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Started By
Message
Buying Property Must Do's
Posted on 1/15/24 at 6:07 am
Posted on 1/15/24 at 6:07 am
We are helping a 20 something child buy a townhouse.
We found one and contacted the agent listed on the sign who showed it but stated she "Represented The Seller".
How do I come up with a fair offer ? (the list price is $349K).
Do I need to hire an own agent to run comps etc and help in the transaction ?
We found one and contacted the agent listed on the sign who showed it but stated she "Represented The Seller".
How do I come up with a fair offer ? (the list price is $349K).
Do I need to hire an own agent to run comps etc and help in the transaction ?
15
Posted on 1/15/24 at 6:24 am to The Torch
quote:
Do I need to hire an own agent to run comps etc and help in the transaction ?
Why wouldn't you, doesn't cost you anything?
Now selling, thats a different story. Hard justifying paying 6% for what the internet can basically do these days.
Posted on 1/15/24 at 6:39 am to The Torch
If you are buying yes absolutely. Ask a few friends if they know any agents and talk with them and see who is the best of the bunch to help you.
Posted on 1/15/24 at 7:23 am to The Torch
Where's the property?
Posted on 1/15/24 at 7:25 am to The Torch
Good inspector, preferably engineer who can do structural inspection. Survey the house, make sure no liens, visit at night and sit there for a while to check for noise at night (made this mistake once too close to a train track). Check crime, school district (this can affect resale), crime, find out if it flooded in the area during major storms/hurricanes.
Posted on 1/15/24 at 8:15 am to Cousin
quote:
Where's the property?
DFW suburb 27 miles NE of downtown Dallas
We looked at homes in the 350-400 range but most were 25 years old and in undesirable neighborhoods.
The townhome was built in 2020
Posted on 1/15/24 at 8:34 am to The Torch
quote:
DFW suburb 27 miles NE of downtown Dallas
How long of a commute does this end up being? There are some people selling now because they can't stand the commuting month after month
Posted on 1/15/24 at 8:35 am to The Torch
quote:
20 something child
quote:
buy a townhouse.
Posted on 1/15/24 at 9:09 am to The Torch
quote:
Buying Property Must Do's
quote:
We are helping a 20 something child
This is not a must do. He/she is not a child anymore.
quote:
We found one and contacted the agent listed on the sign who showed it but stated she "Represented The Seller".
Uhhh...yeah.
quote:
How do I come up with a fair offer ? (the list price is $349K).
Look at comparable sales/a good agent can help you.
quote:
Do I need to hire an own agent to run comps etc and help in the transaction ?
Based on the cluelessness from the above, yes.
Posted on 1/15/24 at 9:12 am to JL
quote:
Good inspector, preferably engineer who can do structural inspection
There's likely not general home inspecors who are also licensed structural engineers. Inspectors also can not say soemthing is bad/wrong, they cover their arse, as they should, and state it "appears" and have a "roofer/tech/engineer investigate further.
quote:
make sure no liens,
Title companies do this.
Posted on 1/15/24 at 9:15 am to The Torch
Not sure but you may be obligated to use the agent that showed it you initially.
The agent is required by law to say they represent the seller, but can represent you too. It's called dual-agency.
The agent is required by law to say they represent the seller, but can represent you too. It's called dual-agency.
Posted on 1/15/24 at 9:40 am to The Torch
Based on your questions, I recommend using a realtor. It is best practice to not use the seller's realtor. Realtors are a bit of a crap shoot. Plenty of good and bad ones. You are not guaranteed good service, so do a little research. They all have access to fairly standard contracts.
You can get comp's from zillow/trulio. These apps are fairly accurate, but occasionally come up with slightly different numbers. A comp is just a look at similar properties in the same area.
Plan on getting the property inspected if you do go under contract. This should get scheduled soon after signing the contract. Do not put up any deposit until you agree on inspection results. The contract should have wording that allows you to legally back out. Most residential real estate contracts that agents use have fairly standard wording. And most title companies have a website with info and documents that can help.
Always use a title company to do a title search, and research unpaid taxes and POA/HOA fees.
You can get comp's from zillow/trulio. These apps are fairly accurate, but occasionally come up with slightly different numbers. A comp is just a look at similar properties in the same area.
Plan on getting the property inspected if you do go under contract. This should get scheduled soon after signing the contract. Do not put up any deposit until you agree on inspection results. The contract should have wording that allows you to legally back out. Most residential real estate contracts that agents use have fairly standard wording. And most title companies have a website with info and documents that can help.
Always use a title company to do a title search, and research unpaid taxes and POA/HOA fees.
Posted on 1/15/24 at 9:43 am to ItzMe1972
Nope. Not obligated to use agent that shows it. Obligation only comes into this if you sign a contract with the agent to exclusively use them. A showing is not a contract, nor is it a practice that you have to continue using them.
Posted on 1/15/24 at 3:06 pm to The Torch
Get your own agent to help with comps. They’ll split the commission w the seller’s agent.
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
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
Posted on 1/15/24 at 3:46 pm to KWL85
If you use the agent's realtor then they are double invested to make you happy.
You walk, and they lose a double commission.
Keep in mind that the realtor has an established relationship with the seller. And that is probably "first loyalty ".
But if you want an agent to work hard for you, be the key to a double-commission.
You walk, and they lose a double commission.
Keep in mind that the realtor has an established relationship with the seller. And that is probably "first loyalty ".
But if you want an agent to work hard for you, be the key to a double-commission.
Posted on 1/15/24 at 6:01 pm to meansonny
quote:Thats complete bullshite.
But if you want an agent to work hard for you, be the key to a double-commission.
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.
Posted on 1/15/24 at 6:07 pm to The Torch
Get your own agent, ask them about their background when you interview them. Yes you can actually be picky about that, cause you can throw a rock in any direction and hit a part time realtor, most of which have no clue how to prepare a contract.
Have them run a comps analysis. Pretty easy for a competent realtor to do.
Have them run a comps analysis. Pretty easy for a competent realtor to do.
Posted on 1/15/24 at 8:02 pm to The Torch
Get an electrician to inspect the electric, a plumber to inspect the plumbing, etc. In addition to a one size fits all inspector.
And, damn wish I had somebody to help me with a 350k house when I was in my 20s. You're generous and I hope your child appreciates you. Affordability in Dallas is apparently not a thing anymore.
And, damn wish I had somebody to help me with a 350k house when I was in my 20s. You're generous and I hope your child appreciates you. Affordability in Dallas is apparently not a thing anymore.
Posted on 1/15/24 at 8:51 pm to PetroBabich
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)….
Posted on 1/15/24 at 9:44 pm to TJG210
It's not pissing money away when they find something the goofball home inspector missed liked corrosion in the plumbing. Saved me about 8k in 2018. Maybe if you have personal recommendations for a good home inspector you are safe but otherwise it's a risk for later to save a little money now.
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