Bought, Not Sold: Single Agency, Buyers' Brokers, Flat Fees and the Consumer Revolution in Real Estate (Paperback)

by Ray Wilson (Author) "CRAZY! You'd say I'm crazy, if I dared to suggest that someone might one seeking to sell his or her home might want a good..." (more)
Key Phrases: buyer market analysis, buyer agency, seller agency, Traditionalist Dilemma, Trust Test, King Road (more...)

Editorial Reviews

Review
A new book critical of ...traditional real estate practices ... almost certainly will find a following among buyer agents, educators and consumer advocates. ... Bought, Not Sold .... is dedicated to simplifying agency concepts to the average homebuyer and seller. -- FRANK COOK, Publisher, Real Estate Intelligence Report / Agency Law Journal

At last, a book about real estate agency written for the layman. ... Bought, Not Sold tells the real story ... what to expect ... what to demand and how to get what you pay for from real estate service providers.

.... the best defense against financial loss today is smart buying. Bought, Not Sold provides the information necessary to be a very smart buyer.

Bought, Not Sold is not just for buyers, but should be required reading for every real estate broker and agent, every state legislator and every seller of residential property." -- Becky Swann, Editor/Publisher, International Real Estate Digest

While Ray Wilson's Bought, Not Sold can save consumers thousands when they buy, it should be mandatory reading for any agent purporting to be a buyer's agent---especially one that expects to survive through the real estate revolution. -- JULIE GARTON-GOOD, Syndicated Columnist, "The Frugal Homeowner". (Past President, Real Estate Educators Association)

Product Description
Bought, Not Sold by Ray Wilson is a fascinating expose of a culturally-entrenched real estate profession holding buyers and sellers captive. This book now provides both with liberating knowledge. Unique among the many books advising people on buying and selling homes, it does not pretend to give the layperson professional real estate competence, but shows the way to find trustworthy agents and protect oneself from those who are not. As the cover proclaims, Bought, Not Sold is "what every buyer and seller should know before working with, or against, the pros."

It is also a story of real human interest with heroes -- buyer agents and certain seller agents -- struggling to bring consumer reform, and of real-life intrigue with plotting vested interests organized in a campaign to dupe lawmakers with pseudo-reform legislation, in effect sabotaging efforts toward genuine reform.

Historically, the real estate profession provided agency only to sellers, though buyers paid for all fees through the price, and although buyers in particular had to literally live with the consequences of buying without the protection of agency. Today, facing competition from genuine buyer's agents, and growing consumer awareness of their value, the traditional agents seek to change the laws so they can simply call themselves "buyers' agents" or "buyers' brokers."

Finally, Bought, Not Sold is a credible work with endorsers of national stature representing a broad spectrum of expert perspective. It is of value not only to consumers, but to providers in real estate and associated professions who want a realistic perspective.

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Product Details

• Paperback: 336 pages
• Publisher: Cogna Books (January 1998)
• Language: English
• ISBN-10: 0966013506
• ISBN-13: 978-0966013504
• Product Dimensions: 8.5 x 5.5 x 0.7 inches
• Shipping Weight: 14.4 ounces (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars See all reviews (8 customer reviews)
• Amazon.com Sales Rank: #569,614 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

14 of 15 people found the following review helpful:

5.0 out of 5 stars Self-Defense for Buyers & Sellers, January 12, 2000

By	MICHAEL GREGG MORIN, J.D. (Maryland) - See all my reviews

This book is about the real world that they did not teach me or my classmates in law school! I have been in the business of real estate brokerage and buyer agency for close to a decade and I still found myself highlighting throughout the book.

Six years ago organized real estate was still in a struggle to preclude real estate brokers and agents from representing buyers. Today, every part-time, know-nothing with a license is a "buyers' agent." (The organized real estate industry is still fighting laws that force them to tell sellers and buyers who they represent!) What do you really know about agents, selling real estate, or buying real estate? What does "buyers' agent" really mean? What are the agents' and brokers' duties? What does "your" agent owe you? Why is a dual agency too often dual fraud?

If you are about to enter the real estate game, this book will tell you the rules. Every homebuyer and seller needs this book for his or her financial self-defense and for his or her peace of mind. Will it matter to you if "your" agent harms you from malice and greed or harms you from simple stupidly? Trust me, it is going to hurt either way. You can pay attorneys thousands of dollars after the problem or you can read this book and preclude the problems before they happen.

12 of 14 people found the following review helpful:

5.0 out of 5 stars To buy or sell property, you NEED an Exclusive Buyers Agent, September 27, 1999

By A Customer

BOUGHT, NOT SOLD will help you recognize the consumer quality revolution in real estate -- it's all about customer awareness and empowerment. You now have resources at your disposal at an unprecedented level when you engage the services of an exclusive buyers' agent. Note: the term exclusive is most important.

As a buyer, your purchase prospects should be unlimited -- don't accept anything less. An exclusive buyers' agent will make available properties for sale by owner and even properties that may not be listed for sale. You didn't know that? Neither did we, but now we know that an agency's listings, or even those in the local Multiple Listing Service are not a complete presentation of what is really on the market!

For example, as a seller, you employ a real estate agent to help you sell your property; as the employer, you determine the level of service to be provided by your employee, as well as the fee you agree to pay for those services. Ray Wilson advises you on how to select a real estate agent to represent your interests -- and gives you information that empowers you as an employer, with practical advice on defining your service expectations. Insight into avoiding traps set up by the traditional commission set up in favor of listing agents is invaluable -- this is where you really can save by understanding details seldom revealed to sellers or buyers.

This book is highly recommended by the webmasters of pru-florida.com -- Prudent Florida Home Buyers and Sellers, the realty web site for consumers.

3 of 3 people found the following review helpful:

5.0 out of 5 stars Bought, Not Sold for both consumers and R.E. practitioners, October 27, 1998

By A Customer

Ray Wilson has brought reality to the homebuying consumer in Bought, Not Sold. He has sifted through the traditional practice of real estate, emphacizing the benefits, while pointing out the pitfalls. He gives specific direction to the homebuyer, from choosing a real estate professional through the actual process of purchasing a property. In addition, the information is a wake-up call to real estate professionals, who will have to be prepared to perform at top level for the educated homebuyers who have read this book. About time!