Is A Buyer's Agent A Good Thing For Newbies?
I am a newbie...I am interested in possibly doing some purchasing of REO's in my area and flipping them 2 years down the road after renting them out with some positive cash flow.
Is a Buyer's RE Agent recommended? I seem to have stumbled upon a really good one that has a wealth of information and so many REO's he doesn't know what do to with them all.
He has asked me to sign a contract to be my Buyer's Agent.
Should I be obligating myself to him like this?
Any help would be appreciated!
Thanks!
Use him and see how he does for you. I don't see any reason to sign a contract with him.
Hi RJProperties,
Buyers agents are a good thing to use when you are starting out if you plan on buying properties that are listed on the mls. The seller pays their fees, and hopefully the agent will help educate you on the transaction and some of the lingo!
If you are buying REO's that are not yet listed, dont bring a realtor into the picture, work with the bank directly. If you are hesitant and have unanswered questions, you can always pay a RE attorney for a 1/2 hour of his time to school you on some key points. Use that same attorney to close your transactions for you.
Now, any Realtor can be a buyers agent for you. I would highly reccomend that you Do Not sign the buyers agent contract. That benefits you none, but it will confine you to that one agent. He wants you to sign this for his benefit. Simply tell him that you are not interested in signing a contract, but if he shows you a property and you decide to buy it, that you will have him represent you. If he doesn't like that answer, simply call another agent!
Best of Success!
BAMZ