many realtors list bank owned properties. how does a realtor develop those relationships with banks to get their listings?
Time in trade. Just takes meeting the right person at a party and being able to network efficiently. No, foreclosed homes aren’t all HUD homes, that is something different all together.
I may have found someone to buy my home, but I dont have a realtor, and dont know how to go about it by myself. What do I need to do in order to make sure all the legal stuff is in place? I want to sell it to them at a low price, so I would much rather not pay a realtor when I already found someone!
Oh, and anyone trying to ‘promote’ themselves wanting me to use their mortgage company or whatever will be marked as spam.
This is easier than it was years ago, especially if you’re in one of the states where the realtors no longer have a legal monopoly on the MLS systems.
My brother used "buy owner" I think, in San Jose, a few years back and was happy. The basic deal is they charge some kind of flat fee and give you signs, a workbook / how to guide, and depending on the service may even come out, take pics, post on various sites etc.
There’s a ton of these services out there, if it was me I’d google – here’s a sample – and start reading and comparing.
Be sure to understand the specific pro and con’s for your state, and check references.
http://www.google.com/search?hl=en&q=by+owner
Brayson Verzella from Keller Williams Realty talks about the benefits of working with a Realtor when buying or building a new home. He also discusses some of the problems which can come into play without a Realtor.
Duration : 0:9:48
We found a house we want to purchase. The house is listed for sale by the owners. The gf is wanting to use a realtor to help with the purchase of the house. what exactly would they do? we are financed threw a mortgage company and the seller is the home loan offer at one of the banks here in town so we shouldn’t need help with paperwork. What would be the benefits of useing a realtor?
Loan officers are not real estate agents.
The main benefit to you is knowing that everything was done legally. Almost all Fabio’s end up in court, one of you screwed something up.
While there may be a mess up still, the agents broker takes the heat, not you.
I buy a lot of property. I think I know enough to manage on my own…but still I would not even entertain the idea of going it without my trusted broker.
I have heard that if you attend an Open House without a Realtor, you are then obligated to use the showing Realtor if you decide to pursue that house, and that many unethical Realtor’s use Open Houses for that reason so they can cover both ends of the deal for double commission. Is there any way you can "fire" the selling Realtor after seeing the house and choose a different Realtor to represent you in that sale? I don’t feel comfortable working with someone who is trying to represent the interests of both the buyer and the seller…I want someone to represent my interests solely. What are my options if we already visited an Open House and spoke with the selling Realtor (although we didn’t give any personal information, not even our last name, or sign anything)? This is our first time looking for Real Estate or using a Realtor, and we learned this about the open house obligation after the fact, so any advice would be appreciated. Thanks!
A potential Realtor just told me that if you attend an Open House without a Realtor (ie her), you are then obligated to use the showing Realtor if you decide to pursue that house (she can’t do that sale or show that house), and that many unethical Realtors use Open Houses for that reason so they can cover both ends of the deal for double commission. Is there any way you can "fire" the selling Realtor after seeing the house and choose a different Realtor to represent you in that sale? I don’t feel comfortable working with someone who is trying to represent the interests of both the buyer and the seller…I want someone to represent my interests solely. What are my options if we already visited an Open House and spoke with the selling Realtor (although we didn’t give any personal information, even our last name, or sign anything)? This is our first time looking for Real Estate or using a Realtor, and we learned this about the open house obligation after the fact, so any advice is great!
Oops…obviously this is my first time using Yahoo Questions too!!! I thought it would replace my original details, not double post them. Sorry!
Basically, a Realtor told me that if we had already seen a house without her that she could not represent me in buying that house because I had an obligation to use the selling Realtor. The selling Realtor was pretty horrible, so I would NEVER choose them, but her comment made me feel totally trapped, since we are somewhat interested in the house. Is she full of bull then?
While the above posting are correct – you are NOT obligated to use the Listing Realtor because you saw the home during an open house, DO tell the agent you hire to represent you that you saw the home during an open house. that way your agent can head off any problems before they happen.
Do I, the buyer, have to pay out of pocket for the realtors commission or is it included in the selling price? Can I place a bid on a home for sale buy a realtor without using a realtor? Any other information along these line would be useful too.
