Taking the plunge.. Help and advise.

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Taking the plunge.. Help and advise.
Tweet Topic Started: Apr 16 2013, 08:23 AM (849 Views)
Sannois	Apr 16 2013, 08:23 AM Post #1
You're BANNED! Posts: 7,112 Group: Members Member #116 Joined: January 7, 2007	Well I have decided to buy a house. At my stage in life, it makes no sense to rent anything anymore. I plan on buying an inexpensive house, there are a ton of homes out there. I have found about 20 that interested me in my area on Trulia. I have done drive bys on all of them and was able to quickly narrow the list down to 5. Location, (Neighborhood) condition etc. So here is the thing, Ex tells me DO NOT Sign a realtors agreement becuase then you will have to pay seven percent to them at closing. Okay, so How do you get to see the houses. I have an agent who called me back last night, and who has agreed to show me the 5 houses tomorrow without signing a contract. I am really confused now, Ex says look at the houses, find one that you want to make an offer on and hire a lawyer to make the offer. Huh?? He said you only have to pay the lawyers fee. >I am so lost, I mean I want to be able to see a lot of houses, and doesn't a realtor have a boarder access to available homes in all areas. Not totally insisting on the area in am in. HELP!!!!!!!



SnackPack	Apr 16 2013, 09:24 AM Post #2
You're BANNED! Posts: 4,570 Group: Members Member #238 Joined: January 8, 2007	Hrmmm. IMO, realtors are there for a reason. Not using one would be like having a trainer do a pre-purchase exam on a high dollar horse for you. 'Course, I know nothing about buying a home, so I would want someone who knew the ropes in and out to assist...so that could color my judgement.



Fish Cheeks	Apr 16 2013, 09:36 AM Post #3
You're BANNED! Posts: 5,758 Group: Members Member #211 Joined: January 7, 2007	Unless you are a real estate lawyer yourself, or have some way of navigating a transaction of purchasing real estate using your own expertise, you are going to have to pay someone to broker this deal for you, IMHO. Does he know how much a lawyer would charge you for the same service? And how is a lawyer going to help you with the MLS and showing you properties? Unless you only go see open houses, I don't know how you'd get into a house without a realtor (as a seller, I wouldn't let you do that), or how you'd know what's coming on the market or the ins and outs of making an offer (meaning, the realtor may know that a certain house has been on the market for x number of days and the seller already rejected y number of offers because they were too low or whatever). Because I want a transaction to be as easy for me as possible, and because I don't have the knowledge or expertise to navigate the contracts involved, I pay for the service of a professional to do that for me. It is a standard arrangement. I could understand maybe, MAYBE, a "for sale by owner" situation (although I would be more hesitant to engage in such a transaction), but not purchasing without some help. Why does he think a lawyer would be cheaper? Why does he give a crap? Why are you listening to his advice?



Barn Girl	Apr 16 2013, 09:37 AM Post #4
It'll be an adventure! We're going on an adventure! Posts: 2,347 Group: Members Member #1,230 Joined: July 5, 2007	Not sure how it works in your state, but here in VA you could just call the listing agent and they'll show you the house. No contract or fee, seller pays their commission when the house sells. Here even if you hire a buyers agent, you might sign something but they get paid by the seller when the sale closes.



MayaTy02	Apr 16 2013, 09:41 AM Post #5
You're BANNED! Posts: 5,597 Group: Members Member #388 Joined: January 17, 2007	yeah normally the seller is the one saddled with the fees, I have never had to pay the buyers agent when buying a house... it's all the sellers responsibility. You will have closing fees etc, but the agency fee is paid by the seller. Definitey, call and go out to see them.



Barn Girl	Apr 16 2013, 09:43 AM Post #6
It'll be an adventure! We're going on an adventure! Posts: 2,347 Group: Members Member #1,230 Joined: July 5, 2007	also, look up the website for your state or area's association of Realtors... it should give you more info as far as how to see houses, etc. If you're on fb, post and ask if anyone knows a good realtor in your desired area... you should at least be able to consult a realtor for free. If the buyer really does typically pay commission in your state, I'd advise going that route... I work in RE and believe me, it will be money well spent.



Trialbyfire	Apr 16 2013, 09:43 AM Post #7
You're BANNED! Posts: 5,272 Group: Members Member #250 Joined: January 8, 2007	Barn Girl Apr 16 2013, 09:37 AM Not sure how it works in your state, but here in VA you could just call the listing agent and they'll show you the house. No contract or fee, seller pays their commission when the house sells. Here even if you hire a buyers agent, you might sign something but they get paid by the seller when the sale closes. This is my experience as well. And while you do want professionals to help you through the process, the realtor is truly just the agent selling the property. You will still need a building inspector and real estate attorney (at least in NY, the realtor does not legally represent you in the sale). The home for sale is listed by some agent - call that person and ask to see the house. You are not obligated to that person and do not need to sign an agreement to see the home. If, however, you want that person to search for a home for you, and negotiate the price (which is a useful thing for many people), then at that point you would enter into an agreement, but I still think that they may be paid by the seller (as BG says). My dh is the real estate guy in our family, so I'll have to ask him (I honestly can't remember how it worked). We bought our farm without a realtor, and then used a realtor to sell the house we were living in (yes, we were a little backwards in buying a farm before selling our house, but the market was very different then.)



WhySoSerious	Apr 16 2013, 09:53 AM Post #8
Off visiting Candy Cave, be right back. Posts: 1,363 Group: Members Member #5,227 Joined: March 21, 2011	We bought our home through a realtor and didn't pay them a fee, the sellers of the house did.



