for the commission. They also give the buyer access to a broader range of properties as "listed properties" are all committed to pay a buyer's agent commission. You cannot buy a listed property without an agent. You can only buy "For Sale By Owners". But consider this... Most FSBOs are not listed with a Realtor for one of several reasons. 1) They want more than the property is really worth so they can't afford to pay a commission 2) There is something wrong with the house or with the title that makes it impossible for a Realtor to sell 3) Seller Greed.

Sellers do not determine the value of their home, the market does. The market is made up of buyers, most of whom are represented by professional agents. As an unrepresented buyer you are in competition not only with the seller, but with other buyers who are better represented than you are. Sellers do not "decide how much they will sell their house for and then add a commission". Buyers decide that once the house is exposed to the market, so smart sellers are willing to offer a commission to the buyers agents who will bring lots of qualified buyers because this is how their property will sell for it's true value.

If you run across a FSBO that looks like a good deal, there's really nothing wrong with buying it without an agent. The risks are yours to take and if you're lucky you may come out ahead. Most people don't have the luxury of waiting around though for the perfect deal to fall in their lap so they will use a buyer's agent. Most people are also not trained at protecting themselves from the various risks involved with a typical real estate transaction. Buyer's agents REALLY ARE free. - Sun Mar 30 2008, 06:48

As a Realtor who offers "buyer representation" I can tell you lots of reasons why having a qualified agent working for you is smart. Here are just a few from my experience:

1. If you are looking at FSBO's with a good buyer's agent they will take advantage of the fact that most people trying to sell their homes themselves don't really know what they're doing, but just believe they are saving money by doing it themselves. If I am your agent I will work their inexperience to your advantage during negotiations. There are so many traps that these people fall into.

2. Buyer's agents are an absolute necessity when buying a property that is listed with a seller's agent. Most people simply do not realize that the Seller's agent works for the seller. No matter how nice and honest and fair they are, they will not represent you adequately in negotiations.

3. Without exception, the best agents in our industry do not cut their fees because they do not have to. If I have a home listed for 6% I will pay buyer's agents half of it without blinking an eye because buyer's agents are the ones who bring me the buyers. The other half is mine because as a good listing agent I have spent time and energy and resources to attract the "buyer's agents" instead of just looking for buyers like the FSBOs do. - Tue Mar 25 2008, 10:17

Pat,
Follow the link below. Hope this helps - Fri Apr 4 2008, 05:33

Licensed Realtors in Texas are required by law to give that form to prospective buyers. The form is designed and intended to explain your options for representation in a real estate transaction. The agent should have given you a copy in addition to keeping a copy for himself. It is not a contract. Your signature only acknowledges that you received a copy of the disclosure.
An agent who shows you a property may not ask you to sign a "Buyer Representation Agreement" beforehand. Generally, they are still entitled to a commission if you purchase a property that they introduce you to... that's called "procurring cause" .
If you are unhappy with an agent you should let them know. If you have signed a Buyers Representation Agreement you should ask them to terminate it by signing a Termination of Buyer's Representation agreement and giving you a copy. If you have not signed an agreement you should still let the agent know that you will be working with someone else, just as a courtesy.
This is all intended only as practical advice, not legal advice. Hope this helps... If you want a copy of the Information About Brokerage Services form which you signed, let me know & I'll email one to you. - Thu Apr 3 2008, 11:52

A bankruptcy 3 years ago will not prevent you from buying a home. In fact, if your income, time on the job and credit history over the past three years are strong, the bankruptcy will have very little effect. It's a quick and easy process to find out how much you can qualify for. If you don't have a lender in mind just give me a call and I can suggest a few. - Wed Apr 2 2008, 11:33

How do you feel about the brick that was used? You should expect to get what you contracted for, but sometimes mistakes work out for the best. If you're satisfied with the way the house looks then I would negotiate the highest credit they are willing to give and count it as a blessing. If you won't be happy with the way your new house looks then I would ask your realtor to terminate the contract and request a release of Earnest Money. From what you say, you are in the driver's seat on this one. I hope you can reach a compromise with the builder. - Tue Apr 1 2008, 20:41