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 (852 Views)
FlashGordon	Apr 16 2013, 01:16 PM Post #16
You're BANNED! Posts: 6,855 Group: Members Member #2,251 Joined: December 3, 2007	Sannois Apr 16 2013, 12:56 PM 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. Yeah but why NOT sign with one realtor? Makes no sense to call a different realtor each time you find a house you want to see. If you are working with ONE, you build a relationship and they are able to funnel listings to you before they hit the market. They can search the listings based on your criteria, too. Even if you sign with one, and decide a few months in that they are not working out for you, I don't know a SINGLE agent that would say "well too bad you are stuck with me cause you signed a contract." And I know A LOT of real estate agents, as I've worked in real estate marketing for 10 years. As a buyer, you have nothing to lose by working with an agent. They are there to work on YOUR behalf. They want to find you the right house, that's how they make their commission. They can walk you through the process step by step, from mortgage applications, to homeowner's insurance, to attorneys, closing, inspections, etc. Now selling, that's a whole other scenario.



WhySoSerious	Apr 16 2013, 01:22 PM Post #17
Off visiting Candy Cave, be right back. Posts: 1,363 Group: Members Member #5,227 Joined: March 21, 2011	With the MLS system, any realtor can show you any house listed. Our realtor showed us 3 homes, two of which were listed with other realtors than herself. You should not need to sign a contract.



FlashGordon	Apr 16 2013, 01:36 PM Post #18
You're BANNED! Posts: 6,855 Group: Members Member #2,251 Joined: December 3, 2007	WhySoSerious Apr 16 2013, 01:22 PM With the MLS system, any realtor can show you any house listed. Our realtor showed us 3 homes, two of which were listed with other realtors than herself. You should not need to sign a contract. A lot of brokers will require buyers to sign a 6 month contract with a buyer's agent. IME it is more a formality than anything else, at least until an offer is to be submitted. Yes the buyer's agent can show you any house in the MLS. It really does make sense though to develop a relationship with one agent as opposed to calling random agents. There's no reason not to, when it's basically free!



WhySoSerious	Apr 16 2013, 01:42 PM Post #19
Off visiting Candy Cave, be right back. Posts: 1,363 Group: Members Member #5,227 Joined: March 21, 2011	FlashGordon Apr 16 2013, 01:36 PM WhySoSerious Apr 16 2013, 01:22 PM With the MLS system, any realtor can show you any house listed. Our realtor showed us 3 homes, two of which were listed with other realtors than herself. You should not need to sign a contract. A lot of brokers will require buyers to sign a 6 month contract with a buyer's agent. IME it is more a formality than anything else, at least until an offer is to be submitted. Yes the buyer's agent can show you any house in the MLS. It really does make sense though to develop a relationship with one agent as opposed to calling random agents. There's no reason not to, when it's basically free! I agree. Working with more than one realtor would just be a pain. I wasn't aware that some required contracts, but it totally makes sense that they do!



SnackPack	Apr 16 2013, 03:00 PM Post #20
You're BANNED! Posts: 4,570 Group: Members Member #238 Joined: January 8, 2007	FlashGordon Apr 16 2013, 12:49 PM 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. My mom and her brothers allowed a church friend of my grandmother's to represent both parties when selling my grandma's house. This was the height of the market and an excellent neighborhood. They agreed to sell for about $200k less than they shoud've been able to get. Grrrr. The young family was very excited, though. My uncles just wanted a quick sell. My mom was distracted because my stepdad was in the hospital from a heart attack. I guess it's water under the bridge, but I will never think of that church "friend" quite the same.



Sannois	Apr 16 2013, 03:07 PM Post #21
You're BANNED! Posts: 7,112 Group: Members Member #116 Joined: January 7, 2007	jn4jenny Apr 16 2013, 10:34 AM 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 You guys are the best, Seriously The advise and support and common sense is so great. Jenny, I took your advise and got real estate for dummies. Kindle version. AND I went to the main EBA organization and filled out their form to find an Exclusive buyers agent in my Area. My phone rang a half hour later, and this very helpful woman explained the whole way they work, (That my Ex is Weird) LOL And she gave me the name of 2 agents in the general area that have their own business representing buyers only. So I am going to call tomorrow after I look at the houses and see what they offer. She advised me not to sign a contract until I get all the particulars in writing. Oh Ex still insists that the people are ALL lying and the Buyer must pay the Comission.



