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Buying a House and Need Advice
Posted on 5/7/18 at 3:24 pm
Posted on 5/7/18 at 3:24 pm
If you could buy without using a realtor, would you?
What are the positives and negatives of using to not using one?
Thanks for any help!
What are the positives and negatives of using to not using one?
Thanks for any help!
5
Posted on 5/7/18 at 3:31 pm to Team Purple
Use a realtor for buying. There are very few situations where you are better off without one when buying.
Posted on 5/7/18 at 3:39 pm to Team Purple
the seller usually pays the realtor fees so its a no brainer to use a realtor if you are buying
Posted on 5/7/18 at 3:43 pm to Libertariantiger
The house is on FSBOBR.com! Does that matter with your answer?
Posted on 5/7/18 at 4:27 pm to Team Purple
How tight is the selling market?
Most of the time, even fsbo still expects to pay the buyers agent.
If there are multiple bids coming in at one time, you may be better without the realtor
Most of the time, even fsbo still expects to pay the buyers agent.
If there are multiple bids coming in at one time, you may be better without the realtor
Posted on 5/7/18 at 4:28 pm to Team Purple
CHeck to see if they are willing to pay buyer agent fees.
Posted on 5/7/18 at 5:12 pm to Civildawg
quote:
the seller usually pays the realtor fees so its a no brainer to use a realtor if you are buying
Posted on 5/7/18 at 6:35 pm to Team Purple
Pro tip:
The housing market reflects the expected transaction costs of brokered sales.
The housing market reflects the expected transaction costs of brokered sales.
Posted on 5/7/18 at 7:03 pm to Civildawg
quote:
the seller usually pays the realtor fees so its a no brainer to use a realtor if you are buying
While it’s on the seller’s side of the closing docs, the money being divvied up at the closing table comes from the buyer. So it’s ultimately the buyer who pays agent commissions.
That fee is factored into what offer the seller will or will not accept. An offer without paying an agent is more attractive than one that includes paying an agent X% in commissions(all else being equal).
Posted on 5/7/18 at 7:58 pm to MikeBRLA
house is $297000. Agents welcome at 2%. Seller said less negotiating if agent is involved. What does that mean?
2% comes from me?
2% comes from me?
Posted on 5/7/18 at 8:10 pm to Team Purple
It means they have factored 2% into the price. If you bring a realtor, they prob arent willing to budge much. If you don’t bring a realtor, you can essentially knock 2% off before negotiations even begin.
Posted on 5/7/18 at 8:20 pm to AUjim
I understand now.
Posted on 5/7/18 at 8:39 pm to AUjim
quote:
means they have factored 2% into the price. If you bring a realtor, they prob arent willing to budge much. If you don’t bring a realtor, you can essentially knock 2% off before negotiations even begin.
Exactly.
Posted on 5/8/18 at 6:32 am to Civildawg
quote:
the seller usually pays the realtor fees
This cost is baked into the price, so both parties end up "paying" for this service.
Posted on 5/8/18 at 6:33 am to Team Purple
quote:
Seller said less negotiating if agent is involved. What does that mean?
Meaning that they are willing to give you a 1% discount if you don't use an agent.
Posted on 5/8/18 at 6:35 am to Libertariantiger
quote:
Use a realtor for buying. There are very few situations where you are better off without one when buying.
Most online free tools for home shopping are just as good or better than what a realtor can offer in terms of finding properties. The problem you will face is being able to view houses without a realtor since most states have laws in place to protect the realtor industry.
Posted on 5/8/18 at 7:14 am to AUjim
quote:
It means they have factored 2% into the price. If you bring a realtor, they prob arent willing to budge much. If you don’t bring a realtor, you can essentially knock 2% off before negotiations even begin.
I see this a lot and disagree slightly. If I'm selling and I am choosing between two offers that net me the same amount, but one has an agent and one does not...I'm going with the agent-assisted sale every single time.
The times I've sold to a non-represented buyer have been the biggest pain in the arse because they have very little direction in the process. Which means I am the one directly answering every single little question that would normally be absorbed (or at the very least, consolidated) by their agent if they had one.
Posted on 5/8/18 at 8:58 am to ATLdawg25
Pro Tip for OP: Find a mortgage broker you trust and have made your mind up on working with. THEN find a realtor. Then don't listen to anything your realtor says that isn't related to buying or selling the house.
They don't know more than your mortgage broker. They don't know more than the title company. "Their," brokers and title companies pay them for steering you to work with them in most instances. "Their," brokers and title companies are typically not the best, just the most lucrative for the realtor.
