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Anyone know of a "how to" guide for residential real estate transactions
Posted on 4/8/24 at 9:07 am
Posted on 4/8/24 at 9:07 am
No no, I have no interest in being an agent. I just want to understand the steps that go into it so when I go purchasing I don't have to deal with a buyer's agent. Things like what the contract looks like, titles, inspection, escrow, finding a mortgage lender, closing timelines. All that.
Most books I've seen are suburban nerds posing to "GROW YOUR REAL ESTATE BUSINESS".
Most books I've seen are suburban nerds posing to "GROW YOUR REAL ESTATE BUSINESS".
11
Posted on 4/8/24 at 9:12 am to Thundercles
Always good to bone up on mechanics of a transaction. In the end I’d recommend you Just find a good, trusted buyers agent.
Posted on 4/8/24 at 9:22 am to Thundercles
I'd either try to find a trusted friend that has went through the process before and can help you with regards to finding the paperwork, contacts etc or I'd just use a buyer's agent.
Basically if you know what you're doing, don't use an agent. If you don't know, however, use one. No offense intended, but if you need folks on TD to explain and walk you through all of the basics you listed above, it may not be a bad idea for you to use a buyer's agent.
Basically if you know what you're doing, don't use an agent. If you don't know, however, use one. No offense intended, but if you need folks on TD to explain and walk you through all of the basics you listed above, it may not be a bad idea for you to use a buyer's agent.
This post was edited on 4/8/24 at 9:24 am
Posted on 4/8/24 at 9:38 am to Thundercles
quote:
what the contract looks like
Your state most likely has promulgated standard forms for residential. Google that.
quote:
inspection
Call a couple home inspectors and schedule them to come out during your inspection period. They are kind of a crapshoot and even the most highly regarded inspection companies will miss stuff. Get a plumber to inspect the lines as well.
quote:
finding a mortgage lender
You can use an online company and they will typically give you the best rates, but you're dealing with someone in New York or something. Or you can use a local lender. Might not get the best rate, but they may work with you more if you have a unique situation.
ETA: I would probably just use a buyer's agent if I were you.
This post was edited on 4/8/24 at 9:43 am
Posted on 4/8/24 at 9:49 am to Thundercles
Are you really good at negotiations?
I mean... a solid track record?
Are you limiting your search to FSBO?
If no to both of the above questions, get yourself a buyers agent.
If no to the second one, the listing agent has already built the expense of the buyer's agent into the price of the home. And the listing agent isn't going to want to deal with someone with no experience at what they are doing (in a competitive market, you have almost zero chance of getting your offer accepted and saving money at the same time. You would be what they consider a headache).
I mean... a solid track record?
Are you limiting your search to FSBO?
If no to both of the above questions, get yourself a buyers agent.
If no to the second one, the listing agent has already built the expense of the buyer's agent into the price of the home. And the listing agent isn't going to want to deal with someone with no experience at what they are doing (in a competitive market, you have almost zero chance of getting your offer accepted and saving money at the same time. You would be what they consider a headache).
Posted on 4/8/24 at 9:50 am to Thundercles
If the seller already has an agent, then the commissions are already spelled out. In standard real estate transactions, the buyers agent fees would come out of the seller agent's portion.
You can just search around and find a mortgage lender. Reach out to your current banking relationships, do some quick internet searches for local brokers... Ask them to provide you with a cash offer statement so you can look for a house. They will be able to do a soft pull on your credit report (won't impact score) and you can see your rates. If you keep it local, they can walk you through most of the other items you are looking for help with.
You can just search around and find a mortgage lender. Reach out to your current banking relationships, do some quick internet searches for local brokers... Ask them to provide you with a cash offer statement so you can look for a house. They will be able to do a soft pull on your credit report (won't impact score) and you can see your rates. If you keep it local, they can walk you through most of the other items you are looking for help with.
Posted on 4/8/24 at 10:04 am to Thundercles
for about $450 you could get a RE license 
Posted on 4/8/24 at 2:57 pm to meansonny
I will be buying well after July once the new rule goes into effect that no longer requires sellers to pay the buyer's agent. In the intermediate term the buyers' agent will still want to get 3% of the purchase price, from me in this instance.
