If you looked for houses without a REA...

We are in the beginning phases of looking for houses (our co-op has gone into contract), but we were advised by our attorney not to make an offer until our buyer has been board approved.

I'm wondering if it would be smarter for us to work with a REA agent when looking at houses to have someone on our side. Obviously the listing agent is there for the seller. We've already looked at several houses and the listing agent always has a million questions, including preapproval amount. I don't feel comfortable giving this info as I want room to offer less on houses. Do I have to disclose this information? Like if we were preapproved for 400K and the house is listed at $350K then I still want to be able to offer less than that without them knowing we can technically afford more.

Any advice????? Just want to go about this the right way! Thanks

Re: If you looked for houses without a REA...

I would definitely recommend working with a buyer's agent. It costs you nothing and you have someone looking out for your best interests and guiding you throughout the whole process.

Re: If you looked for houses without a REA...

I think working with someone would make the most sense...but can we still attend open houses on our own and then when we find a house we want to make an offer on, call a buyer's agent? Or do we need the buyer's agent to attend the open houses/showings with us?

Also, when we're asked to sign in...this is not obligating us to work with the listing agent is it?

Re: If you looked for houses without a REA...

You can still attend open houses on your own even if you are working with a buyers agent. When you sign in, you just let the listing agent know that you are working with someone.

You're not obligated to work with the listing agent when you sign in at the open house. DH and I made the mistake of working with the seller's agent on a co-op we liked. She did not have our best interest in mind AT ALL and was extremely unhelpful and pushy. We ended up walking away from the deal, got in touch with Beth (a vendor on here) and with her help, found the perfect home for us!

Re: If you looked for houses without a REA...

First, regarding the preapproval question -- When you find a house that you want to make an offer on, a preapproval letter will need to be submitted with your offer. When I am the listing agent, I always want everything in writing (the terms of the offer, a detailed preapproval letter, etc.). And when I am working with a buyer, I always send all of this information over to the listing agent, because I know that no serious seller (and no listing agent worth his or her salt) will entertain an offer without assurances that a buyer can get financing the buy the home.

To address your concern about revealing what you can afford if you are making an offer on a less expensive house (and therefore, maybe compromising your negotiating position), the best thing to do is, when you are ready to make an offer, have your lender give you a preapproval letter that says you are approved for a lower amount (but still shows that you can afford the house). So if you are approved for $400K, but a house is listed at $350K, I would get a preapproval for $350K.

It is always in your interest to work with an agent, whether or not you hire that agent to be a buyer's agent and represent your interests and negotiate for you, or not (although I would always recommend using a buyer's agent, once you find an agent you are comfortable with). But either way, there are many advantages to using your own agent.

I am in the middle of a 4 part blog on why buyers still need realtors, even in the internet age. You can check out my blog on this site! A good realtor can do research for you, preview homes, get you more and better and more updated information than what is available on the internet, do all the work of scheduling appointments, and guide you through the buying process. Also, if you work consistently with one realtor, they can get to know your needs and wants, and if they know the area and the inventory, help you find the perfect home more quickly and efficiently.

As far as open houses, if you go on your own, but you have an agent, definitely make that known when you go in (and if possible, try to bring your agent's card). If you don't, you are in no way obligated to work with the agent who is working the open house, but it is just better to be clear that you have an agent from the outset. Agents work on commission only, so they obviously want to be the one to get a buyer to make an offer with the hopes of being the one to sell the house. If you don't reveal you have an agent, then the agent working the house will think if you want to buy that particular house, you will be submitting your offer through them.

Let me know if I can help! I am a full-time realtor now, and prior to that, I practiced law (so I have great negotiating skills and am very comfortable and proactive when it comes to dealing with the attorneys and other players in the buying process).

Re: If you looked for houses without a REA...

I never had one and it was the best choice for me. I know my offers (actually my first and second, current house) were partially chosen b/c I went right through the listing agent and the listing agent pushed for my offer.

Re: If you looked for houses without a REA...

Re: If you looked for houses without a REA...

For those of you who went through the listing agent, rather than working consistently with one agent that you chose, how did you get into houses you wanted to see?

In other words, if you wanted to spend an afternoon house hunting, and there were 4 or 5 houses you wanted to see, did you call up each listing agent and schedule the appointments with different agents back to back? If so, did you find it tough to keep track of your appointments, who you were dealing with at each, etc.

Or did you just see one house at a time?

Or did you limit your search to open houses?

I am just curious. I personally worked with one agent when I bought my house (back when I was practicing law, not working in real estate), and I loved being able to tell ONE person: "These are the houses we are interested in, please see if you can schedule them at on this day" and having one person to call with questions or to ask to get more information.

Early on, when we were just casually looking and hadn't started working with an agent, we'd go to open houses, but once we started seriously looking (making trips from the city to LI on weekends to house hunt), I wanted to work with an agent who could get us into any listing. Many listings never have open houses and most have one when first listed and then only sporadically after that (every month or so, after a price change, etc.).

