write your own offer to save 3% commission

[Ryan J.]

We live in WA State and have bought 6 homes using buyers agents.  Unfortunately the agents do not add much value - we have found all of the homes ourselves and attend all of the open houses ourselves.  Everything is available online (market analysis, comps, etc) and in most cases we are more familiar with our target market than the agent! 

Since the agents aren't adding value, we have started to write our own offers.  We are not licensed realtors but understand the standard contracts.   And after purchasing 6 homes we are familiar with the intricacies and mechanics of the offer.  The sellers agents have even been impressed sometimes mistaking us for real estate agents. 

My question is since we are writing our own offers will we pocket the 3% typically paid to the buyers agent? I would assume the 3% would appear as credit on the HUD statement during close.

[Lumi Ispas]

@Ryan J. , as you can see in response to your questions, you get pro, against and "Redfin" way to do deals.

To share with you how things really are, the agents that know the business, love having buyers like you write offers on their listings. The reason: the seller will net a lot more than if you had an agent.

Finding the property is nothing, negotiating and keeping the deal together is everything. Just so you understand how bad is for unrepresented buyers, in absolutely every case when the buyer came without an agent  thinking that he will save the commission and wrote offers on my listings, even though the seller discounted the commission, the buyer left money on the table. 

Agents are hired to represent buyers or sellers, and no matter on whose size I am, that is the client that will do the absolute best deal, or in a hot market like Chicago right now - will get the deal in multiple bids.

In the fsbo cases, I had every seller that thought they saved a commission by listing in mls on their own take a lot less than if you had an agent.

Regarding Redfin, I have my own opinion based on my experience with their agents and with clients that bought or sold with me after meeting them, however I can't express my thoughts here as is illegal for me to comment on a different brokerage.

Please understand that the experience a broker that sold hundreds of properties, negotiated with all kind of personalities and saw all kind of situations - brings at the table a lot more than writing an offer.  

Even if you got your license tomorrow, it will take time for you to learn the negotiation skills and little details that mean getting a contract versus loosing on a property in multiple bids or still overpaying.

You are inquisitive and smart so you'll do good no matter what you choose. Good luck with your investments!