Should I get my own real estate agent?

I saw some land go up for sale that I am interested in purchasing. Am I stupid to just call the listing agent? Should I find some other agent to represent me? 

In reply to D2W :

If its a relatively simple straightforward purchase I would just call agent.

Just call, you certainly don't need one as a buyer, and you probably don't need one as a seller.

It depends. If it is pretty straightforward and you don't plan on lowballing, no reason to go with another agent. For just straight land, not much to go wrong with it, assuming no weird zoning stuff.

In reply to GameboyRMH :

Agreed.  Especially if your comfortable with arranging financing and able to read thru and understand simple sales contact and negotiate on purchase price...even then the listing agent can steer you in general direction.

Seller pays both agents right? So you can probably buy for 2-3% off asking right off the bat if you have no buyers agent.

In reply to Robbie :

Not with RE agents around here...they're vicious about their commissions 

Financing is easy, there could be some issues but I would have to see those are not problems in writing before I would commit. 

I have a general distrust of RE agents. The one time I did use one, my own agent tried to berkeley me over on a deal. I know that was one unscrupulous person, but you know what you know.

In reply to D2W :

So what are basics of property?  Raw land? No improvements? Zoning issues or in county? Any restrictions on mineral or riparian rights (i.e., water)? Your intended use?

Obviously not your first rodeo.

There's typically no cost to you to have your own agent. If you don't have someone you trust then it might not make sense to use an agent, but the seller pays the commissions for both agents and doesn't usually get a discount if the buyer has no agent. In that case the listing agent is typically considered the buyer's agent as well and has you sign "dual agency" disclosures. Then they get both commissions!

If the property wasn't listed with a realtor then I would say no - find a good title and closing agency and they'll handle everything for you. But if it's already listed then it's just a judgment call on your part. I've had great luck with one real estate agent I used and I would use her again in the future if calling on a listed property, but I've also bought and sold without realtors and that went well too.

I would get your own agent.  SearchLight Crusade is a fantastic real-estate blog, he has a ton of posts on this topic.  Here's one: http://www.searchlightcrusade.net/2017/08/buyers_who_dont_want_a_buyers_1.html

dj06482 said:

I would get your own agent.  SearchLight Crusade is a fantastic real-estate blog, he has a ton of posts on this topic.  Here's one: http://www.searchlightcrusade.net/2017/08/buyers_who_dont_want_a_buyers_1.html

While that article does make some salient points, much of it smacks of just scare tactics to make sure another person gets a share of the commission.  I've closed probably 250+ sales over a 30 year span and unless your shopping for something in a market with multiple similar properties I question need for buyers agents.

Ovid_and_Flem said:

In reply to Robbie :

Not with RE agents around here...they're vicious about their commissions 

No commission if I don't buy. Do they want a sale or not? If I approached the selling agent directly and said I don't want a buyer agent and they refused, insisting that they would play as a dual agent and take double commission, I'd walk, and id be vocal to the owner of the property why I was walking. 

Get that crap to stop real fast.

Buyers agent job role is to help a buyer find a property. The buyers laywer is there to make sure the buyer doesn't get screwed. Don't let anyone tell you a buyer agent is there to help you not get screwed, they aren't.

If you find the property yourself, there is no need for a buyer agent.

In reply to Ovid_and_Flem :

Bare land. Lakefront, so I need to clarify issues on water and sewer. It's already zoned correctly. It would be something that I would plan on building a house on eventually. I love the water, and have always dreamed of living on the lake. 

In reply to D2W :

Can’t offer a recommendation re agent but I will tell you that lake shore land can be worth gold. As a general rule land appreciates at the rate of inflation but due to demand/scarcity lakeshore appreciates at 2x inflation.  

However check set back requirements etc carefully.  Most lakeshore has set back restrictions and hardcover restrictions that will restrict you in ways normal land won’t 

plot nearby which could hold three normal sized homes has a building area suitable for a triangle shaped home about 30 ft per side 30 ft high. 

In reply to frenchyd :

1350 sqft house! (15*30 * 3 floors)

D2W said:

In reply to Ovid_and_Flem :

Bare land. Lakefront, so I need to clarify issues on water and sewer. It's already zoned correctly. It would be something that I would plan on building a house on eventually. I love the water, and have always dreamed of living on the lake. 

OK...Sounds like it has been platted/subdivided.  Just contact selling agent and ask for subdivision regulations and covenants which will outline all covenants, easements, allowed use etc.  Should answer all your basic questions such as sewage, water lines, home construction/min size, set back.  Explain to selling agent your ultimate plans.  Good luck. 

In reply to Robbie :

Developer is still trying to jam two homes on the 3 plots of land in spite of rules and wetlands protection. 

If he can he can sell the two for over 5 million. So bribes have gone out and he’s already passed preliminary permission 

REAL ESTATE AGENTS DO NOT REPRESENT BUYERS. They are legally bound to represent sellers. 

There is really no such thing as an "agent to represent you".   EXCEPT in the case of a Buyer's Agent.  But a buyer's agent is a pretty dumb concept. It basically obligates the buyer to work with a particular agent. That would be like signing an agreement with a car salesman that you would pay him a commission even if you bought from another dealer. 

The "Listing Agent" and the "Selling Agent" BOTH work for the seller. They are contractually bound to represent the seller's interests in the sale of the property.  

If you are not paying them, they definitely do not work for you. 

My recent Real Estate salesperson tried to get me to sign a Buyer's Agency agreement. I said no. She still did a good job for me, and earned her commission. I intend to use her again. She found me property that fit my criteria. That's it. 

If I had signed the agreement, I would not have been able to fire her if she failed to find me properties. 

Keep in mind that all of this stuff varies a lot (and I mean a LOT) by state, so be very careful with specific advice from someone who lives in a different state than you do.

I've only bought houses, not straight land, and only in CA, not WA.  That said, if you've never done it before, it's not a bad idea to have someone involved who's looking out for your interests and knows how it's all supposed to work. 

frenchyd said:

In reply to D2W :

Can’t offer a recommendation re agent but I will tell you that lake shore land can be worth gold. As a general rule land appreciates at the rate of inflation but due to demand/scarcity lakeshore appreciates at 2x inflation.  

 

This greatly depends on the actual area. My parents bought lakeshore, and they'll be lucky if it keeps up with inflation. On the other hand, compared to the rest of the area, they're golden. 

Waterfront is one of the "Location location location" things that you can't change that will keep the value up (the others including, but not limited to, school districts, proximity to transportation, zoning, etc.)

In reply to Robbie :

Not how it works. You may get a discount, but the sellers agent has more work to do with a not represented buyer. The sellers agent has every right to get paid for both sides in this.

Dogote said:

In reply to Robbie :

Not how it works. You may get a discount, but the sellers agent has more work to do with a not represented buyer. The sellers agent has every right to get paid for both sides in this.

What work???

The seller's agent has nearly completed their work once the property is listed. Do you mean unlocking the door??

The work at the time of the sale is on the attorneys, not the real estate agents. 

Full disclosure... I used to be a Real Estate agent, and I've encouraged my wife to be one. But actual throughput of the work of a Real Estate agent is grossly over-rated. They do not work very hard for what they do. It's a system that is very out of balance and completely obsolete. 

The entire Real Estate sales system could be replaced by a much more efficient system like Zillow (except that Zillow relies on Realtors to post their listings)

Sounds like since I don't need anyone to find me the property there is really no need for an agent. I'll let my architect and lawyer help me make sure the property is what I think it is.