Finding an Exclusive Buyer Agent in San Jose, CA.?

Finding an Exclusive Buyer Agent in San Jose, CA.?

Real estate agents and REALTORS are very poorly trained. I recommend that instead of a buyers agent, you hire an attorney who sepcializes in real estate law to write the language of your offfer and that you hire a real estate appraiser to give you a second opinion on the price of the house. Your real estate appraiser should be a Member of The Appraisal Institute. (MAI designation) Virtually all of the houses that are for sale are on the internet. You do not need an agent to find the house for you. What you do with the attorney and the appraiser is that you tell them upfront that you are hiring them to protect your interests and to protect you from paying too much for the house. Direct yur attorney to include language in your offer that makes it contingent on the appraised value as determined by your appraiser not the lender's appraiser. The lender's appraiser will appraise high to ingratiate himself with the real estate agents so they will continue to send business to the bank and the appraiser. When your appraiser determines that the fair market value of the house is less than the amount that you offered, you are to give the seller two choices: 1. Reduce the contract price to the fair market value as determined by your appraiser or.: Note: Since you are represented by an attorney and not a real estate agent, the seller is saving the 3% of the purchase price that would have been paid to the real estate agent. I recommend that you also direct the seller to reduce the contract price by the additional 3% that he would have paid to your agent. After all that 3% is your money. You are saving the seller that money by not using a real estate agent. Thereofre you should get that money in the form of anadditional price reduction of 3% less than the amount of the fair market value as determined by your appraiser. 2. Agree to cancel the contract and direct the escrow company to return your deposit. Also have your attorney include language in the contract that makes the contract contingent on your approval of inspection reports.by your inspectors, not the seller's inspectors. The inspection should be at least 21 days to give your inspectors ample time to inspect the property and write their reports. Do not let the listing agent try to shorten this period. Listing agents often try to shorten this period to 10 days or less. That does not giveyou adequate time to get your inspectors out to the property, make the inspectins, write the reports, give you time to review the reports and make decisons ablut what repairs are needed. The inspections should include at a minimum an inspection of the roof, the chimney, the structure itself, the foundation the plumbing, heating and the electrical system. Also you need a termite report and an inspection for water damage and dry rot. In San Jose and all over that area you need and inspection of the chimney by a masonry contractor because in San Jose many chimneys were broken in the 1989 earthquake and have never been repaired. A broken chimney can permit hot gases from the fire to enter the attic and start a fire in the attic. When the reports come back indiccating that repairs are needed again give the seller two choices: 1. Agree to hire a licensed contractor to make the repairs or further reduce the price of the house to compensate for the cost of the repairs. or. 2. Agree to cancel the contract and direct the escrow company to return your deposit to you. I see the responder below does not agree with me and that is fine, I understand. Many people disagree with me. I have been very successful following the method that I have outlined for you. I challenge those who disagree with me to show that they have been more successful than I have at purchasing pieces of property at true fair market value and not the inflated prices that the real estate agents think that you should pay. I never use real estate agents to purchase property. I only use appraisers and attorneys. I also know San Jose very well. I grew up there and purchased most of the property that I own in Cupertino, which is a town very close to San Jose. The method that I have developed works very well in San Jose. You will find that the attorney and the appraiser will cost much less than the 3% the seller will pay the buyer's agent. Remember that I said to reduce the contract price to fair market value less the 3% the seller would have paid your agent. On even a $600,000 house, that is $18,000. Your attorney and your appraiser will not charge you anywhere near that amount and your attorney and your appraiser will do a much better job of representing your interests than a buyer's real estate agent will. For one thing a real estate agent, even if he is a buyer's agent will become very unhappy with you after you have cancelled several transactions because the seller would not agree to reduce his price to fair market value or would not agree to make needed repairs. You will not have that problem with your attorney or your appraiser. I realize that real estate agents think they know how to determine fair market value of a house, but they do not. An appraiser who is a Member of The Appraisal Institute has far more rigorous training standards to meet than a real estate agent. There is extensive classroom training that the appraiser must complete and pass and then he must work for several years in a firm that is owned by a Member of The Appraisal Institute before he is even eligible to apply for the MAI designation. A real estate appraiser who is a Member of The Appraisal Institute has far more expertise than any real estate agent with respect to determining the true fair market value of a piece of property. Your attorney has far more training than a real estate agent with respect to the law and the language that a contract must contain to protect your interests. The attorney must go to law school for at least 3 years after graduating from college and must pass a very rigorous bar exam. A real estate agent only has to take a few classes online. The classes only take a few weeks. You get much better representation with the attorney and the real estate appraiser and they cost less if you follow my instructions and deduct the 3% fee that the seller would have paid youir real estate agent from the fair market value as determined by your appraiser that you pay for the property. .