Buying a home w/o an Agent. Experiences? - Chicagoland Sportbikes
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post #1 of 17 (permalink) Old 10-16-2012, 01:50 PM Thread Starter
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Buying a home w/o an Agent. Experiences?

Anyone have any experience buying real estate without an agent?

Looking to buy a house and the process seems pretty straightforward? We go in, make an offer with the usual contingencies for home inspection/radon/etc. etc. and then we have an attorney review the paperwork - sign my name a buncha times and then start hitting up friends to help move shit.

Am I missing anything for that part? Went through this with an agent a year ago on a deal that fell through - but that particular agent didn't do much more than that from where I was sitting* (perhaps I was naive and lots of stuff was happening behind closed doors?)

For those that have done this - did you make any arrangements with the selling agent to assist in the process?

------------------------
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*To all agents, I know you do a ton of work humping around tire kickers and filling out paperwork and negotiating deals etc. This is not a critique on your role in the home buying experience. Just asking some questions here.
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post #2 of 17 (permalink) Old 10-16-2012, 01:57 PM
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we had a useless agent, i found the house, she got us in to look and little else, we got a good RE lawyer for the closing, he did all the heavy lifting and took charge at the closing and that was the 1 thing we did right
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post #3 of 17 (permalink) Old 10-16-2012, 01:59 PM
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I bought my place with no agents. Seller didn't have one either. I have a good lawyer that I trust, that went a long way to making me comfortable.
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post #4 of 17 (permalink) Old 10-16-2012, 02:07 PM
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It's the lawyer that's important...the agent is expendable.

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post #5 of 17 (permalink) Old 10-16-2012, 02:16 PM
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You aren't saving anything financially on the buying side if you don't get a realtor. Find an agent you like and they are good to have.

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post #6 of 17 (permalink) Old 10-16-2012, 02:18 PM
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Don't need an agent.....





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post #7 of 17 (permalink) Old 10-16-2012, 02:18 PM
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post #8 of 17 (permalink) Old 10-16-2012, 02:19 PM
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post #9 of 17 (permalink) Old 10-16-2012, 02:21 PM
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Quote:
Originally Posted by Odysseys View Post
Lol
Don't need an agent.....
This, but do have a good lawyer...

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post #10 of 17 (permalink) Old 10-16-2012, 02:26 PM
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post #11 of 17 (permalink) Old 10-16-2012, 02:35 PM
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You don't need an agent. You NEED a good lawyer though.

If you are just buying a home and you don't need to sell you might want to check into using a Buyer's Agent. They have nothing to do with selling your home. All they do is find you a place. Most people use them when they are buying homes in another part of the country (as in they are getting transferred or take a new job in a place they know nothing about).

However, you don't need to be in that situation. I moved from Chicago to Elmhurst and we used a buyer's agent. He gave us 50% of his commission back to us after closing which paid for the moving expenses. Lots of them have this sort of deal.

If you are interested PM me and I will spill the beans on how to reach my guy. He bargains like a wolf.

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post #12 of 17 (permalink) Old 10-16-2012, 02:42 PM
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Quote:
Originally Posted by Underdog View Post
For those that have done this - did you make any arrangements with the selling agent to assist in the process?
I wouldn't make any arrangement with a selling agent who has a prior contract with the seller. I know there are laws on this subject but come on, it's simple math that you'll get the short end of the stick and probably both buyer and seller will get ripped off.

I used an agent when I sold my home and he found a buyer he knew from way back in college fraternity days. They buyer confided in my agent who came right back to me and told me to hold firm on my price and he would see to it that this buyer would pay what I wanted.

That's how it works my friends. Ruthlessness has everything to do with it.

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post #13 of 17 (permalink) Old 10-16-2012, 02:46 PM Thread Starter
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Thanks ya'll.

Great advice so far!

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post #14 of 17 (permalink) Old 10-16-2012, 03:25 PM
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We used an agent because in our area the websites like Trulia, Redfin, and Realtor.com were woefully out of date. I'd say 80% of the houses we found on those sites that we wanted to look at were already under contract. Our agent found our house the day it was put on the market, a week later we went under contract.

Agents can be helpful finding homes in a market that moves quickly, but they aren't a necessity.

They also can be helpful with advice on neighborhoods if you're moving somewhere you're not familiar with.

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post #15 of 17 (permalink) Old 10-16-2012, 03:41 PM
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Pat keep in mind that the seller has already agreed to pay the selling agent and buying agents fees.


I've bought 2 places and used 3 realtors. My first realtor was useless and I fired him. My send and third were friends or friends of friends and they were awesome and I'm very happy I used them. Mist recently (over the past few months) I used a family friend around my age. Here is a list of what he brought to the table.

-a good MLS stystem. Public ones are usually a few days behind in updates
-coordinstion of showings, appointments, and meetings. Yeah this you can do yourself, but I am busy with work and it was really nice
-great recommendations for appraisers and other laborers. Since my realtor Aaron does this a lot and also flips home he has a great network of people he could recommend
-help with the negotiations. While I negotiate $100M+ deals and negotiations are easy for me, since I had someone I could trust we made a great good cop/bad cop team.
-help with advice on property value, release value
-a good extra set of eyes to notice issues with houses you are looking at.

I hate many realtors, if you get a good one, they are great to have! I don't see a good argument for buying one without one unless you are buying a for sale by owner place.

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post #16 of 17 (permalink) Old 10-16-2012, 03:55 PM
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post #17 of 17 (permalink) Old 10-16-2012, 03:58 PM
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Quote:
Originally Posted by Drama View Post
Here is a list of what he brought to the table.

-a good MLS stystem. Public ones are usually a few days behind in updates
-coordinstion of showings, appointments, and meetings. Yeah this you can do yourself, but I am busy with work and it was really nice
-great recommendations for appraisers and other laborers. Since my realtor Aaron does this a lot and also flips home he has a great network of people he could recommend
-help with the negotiations. While I negotiate $100M+ deals and negotiations are easy for me, since I had someone I could trust we made a great good cop/bad cop team.
-help with advice on property value, release value
-a good extra set of eyes to notice issues with houses you are looking at.
These are all great reasons to get an agent. The good cop/bad cop one being my favorite. That I won't have to look a seller or his agent in the eye and negotiate is my main reason for using one.

That being said, a buyer's agent may ALSO save you money if you aren't selling yourself. In fact, lots of people have a different agent. One for buying and one for selling. I would never have dreamed of using my Chicago agent to buy a home in the suburbs. That guy just didn't know the suburban market. But he sure did know Chicago and so I used different agents for each transaction.

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