Thread: noob question from first time buyer #2

Okay I got some good advice on here with my last question may as well try again today:

I found a couple of houses I am interested in looking at on Trulia.com and contacted the agents listed on that site. The person I talked to regarding the second house sent me a link to trend.com, a site she said would have other properties in the area she might be able to show me the same day. The houses that came up, though, are the same as what was on Trulia, including the 2 others I contacted different agents about. So she claimed to be able to show me the same houses the other guy had.

I had assumed this worked similar to the rental market, where the seller (owner) hires an agent to sell (rent) the house, and the buyer (renter) has to deal with who the seller (owner) picked. Is this not the case? Can more than one agent sell the same house? Do I as the buyer get to choose what realtor I deal with?

Thanks in advance.

[FONT=Times New Roman][SIZE=3]The absolute best advice I can give to someone that is new to buying a home is don

So, do I understand this correctly?

When an owner decides to sell their house, he/she finds an agent to sell the house for them, that is the one and only seller's agent for the house. The house is then listed on the MLS site through which any agent (of my choice as a buyer) can access. Then to work out the details of the transaction my buyer's agent will talk to the sellers agent?

So what's happening here may be that the agent I talked to (who I found through the ad on Trulia), is the seller's agent, and she is offering me access to the other properties as a buyer's agent, but it may also be that she placed an ad on Trulia for a house she is not the seller's agent for in hopes of finding a buyer she can work with as a buyer's agent?

I think you got it. Just ask the agent if they are the listing agent they need to tell you if they are or not and will need to disclose it to you in writing if you decide to work with them or write an offer on the property with them. Do you want the same agent working for the best interest of their seller also representing the best interests of you the buyer? Can that truly be done?

Get every thing in writing from the agent. Emails work great for this talk on the phone but ask to clarify the conversation with an email. This will help cover yoru butt if you need to after the agent for what ever reason.

Interview several agents in the area you are looking to buy and pick the one you like the best. They should be able to help you find a house by doing more than just sending you to a website to find houses to look at. Ask a lot of questions and don't sign any buyer agency agreement until you are sure you have found an agent who will help you and you are comfortable with.

What do these buyer agents normally charge? Both of the people I talked to asked if I was working with a Realtor, I assume now what they meant was am I working with a buyers agent? I was a little confused by that question but I think it makes sense now. I take the advice to use a buyer's agent seriously, but I assume it is possible to do it without one? What are the advantages and what are the costs? If I can offer a fair purchasing price and I shop around for a good deal on financing, what will the buyer's agent really save me? Again, not questioning your advice, just looking for more specifics. Thanks.

one who will protect you for the entire process. The buyers agent is paid by the seller.
A Licensed Realtor will be able to do research on the prices of recent sale (cma) which you couldn't, they would also know the things you should do before purchasing a home. Sometimes listing prices are way off!

Deposits need to be protected, inspections need to be added and many other things Realtors know that you wouldn't.

I would use a seasoned Realtor!

There is more to buying a property then getting the financing and putting together a purchase price.
[FONT=Times New Roman][SIZE=3]Until you have your own toolbox of contacts to make the closing happen yourself I would suggest using a real estate agent. They don

The buyer's agent is paid by the seller? Really? I guess there's no reason not to use one then. Let me make sure I understand this correctly... What I expect to pay at/before settlement is a down payment, closing costs that cover the processing fees for the bank I use to finance the purchase (none of this goes to the realtors, or does it?), taxes, home owner's insurance, possibly mortgage insurance if required by the lender, and whatever it costs to have the house inspected. Am I forgetting anything?

I need to find you a sample hud statement. I hate to take this opprotunity like this but you dont need be a real estate agent to take one of my classes. The practices course will help you the basics of what you need to know about closing.