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

5.0 out of 5 stars 7 customer reviews
ISBN-13: 978-0966013504
ISBN-10: 0966013506
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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)

Excerpt. © Reprinted by permission. All rights reserved.

The following is a excerpted from Chapter 1: Agency, Quality, Revolution, and Resistance

Crazy! You'd say I'm crazy, if I dared to suggest that someone seeking to sell his or her home might want a good buyer's agent; you'd wonder how I missed the obvious difference between buying and selling. Most real estate agents would agree with you - and rightfully so, since, under the laws of agency, a buyers' agent must serve the interests of the buyer and not the seller. And yet, a brochure distributed by real estate agents nationwide notes the options for consumers, boasting that someone selling a home can hire a seller's agent, and that a buyer has three choices: a seller's agent, a seller's subagent, or a buyer's agent

What is wrong with this picture? Nothing, according to most agents. It might be crazy to use a buyer's agent to sell your home, but it is somehow a rational option to use a seller's agent to buy a home. Most real estate agents see it that way because most are sellers' agents, obliged by the laws of agency to maximize the sellers' interests - but they know it is the buyers who have the money.

Salespeople need something to sell (have patience; the wisdom in this book does eventually get deeper than this).

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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: 8.6 x 5.6 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 (7 customer reviews)
  • Amazon Best Sellers Rank: #2,706,599 in Books (See Top 100 in Books)

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Top Customer Reviews

Format: Paperback
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.
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Format: Paperback
I read this with a jaundiced eye as someone in the "business" as a consumer advocate and was quite favorably impressed. The author takes great pains to explain the pitfalls of the homebuying process as it exists today, and some of the explanations of technical terms are quite excellent. His in-depth explanation of the difference between the types of real estate agents is critical to understanding their motivations and loyalties, something directly related to what the homebuyer will eventually pay for their new home. It occurred to me that most buyers never find out what the wrong decision actually cost them, as the seller's agent has a duty to keep that information "confidential".
With the largest financial decision of most people's lives before them, a book like this is invaluable in understanding the home buying process and how to avoid incredibly costly mistakes. Most folks unwittingly place their trust in the agent who represents their "opponent" in the home buying process, the seller. The author explains why that is usually a very costly mistake, and how to find the right agent to represent them.
I think education about the homebuying process is a key element in one's overall financial security. The numbers the author is speaking of here are substantial, running into the hundreds of thousands of dollars, so mistakes can be very costly indeed. It's quite ironic to me that most folks will research and question a $100 purchase, and get financial advice for a $1,000 stock or mutual fund purchase, yet go blithely down the garden path with a loyal ally of their opponent, the seller of the home, on a $150,000 purchase. Why would you trust someone who's job it is to get the highest and best price for the seller?
An excellent question!
This book goes a long way to ensure you get the education you need to make the right decisions.
Highly recommended!
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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!
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Author describes the ultimate in real estate buying service. Hiring a real estate company to represent you the buyer instead of using an agent who drags you around to all of the "in house listings". The exclusive buyer agent works only for your best interest. You hire the agent to help you buy the best home, save money, and avoid surprises. Having bought three homes and using an Exclusive Buyer's Agent on our last home, I know from personal experience what a godsend this is. A true EBA tells the buyer everything. This is so popular now that almost all agents claim to be Buyer Agents, look for the company that does not represent sellers, hence "exclusive" buyer agents. All others try to get you to buy the in house listing and think you shouldn't mind their conflict of interest.
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