I know that different things work for different people, and I am glad it worked out for those who wound up searching alone and then putting in an offer through the listing agent, but just wondering if you found that you spent a lot of time making phone calls, coordinating appointments, etc, or how you approached it?

Re: If you looked for houses without a REA...

Re: If you looked for houses without a REA...

Re: If you looked for houses without a REA...

Posted by bride07

Posted by Century 21 Dallow - Christine Braun

For those of you who went through the listing agent, rather than working consistently with one agent that you chose, how did you get into houses you wanted to see?

In other words, if you wanted to spend an afternoon house hunting, and there were 4 or 5 houses you wanted to see, did you call up each listing agent and schedule the appointments with different agents back to back? If so, did you find it tough to keep track of your appointments, who you were dealing with at each, etc.

Or did you just see one house at a time?

Or did you limit your search to open houses?

I am just curious. I personally worked with one agent when I bought my house (back when I was practicing law, not working in real estate), and I loved being able to tell ONE person: "These are the houses we are interested in, please see if you can schedule them at on this day" and having one person to call with questions or to ask to get more information.

Early on, when we were just casually looking and hadn't started working with an agent, we'd go to open houses, but once we started seriously looking (making trips from the city to LI on weekends to house hunt), I wanted to work with an agent who could get us into any listing. Many listings never have open houses and most have one when first listed and then only sporadically after that (every month or so, after a price change, etc.).

I know that different things work for different people, and I am glad it worked out for those who wound up searching alone and then putting in an offer through the listing agent, but just wondering if you found that you spent a lot of time making phone calls, coordinating appointments, etc, or how you approached it?

For us we have been looking for a long time before we even sold our Co-op in the city. So we knew exactly the areas, which streets to avoid, the locations, etc. My husband would check every morning on Redfin- the new listings. They would sometimes show up there the day before even being listed on the mls. If we liked a house....via redfin/mls, after mapping the property, google earth to see the house outsside and surrounding homes...etc... Then we just called the listing agent and asked for an appt. For the house we bought-this is what we did. We saw it a week before it officially went listed on mls ( only on the broker site and redfin). Then we called them and said we were very interested based on location, pictures, etc....and asked to see it immediately. We also lost 4 other houses before this....so we were in a rush to make sure we didnt lose another. We ended up getting the very first appt - directly after the broker's open. They had only one open house and then the next day collected all offers...and made a decision.

We didnt do that before this house....though. We worked with a broker before hand who would schedule our appts. I think unless you know the markert, area, what to avoid., etc.....It is VERY Helpful to work with a broker. And it did take a lot of research on our part when we worked alone. ( my DH would do everything on his LIRR commute every morning and evening)

Message edited 6/28/2011 12:21:11 AM.

Re: If you looked for houses without a REA...

We bought on our own and with a buyer's agent.

I will say that a buyer agent REALLY works for YOU. IF they are good they will really help you going through BS with some houses/sellers/sellers' agent.

Re: If you looked for houses without a REA...

Interesting. It's always good to hear what people's experiences are.

I think a lot depends on the agent. Some agents are super helpful and guide you through the entire process, which is very valuable, and others are not too proactive or knowledgeable and are just a way to get in the door of a listing. So finding someone who you feel comfortable with and who demonstrates knowledge and responsiveness to you is important.

Also, re: the listing agent doing more to get your offer through when there's no other agent involved -- I can honestly say that when I am a listing agent, I don't care who sells the house. I just want my seller to get the most they can get and I want the buyers to be financially solid. If a listing agent has their own buyers, they are familiar with those people and comfortable with them, which probably comes into play. So I think the moral is -- work with an agent who will do more than send a fax over to the listing agent with the number you are offering. Your agent should communicate your offer in such a way that paints you, as the buyer, in the best light, and be able to provide all information (signed offer, preapproval, etc.) and answer questions that the listing agent may have.

And work with an agent who seems likeable and professional (because they will come across that way to the listing agent, too). And that can make a difference in how your offer is perceived. I've worked deals with great agents who made the process easy, and I'd love to work with them again. And I've worked deals with horrible agents who made every phase of the process a chore, and I would try to avoid them again in the future. Again, my ethical obligation is to get the best deal for my seller, but all other things being equal, I'd rather work with the professional agent who is easy to get along with and does his or her share of the work!

I think it also depends on the buyer. It seems that those who were successful without an agent were familiar with the area and had the time and the willingness to do all of the research on houses, coordinate appointments, etc. But for those who are less familiar with an area, have less time, and need more guidance through the process, having an agent is invaluable, in my opinion. And regardless of the buyer's situation, the agent always has access to more and better information than a buyer can get online.

But it's helpful to hear people's experiences. Thanks for sharing!

Re: If you looked for houses without a REA...