Posted on 4/8/24 at 2:58 pm to Weekend Warrior79
quote:
If the seller already has an agent, then the commissions are already spelled out. In standard real estate transactions, the buyers agent fees would come out of the seller agent's portion.
I really think sellers are going to stop paying that to the buyer as soon as the rule goes into effect, and certainly as time passes. So I want to get ahead of it.
Posted on 4/8/24 at 3:02 pm to Thundercles
quote:
I really think sellers are going to stop paying that to the buyer as soon as the rule goes into effect, and certainly as time passes. So I want to get ahead of it.
I think nothing much will change in that regard but we will see. I think it's a simple phone call from the buyer's agent to the listing agent to see what they are offering on that end. But who knows.
If in Louisiana, LREC has a form that is mandatory for licensed real estate agents to use, and they do. A lot of FSBO's use them also. Some good advice in here. I would land on you finding a solid buyer's agent.
Posted on 4/8/24 at 3:34 pm to Thundercles
It has been a long time since I've bought.
But everything got rolled into the purchase price.
Realtor commissions.
Seller concessions.
Repairs.
Unless the home doesn't appraise, I can't see anything effectively changing.
If a real estate transaction isn't easy, it is less likely to close.
And what is easier than financing everything into the downpayment and loan (i.e. see how the federal government operates when an opportunity to borrow presents itself)
But everything got rolled into the purchase price.
Realtor commissions.
Seller concessions.
Repairs.
Unless the home doesn't appraise, I can't see anything effectively changing.
If a real estate transaction isn't easy, it is less likely to close.
And what is easier than financing everything into the downpayment and loan (i.e. see how the federal government operates when an opportunity to borrow presents itself)
Posted on 4/8/24 at 7:19 pm to meansonny
Why would a seller agree to pay 20k to a buyer’s agent in a market with any kind of a pulse when they can just pocket that?
Posted on 4/8/24 at 8:42 pm to Thundercles
quote:
Why would a seller agree to pay 20k to a buyer’s agent in a market with any kind of a pulse when they can just pocket that?
Because the number of buyers goes up exponentially when that $20k is built into the price of the home and the finance company is eating the expense.
Selling a home is a numbers game.
When you get numbers bidding against one another, the seller is able to pick the best terms.
And when the appraised value carries $20k, why wouldn't you want more people bidding on the home?
Posted on 4/8/24 at 8:46 pm to Thundercles
quote:
Why would a seller agree to pay 20k to a buyer’s agent in a market with any kind of a pulse when they can just pocket that?
What is more popular?
Free services like Google, Facebook, and tictoc?
Or a subscription model for search engines/email, friends/walls, and quick videos.
Well... nothing is free. People give up a ton in order to acquire "free".
The market reaction to upping the purchase price and paying the buyer's agent is the same.
Ease, speed, and knowledge. It is how business gets done.
Posted on 4/8/24 at 9:00 pm to Thundercles
quote:
I don't have to deal with a buyer's agent.
quote:
Things like what the contract looks like, titles, inspection, escrow, finding a mortgage lender, closing timelines. All that.
That's what they do.
Posted on 4/8/24 at 9:01 pm to Thundercles
quote:
I will be buying well after July once the new rule goes into effect that no longer requires sellers to pay the buyer's agent.
They can still pay a buyers agent.
Posted on 4/8/24 at 9:01 pm to Thundercles
quote:
Why would a seller agree to pay 20k to a buyer’s agent in a market with any kind of a pulse when they can just pocket that?
To expose their home to the entire market.
Posted on 4/8/24 at 9:48 pm to Billy Blanks
quote:
They can still pay a buyers agent.
Can, but will they? The entire reason of the lawsuit is because people wanted to stop paying it. The onus will eventually fall on the buyer.
Posted on 4/8/24 at 9:48 pm to Billy Blanks
quote:
That's what they do.
Sure, but if I don't value that work at $20,000 and they're expecting me to pay it, I can do it on my own.
Posted on 4/8/24 at 10:00 pm to Thundercles
Why would you want to waste your time vs having a buyers agent negotiate for you
Learn the loan process cause thats more important
Learn the loan process cause thats more important
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