When working to get an off market deal, to actually buy the property do I need to go through a Realtor? Does the seller also have to go through a Realtor? If not, is this the most common way with off market deals?
Realtor · Westwood, MA · Member since 2015 · 145 posts · 67 votes
7y
No you do not have to use a REALTOR(R) and while the seller likely does not have one at this time if it's off market, it's possible they do. If they do, simply negotiate through that agent instead of directly. Like I said, it's unlikely.
I'm speaking from Massachusetts and believe the same would be true anywhere.
All of that said.. if you are not an experienced negotiator, find an agent who is and hire them. It'll be worth it.
Realtor · Westwood, MA · Member since 2015 · 145 posts · 67 votes
7y
No you do not have to use a REALTOR(R) and while the seller likely does not have one at this time if it's off market, it's possible they do. If they do, simply negotiate through that agent instead of directly. Like I said, it's unlikely.
I'm speaking from Massachusetts and believe the same would be true anywhere.
All of that said.. if you are not an experienced negotiator, find an agent who is and hire them. It'll be worth it.
@RJ Reynolds thank you for the reply! So I have my Real Estate license in Texas. I know you’re in Massachusetts, however, if I were to represent myself would that then mean they need to have a realtor? Thank you!
Realtor · Westwood, MA · Member since 2015 · 145 posts · 67 votes
7y
As a licensed agent, you should be aware of the Agency disclosure laws in your state and make sure to follow them. Here in MA, people I talk to about real estate have to sign a disclosure form I provide & explain. That is only to prove that I fully explained who I represent.
Anyway, back to your situation, I don't know if Texas would have any such requirement .. I can't imagine any state does. To my knowledge, no one is ever required to have an agent.
Side note: there is a difference between a REALTOR(R) and a licensed agent. You must be licensed to join the National Association of REALTORS(R) however you do not have to be a REALTOR(R) to act as a licensed agent.
That's right. Here in Texas we do need to disclose our license and, like you said, no one's required to have an agent. I was told by my broker to use a Registration Agreement between Broker and Owner for this. I am aware of the difference between Realtor and licensed agent, they made sure we knew when we joined. Thank you RJ!
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
7y
Get a lawyer to draw up the contract is how it works in MA. Secure financing if you are the buyer and do your due diligence on the property. We closed with the lawyer as buyers, no relators. Now if it is a listed property that may be different. haven't done it in MA on the selling side.