Homebuying Questions

[Sheilbh]

The industries work differently in North America and over here. In NA it's quite common to hire an agent to find you a property and who will then search the market for something fitting your need and show you the properties, looking out for your best interest.

Whereas over here, generally, you're doing the research and then have to deal with whatever agent has the listing for the property, and who will often charge you for the pleasure while mostly looking out for the seller's interest, while putting in a minimum amount of effort towards the buyer. In case of rentals, it's often just unlocking the apartment so the interested person can have a look (guided tour?Ha!), and then preparing the papers afterwards.

Anecdotal evidence suggests that landlords/sellers are generally happy with an agent's services, whereas the buyers/tenants get no service and no value from the profession.

That explains it. That's really interesting. Yeah I've never heard of a buyer or tenant instructing an estate agent - that's all paid for by the seller. And as a tenant I have had zero value added to any of my rentals by an estate agent (expcept when they tried to charge me £200 to amend the contract by removing a tenant which I explained I'd be happy to do myself and they can just review if they want ).

Can definitely see why it'd be worth it if there's value for a buyer. Presumably in North America both sides have their own agents then?

[Tonitrus]

Yep.  In Amerika, hiring a real estate agent is like hiring a lawyer. 

But only paid on contingency. 

[Syt]

Can definitely see why it'd be worth it if there's value for a buyer. Presumably in North America both sides have their own agents then?

Usually, yes. And, generally, when your agent shows you a property, the other agent won't be there.

I'd prefer the North American system over here, and be happy to pay an agent who actually works for me. Unfortunately, agents over here are not really happy to share their commissions with other agents, so they want to list & sell their properties instead of just listing them and have buyers come to them. They don't feel the need to change that, because buyers have to work with them, whether they want to or not (never mind that they could sell their properties faster when cooperating with buyer agents).

... or so I've heard. 

[Valmy]

They're marginally above journalists, but behind such esteemed professions as bankers, CEOs and local politicians

Just like journalists, bankers, CEOs, and local politicians a good one is a great thing to have, but often hard to find

[Sheilbh]

Yep.  In Amerika, hiring a real estate agent is like hiring a lawyer. 

But only paid on contingency. 

Do you hire lawyers as well?

We have conveyancing solicitors and it was a mandatory bit of law school - like wills. But they always get paid, even if the deal collapses or you get gazumped you can still have a couple of grands worth of legal fees

I'd prefer the North American system over here, and be happy to pay an agent who actually works for me. Unfortunately, agents over here are not really happy to share their commissions with other agents, so they want to list & sell their properties instead of just listing them and have buyers come to them.

Yeah it does make sense for purchasing. I still can't really see the value they add as a tenant but that just may be my decade-paying-rent-in-London cynicism

[Syt]

I've been lucky enough to find my apartments in Vienna by posting a want ad and talk directly to landlords.

[Sheilbh]

I've been lucky enough to find my apartments in Vienna by posting a want ad and talk directly to landlords.

Yeah - I've found them through estate agents. But I've never actually rented through an agency - but I've had to deal with some.......eccentric landlords in my time.

I quite like my current one. He has no interest in meeting me but answers my emails/phone calls and trusts me enough to just pay for it when I say I need a plumber or new washing machine etc.

Edit: Whereas I've had some in the past who would do nearly weekly visits to try and do maintenance themselves

[Tonitrus]

Yep.  In Amerika, hiring a real estate agent is like hiring a lawyer. 

But only paid on contingency. 

Do you hire lawyers as well?

I've never bought a house, but I do believe a lawyer is involved when it comes to closing/looking over the contracts (or maybe the agents are qualified to handle that as well, not sure), and would be part of the built-in closing costs.

[Maladict]

The industries work differently in North America and over here. In NA it's quite common to hire an agent to find you a property and who will then search the market for something fitting your need and show you the properties, looking out for your best interest.

Whereas over here, generally, you're doing the research and then have to deal with whatever agent has the listing for the property, and who will often charge you for the pleasure while mostly looking out for the seller's interest, while putting in a minimum amount of effort towards the buyer. In case of rentals, it's often just unlocking the apartment so the interested person can have a look (guided tour?Ha!), and then preparing the papers afterwards.