The mortgage broker has suggestions on title companies because he has to work with them very closely as a part of the mortgage process. He has no doubt worked with them to perform curative title work, get docs processed correctly and get a closing scheduled many times in the past.
Whereas a Realtor is oftentimes on the outside looking in when this work gets done. They just guide you through the negotation of a sale price and terms of a sale. The mortgage broker qualifies you for said price, gives you a range of what you can afford prior to a negotiation, and then guides you through the selection of a mortgage product that fits your needs for the short-and-long-term.
None of which the realtor has any clue about.
Not that I dislike realtors. It's just that since they spend a lot of time with you, it's natural for you to build a relationship and trust with them. Unfortunately, they oftentimes don't really know a whole helluva lot about how the sausage is made when it comes to getting your financing and closing all sorted out.
They don't know more than your mortgage broker. They don't know more than the title company. "Their," brokers and title companies pay them for steering you to work with them in most instances. "Their," brokers and title companies are typically not the best, just the most lucrative for the realtor.
The mortgage broker has suggestions on title companies because he has to work with them very closely as a part of the mortgage process. He has no doubt worked with them to perform curative title work, get docs processed correctly and get a closing scheduled many times in the past.
Whereas a Realtor is oftentimes on the outside looking in when this work gets done. They just guide you through the negotation of a sale price and terms of a sale. The mortgage broker qualifies you for said price, gives you a range of what you can afford prior to a negotiation, and then guides you through the selection of a mortgage product that fits your needs for the short-and-long-term.
None of which the realtor has any clue about.
Not that I dislike realtors. It's just that since they spend a lot of time with you, it's natural for you to build a relationship and trust with them. Unfortunately, they oftentimes don't really know a whole helluva lot about how the sausage is made when it comes to getting your financing and closing all sorted out.
This post was edited on 5/8/18 at 8:59 am
Posted on 5/8/18 at 10:52 am to Team Purple
don't get a realtor if you are going FSBOBR. now if this is your first home purchase then yes you might need a realtor. You can use the lack of realtor in a FSBO transaction to lower the price of the house.
Gfunk hit the nail on the head. I hate to say it to the realtors on this board but ....HE IS RIGHT!!
Gfunk hit the nail on the head. I hate to say it to the realtors on this board but ....HE IS RIGHT!!
This post was edited on 5/8/18 at 10:54 am
Posted on 5/8/18 at 10:27 pm to Team Purple
We bought our last house FSBO. In our market, there is a lot of FSBO and 99.9 percent of them refuse to pay a dime in commission - even for a buyer's agent, even 2%.
We downloaded the forms from the LA real estate commission website to use for making the offer, terms, etc. I paid a local attorney friend $250 to look over it all.
I asked for recommendations from friends in the area for an inspector.
Our loan broker handled all of that, handled the appraisal, and recommended a title company. They handled everything on their end.
At the end of the process, I realized there are really only two useful reasons to use a realtor when buying.
1) Good access to the MLS for comps - but in the age of zillow and public online records, even this is somewhat not as valuable as it used to be
2) This was the interesting one. We would pass a house with a realtor sign, or see a house online with a realtor, and call the selling agent to set up to look at the house. I would say 75% of the time, we did not get a call back. The other 25%, they would call us, and immediately try to get us to sign on with a co-worker to be the buyer's agent. Essentially, a lot of realtors in our area don't want to show houses unless there is another realtor representing the buyer. This was hard for me to understand, as you would think the selling agent would want to cast a wide a net as possible when looking for potential buyers. I would say there were at least 2 dozen houses we never got to go inside because of this.
We downloaded the forms from the LA real estate commission website to use for making the offer, terms, etc. I paid a local attorney friend $250 to look over it all.
I asked for recommendations from friends in the area for an inspector.
Our loan broker handled all of that, handled the appraisal, and recommended a title company. They handled everything on their end.
At the end of the process, I realized there are really only two useful reasons to use a realtor when buying.
1) Good access to the MLS for comps - but in the age of zillow and public online records, even this is somewhat not as valuable as it used to be
2) This was the interesting one. We would pass a house with a realtor sign, or see a house online with a realtor, and call the selling agent to set up to look at the house. I would say 75% of the time, we did not get a call back. The other 25%, they would call us, and immediately try to get us to sign on with a co-worker to be the buyer's agent. Essentially, a lot of realtors in our area don't want to show houses unless there is another realtor representing the buyer. This was hard for me to understand, as you would think the selling agent would want to cast a wide a net as possible when looking for potential buyers. I would say there were at least 2 dozen houses we never got to go inside because of this.
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