Thread: Agent angst

Since the listing agent is working in the best interests of his clients (sellers) then he will not care who represents you, the listing agent just wants to get his/her client's property sold.

Agents ask that question so we do not step on the toes of another agents by doing anything that could be construed as interferring with a client level relationship between you and your agent. Just explain everything you just told us to the agent you would like to have represent you in the purchase of this home to avoid any later misunderstandings.

Normally the listing agent shouldn't care to much if you hire another agent to represent you since their first priority is to get their clients home sold.
Although don't be surprised if a listing agent that show you a home does get upset about it. There are laws in place that could assume the listing agent was the procuring cause that lead to the events that gave you the decision to buy the home. Without knowing the sequence of events and also not being a lawyer I can not say for certain of your situation but be aware that the listing agent could have case of not paying out commission to your agent.
Just make sure both your agent and the listing agent talk it out so there is an agreement between them.

If the seller's agent does get upset, then it is his problem not yours. I suppose every state is different, but it is pretty safe to assume that unless you signed an agency agreement with him/her you have obligation to them.

Originally Posted by dmelonas

We have found a house that we want to make an offer on and I want to hire one of the listing agents that I was impressed with, who has showed us several houses, to represent us.

Ahh, BIG MISTAKE (in my opinion.) First, you are not creating a long term relationship with the agents, so what is the difference between using the lister of the property and some third-party to the property? The procedure is the same... Write offer, get accepted, close on house.

Of what I have experienced, offers that I had placed with the lister verses offers that I used a third-party real estate agent, were far more accepted than those by the third-party. That is why when I look at listed houses, I use the listing agent. I suppose there is more of an incentive, since the listing agent doesn't need to split their commissions with someone else.

Your approach of not having a dedicated agent is a good approach if you are going to follow through with the benefits that come of being untethered to an agent. Now if you are going to be unbound by an agent, look at houses as an unrepresented party, and then come back as if you had previous representation, you are not only cutting the listing agent's commission in half, you are going to frustrate them, and those two things usually drop your chances of getting the house, if there is others making offers. No if you are the ONLY offer, and it had sat for a while, you should get it, but why lower your chances?

Again, why are you introducing another agent? Just make the offer, and move on... Again, you are not entering into a marriage with the agent.

Later!

Originally Posted by REITrainingWhse

Ahh, BIG MISTAKE (in my opinion.) First, you are not creating a long term relationship with the agents, so what is the difference between using the lister of the property and some third-party to the property? The procedure is the same... Write offer, get accepted, close on house.

Of what I have experienced, offers that I had placed with the lister verses offers that I used a third-party real estate agent, were far more accepted than those by the third-party. That is why when I look at listed houses, I use the listing agent. I suppose there is more of an incentive, since the listing agent doesn't need to split their commissions with someone else.

Your approach of not having a dedicated agent is a good approach if you are going to follow through with the benefits that come of being untethered to an agent. Now if you are going to be unbound by an agent, look at houses as an unrepresented party, and then come back as if you had previous representation, you are not only cutting the listing agent's commission in half, you are going to frustrate them, and those two things usually drop your chances of getting the house, if there is others making offers. No if you are the ONLY offer, and it had sat for a while, you should get it, but why lower your chances?

Again, why are you introducing another agent? Just make the offer, and move on... Again, you are not entering into a marriage with the agent.

Later!

The problem with this advice is it is not good advice for first time buyers. If you had some experience with buying real estate then you would not be so vulnerable.

As first time buyers you put yourself at risk because the listing agent is working for the seller and is obligated to get the best deal for the sellers. A savvy listing agent can rake you over the coals and is actually obligated to do so.

You need someone who will look out for your interests.

Before you write your offer, have your buyer agent show you some more houses. Most likely you have missed some in your search. My buyers always search on their own and they always feel like they know the market and I always surprise them with houses they missed.

3 of my last 4 buyers went for a house they missed but I found for them.

Originally Posted by Greg

The problem with this advice is it is not good advice for first time buyers. If you had some experience with buying real estate then you would not be so vulnerable.

As first time buyers you put yourself at risk because the listing agent is working for the seller and is obligated to get the best deal for the sellers. A savvy listing agent can rake you over the coals and is actually obligated to do so.

You need someone who will look out for your interests.

I would concur. IF you are concerned about being taken advantage of, due to your inexperience, then don't come in as an unrepresented party, come to the listings with your buyer's agent (or at least an agent that you trust [even though they are "working for the seller."]) That way everyone knows where everyone stands. Just coming in as an unrepresented party and then come back represented by some other third party is not a good thing for keeping your chances of getting an accepted offer on an even playing field.

So I guess that was the point I was trying to make... Come either represented or use the listing agent... Don't switch your representation mid-stream.

Later!

Well, you guys have managed to pinpoint my exact worries about the situation. I am concerned that the listing agent will resent me bringing in another agent at this point, even though I did not lie to her when I told her we were not represented by anyone at the time we saw the house. On the other hand, as a first time buyer, I am concerned about making an offer on the house without professional representation, I want to make sure all the i's are dotted and t's are crossed and don't want to make any mistakes that cost us in the long run. It doesn't seem prudent to implicitly trust that the listing agent will look out for our best interests, when she is legally obligated to do so for the seller. I am in Wisconsin. Does anyone know if I have an implied contractual relationship with the listing agent who showed us the house? Could I hire a lawyer or other entity to represent our interests that wouldn't cause any conflict about the commission? I don't have a problem with the listing agent getting all of the commission, I just want to make sure I have someone on my side who knows what the procedure is and can keep us from making any glaring mistakes.

Well, I am pretty sure that you have no contractual obigations expressed or implied, but again the listing agent was under that assumtion that you would not be represented by another agent, and therefore bringing one in the mix now will just frustrate them, as now what was once a full commission is being asked to be split in half.

You could bring in a BUYER'S AGENT, where you pay for their services, and then they are truly working for you and not the seller. In that case, the listing agent gets their full commission, and you will truly get someone looking out for you.

Hmm, thinking back to my first house purchase, I guess I was never that cautious... I just had the house inspected, but I was never thinking about getting "screwed"... I suppose I consider myself handy, and therefore assumed that if anything went wrong I could take care of it. And of all the houses I have purchased, again I was never too analytical over them to make me fear getting taken advantage of... Maybe I am missing something, but after close to 18 years of doing this, I have yet to be put in a situation that was that bad...(Maybe I need to knock on wood.)

To make a long story short, get a Buyer Agent, if you need representation... It will cost you a little more, but you will not frustrate the lister, and you will be represented better than just having another real agent (that gets a cut of the listing commissions) represent you.

Later!