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neener1211
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Member since 4/07 22952 total posts
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J
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How do you put a bid on a house?
How do you put a bid on a house if you found the house yourself, and you don't necessarily want to pay the realtor's fee since we found it ourself and don't have an agreement with a realtor of our own?
I found the house that I would like to put a bid on, but don't know the next step. We are already approved for a mortgage, full approval, so what do I do?
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Posted 9/19/07 9:29 AM  |
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Prudential Douglas Elliman Real Estate
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angnick
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Member since 8/06 6663 total posts
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Angela
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Re: How do you put a bid on a house?
i think you have to call the real estate that is offering the home.
That real estate will still get the commission. - but you do not pay the commission!!!
OR you can wait until the agency loses the listing- in hopes they dont sell it and then contact the owner directly- this might be slightly unethical though.
Good luck!
Message edited 9/19/2007 9:32:05 AM.
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| Posted 9/19/07 9:31 AM |
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Mrs-D-Girl
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Member since 8/07 5183 total posts
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Re: How do you put a bid on a house?
Is it sale by Owner or is there a listing Agent for the property?
If there is a listing Agent, you do not pay them a fee, the seller does. You can just call the Agent direct and inquire about the house, make an offer, etc...
Also, it is great that you already have the pre-approval because sellers/agents look for that.
Good luck 
Message edited 9/19/2007 9:39:17 AM.
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| Posted 9/19/07 9:37 AM |
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neener1211
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Member since 4/07 22952 total posts
Name:
J
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Re: How do you put a bid on a house?
It is no longer owned by the owner...it is owned by a real extate/bank.
It needs a lot of work, so it is not worth what they are asking for, but I want to attempt to purchase it for a lower price.
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| Posted 9/19/07 9:45 AM |
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Mrs-D-Girl
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Member since 8/07 5183 total posts
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Re: How do you put a bid on a house?
Posted by neener1211
It is no longer owned by the owner...it is owned by a real extate/bank.
It needs a lot of work, so it is not worth what they are asking for, but I want to attempt to purchase it for a lower price.
In that case, you would have to contact the real estate/bank to make an offer.
Do you have a max limit in your head of what you are planning on offering? That is always a good way to start off. Bid low, but if it is counter offered, have a max price in mind to work with.
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| Posted 9/19/07 10:03 AM |
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Kara
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Member since 3/07 13217 total posts
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They call me "Tater Salad"
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Re: How do you put a bid on a house?
You directly make the offer to the realtor listing the house.
FYI - the buyer NEVER pays a realtor fee, even if they use a buyer's agent. The buyer's agent shares in the commission the seller's agent gets, which comes from the seller.
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| Posted 9/19/07 10:11 AM |
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neener1211
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Member since 4/07 22952 total posts
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J
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Re: How do you put a bid on a house?
Thanks everybody!!! This helps a lot!
I was just very confused bc the guy we wanted to use kept asking us to sign something stating he is a buyer's agent, and I refuse to.
Message edited 9/19/2007 10:40:03 AM.
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| Posted 9/19/07 10:38 AM |
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PotofLuck06
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Member since 11/06 13241 total posts
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Betsy
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Re: How do you put a bid on a house?
This is how we bought our house.
We found the house on our own. I contacted the seller's agent on the house who gave us information and a tour of the house and then we entered our bid on the house through her.
Her commission was paid by the seller, not us.
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| Posted 9/19/07 10:48 AM |
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Kara
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They call me "Tater Salad"
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Re: How do you put a bid on a house?
Posted by neener1211
Thanks everybody!!! This helps a lot!
I was just very confused bc the guy we wanted to use kept asking us to sign something stating he is a buyer's agent, and I refuse to.
Don't mean that he's the SELLER'S agent?
He just want to know if you are working with a buyer's agent - b/c if you are or plan to, you need to disclose that to him. (He just wants to know if he'll be having to share his commission, basically, but you need to tell him upfront if you're using an agent - not bring one in later on)
I acted as our own agent (I'm a lawyer, but I have my broker's license), so I told them at the open house that I'm working as our broker. It wasn't a problem so long as I was upfront.
If you don't have and don't plan to use a buyer's agent, not a problem. They just want to know. You shouldn't have to sign anything, but many people ask you to.
ETA - there are plenty of realtors on here who can be more specific about the disclosure forms and everything!
Message edited 9/19/2007 12:25:07 PM.
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| Posted 9/19/07 12:21 PM |
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neener1211
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Member since 4/07 22952 total posts
Name:
J
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Re: How do you put a bid on a house?
Posted by Kara
Posted by neener1211
Thanks everybody!!! This helps a lot!