Indy	Apr 16 2013, 10:23 AM Post #9
You're BANNED! Posts: 8,083 Group: Admin Member #326 Joined: January 10, 2007	When we bought our house, we didn't pay our realtor a dime. She worked with us for months and showed us tons and tons of homes, plus sent us daily updated listings of areas we were interested in. At the end of the day, all of her $$ came from the seller. They paid all the commissions on both ends. Plus, like others have said, it's hard to see houses without a realtor other than open houses.



jn4jenny	Apr 16 2013, 10:34 AM Post #10
Is the meadow on fire? Posts: 1,777 Group: Admin Member #893 Joined: March 18, 2007	Here's an analogy: Trying to buy your first house without a realtor is like trying to buy your first horse without a trainer. People who have bought houses before and/or know a ton about houses, districts, etc.--or can afford to get a dud of a house that they will resell or "put out to pasture" by letting it stay vacant--should feel free to buy their first horse without a trainer's help. But if you need to get it right on the first try, retain a realtor. Honestly, I think your ex's advice stinks. As others have said, it is conventional for the seller to pay your realtor's commission. It is also unusual these days to retain a lawyer to make your offer; most people would retain a realtor as their buyer's agent. You can even find some realtors who are Exclusive Buyer's Agents, which means they never sell houses, only help people buy houses. (That's what I did when I bought my house, and I couldn't be happier with it. My EBA saved me thousands of bucks and warned me off several houses that looked great from the outside but had problems under the hood. He also showed me a For Sale By Owner property, which more traditional realtors were loath to do.) But even if you don't use an EBA, this article should help you clarify the typical representation arrangements: http://www.bankrate.com/brm/news/real-estate/agency1.asp Before I bought my first house, I read Home Buying for Dummies. I know that sounds ridiculous, but it really helped me understand what was going on. I highly recommend it. http://www.amazon.com/Home-Buying-Kit-For-Dummies/dp/1118117964/ref=dp_ob_title_bk



Won for Me	Apr 16 2013, 11:27 AM Post #11
Is the meadow on fire? Posts: 1,658 Group: Members Member #1,149 Joined: June 18, 2007	Seller's pay all realtor fees. Pleae stick with one person. If that women agrees to go out and show you five properties, give her your business. Real Estate is tough now with everyone having their hand out and if she is giving up her day, you should allow her to be your agent. She will be paid by the owners of the house you choose.



FlashGordon	Apr 16 2013, 12:49 PM Post #12
You're BANNED! Posts: 6,855 Group: Members Member #2,251 Joined: December 3, 2007	As the others said, get an agent. The seller pays all the commission fees. As a buyer, you want to have your OWN agent.... not use the agent representing the seller/house. Total conflict of interest, and in fact, here in NYS it is illegal. You want your own realtor to be negotiating for you and working on your behalf. Also, it is worthwhile having an agent because they have access to listings before they hit the general market. A lot of houses get sold within the first 24-48 hours, before they're ever even listed online or in the paper. You can interview agents, or ask friends if they have any recommendations. Personalities are different, also, it is worthwhile finding someone who understands your demographic and your market. Some agents specialize in different areas... one might do luxury homes, one might be into new construction, another works with first time buyers, etc. Your agent can hook you up with a home inspector and an attorney (many real estate attorneys will do a closing for a buyer for $500 or so.) Good luck, take your time, and keep us posted!



Sannois	Apr 16 2013, 12:56 PM Post #13
You're BANNED! Posts: 7,112 Group: Members Member #116 Joined: January 7, 2007	Boy am I glad I asked you guys! This whole thing is stressing me out. And you know why?? HIM. I> have GOT to get out of here. He keeps saying all these different things, you can stay as long as you want, Dont rush into anything. You should go oand look at other states, you hate winter,.. Yada Yada Yada, I am to the point where I do not care! I have to get out! This has dragged on too long, Yeah he is sellling the house here eventually, But In the mean time, Kim is still here, taking care of everything. Okay you can call me an ass, I already know I am. Sometimes I want to call a truck have them put my crap in storage and just drive. But WHERE? What, I cannot justify renting a place, I thought I could but it is insane waste of my money. So I decided to try and find a small house, and there are so many reasonably priced ones I figured, I can do this. So A realtor called me back this morning, I talked to her quite some time, She said she does not require to sign a agreement with her right away, she will show me these 4 or 5 houses. So what does that mean? I am going to look at houses tomorrow morning with her. I know there must be a way to do this without signing with one person. Don't ask me about Todd and his ideas, One of the reasons I divorced him. ITs always only right the way he says. And if you disagree well, you do not know what you are talking about. His theory, is that you find a house, then hire a lawyer to make an offer?? WTF I am so frustrated. Sigh~



Sannois	Apr 16 2013, 12:59 PM Post #14
You're BANNED! Posts: 7,112 Group: Members Member #116 Joined: January 7, 2007	Won for Me Apr 16 2013, 11:27 AM Seller's pay all realtor fees. Pleae stick with one person. If that women agrees to go out and show you five properties, give her your business. Real Estate is tough now with everyone having their hand out and if she is giving up her day, you should allow her to be your agent. She will be paid by the owners of the house you choose. I think you guys are right, Damn him, and it is none of his business anyway. The woman was very nice on the phone, Set it up to see all the houses tomorrow morning. Where did he get the idea (Idiot) that the agent only ever works in the best interest of the seller. ??? Edited by Sannois, Apr 16 2013, 01:00 PM.



macmtn	Apr 16 2013, 01:11 PM Post #15
Owned by an Arabian ghost Posts: 997 Group: Members Member #350 Joined: January 11, 2007	You look at houses, you find one you like. Or LOVE? Make your offer thru your real estate agent. Seller accepts. You...see the ex in your rearview as you truck on home. won't happen overnight and you will probably do everything at least twice. Or 3 times...the powers that be do love their paperwork....



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