G77

We're looking to purchase a property soon and we have been scouring MLS (realtor.ca) to find potentials...

The question is now, should we engage a realtor to act on our behalf as a buying realtor?

If we don't engage a buying realtor - is there any likelihood that the final negotiated price would be less, as there isn't an extra realtor to pay a commission to? Or is this setting yourself up to get well and truly scalped by the selling realtor?

Once you engage a buying realtor - do you have to sign anything to say that you will use them for any eventual purchase or is it just an unwritten expectation that will be the case?

If we do use a buying realtor and then go on to find a property using one of the private sale websites (private exchange, property guys etc) - how would you tell them that you didn't need their services anymore as there was no commission for them to dig into?

Thx!

Auld Yin

When signing with a Purchasing Realtor be very careful that you don't sign a document that locks you in with him/her/them for a prescribed period of time. You will be unable to fire them before expiry, and if you buy a house under another realtor the original one can claim share of the commission.

dbd33

You'll determine the price regardless, a purchasing agent can't negotiate that for you. An agent might bring local knowledge but, if you already live where you'll buy, you'll have that already.

You would typiclally sign an agreement to pay the agent a commission on any purchase. If the purchase is a traditional one then the money comes from the sale price, if it's an FSBO or whatever, then directly from you.

I think there's an advantage in having someone else negotiate for you, someone with no emotional stake in the deal but that needs to be someone who's interests don't run counter to yours. A purchasing agent's interest is in getting you to buy and, if possible, to buy high. If the purpose of the agent would be negotiation only, I'd hire a lawyer to do that for an hourly rate, that'd give you someone who could scruntinize contracts and who will know the issues that usually arise. Someone who's getting paid for advice to buy or advice to run away.

magnumpi

We used a buying Realtor, a friend of the OH from her church, so he was to be trusted.

It should cost nothing for you to use one to buy if you are not selling. Its the seller who pays the $$$'s for him/her.

First thing we noticed, and this was only last month, most of the listings on MLS are already sold, they leave them on to get you reeled in.

Our house that we have bought was not on MLS until 2 days after we had our offer accepted. Our Realtor had found it first. We were then able to have a look at it on MLS. After we had viewed and bought....LOL

There is a few things that need doing before you can put in an offer and a Realtor will cover all the bases for you and secure a positive offer of purchase.

Bit crap if the house of your dreams goes for a few dollars more than your offer and you not there to grab it back. We parked outside the house we have bought with our Realtor inside doing the bargaining, until 12 am, we got the house for $1,000 more than asking price. We had seen nothing any where near as good and thought that it was worth the little extra.

We move in in 2 weeks.

London Mike

+1

G77

The only lock in's I like are the ones that occur in a pub

Houses are not really selling around here and haven't been for several years now, not uncommon for some houses to have been on the market for a couple of years!

The whole process fills me with dread really - but renting is throwing money away so have no choice sooner or later.

magnumpi

So is paying a Realtor to sell your house you bought in haste wanting to save paying rent.

Renting is a necessary evil IMO. Just untill you know where you would like to live, work n play. Then buy.

lmartin999

Just don't believe the realtor works for you. They want to make a sale. One thing I found is that they don't know the properties they are showing you. In fact, it may be the first time they are seeing them. I would much prefer to be shown around by the owner where I can actually ask important questions.

4d32ftw

if your buying, then i'd def consider one. it wont cost you anything.
find one that you feel happy with. I went to lots of open houses to see how the realtors treated and spoke to us when we walked in to see if i'd consider using them, i found plenty that didnt even speak to us, it became obvious which ones i'd would consider using. When buying they will (or should) know what subjects or conditions to include in the offer contract etc which could make your life much easier.

G77

Will have rented for 3 years by the time our lease is up this time around, if we don't find something then we may extend for another year, so that will be 4 years

Hadn't thought of going to open houses to suss out the realtors.... Had some recommendations from friends, but now don't really know how to choose between them!

Novocastrian

magnumpi

Sorry my bad....Sounds like you done your time then and ready for the plunge...LOL

Personal references are good, no one will promote some one who then turns out to be a rogue Realtor, you would hope.

magnumpi

What, ?

He was good actually. He get his cut like they all do, and he was stuck with dealing with me.

Note i said OH church, not my thing but she has met so many people via church, it like the bloomin masons in there. LOL

Novocastrian

I disagree a bit with this. The purchaser's agent on a typical deal would prefer to get say 3% of $500,000 ($15K) in his or her pocket than to dick about trying to make it $15,500 or whatever.

Novocastrian

I'm sorry. It was the idea the someone you met in church could automatically be trusted that wobbled me on the barstool. <rhymes with blackpool>