You don’t have to pay a Buyer Agent. We gat paid from the seller’s Agent. Yes, you can put a bid in without an agent but then the seller’s Agent gets the whole comm. The sellers agent owes you nothing. Your Buyer Agent owes you full fiduciary duties. They will negotiate for you and advise and protect your interests for nothing out of your pocket. Email me for a longer explanation or go to REBAC.com
Good Luck
Blog.FranklyRealty.com. Watch as a Realtor describes the process for buying a REO / Bank Owned house. She bought it for herself, the house is in Arlington Virginia.
Duration : 0:6:45
Just curious on how many hours and actual work is required for a new realtor to be successful.
I hear it may be 12-15 hour days and you may not sell a house for months….
Can a realtor do this as a side job part time?
Or would that take away from being a good quality realtor.
Also, what costs would a realtor incur if any when listing a house? Is there any potential loss other than time when listing a house if the seller walks away?
Thanks
You pay your MLS fees quarterly, you do not pay per listing.
You would pay for any newspaper adds, printing flyers, your sign, your lock box, etc.
It would be almost impossible to work part time. You need to be available 9-5 to deal with banks, escrow, title company, inspectors, appraisers, etc ect. You need to be available 5-7 week days, 9-7 weekends to show property, as most buyers look after work and on weekends.
You may not sell your first year, you need to count on that and have enough money to live and pay all of your fees. You may have to pay a desk fee to your broker as well.
I’m negotiating the sale price on a house I’d like to buy. All the listings and info sheets provided by the listing agency for the house quoted the annual taxes. My own investigation confirmed that the amount quoted is after several discounts or credits (retirement, veteran, star, and the like).
I would likely pay 40 – 45% more than listed amount.
What responsibility does a realtor have to be upfront about this difference?
Thanks!
Check with your county tax appraisal office. They will give you the factual numbers BEFORE exemptions, and can give you numbers with the exemptions. They are the bottom-line authority on the actual tax rates and accessments.
I’m including a link below that you may look at. It is for the county I live in.
The left side column’s first choice is "Property Records" click on it.
Then you see two columns:
Real Property and Business Personal Property
Under "Real Property" choose (see my example at the end of this answer) "Address"
You will come up different Real Propertys (homes, mostly)
The left column has "account number’ which you can click on.
Now, you will see the Owner’s Name, mailing address & property address.
Toggle on down and it will state these taxing entities:
Plano City and it’s 2007 tax rate
Collin County and it’s 2007 tax rate
Collin County Com College and it’s tax rate
Plano City’s Independent School District’s tax rate
Those are the percentages that are applied against the Appraised Value.
Now, you will notice that you are given 2 (TWO) values of the home…
The Total Market Value (at the top)
and
Appraised (at the bottom), along with the TYPE of exemptions that the owner uses.
You need to take those 4 taxing entities rates, add them up and multiple against the Appraised Value. Taxes are applied on the APPRAISED dollars.
Now, if the home already has an exemption clause to it, then the number will be adjusted to INCLUDE the exemption, so you’d have to try and find out how much the exemption % or dollar amount is so that you don’t include it in your tax rate (unless you’re going to use the same exemption/s).
I kind of "officially" learned by answering this for you WHICH amount that the taxing entities applied the tax rate to. Now I know because a database I use for tracking homes states the taxes on properties for sale. So, I found one that was a foreclosure, therefore, no exemptions and was able to verify the taxes I was given were dollars BEFORE exemptions.
So, do check and see if the amount of tax you are being quoted is NOT pulling in exemptions that the current owner had applied to that property during the tax year you are accessing.
I hope my answer was clear enough for you to understand!
101008 11:23
PS, I’ll go ahead and give you the address of the foreclosed home for your reference, since this was public property for sale and you are using a link to a government public database.
Address: 2808 CHARTER OAK DRIVE, Plano, TX 75074
Key in just "2808" and "Charter" and it will pull up ok. You should come up with the Total taxing entities rate is 2.073884, and the taxes on this property is $2578 (with rounding, of course).
Formula: Appraised value of home is $124,326 for 2007.
$124326 x 2.073884 (City, College, school, county) = $2578.377
A day in the life of a Calgary Realtor