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From: lrm@drutx.UUCP (MerlettoL)
Newsgroups: net.consumers
Subject: Re: Need advice on bidding on a house
Message-ID: <12@drutx.UUCP>
Date: Tue, 24-Sep-85 14:22:42 EDT
Article-I.D.: drutx.12
Posted: Tue Sep 24 14:22:42 1985
Date-Received: Thu, 26-Sep-85 06:24:11 EDT
Organization: AT&T Information Systems Laboratories, Denver
Lines: 39





> (2) Is it better to deal exclusively with one realtor or use
> several? 

>>Gee, you don't know much about these folks.  You deal with one.
>>But remember: THE REALTOR ALWAYS REPRESENTS THE SELLER WHO LISTED
                ^^^ ^^^^^^^ ^^^^^^ ^^^^^^^^^^ ^^^ ^^^^^^
>>THE HOUSE WITH HIM/HER.  Even if the house is listed through some
                                                                  
This is not necessarily true.  There is now Buyer Broker
representation.  In this case the buyer pays a broker a retainer fee
that binds the broker to fully represent the buyer.  A legal contract
is drawn between the buyer and broker which states the terms: length
of time the contract is in affect,
commission (mine is 2.2%), price ranges of houses, styles of houses, 
locations, etc.
The buyer is then protected from jacked-up prices, loop-holes, etc.

For someone like myself, it was a God-send.  I knew nothing about the
real estate market.  My broker (who BTW does not list any properties -
he only represents buyers) does all the looking, negotiations, and the
dirty work that I don't want to do.  I have been working with this man
for five months, seen 50-75 houses, made a couple offers, but have yet
to find the perfect house.  But, because he is under contract with me
until November, he can't get "fed up" by my extreme choosiness!

Buyer Brokers are relatively new, but a couple months ago Fortune
magazine did an article on the concept.  The general concensus was that
even though buyers traditionally don't pay to find a house, it was a
very favorable change of standards.

Its kind of like lawyers in a divorce - would you want to share one 
lawyer in a settlement!!


                                     -mouser-


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