Is a realtor essential in a hot market?
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Anonymous
| Looking to buy in an area with very low inventory. Met a realtor last week who said we should get a realtor, because they know about houses before they go on the market. Is there truth to this? Is it smart to get a realtor in a difficult market? DH wants to just find houses ourselves and use Redfin. |
Anonymous
| I just sold my home two weeks ago to a buyer using Redfin and it has been a disaster. Neither the first time homebuyer nor his redfin agent know what they are doing. The redfin agent dropped the ball and the buyer missed the deadline for the inspection contingency and has now lost the right to ask us to make repairs for issues that were found. My realtor is doing much of the work and has had to educate the redfin realtor who has no clue what she is doing. I would not advise anyone to use redfin when buying a home. According to my realtor, he has seen the redfin agents lose deals for their clients time and time again. After this experience, I would never take a bid from a redfin buyer. It's not worth the headache. |
Anonymous
| It happens that houses are sold before going on the market, but not too often. However, good homes sell overnight in tight markets once listed, so you have to be completely on it non-stop and realize that, as the PP points out, if all things are otherwise equal with other bidders, you are at a disadvantage (and hence you need to pay more to compensate for that disadvantage). |
Anonymous
I don't believe this. Anyone who can read a contract could figure out deadlines. I've bought two homes without realtors at all and didn't have any issues. I've also worked with Redfin. They didn't have one agent helping me, they had a team. Your realtor is making this up to make you think you're lucky to pay her 3% |
Anonymous
+1 For all the reasons you say PP and for others. I've seen a Redfin agent never confirm that a house appraised, never confirm that financing was approved. You get what you pay for. |
Anonymous
Agree - we bought our house with Redfin, their team was on our back all the time, reminding about all deadlines like every day. Sometimes I even felt annoyed by them as I am not used to that level of micromanagement  .
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Anonymous
| I know from experience in our very hot/low-inventory neighborhood there are two realtors who definitely know about houses before they go on the market. They try to line up buyers. If/when we ever sell (to get something bigger) we will definitely use them. It'd be nice to avoid putting our own house on the market if we can avoid it. |
Anonymous
1) I am not paying my realtor 3% 2) The inspection contingency was indeed missed. They did the inspection, including a mold test, and did not come to us with items to be repaired. They still haven't and the deadline was almost a week ago. 3) It is true that anyone who can read can figure out the deadlines. Perhaps the buyer didn't read it? Either way, it's not my concern, but it did happen. 4) I think that the fact that Redfin uses a team can actually be a problem. There is one top person with many other below him or her. These lower tier people have passed the real estate course, but have yet to do much selling. They do not work on commission, but get a salary. The leader of the team works on commission. The lower tier must prove they can sell or they do not advance and will no longer have a job with redfin. 5) You are welcome to believe what you'd like I simply am offering feedback to the OP that he/she may chose to believe or not. |
Anonymous
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Redfin, as a model alternative to traditional real estate agents, is a work in progress. Undoubtedly some of their agents have it together more than others, so the seller/buyer should do due diligence and it helps to have experience with such transactions.
What is pushing companies like Redfin is simple: sellers/buyers who want to do more work themselves to keep cost downs. Strikes me as a natural evolution given real estate costs around the DC Metropolitan region. But do have a good real estate lawyer involved (check them out) also and know your county/city deed office (check for liens ahead of time etc). |
Anonymous
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One the one hand, I do believe I would never have gotten my house without my buyers agent-- not because she knew about it before us (we actually found the open house on our own) but because she helped us prepare a very competitive offer and (I think) sell it to the owner.
On the other, she missed a deadline too-- not sure if she didn't want to risk blowing up the deal. Cost us a few hundred dollars-- nothing major in the scheme of things but mildly annoying. FWIW, this was a very successful realtor from a major local company. |
Anonymous
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The buyers are beyond clueless if can't figure out Redfin deal. They give you your own website with all the dates and deadlines spelled out and update it real time as actions close.
Story sounds a bit fishy, more likely just flaky buyers. |
Anonymous
+1. |
Anonymous
| In a hot market, is it better to use Redfin when selling rather than when buying? |
Anonymous
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But if you aren't already living in the area and don't know which one or two realtors cut the insider deals, what is he point of losing the thousands of dollars in rebate cash?
How do you identify the realtors in the know?? And honestly, without being on open market you really don't know if you are being screwed, as buyer or seller. |
Anonymous
She didn't pay out of pocket? We had a mistake done on repairs from the inspection contingency, and the listing agent fixed it on her own dime to make sure deal closed on time. Very professional and when we sell we are definitely looking at her to list. |