Getting preapproved for buying a home...what actually gets locked down?

Quote from dealgate : Usually no need to quality yourself but in this case where you are giving advice that goes counter/contrary to what most RE agents would give, I think it helps. I've never in my life heard of an agent telling someone not to get an agent. Totally illogical.

Is it? You are right about one thing, no agent will tell you that because it's essentially saying you don't need their services. Why would they say that? Agenst would never get paid if they told people they don't need a agent.

I'm saying that from a un-biased point of view. Would a car salesman tell you that you don't need to work with a car salesman? Probably not. But if you ask me, I would tell you to do your research online and start contacting dealers online to negotiate and don't negotiate in person.

Quote from dealgate : Also I know a lot of people that are "licensed RE agents". Most got it during the housing boom and have never sold a single house.

Fair point. I got licensed because my father-in-law was a real estate developer for the past 15years and one of my close friends family were also developers. I actually work for my friends family, who owns a real estate firm and is the exclusive agent for all the properties that my father-in-law and their family builds. So by your theory, if you worked with a agent, you would never see any of our homes because they were all exclusives and we did not co-broke any deals. And yes, I have sold many single family homes, condos, coops and even done rentals for friends.

Quote from dealgate : And what scenario is there where you call a RE agent to show you a house (that is not their own listing) where they are not an ""exclusive buyer's agent". Are they taking bribes from the seller on the sly? This is akin to saying, "Make sure when you drive a car that you start it first". Technically good advice but nevertheless wholly worthless information.

There are many terms used that tend to cause confusion with a buyer; listing agent, seller's agent, buyer's agent and exclusive buyer's agent. Most people don't know the difference between them. Using your example, if you go on remax.com right now and call a random agent in your town and say you want to buy a house; I can almost guaranteed they will be working as a seller's agent, even though they will be helping you find a house. It's a gray area, but the agent has to work in the interest of the seller and disclose anything you tell them that may affect the transaction UNLESS, they disclose they are working exclusively as a buyer's agent. Back in the 80's (or something like that), regulations were passed where realtors had to disclose during the first meeting with a buyer that they were either working as a seller's agent, buyer's agent, or a dual role. Don't believe me? Go call any agent and ask them who they legally represent.