Anecdotal evidence suggests that landlords/sellers are generally happy with an agent's services, whereas the buyers/tenants get no service and no value from the profession.

That explains it. That's really interesting. Yeah I've never heard of a buyer or tenant instructing an estate agent - that's all paid for by the seller. And as a tenant I have had zero value added to any of my rentals by an estate agent (expcept when they tried to charge me £200 to amend the contract by removing a tenant which I explained I'd be happy to do myself and they can just review if they want ).

Can definitely see why it'd be worth it if there's value for a buyer. Presumably in North America both sides have their own agents then?

Over here, if you're looking to buy in the major cities, you'd better get an agent. Once a property gets listed it's usually already fully booked for viewings. Sellers don't like to deal with buyers without an agent, too much risk involved. The market is so overheated the sellers sets the rules.

[Maladict]

Where in Spain are you looking to buy a house?

That's opened up a little. I was looking near Barcelona - and that's still my preferred area - but I've also looked further north, up on the coast north of Madrid. But that's a second house. For later. Right now, I'm looking in the US for a permanent home here.

I know 
But who needs two houses. Wait for the election, if Trump wins just take the plunge   

[merithyn]

Where in Spain are you looking to buy a house?

That's opened up a little. I was looking near Barcelona - and that's still my preferred area - but I've also looked further north, up on the coast north of Madrid. But that's a second house. For later. Right now, I'm looking in the US for a permanent home here.

I know 
But who needs two houses. Wait for the election, if Trump wins just take the plunge   

There's a reason I'm waiting six months.

[crazy canuck]

Yep.  In Amerika, hiring a real estate agent is like hiring a lawyer. 

But only paid on contingency. 

Do you hire lawyers as well?

We have conveyancing solicitors and it was a mandatory bit of law school - like wills. But they always get paid, even if the deal collapses or you get gazumped you can still have a couple of grands worth of legal fees

I'd prefer the North American system over here, and be happy to pay an agent who actually works for me. Unfortunately, agents over here are not really happy to share their commissions with other agents, so they want to list & sell their properties instead of just listing them and have buyers come to them.

Yeah it does make sense for purchasing. I still can't really see the value they add as a tenant but that just may be my decade-paying-rent-in-London cynicism

On the lawyers question, it depends on the value of the deal.  If there is a lot of money involved the lawyers draw up the contracts and deal with the conveyance.  If not the agents often draw up the contracts but lawyers still deal with the conveyance.

Personally I have always used a lawyer to draw up my purchase and sale agreements - it does not cost much and this is the biggest single asset I will purchase.  Might as well make sure it is done right.  Contracts drafted by agents are, well... the cause of much litigation.

Agents are most useful to find the appropriate property and assist in the negotiation of the price.

[Valmy]

Yep.  In Amerika, hiring a real estate agent is like hiring a lawyer. 

But only paid on contingency. 

Do you hire lawyers as well?

I've never bought a house, but I do believe a lawyer is involved when it comes to closing/looking over the contracts (or maybe the agents are qualified to handle that as well, not sure), and would be part of the built-in closing costs.

Yeah I didn't directly hire the lawyers but they are involved. This is North America after all

[The Brain]

I miss the old barf smiley.

[Grey Fox]

Yep.  In Amerika, hiring a real estate agent is like hiring a lawyer. 

But only paid on contingency. 

Do you hire lawyers as well?

We have conveyancing solicitors and it was a mandatory bit of law school - like wills. But they always get paid, even if the deal collapses or you get gazumped you can still have a couple of grands worth of legal fees

I'd prefer the North American system over here, and be happy to pay an agent who actually works for me. Unfortunately, agents over here are not really happy to share their commissions with other agents, so they want to list & sell their properties instead of just listing them and have buyers come to them.

Yeah it does make sense for purchasing. I still can't really see the value they add as a tenant but that just may be my decade-paying-rent-in-London cynicism

In Quebec, the buyer hires a notary that will handle all the legal & money related paperwork.