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re: Buying Property Must Do's

Posted on 1/15/24 at 9:44 pm to
Posted by Billy Blanks
Member since Dec 2021
4137 posts
Posted on 1/15/24 at 9:44 pm to
quote:

Get an electrician to inspect the electric, a plumber to inspect the plumbing, etc. In addition to a one size fits all inspector.



Why would you piss away money on an electrician and plumber unless the general inspector finds reason to do so? For a single family house, you’d do a video pipe inspection (in southern Louisiana)….



Because those actually know what they are doing.
Posted by TJG210
New Orleans
Member since Aug 2006
28559 posts
Posted on 1/15/24 at 10:09 pm to
quote:

Because those actually know what they are doing


So you suggest hiring a roofer as well?

Sounds like y’all need to hire better general inspectors.
Posted by TJG210
New Orleans
Member since Aug 2006
28559 posts
Posted on 1/16/24 at 2:41 am to
quote:

It's not pissing money away when they find something the goofball home inspector missed liked corrosion in the plumbing.


Are you talking about a video pipe inspection? If so, that’s something that should be done separately unless that’s a service your home inspector also offers.
Posted by WhiskeyThrottle
Weatherford Tx
Member since Nov 2017
5838 posts
Posted on 1/16/24 at 2:04 pm to
I would suggest finding out when the roof was last replaced. It does have an impact on insurance costs. It doesn't take a roofer necessarily to determine that though.
Posted by TJG210
New Orleans
Member since Aug 2006
28559 posts
Posted on 1/16/24 at 2:47 pm to
quote:

I would suggest finding out when the roof was last replaced. It does have an impact on insurance costs. It doesn't take a roofer necessarily to determine that though.


That goes without saying….my comment was geared toward the person who wanted to hire a specialist for every single thing that could go wrong in a house. Some instances plumbers/electricians/roofers/structural engineers are needed, but a general inspector should be able to tell you what’s necessary.

No matter the age it should be checked out, there are tons of non-obvious problems as well.
This post was edited on 1/16/24 at 2:48 pm
Posted by meansonny
ATL
Member since Sep 2012
26000 posts
Posted on 1/16/24 at 10:17 pm to
quote:

Thats complete bullshite.

I’m one of the few agents in town who refuses to be a dual agent. Anyone who is a dual agent is only working for themselves, and really isn’t interested in working on your behalf. You as the buyer get paperwork processed, and that’s it.


That's completely my point.
Anyone working for themselves who knows that I am the key to their double commission has resigned themselves to planting their lips on the bottom of my pants.

I sold a home this way (fsbo with a realtor bringing a client). I had 1000% leverage once the realtor was double dipping.
Posted by llfshoals
Member since Nov 2010
17778 posts
Posted on 1/17/24 at 12:56 am to
quote:

Anyone working for themselves who knows that I am the key to their double commission has resigned themselves to planting their lips on the bottom of my pants.
If you’re the buyer the one kissing arse and getting screwed is you.

quote:

I sold a home this way (fsbo with a realtor bringing a client). I had 1000% leverage once the realtor was double dipping.
If you’re a FSBO the agent isn’t double dipping. Unless as a FSBO you were dumb enough to pay them a commission for selling it too.
Posted by meansonny
ATL
Member since Sep 2012
26000 posts
Posted on 1/17/24 at 7:13 am to
quote:

If you’re a FSBO the agent isn’t double dipping. Unless as a FSBO you were dumb enough to pay them a commission for selling it too.


It is obvious that your opinion is 100% slanted. You couldn't be more wrong if you tried.

I raised the price to covet the realtor.
I raised the price for some repairs.
And I flat out refused some other ridiculous repair recommendations from a clueless home inspector (who wanted a masonry engineer to look at the weeping lines which had dirt in them from dirt dobbers. He thought it was concrete bleeding through).