I was just very confused bc the guy we wanted to use kept asking us to sign something stating he is a buyer's agent, and I refuse to.
Don't mean that he's the SELLER'S agent?
He just want to know if you are working with a buyer's agent - b/c if you are or plan to, you need to disclose that to him. (He just wants to know if he'll be having to share his commission, basically, but you need to tell him upfront if you're using an agent - not bring one in later on)
I acted as our own agent (I'm a lawyer, but I have my broker's license), so I told them at the open house that I'm working as our broker. It wasn't a problem so long as I was upfront.
If you don't have and don't plan to use a buyer's agent, not a problem. They just want to know. You shouldn't have to sign anything, but many people ask you to.
ETA - there are plenty of realtors on here who can be more specific about the disclosure forms and everything!
He wanted to be our 'buyer's agent' but I didn't want to sign anything. I am going to contact another realtor that was recommended to me. He just won't help us if we don't sign, so to me, then you aren't worth working with.
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| Posted 9/19/07 12:27 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: How do you put a bid on a house?
You should keep in mind that the realtor that is selling the house is working for the seller and has their best interests is mind. I wouldn't disclose the max amount you are willing to pay or any other information to that agent.
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| Posted 9/19/07 2:07 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: How do you put a bid on a house?
Posted by JandJ1224
You should keep in mind that the realtor that is selling the house is working for the seller and has their best interests is mind. I wouldn't disclose the max amount you are willing to pay or any other information to that agent.
Oh no, I would never, to either agent actually.
I just found out through a different agent-one that was recommended to me, that the house is under contract... 
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| Posted 9/19/07 2:15 PM |
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Kara
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Re: How do you put a bid on a house?
Posted by neener1211
Posted by Kara
Posted by neener1211
Thanks everybody!!! This helps a lot!
I was just very confused bc the guy we wanted to use kept asking us to sign something stating he is a buyer's agent, and I refuse to.
Don't mean that he's the SELLER'S agent?
He just want to know if you are working with a buyer's agent - b/c if you are or plan to, you need to disclose that to him. (He just wants to know if he'll be having to share his commission, basically, but you need to tell him upfront if you're using an agent - not bring one in later on)
I acted as our own agent (I'm a lawyer, but I have my broker's license), so I told them at the open house that I'm working as our broker. It wasn't a problem so long as I was upfront.
If you don't have and don't plan to use a buyer's agent, not a problem. They just want to know. You shouldn't have to sign anything, but many people ask you to.
ETA - there are plenty of realtors on here who can be more specific about the disclosure forms and everything!
He wanted to be our 'buyer's agent' but I didn't want to sign anything. I am going to contact another realtor that was recommended to me. He just won't help us if we don't sign, so to me, then you aren't worth working with.
Wouldn't that make him a dual agent, then? Not a true buyer's agent? He's still working the seller, too. I agree that dual agency is a bad idea.
WHen did the house go to contract? If it's in contract, they can't show it. If it has an offer, but no contract signed by both parties, they can still accept offers.
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| Posted 9/19/07 2:37 PM |
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Goobster
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Member since 5/07 27557 total posts
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Re: How do you put a bid on a house?
See this is what I don't understand. If a house has an open house, and you go see it through the MLS, why would you NEED a buyer's agent? Why not just make the bid through the listing agent?
I don't get this, and hate it about the MLS. There is an agent I like, but I am hesitant to have a buyer's agent b/c the listing agent will not want to split the comission when I find a house I like.
Can someone explain why use a buyer's agent at all?
Message edited 9/19/2007 11:25:17 PM.
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| Posted 9/19/07 11:24 PM |
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Kara
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They call me "Tater Salad"
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Re: How do you put a bid on a house?
Posted by Goobster
See this is what I don't understand. If a house has an open house, and you go see it through the MLS, why would you NEED a buyer's agent? Why not just make the bid through the listing agent?
I don't get this, and hate it about the MLS. There is an agent I like, but I am hesitant to have a buyer's agent b/c the listing agent will not want to split the comission when I find a house I like.
Can someone explain why use a buyer's agent at all?
You DON'T have to use a buyer's agent nor do you need one.
Lots of people use buyer's agents to show them homes on MLS rather than having to call up individual listing agents to see them. If you go to an open house and don't have an agreement with a buyer's agent, you don't need one.
A listing agent also cannot make you use a buyer's agent and cannot make you use him as a dual agent.
Normally, the listing agent just wants to know if you are working with a buyer's agent up front. If you are, bring his/her cards to the open house and give it to the listing agent.
If you're not, say you're not. But also say that you're attorney had advised you not to sign any forms at any open houses.
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| Posted 9/20/07 11:03 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: How do you put a bid on a house?