FlashGordon	Apr 16 2013, 03:08 PM Post #22
You're BANNED! Posts: 6,855 Group: Members Member #2,251 Joined: December 3, 2007	Well, Sanny, remember..... your ex is your ex for a reason.....!



Sannois	Apr 16 2013, 03:10 PM Post #23
You're BANNED! Posts: 7,112 Group: Members Member #116 Joined: January 7, 2007	SnackPack Apr 16 2013, 03:00 PM FlashGordon Apr 16 2013, 12:49 PM 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. My mom and her brothers allowed a church friend of my grandmother's to represent both parties when selling my grandma's house. This was the height of the market and an excellent neighborhood. They agreed to sell for about $200k less than they shoud've been able to get. Grrrr. The young family was very excited, though. My uncles just wanted a quick sell. My mom was distracted because my stepdad was in the hospital from a heart attack. I guess it's water under the bridge, but I will never think of that church "friend" quite the same. UGH Snack, that is horrible, Talk about taking advantage, did that so called friend get a commission? Flash I agree with you too, It makes no sense to call the realtor listed on a particular house everytime you look at a house that looks interesting. The EBA lady said THAt person is for the seller even though they will tell you they want to show you other houses. This is really daunting.



Sannois	Apr 16 2013, 03:10 PM Post #24
You're BANNED! Posts: 7,112 Group: Members Member #116 Joined: January 7, 2007	FlashGordon Apr 16 2013, 03:08 PM Well, Sanny, remember..... your ex is your ex for a reason.....! AMEN SISTER~



FlashGordon	Apr 16 2013, 03:16 PM Post #25
You're BANNED! Posts: 6,855 Group: Members Member #2,251 Joined: December 3, 2007	SnackPack Apr 16 2013, 03:00 PM FlashGordon Apr 16 2013, 12:49 PM 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. My mom and her brothers allowed a church friend of my grandmother's to represent both parties when selling my grandma's house. This was the height of the market and an excellent neighborhood. They agreed to sell for about $200k less than they shoud've been able to get. Grrrr. The young family was very excited, though. My uncles just wanted a quick sell. My mom was distracted because my stepdad was in the hospital from a heart attack. I guess it's water under the bridge, but I will never think of that church "friend" quite the same. Snacky, same thing going on right now with my G-ma's house. My mom has this "friend" who is an agent. She met her at a party a few years ago and has been trying to get my mom to list her house with her for years. When my grandma died, she was ALL OVER it... showing up at the funeral home, etc. I wanted to gag! My mom is very trusting though and thinks the lady is being "nice." Well they listed my grandma's house with her. Beautiful home in a high dollar, extremely in-demand neighborhood. Impeccably maintained. People LINING UP to see it. Someone from out of state saw the listing online and called agent lady about the house. Of course agent lady was like.... Sure, I can help you out.... (here in NYS, to get around the dual agency law and get a double commission, agents will have another agent in their office sign off on the paperwork.) So anyway she stopped all showings on the house till her buyer could get into town to see it. She even had someone come in saying they would like to present an offer, and agent lady said no. BECAUSE she was holding the house for her own out-of-state buyer! I was like WTF! Unfortunately my logic was lost on my mom and her two sisters. I was like guys, she just wants the double commission! IT IS AGAINST THE LAW for her to be turning away other offers! They were like oh, but she's so nice, she would never screw us over... They just sold the house for 60k under value. To agent lady's buyer.



Fish Cheeks	Apr 16 2013, 03:20 PM Post #26
You're BANNED! Posts: 5,758 Group: Members Member #211 Joined: January 7, 2007	In CA the seller pays the commission on the transaction, and the commission fee is split between the two agents. As a buyer, where would you be expected to come up with additional funds to pay commission? Sheesh, no one would ever buy houses if that were the case! Your husband is blowing smoke up your ass. Don't listen to him and good luck in finding something you love!