You can continue along scoffing at things you know nothing about or you can read other people's experiences quietly and "take it or leave it" as you see best fits you.
Posted by meansonny
ATL
Member since Sep 2012
26000 posts
Posted on 1/17/24 at 7:16 am to
quote:

quote:
Anyone working for themselves who knows that I am the key to their double commission has resigned themselves to planting their lips on the bottom of my pants.
If you’re the buyer the one kissing arse and getting screwed is you.


The one most likely to walk away and kill the deal has the leverage over the crappy double dipping realtor.

The realtor is 100% motivated to convince the other party that closing this deal is the best option (bird in hand to the seller equals 2 in hand for the realtor).
This post was edited on 1/17/24 at 7:17 am
Posted by slackster
Houston
Member since Mar 2009
87780 posts
Posted on 1/17/24 at 7:30 am to
quote:

Why wouldn't you, doesn't cost you anything?


It absolutely costs him. Now, we can have a discussion about whether or not it’s worth it, but to act like it’s free is absurd.

The buyer agent is paid off the proceeds of the home, which directly impacts what a seller is willing to accept as an offer. If the seller will not accept anything less than $335k net to them, for example, then the buyer will have to offer enough over that to cover the agent commissions.

Adding another middleman, even if it’s worth it, increases the costs for both the buyer and the seller. Plain and simple.
Posted by Jag_Warrior
Virginia
Member since May 2015
4289 posts
Posted on 1/17/24 at 10:19 am to
quote:

The buyer agent is paid off the proceeds of the home, which directly impacts what a seller is willing to accept as an offer. If the seller will not accept anything less than $335k net to them, for example, then the buyer will have to offer enough over that to cover the agent commissions.

Adding another middleman, even if it’s worth it, increases the costs for both the buyer and the seller. Plain and simple.


Not so much disagreeing, but here is where many residential sellers and buyers get confused. If someone is utilizing a true buyer’s broker or agent, that will typically be a contractual agreement that has no relation to the contractual agreement that a listing agent has with a seller. So certainly, that is going to be an agreed upon fee/cost to the buyer.

But in a sub agency situation, the selling broker or agent is just going to get some stated percentage of the listing broker’s commission. Whether the listing agent is also the selling agent or a sub agent is the selling agent, the overall commission typically does not change. Certainly there can be negotiations to adjust the commissions to “make the deal”, but what’s in the listing agreement dictates the commission(s) to be paid. So typically, whether one uses a different agent than the listing agent to write the contract, or uses the listing agent, the overall commission won’t change (apart from a negotiated reduction after the fact).

The confusion I mentioned is usually when a buyer believes that the agent who writes their offer is their agent. Although practices vary from state to state, typically any agent who is agreeing to take his commission as part of a sub agency still has a fiduciary responsibility to the seller… not the buyer. In my state at least, the only responsibility that the sub agent has to a buyer is “fair treatment”, but not a fiduciary duty, while a true (contracted) buyer’s broker has a fiduciary responsibility to the buyer.
Posted by TigerDoug
Lees Summit
Member since Mar 2017
692 posts
Posted on 1/17/24 at 12:24 pm to
quote:

Since it’s a townhouse demand to see the financials for the HOA to make sure they’re in good standing. Go over them w your agent


Not sure if you're doing fha or not but need to check if HOA is in good standing on this. Had a situation where the HOA forgot to turn in paperwork so not eligible for FHA loan
Posted by llfshoals
Member since Nov 2010
17778 posts
Posted on 1/17/24 at 12:29 pm to
quote:

It is obvious that your opinion is 100% slanted. You couldn't be more wrong if you tried. I raised the price to covet the realtor. I raised the price for some repairs. And I flat out refused some other ridiculous repair recommendations from a clueless home inspector (who wanted a masonry engineer to look at the weeping lines which had dirt in them from dirt dobbers. He thought it was concrete bleeding through). You can continue along scoffing at things you know nothing about or you can read other people's experiences quietly and "take it or leave it" as you see best fits you.
30 million in sales with 280k average sale price, pretty sure that’s easy math.