Posted by Goobster
See this is what I don't understand. If a house has an open house, and you go see it through the MLS, why would you NEED a buyer's agent? Why not just make the bid through the listing agent?
I don't get this, and hate it about the MLS. There is an agent I like, but I am hesitant to have a buyer's agent b/c the listing agent will not want to split the comission when I find a house I like.
Can someone explain why use a buyer's agent at all?
You don't have to have a buyer's agent - a buyer's agent works for YOU and YOU will normally pay the buyer's agent a commission.
Maybe this will help:
When someone wants to sell a house, they use a RE agent. This agent lists the house on MLS. This agent is called the LISTING AGENT and works for the seller.
Now to sell this house it can work a few different ways.
You (potential buyer) see the listing on MLSLI. You call the listing agent. Like the house, put in an offer through listing agent. The listing agent (and his/her broker) gets all the commission.
Same thing if you see the house in an open house.
Scenario 2:
Someone recommends a REA they used and liked. This agent sends you the listing for the house and shows you the house. This agent makes you sign a disclosure he/she is working for the SELLER. This is a seller's agent (sometimes called a broker's agent.) You like the house and make an offer. However, since the agent is working for the seller, he can not advice you on what to offer, etc.The selling agent (and broker) splits the commission with the listing agent (and broker).
Scenario 3:
Similar to scenario 2, but you hire the agent as a BUYER's AGENT. Now the agent is working for YOU. You don't sign the disclosure about working for the seller. Everything will work the same, but now since that agent is working for you, he/she can advise you about offers, etc. If you close on a house, you will usually pay a fee for the buyer's agent. The agent may or may not share the commission with the listing agent.
HTH.
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| Posted 9/20/07 11:07 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: How do you put a bid on a house?
Posted by Kara
You DON'T have to use a buyer's agent nor do you need one.
Lots of people use buyer's agents to show them homes on MLS rather than having to call up individual listing agents to see them. If you go to an open house and don't have an agreement with a buyer's agent, you don't need one.
A listing agent also cannot make you use a buyer's agent and cannot make you use him as a dual agent.
Normally, the listing agent just wants to know if you are working with a buyer's agent up front. If you are, bring his/her cards to the open house and give it to the listing agent.
If you're not, say you're not. But also say that you're attorney had advised you not to sign any forms at any open houses.
This is somewhat innacurate, see my post above.
The term "buyer's agent" is not appropriately used here. Kara is referring to the selling agent. (or broker's agent)
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| Posted 9/20/07 11:10 AM |
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Kara
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They call me "Tater Salad"
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Re: How do you put a bid on a house?
I don't see how I misused the term buyer's agent. I mean, I didn't use it to mean broker's agent, which I think I understand what that is.
I know the differerence between a broker's agent (works for both parties), and a buyer's agent... but never knew a broker's agent is technically a seller's agent. Isn't the listing agent the seller's agent?
Exactly what did I say that was inaccuate? I'm confused!! I'm guessing I'm just using the wrong terms.
Further (to speak to another issue), a listing agent CANNOT force you into a dual agency agreement to purchase a house and CANNOT refuse to work with you if you have a buyer's agent.
Until a house in under contract, s seller's agent is ethically and professionally obligated to bring all offers to the client UNLESS the client has specifically authorized the agent to refuse all offers below a certain amount. (The latter almost never happens)
Message edited 9/20/2007 11:29:52 AM.
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| Posted 9/20/07 11:15 AM |
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Kara
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Re: How do you put a bid on a house?
Posted by SweetTooth
If you close on a house, you will usually pay a fee for the buyer's agent. The agent may or may not share the commission with the listing agent.
HTH.
You should never have to pay an out of pocket fee for a buyer's agent. The only scenario I can dream up where this would happen would be if the agent happened to show you a house listed on MLS where the listing broker stated they weren't giving a commission to buyer's agents... and, quite frankly, this pretty much doesn't happen.
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| Posted 9/20/07 11:17 AM |
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Kara
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Re: How do you put a bid on a house?
I thought a true broker's agent technically works for both parties. They can't make you sign a disclosure that they are only working for the seller - that would make them the seller's agent. I don't see how they are the same. (Confused! Please explain. Several times we've looked through buyer's agents and NEVER had to pay a fee or sign any disclosure that they were working for the seller. They weren't.) Are they technically not "buyer's agents" then?? Maybe I am just using the term incorrectly?
I used a buyer's agent before I had my broker's license and she never made me sign a disclosure that she was working for the seller. She wasn't!
When you look at a full MLS listing (and you don't get to see this unless you are an MLS realtor), it discloses the commission split if the house is sold. "Buyer's Agent" is one of the possible splits listed on the listing...
