Must you have a Real Estate Agent or Realtor to submit your offer?
I am going to be really honest. I hate realtors and real estate agents. I hate to generalize, but too bad.
So anyways, is there a way for me to submit the offer myself without having to use one of these? My main concern would be just getting forms the seller's (agent) would accept. I am trying to buy a house for investment in texas, and don't want a buyers agent to get 3% for just filling out a form. I am hands on and i am doing all the work myself, so would like to use that 3% to my advantage in negotiating. I am a CPA, plus have already purchased 3 houses.
Any ideas on where i can get forms/contract that the seller (agent) would accept?
Believe me, i am not saying i am going to ask them to pay me the commission CASH. But i will be specifing on my sales contract i will not be paying any buyers commission as i have no buyers agent. I doubt the seller's agent will pay their agent double, as their contract probably has their own max as well. I will not be allowing their agent to be my agent. Therefore the seller's agent will be capped per his agreement with the seller.
And for everyone here saying i am not a qualified CPA because i should know everything about CPA....well your ignorant. That is why i am obviously asking this question. As a CPA i am knowledgeable about Accounting/Tax regulations and the sort. Not details about real estate transactions. My CPA required a Masters (or equivalent) in accounting plus a grueling exam to obtain the state license. All you angry realtors probably took a weekend course. But the facts are, anyone with some intelligence (especially) in finance will see through real estate agents greedy motivation. Real Estate agents kiss your job bye bye because you will be the next Travel Agents. Sooner than later, because of technology people will start looking for ways to buy houses on their own, as they are doing most the work.
- Anonymous1 decade agoFavorite Answer
You don't need to write the contract, the Listing Agent will write the final contract once the price and terms are agreed upon. All you need to do to start is write a non-binding Letter of Intent (LOI) stipulating the basic price and terms. This is basically a Microsoft Word document saying so-and-so is offering this much money under these terms. You might want to familiarize yourself with the Realtor contracts and have them in case you need them. As long as the price and terms are agreeable the agent should not make an issue of the way you handle your business, although most, including myself, would quickly reject an attempt to cut my commission.
You might be able to purchase contracts from the local Board of Realtors, or you can ask a Realtor for some, or you can look for them online. The Realtor will generally use contracts which are authorized by the Board of Realtors and contain the necessary boilerplate language to cover most of the laws that protect everybody. If you do not want representation in the transaction it must be written in the contract that no real estate agent is representing you. You want to get this done asap in the original LOI. If you want to get that 3% commission you can either get a real estate license, work for a broker and do it yourself. Or you can try to negotiate with the Listing Agent and demand that he reduce his commission by 3% which would, in effect, lower the selling price by 3%.Source(s): I've done this kind of a transaction before.
- LoneRangerLv 41 decade ago
If the property is listed, the sellers are paying 6% no matter what, so you;re not saving anything.
I am a Real Estate broker...a principle broker actually, and I know what you mean though. i love my job EXCEPT for the fact that 70% of the agents out there are total idiots.
What you should do, is start asking for recommendations from Intelligent people and other investors, and find your self a really great broker who will work for you and save you beyond the 3% with his negotiation skills and expertise.
I make my investor clients big money, make sure everything is done 100% right, make sure they don;t have any surprises, and guess what? They come back time after time and refer all their friends.
If you don;t want to take my advice, the best you can do is go directly through the sellers agent and ask them to submit an offer for you, knowing they have the sellers best interest in mind.
- ?Lv 51 decade ago
You can submit the offer on your own without a buyer's agent. You can find purchase contract samples on the Internet or you can go to a real estate attorney and have them draft the contract.
You wouldn't get a 3% advantage in negotiations though as the seller's agent would get the entire commission. If you use a buyer's agent, the buyer's agent and seller's agent split the commission.