JanM	Apr 16 2013, 06:28 PM Post #27
Off visiting Candy Cave, be right back. Posts: 1,143 Group: Members Member #4,549 Joined: October 25, 2008	The seller pays all commissions, and in this buyers' market many sellers pay some or all of your closing costs. Get a great home inspector, and make sure they do a very thorough job. It should take a few hours to do a good home inspection, and they should give you a report quickly. Ask everyone you know about their experience with their home inspector, and they should be happy to tell you who is good, and who stinks. The inspector I used was the realtor's buddy-big mistake, he was an idiot (OK I let a time crunch override my good sense, but I got a really good price on the house, so it wasn't all bad). Actually, the fact that your ex is telling you not to buy, is probably the strongest endorsement to buy. If you intend to live in your current location for years, then buy. If you don't want to stay there for a few years, which would be enough time to build equity in the house, then decide where to go, and maybe go there but rent for a while to see if you like it. If you want to move elsewhere, then now might be a good time. I think a major question is can you support yourself if you move elsewhere? And how many ties do you have to the area you're in now? Also, don't buy if the resale market sucks, because you could get stuck with a place you can never sell. If you buy and want to sell later, then you will pay the closing costs for you, which include all of the commissions to both realtors. Some sellers expect you to pay their closing costs also. To find out what you will make, you deduct the commissions and other closing costs from the sale price, deduct what you still owe on the mortgage, and the difference is your profit. Currently mortgage interest is tax deductible, and so are points (1% of the mortgage amount = a point) to get a lower interest rate, or for some other reasons. If you can afford it, a 15 year loan is a great deal, and builds equity quicker. The first part of a mortgage gives you the biggest deductions, because you pay a lot of interest at first, and then more principle (the actual loan ) , plus your homeowner's insurance and real estate taxes are also part of your mortgage payment. If you have to get mortgage insurance (if you pay less than 20% down payment), but I think some of that is deductible currently also.



Jersey Fresh	Apr 17 2013, 07:55 AM Post #28
Off visiting Candy Cave, be right back. Posts: 1,253 Group: Members Member #514 Joined: January 21, 2007	I bought my house without an agent. I wasnt really looking too hard and so I drove around, saw houses I liked and called the seller's agent on the sign. Fourth house, I fell in love. The realtor signed a document saying he was acting as a dual agent. In KY we dont need an attorney review. I used all of my own inspectors, etc and didnt taken an recommendations from the agent. It worked out in my favor in the end because I had a max offer and the sellers had a minimum they would take and it was about $1000 difference (on a $157 house). So the realtor cut his commision a % to make the deal. If he wasnt getting the full commision, I dont know that he would have done that. If I was really looking hard at the time, I may have gotten a buyers agent, but I was in no rush and had no intention of buying until I found this house.



Ride'emCO	Apr 17 2013, 03:47 PM Post #29
Off visiting Candy Cave, be right back. Posts: 1,255 Group: Members Member #683 Joined: January 31, 2007	How did it go today?



Sannois	Apr 17 2013, 06:29 PM Post #30
You're BANNED! Posts: 7,112 Group: Members Member #116 Joined: January 7, 2007	Oh boy, only more confusing and hard to figure out than ever. As JanM knows I started a thread to get ideas and opinions of what to do on Off topic day on COTH. Until this morning andseeing the houses with the VERY NICE realtor, I thought I had made my mind up about giving up Michigan and just going to look out of state. But Sigh~ I fell in love with a house, Actually 2. both older. The really charming one was build in 1942. And it was like walking into my grandfathers house. All original hard wood floors. Huge working stone fire place. Who ever owned it has taken VERY good care of it. It has the greatest light I have ever seen in a house. Sits on a hillside creek below that feed into a big lake. HAs a security system, All new blinds, Good solid newer windows, Its kind of an odd green, but once you go inside. IT just speaks to you.Sigh~ And another one built in 52. much smaller but fantastically cared for Small looking on the outside but amazing amounts of space inside. And just bloody darling. We wont discuss the hud house it was not to be believe how bad it was. ANYWAY Those two houses could make me happy. And that is still my comfort zone, Staying put, never adventuring out hitting the road, seeing what is out there. Someone on COTH put up a link called find my spot. It is really awesome. you answer a bunch of questions and it gives you 24 top possibilities of places that might suit you. The ones I got are all Kentucky, Tennessee, Alabama, Texas, a bunch in Texas. one in Florida. and one in Oklahoma, and one in Utah. So I have been perusing those and making a Pros and cons list of all my options. Seriously guys it is hell being me, I absolutely will not stay with the EX, But what choice do I make. They all have good and bad. So scared to make a bad decision and then I am stuck. House, Hitting the road looking for a place in another state, I know no one can make the decision but me.



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