I know for a fact that buyer's agents can and regularly do get a share in the commission of the sales of homes as illustrated by the MLS listings. I'm acting as our buyer's agent in the purchase of our home and am getting a commission check. I'm certainly not paying me a fee. 
I'm so confused! LOL
Message edited 9/20/2007 11:31:05 AM.
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| Posted 9/20/07 11:21 AM |
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Kara
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Re: How do you put a bid on a house?
Posted by SweetTooth
Posted by Kara
You DON'T have to use a buyer's agent nor do you need one.
Lots of people use buyer's agents to show them homes on MLS rather than having to call up individual listing agents to see them. If you go to an open house and don't have an agreement with a buyer's agent, you don't need one.
A listing agent also cannot make you use a buyer's agent and cannot make you use him as a dual agent.
Normally, the listing agent just wants to know if you are working with a buyer's agent up front. If you are, bring his/her cards to the open house and give it to the listing agent.
If you're not, say you're not. But also say that you're attorney had advised you not to sign any forms at any open houses.
This is somewhat innacurate, see my post above.
The term "buyer's agent" is not appropriately used here. Kara is referring to the selling agent. (or broker's agent)
No, I'm pretty sure I'm referring to a true buyer's agent. I am one for myself and my husband in the purchase of our home and I am sharing in the commission as I described above. Further, I have spoken to several other brokers who all told me that a buyer should never pay an out of pocket fee to a buyer's agent working for them, showing them homes on MLS, etc. They don't have to be broker's agents to show the homes or share in the commission.
ETA - Sorry for my multiple posts. I'm clearly very confused. Please explain!!
Message edited 9/20/2007 11:26:08 AM.
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| Posted 9/20/07 11:23 AM |
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Kara
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Re: How do you put a bid on a house?
Okay, rereading all my posts, I'm clearly confused and have lost my mind!
Someone please set me straight. I think I'm totally wrong now!  I apologize if I confused others.
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| Posted 9/20/07 11:36 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
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Lauren
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Re: How do you put a bid on a house?
Posted by Kara
No, I'm pretty sure I'm referring to a true buyer's agent. I am one for myself and my husband in the purchase of our home and I am sharing in the commission as I described above. Further, I have spoken to several other brokers who all told me that a buyer should never pay an out of pocket fee to a buyer's agent working for them, showing them homes on MLS, etc. They don't have to be broker's agents to show the homes or share in the commission.
ETA - Sorry for my multiple posts. I'm clearly very confused. Please explain!!
Kara- you are working as a buyer's agent because you are representing yourself- therefore your interest is all in you, NOT the seller. The agency that listed the house you are buying decided to give a comission to a buyer's agent. However - there are listings that give 0% or very little to a buyer's agent, reason being, people will usually pay a fee to use a buyer's agent. There are usually companies that specialize in this - they only help people buy houses, not list them - and usually this is only done with very highly priced homes.
Most "regular" companies don't usually work as buyer's agents. Unless the buyer signs a contract with the agent, securing that agent as a buyer's agent, (and sometimes paying a fee) then the agent is the seller's agent or broker's agent. They are both really terms for the same thing - they have slightly different connotations in the RE world but for the buyer its the same thing - that agent is technically working for the seller, which is why the buyer has to sign that disclosure. What that means is that the agent is working in the interest of the seller. That agent can send the buyer listings, show houses, present offers in the name of the buyer, but is working for the seller. So if the buyer says something like "I am making an offer of X amt but am really willing to go to Y amt" the agent can tell the seller that. HOWEVER, if the agent was working as a buyer's agent, he/she could NOT tell the seller that because as a buyer's agent she is working in the interest of the seller.
Does that make any sense??
If the agent is working for BOTH the seller and the buyer - she is called a dual agent. This is very difficult because the agent must keep loyalties to both parties. It is illegal in many states. If dual agency is practiced, both the sellerand the buyer must agree to it.
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| Posted 9/20/07 11:40 AM |
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Kara
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They call me "Tater Salad"
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Re: How do you put a bid on a house?
OOOOOOOHHHHHHHHHHH!!!!!!!!!!!
*sighs*
I get it now.
Thank you, thank you, thank you for taking the time to explain. 
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| Posted 9/20/07 11:44 AM |
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Goobster
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Member since 5/07 27557 total posts
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:)
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Re: How do you put a bid on a house?
I still don't get it!!
Let's say I see a house on MLS and another RE agent takes me to see it (not the sellers agent/listing agent).
Who is the person who took me (buyer's agent?)? And are you saying I would have to pay a comission to them as well?
Who on Earth would do this? Why not just call the listing agent directly?
I am lost now.
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| Posted 9/21/07 3:44 AM |
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