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House Buying.

 
Ernie D
(@Ernie_D)
Active Member

I have been keeping an eye on the way Realtors on St. Crox doing business? I have a few questions and hopefully can be answer, Thanks for all your help, Are Realtors on St. Croix Buyers agents or just working for the sellers? Homes for sell by owners are they on the market as open listing, or the first person that put a contract on them? Are for sale by owner home for sale with the owner sign on them. Are contracts being written by Realtors or Lawyers ? I have talk to Local Realtors on these subject and each time I get a difference answer. What is the procurer on buying on St. Croix so I would get true information. thank you all for your help.

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Topic starter Posted : December 29, 2016 10:42 pm
Scubadoo
(@Scubadoo)
Trusted Member

Ours on STX was a buyers agent. I think one time in the states we may have both signed some paper stating such in one state but no such paperwork on STX. Not sure what would happen if you were interested in a listing that your buyer's agent had. We did not have that situation. Our realtor wrote the offer on standard contract form. Did not involve lawyer until offer was accepted to go through settlement procedure. You could optionally have a lawyer review an offer before presenting it if you have an unusual or complicated situation.

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Posted : December 29, 2016 11:18 pm
vicanuck
(@vicanuck)
Expert

When we bought our house on STX, the same realtor was both both the seller's agent and our agent. It worked out well and we felt we got a very good deal on the house.

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Posted : December 30, 2016 11:22 am
Alana33
(@alana33)
Expert

Real Estate agents can be a seller's agent, a buyer's agent or both as long as that information is disclosed. They have a fiduciary responsibility to both parties when representing a buyer and seller.

Contracts are standard offer to purchase/ contracts of sale.
They can be adjusted depending on the circumstances and contingencies.

It's always wise to have an attorney review. It is a legal document and once accepted and signed, is binding on all concerned parties.

If you are considering purchasing a fsbo, you will be dealing with the homeowner and their attorney and should have your attorney draw up the offer to purchase to submit.

Fsbo properties are not advertised on realtor websites or mls.
The homeowners do their own advertising by whatever means available to them, signs, newspaper or online advertising, etc.

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Posted : December 30, 2016 1:47 pm
Scubadoo
(@Scubadoo)
Trusted Member

Not sure about STX specifically but it seems buyers agents aren't too thrilled about FSBOs and may not want to have anything to do with them. Probably because it's questionable whether they'd get any commission at all in addition to having to deal with someone who may not be familiar with the settlement process.

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Posted : December 30, 2016 3:16 pm
Alana33
(@alana33)
Expert

FSBO don't have any realtor representation.
As such, no commission from seller/owner unless they make an arrangement to pay a realtor commission beforehand if that agent brings them a qualified buyer which results in a sale. No one works for free.

A buyer's agent gets the commission directly from the buyer.
If the seller is using a Realtor to list the property, they pay that commission which may or may not be spilt between agents/agencies.
A realtor who has a buyer but not acting as a buyer agent will split the commission with the selling agent/brokerage and him-herself and their agency which the seller pays.
It depends on the situation.

Having a realtor to help you thru the buying or selling process is helpful and stress reducing.

When I purchased my house in FL, I used a local realtor, even though I am a realtor. I was glad I did. It made everything so much easier and my agent was incredibly helpful in many ways beyond just the transaction.
We became friends in the process.

Anyone thinking of beginning to look for a home to purchase and will need a mortgage loan should get prequalified for a loan so that:
A. You know you can get a loan.
B. You know how much you qualify for.

Nothing worse than falling in love with a property that you can't get a mortgage for or is out of the price range that you can qualify for.
Some people discover they don't qualify, at all.
It's a wake up call for them to begin to repair their credit.
It's a waste of everyone's time and energy when it happens and it does happen.

Having a realtor negotiate and be that layer between the buyer and seller is a good thing. Things can go south in a hurry depending on personality conflicts, demands on both sides, etc. There are additional reasons to using a realtor in a transaction. It's a stressful situation for both buyer and seller.

Personally, I like having buyer's and sellers at arms length to avoid such situations. I liked being at arms length, myself, as my FL homeowner/seller
was quite a bit¢h and I was very happy to let our respective agents deal with the negotiations as I was very happy with the results.

Anyway, hope this helps and happy house hunting.

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Posted : December 30, 2016 5:34 pm
Scubadoo
(@Scubadoo)
Trusted Member

A buyer's agent gets the commission directly from the buyer.

I've never paid a buyer's agent directly. They were always paid from split commission from the seller.

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Posted : December 30, 2016 6:36 pm
Alana33
(@alana33)
Expert

As I mentioned, it depends on the situation and agent/buyer relationship.

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Posted : December 30, 2016 10:31 pm
daveb722
(@daveb722)
Trusted Member

A buyer's agent gets the commission directly from the buyer.

I've never paid a buyer's agent directly. They were always paid from split commission from the seller.

(tu)

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Posted : January 1, 2017 4:27 am
Alana33
(@alana33)
Expert

As mentioned it depends entirely on the situation.

This may help clarify.

https://www.thebalance.com/who-pays-the-commission-to-the-real-estate-agent-1798867

In the majority of situations, the seller does pay the commission which is then split between selling and buying brokerages and agents.

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Posted : January 1, 2017 12:30 pm
redeyesadie
(@redeyesadie)
Advanced Member

FYI: Using the word "realtor" to describe all real estate sales professionals is akin to using the term "band-aide" for all adhesive bandages, or "kleenex" for all tissues. A real Realtor, in addition to having a real estate sales license, is a member of the National Association of Realtors. You have to pay for that designation, and are presumably agreeing to be held to a higher standard.

https://www.nar.realtor/membership-marks-manual/definition-of-realtor

http://www.investopedia.com/terms/r/realtor.asp

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Posted : January 2, 2017 4:27 pm
Alana33
(@alana33)
Expert

Indeed. I'm a Licensed Realtor here in the VI, a member of St. Thomas Board of Realtors and a member of NAR and subject to professional standards. I just completed my professional ethics standards testing which we are subject to every 2 years. 92% on my test.

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Posted : January 2, 2017 9:06 pm
Scubadoo
(@Scubadoo)
Trusted Member

A real Realtor, in addition to having a real estate sales license, is a member of the National Association of Realtors.

Who is suggesting otherwise?

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Posted : January 2, 2017 10:20 pm
redeyesadie
(@redeyesadie)
Advanced Member

First, congratulations Alana!

A real Realtor, in addition to having a real estate sales license, is a member of the National Association of Realtors.

Who is suggesting otherwise?

Many people don't know the term "Realtor" is a special designation, and use it to refer to real estate sales professionals in general. I wasn't being critical, thus the "FYI."

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Posted : January 4, 2017 2:07 pm
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