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Buying a house with a friend as a realtor?
Posted on 8/6/20 at 5:29 pm
Posted on 8/6/20 at 5:29 pm
Upsides? Down sides?
I've got a family friend who I've known for 15-20 years who just got his "side gig realtor's license" and I'm skeptical about using him...
What's OT's experience with 'nepotist realtors'?
I've got a family friend who I've known for 15-20 years who just got his "side gig realtor's license" and I'm skeptical about using him...
What's OT's experience with 'nepotist realtors'?
44
Posted on 8/6/20 at 5:29 pm to yankeeundercover
Literally nothing bad can happen
Posted on 8/6/20 at 5:30 pm to yankeeundercover
Sounds like a shitty situation to put yourself in. Go with a professional
Posted on 8/6/20 at 5:30 pm to yankeeundercover
Only buy from female realtors, they know how to really “close” a deal
Posted on 8/6/20 at 5:32 pm to yankeeundercover
DO NOT mix friendship w/ money in this situation. Even if they don't intend to frick you you will get a hit. Only trust a realtor if it's your immediate family member.
Posted on 8/6/20 at 5:32 pm to yankeeundercover
Posted on 8/6/20 at 5:33 pm to yankeeundercover
Buying is fine but selling is all bidness. Keynote#
Posted on 8/6/20 at 5:35 pm to yankeeundercover
No issues. We’ve done it. Hopefully they are giving you 5% instead of 6
ETA or 2.5% for their half
ETA or 2.5% for their half
This post was edited on 8/6/20 at 5:36 pm
Posted on 8/6/20 at 5:37 pm to yankeeundercover
As long as it is a generally stand up person, not much happening as the buyer - especially if you already have a house in mind. Make sure everything is good to go in inspection / due diligence and otherwise just walk.
This post was edited on 8/6/20 at 5:38 pm
Posted on 8/6/20 at 5:37 pm to yankeeundercover
Real estate agents are one of the only profession where friendship can actually be a plus. I have always used a friend for my agent.
It is generally not an issue unless the friend is unprofessional in some way.
I recommend always using a full time agent and friends become less of an issue.
This post was edited on 8/6/20 at 8:21 pm
Posted on 8/6/20 at 5:39 pm to BarberitosDawg
quote:So that's what we're dealing with here...
Buying is fine but selling is all bidness. Keynote#
So if I'm going to be paying someone 2.5%, I'd want a legit, experienced realtor as opposed to my friend who's just moonlighting I suspect.
It's going to be a very aggressive purchase war... price just below market it a FANTASTIC area, etc.
Posted on 8/6/20 at 5:40 pm to yankeeundercover
I always use some slapdick when I'm in need of professional services.
Posted on 8/6/20 at 5:41 pm to yankeeundercover
If you’re buying, then it’s not really an issue. Basically, you are just helping your friend get paid. Selling would be a different story.
Posted on 8/6/20 at 5:41 pm to yankeeundercover
You're the one who will decide how much to sell for/ how much to offer on a new house. The contracts are all standard stuff. The real work will be done by an attorney or whoever handles the closing. The realtor just shows you houses/takes some pics of yours and gets in the middle of negotiations for some pretty easy money. There's almost nothing that a realtor does that will burn you.
You just need to get a home inspection from someone you trust, make sure that whoever is handling the closing is competent and use a mortgage person that you trust. Don't just use the people that your realtor suggests. They could just be referring you to friends of theirs who don't know what they're doing.
You just need to get a home inspection from someone you trust, make sure that whoever is handling the closing is competent and use a mortgage person that you trust. Don't just use the people that your realtor suggests. They could just be referring you to friends of theirs who don't know what they're doing.
Posted on 8/6/20 at 5:43 pm to Jim Rockford
quote:
I always use some slapdick when I'm in need of professional services.
I know right. it's only a house.
and money.
and a friendship
Posted on 8/6/20 at 5:44 pm to yankeeundercover
I don’t mix friends and business. A realtor I know as a friend got mad recently I didn’t use her but too bad
Posted on 8/6/20 at 5:47 pm to yankeeundercover
Watch out for the double closing cost routine and Keynote# 1, have it in writing that any offer that is made which is above any deal in the making negates the deal at hand and must be explored in full.
I can't stress this enough and if they balk frickem get another one.
A lot of realtors go for the quick buck and work on volume and this puts an end to that scheme.
I can't stress this enough and if they balk frickem get another one.
A lot of realtors go for the quick buck and work on volume and this puts an end to that scheme.
This post was edited on 8/6/20 at 5:50 pm
Posted on 8/6/20 at 5:48 pm to yankeeundercover
I don't know. I let my girlfriend make all those decisions. Just throw the money that way and say "you deal with any real estate bitches".
Posted on 8/6/20 at 5:49 pm to yankeeundercover
Terrible idea. Never mix buisiness with family/friendships.
Posted on 8/6/20 at 5:51 pm to yankeeundercover
Damned if you do damned if you don’t. You don’t want to bring business into a friendship but you don’t want to piss your friend off for not throwing him a bone. Hopefully he’s mature enough to understand if you choose not to
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