Are Realtors Worth It?

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Honestly, I find it situation specific. If someone is moving to a new town, get a good Realtor. If you're savvy and find your own property to buy, skip Realtor. If you're selling a 'in demand' property, skip the Realtor. If you're selling a specialty property or one that is higher priced, get a good Realtor.

I have bought/sold many dozens of properties and this is my experience.
 

Parks 788

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Unless it's a very unique situation, I would buy a home without a quality agent representing me. We used a great, well known realtor out of Sapulpa. He's pretty much an expert in part of Tulsa Co, Creek Co and that general vicinity, the areas we were looking to buy in. HE passed many listings to us that were good but didn't fit our overall wants/needs. THe home we ended up buying, my wife and I found only because we searched half dozen websites twice a day for months. He setup up everything with respect to the home buying process. Home/property tour, twice. All inspections including home, roof, septic (had it pumped, etc), both water wells inspected and water tested, enite 45 acres staked and "plotted" or whatever its called. Everything. His communications was fantastic and walked us through any/all questions we had.

It really comes down to the type of property youre looking to buy, how much current knowledge you have of purchasing a home and the quality of realtor you use. Because they are family, a friend or whatever, doesn't mean they are good.
 
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I think the problem is realtors don't get enough training, anybody can become a realtor. If you're thinking of using one, interview several, after all you're hiring them to do a job, and there will be a world of difference between them. DON"T assume they have your best interest in mind, they only get paid if you buy or sell.
 
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What does your contract say about the roof replacement? are you past the closing date? why is it being replaced? did not pass inspection? too many layers? too old/ etc, what about the plywood? is is it up to code, they raised the thickness years ago. licensed and insured roofing comany with warranty? are they using the cheapest bid they get or getting three bids? I would have 10k put into escrow at closing and then have the roof replaced with the company I choose. not them. its like the old telephone game, from you to your buyers agent to the sellers agent to the seller to the roofing company and through in two brokers and a title company and maybe a insurance company. you need to be onsite an inspect YOUR new roof, the last roof i did cost about $7500 and they had to come back out and redo a part of it. Broker/ investor here.

In the contract. Closing by the 31st but they offered to close early and didn't get the roof on. They've now agreed to switch to the roofer I've selected and things should move forward much better.
 

Steelers Fan

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I haven't used a realtor on the last four transactions.
They do have their purpose for the less knowledgeable home buyer and those new to the area. BUT, they do stack the deck. They'll line up inspectors for you, ones that work in their favor to help the sale through (buddy system). They'll show and push you their listings first, even when they don't best match your list of wants/needs/requirements, so as to double down on the commission. They are like attorneys, in that they talk with the opposing agent to make a deal go through, though it may not be in your best interest (as long as they get paid). As usual, knowledge is power, so get smart before blind faith stabs you (yourself) in the back.
 
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In the contract. Closing by the 31st but they offered to close early and didn't get the roof on. They've now agreed to switch to the roofer I've selected and things should move forward much better.
You're the one with the money, that means YOU are in control, tell them what YOU want. If you don't like the way it's going, get another realtor.
 

Droff

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I'm kinda in this situation now, looking for an overpriced home, which there are numerous.

We can't be shown a home by an agent/realtor without signing a document first. We look on Zillow daily and if we see one we want to go look at, we get sent a touring agreement to sign (if a previous one has expired - these are good for 7 days I think). This seems to be standard now. We were planning on using a realtor regardless but it just seems a bit odd. We've tried to stay with the same woman and not have 2 or 3 folks tossed my way from Zillow and recently signed a contract with her for 3 months, which I can cancel whenever I want. It does have a few caveats though.

I think a lot of this tied to the passage of a law on agent commissions a while back.

Most advice is get a good one or a good one is well worth it but reality is you're not likely to know that until you know it.
 
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I love how sellers agents want to know how much money you can qualify to borrow. They then lose incentive to negotiate fair pricing or repairs on properties which are seriously overpriced. When we did provide a prequalified letter it included a dollar amount significantly higher than the asking price. Asking was higher than value by a long shot. Seller would not negotiate as we could qualify for the full asking price. Ended up the company would not write us a loan for the amount we were comfortable paying but they would for twice as much. Useless endeavor.

We bought some bare land a while back. They wanted all sorts of information up front. We refused. Offered verifiable market price which was significantly less than asking with zero caveats, 30 days closing, cash. Property had sat for a couple of years, they took our offer.

If the market is hot then the buyer’s position to negotiate is weakened by the market and the prices will go up. If the market is weak and property is sitting with very low sales then the buyer’s position has a significantly improved negotiating position. I always strive to get to a fair price, even the few times selling.

Sold once in a hot market, house went for more than asking and sold in a matter of hours. Even had higher offers come in. Sold it to a nice family who still lives there. Had higher offers, chose the buyer.

You just never know but the correct realtor can be most helpful. If not a good real estate attorney can do paperwork for you and will protect your interest.

If you are buying a distressed property make sure you have a knowledgeable professional to help you.
 
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During my lifetime, I’ve purchased two homes with rural acreage both without the assistance of a Realtor or 3rd Party Agent. However, I paid for Totle Searches from Title Guarantee Companies before I closed. I took a Commercial Loan on our property outside McAlester, OK; and a Mortgage Loan from USAA for what is now our residence in S E. Alabama. Our Alabama home was inspected by an agent from USAA which included an evaluation of the roofing, siding, windows and doors, electrical system, HVAC, well, water quality analysis and plumbing foundation, drainage and septic system and a termite and pest inspection. I had to pay for this service. Our McAlester residence and acreage are paid for; but our home is Mortgaged in Alabama at about 3.15% We didn’t pay for points or Realtor fees…..
 
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Maybe I'm an exception. I found the house I wanted. The realtors are splitting 6% for sending me a contract and making a few phone calls. I don't know what other things they actually do but mine is doing a poor job of keeping me informed on when a roof will be put on the house I'm buying so we can close on it. It was supposed to happen tomorrow but roofers haven't shown up all week. Very frustrating but maybe I just have a bad one. My mistake using an old girl friend. She sucked at that too or maybe she didn't suck enough. Seriously though, I know the 6 % is not a requirement now and I'm not the one paying it but they certainly don't do much that I can tell. At least not in this deal. Maybe if they have to research and show multiple homes etc but even then, 6% is a chunk if you figure actual time spent. Maybe I should get my agent's license.
I suggest you jump right on it- for me- the key thing they do is work to be sure all execution of the contract is made properly so you don't get bit in the B later. Roofers and other home worker are just crap on getting to things, but I agree- your Realtor should be keeping you abreast of what's happening- as far as being a realtor- just know if you work with someone under the Oklahoma City Board- it will cost you about $2500- $3000 per year for membership- license and MLS cost. If you don't produce, you may be moving around trying to figure it out. - Good luck!
 


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