- 1 decade ago
you are making sevral serious mistakes. first of all. the buyer does not pay the realtor, the seller does. what ever the seller agreed to pay, he is going to pay. if the buyer does not use an agent the seller saves nothing. There is no 3% advantage. You have already proven that you do not know what you are doing. There are legalities and there are various clauses that can be used in a real estate transaction to protect the buyer. If you are nto represented, you are very foolish. YOu may not have found an agent you like, but i would suggest you interview some and find out what they can do for you. It wont cost you a dime
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- Anonymous1 decade ago
Well Mr. P while you think you have all the answers, you must also know that working with a Realtor to purchase a property, costs you nothing! The seller generally pays the commission. You have at your disposal all the experience and knowledge and guess what? FREE FORMS to boot! Just because you don't use a realtor doesn't mean you are getting the place for 3% less. I don't think you're so smart after all.
Anyone that has the experience you say you do, but ask the questions on this venue, can't be all knowing as he claims.
- 1 decade ago
Try nolo.com or legalzoom.com.
But, word of caution...Unless the seller's agent is a total rookie, you are NOT going to get the slice of their commission that's normally reserved for the buyers' agent. You've purchased 3 houses in your lifetime but the agent has probably sold at least 30 in the last couple years... including a few to people like you (unrepresented buyer), so, chances are you'll be out-negotiated. Find yourself a buyer's agent who'll do more than just fillout forms.
- 1 decade ago
I've done this, just recently. You do not need any forms. You tell the selling agent you want to buy it and they jump for you.
I'm with you on realtors. The vast majority of them are useless. I do not beleive buyers agents get any better deal than an educated buyer themselves can. When I used a buyers agent he argued with me about price. Including telling me flat out I'd never get the house I just bought for the price I just paid. He actually refused to even take me to the house. So I went myself after firing him and bought it. Actually for 2000 less than planned.
Its true that the selling realtor will not split the commision. They want the whole pie. Realtors are stupid this way. They will ruin a sale trying to shove the whole pie in their mouth and the system is setup that to discourage them from splitting commission with anyone but other agents.
This all said, when push comes to shove realtors need to sell to make $. If they will not reduce that commission - walk. I did. I had a realtor not split his commission on a house I looked at and it blew the deal. I called the actual seller the next day and informed him that if the listing agent would reduce their now double dipped commision (they tried to do the deal in a pair, pretending the sellers agent partner was my buyers agent) we'd have had a deal. His house is still for sale. I bet he's real happy with his agent who thought they were such a slick operator.
The selling realtor has all the forms you need. I simply dictated how I wanted the deal written. In my area the form is stardard and its just he inclusions/exclusions and conditions to worry about. You will have to hire a lawyer anyway so find one now. Most will go over the actual contact inclusive in their fee (they do not advertise this but will do it). So dictate to the selling agent your terms and then show it to the lawyer. My last purchase the agent had to play with their commission to get the deal. They tried to hammer me and I just put on my walking shoes. All the sudden they somehow managed! Its always about the money.
I agree - realtors more often than not stand in the way of sales. I find they love to talk. This can be very difficult when you are trying to buy. You try to hammer out a deal and they are in salesman mode. You want to smack them and say - "listen I'm trying to buy this place idiot! Stop trying to find common ground with me - we all learned that sales BS along lifes path and know what you're doing!"
Good luck. Its a shame we cant get more people to sell without using realtors at all and a shame the MLS is allowed the monopoly it has.
- acermillLv 71 decade ago
For starters, you can't get that 3% unless you're a licensed real estate agent. The entire selling commission will remain with the listing agent, so you can discard THAT silly notion. And, even if you DO manage to write an offer on your own, you still have to submit it to and deal with the listing agent. A qualified CPA would be aware that a non-licensed person cannot get a real estate commission.
- 4 years ago
You have to hang your license up with some brokerage and theyll all have fees. My firm charges 300 a year plus if youre a realtor you have to have national dues also youll be paying MLS dues quarterly. Just fyi NAR dues are 450 a year MLS 150 a quarter.