Buyer or sellers market

[AK74]

Originally Posted by DogKeeper

I used to think that as well...
but, consider how small as a percent their commissions are....
for every $10k they get paid what...$300 more? I would have to think that if I was doing MY job as a buyer (or seller) I wouldn't of selected an agent who would throw me under the bus...especially for $300!
When we buy in the D.R. I will work with the agent whom is the most invested personally and professionally in the area.
In all reality..we all work on commission. Regardless of what you do. ie your pay and position is directly tied to the job you do.

"for every $10k they get paid what...$300 more?" -



$800-$1000 (8%-10%)

and another $800-$1000 when the guy himself who bought now will decide to sell .

So , of each RE unit up to 20% of its value goes to the agent.

Just two sales a year is sufficient to pay for a relaxed and comfortable living all year. Sometimes - just one sale.

[Lambada]

Originally Posted by DogKeeper

When we buy in the D.R. I will work with the agent whom is the most invested personally and professionally in the area.

Trouble is, how do you know this unless you've already lived here for a considerable period? Being or appearing to be personally & professionally invested in an area does not remove the possibility that the agent is shall we say not above pulling a few of the age old scams we all know have happened in the DR. Ask around for the horror stories............... they are illuminating. There are a handful of very good agents with years of experience here & a solid reputation for helpfulness & integrity, a plethora of middling type ones all vying with each other, many very new & not always in possession of much knowledge about the DR, and a few unbelievably bad ones. Your mission, should you decide to accept it, is to distinguish between the 3.

[PICHARDO]

Originally Posted by Lambada

Trouble is, how do you know this unless you've already lived here for a considerable period? Being or appearing to be personally & professionally invested in an area does not remove the possibility that the agent is shall we say not above pulling a few of the age old scams we all know have happened in the DR. Ask around for the horror stories............... they are illuminating. There are a handful of very good agents with years of experience here & a solid reputation for helpfulness & integrity, a plethora of middling type ones all vying with each other, many very new & not always in possession of much knowledge about the DR, and a few unbelievably bad ones. Your mission, should you decide to accept it, is to distinguish between the 3.

CashiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiIIIIIII IIIIIIIIIIING!!!!!

[yogibear]

what about buying direct from the seller is this good or bad idea

[DRob]

Originally Posted by yogibear

what about buying direct from the seller is this good or bad idea

Usually better, and results in a superior price (assuming the seller is motivated) but keep it on the down low as there's any number of agents checking out this forum....

That said, agents offer speed as a primary service. You can find the houses, the sellers, and the prices over the course of weeks or months of constant diligence, or you can walk into a brokerage and have all the info in 10 minutes.

Depends on what your goals and priorities are. You have to balance saving money on price vs. losing money on time spent looking for an appropriate property.

I tend to use agents as well as sniff around myself. It's easier in NA with the easy availability of public records and present owners. It's more difficult in DR, where that stuff takes time, as the records office isn't exactly user friendly and absentee owners abound.

[DogKeeper]

Rob, good points...no argument here.
Something to remember...(fun fact)....agents have NO license in the D.R. YOU..me...and MY dog could be agents in the D.R. At least in the US there are legal ramifications from misdealings etc. No so in the D.R.
I do agree that its best to go through the seller...directly.
But, local knowledge is priceless. The right agent will offer that.
Something we have done in the past...find a property, pay the agent a FLAT FEE for their services. 9/10 they happily do it.

And yes...we are going to rent first. I appreciate everyone who has been telling us this.

[yogibear]

yes i am going to rent all so maybe for one year if i have, there no rush i what i good price

[Lambada]

Originally Posted by DRob

You have to balance saving money on price vs. losing money on time spent looking for an appropriate property.

Just to say..........I don't think you ever lose money by taking your time & doing thorough checks.

Originally Posted by DogKeeper

But, local knowledge is priceless. The right agent will offer that.

And so will local residents who don't sell RE, know the area well & have no axe to grind. Find some and talk to them.

And on private sales in the DR - make sure you have a good lawyer working in your best interests who does all the searches. Some of the private sales have been befogged by relatives turning up claiming an interest on the title from an inheritance via their great grandmother 50 years ago................. There are probably examples posted on DR1 if you search the archives.

Good luck in your endeavours!

[John Evans]

hmmm Im not sure about the talking to locals (if they are expats)
theres a few dodgey ones they may steer you in a direction you dont want to go - better to stick to real estate people and get a good lawyer

[oriole100]

If your looking at Cabarete, We would suggest looking at a condo. You can get a agent who will do it for 6%. They want to make a deal. We told them thats all we will pay. Some said no, but we kept at it. Looked around. Checked prices and made an offer. It worked for us. But come for 6 month, before you buy. Everybody is looking for something different. What you think you want may be different after you live here a little.