I get you think you were smart about this. Pretty sure you weren’t.
Posted by llfshoals
Member since Nov 2010
17778 posts
Posted on 1/17/24 at 12:39 pm to
quote:

Not sure if you're doing fha or not but need to check if HOA is in good standing on this. Had a situation where the HOA forgot to turn in paperwork so not eligible for FHA loan
Not to mention how FHA handles appraisals and repairs
Posted by meansonny
ATL
Member since Sep 2012
26000 posts
Posted on 1/17/24 at 1:24 pm to
quote:


I get you think you were smart about this.

I got 100% of what I asked for.
Everything asked of me was added to my asking price.
What wasn't smart?
quote:

Pretty sure you weren’t.

Feel free to educate me on what I did wrong.

I saw an opportunity where the Realtor had dollar signs in her eyes and a buyer who wanted my lot.
There is zero scenario where the process and outcome could have been better.

quote:

30 million in sales with 280k average sale price

Funny. All of that production and you don't have the Smarts/experience to admit when you are wrong.
You must be good looking. Lol
Posted by armsdealer
Member since Feb 2016
11726 posts
Posted on 1/17/24 at 3:42 pm to
You don't want dual agency, and I wouldn't want to work with any realtor that thinks dual agency is a good idea. They are just looking for a double commission.
Posted by down time
space
Member since Oct 2013
1914 posts
Posted on 1/17/24 at 9:40 pm to
The buyers agent isn't going to do anything but try and convince you to offer asking. Of course they will also know "the best" lender. They may also tell you the property will 2x in value in no time.

Commission is negotiable I would find an agent that would buy me $3000 gift card at close.
This post was edited on 1/17/24 at 9:41 pm
Posted by llfshoals
Member since Nov 2010
17778 posts
Posted on 1/17/24 at 11:06 pm to
quote:

I got 100% of what I asked for.
Did you get what you could have? Doesn’t sound like it.

quote:

Feel free to educate me on what I did wrong.
well to start with you were working for them, not them working for you from your description. Paid them twice for the same job they’d have done for only the buyer.

quote:

All of that production and you don't have the Smarts/experience to admit when you are wrong.
When I’m wrong I admit it, from everything you said, you’re a marshmallow when it comes to negotiations. You gave away things that probably weren’t necessary.

Example, repairs. There are lots of ways to negotiate that out, typically when I’m on the buyer’s side I gave the seller pay that out of closing proceeds. My buyer has control over the work, seller pays for it, my commission doesn’t get cut. You really aren’t going to know what my client really thinks is important, or what it actually takes to repair it. Or….what my clients skills are. Negotiated out 6k on one repair, client does house renovations, cost them less than 2k. 2 grand here, 5 there….adds up.
Posted by llfshoals
Member since Nov 2010
17778 posts
Posted on 1/17/24 at 11:16 pm to
quote:

Commission is negotiable I would find an agent that would buy me $3000 gift card at close.
Depending on the state it might be different, in Alabama that would get your agent a hefty fine and possibly lose their license.

quote:

The buyers agent isn't going to do anything but try and convince you to offer asking.
Bad ones yes. Unless it’s a multiple offer situation I never suggest a full price offer. Lots of bad agents out there, significant majority I’d say from having to deal with them.

quote:

Of course they will also know "the best" lender.
I give out 3-4 when I give a lender referral. Some are better at long term credit repair and communication. I have 8 I recommend on a regular basis and rotate through them. If you have a lender you like and they are trying to push one on you, get another realtor.
Posted by oneg8rh8r
Port Ludlow, WA
Member since Dec 2003
2757 posts
Posted on 1/17/24 at 11:55 pm to
For any property:

Get 2 separate inspections, unless you trust your inspector with you life. Do this even if you aren't asking for repairs, KNOW what you are buying ahead of time.

Get a survey, you never know how many people think they own your property, ESPECIALLY if near or on water.

Biggest concerns with inspections: Roof, windows, mold, siding/stucco, slab/driveway, furnace/AC, and wiring. EACH one of these can cost you tens of thousands of dollars with simply minor issues.

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