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tan73h | I am buying my first house; should I get a buyer's agent? What do they do other than getting a commission? |
I have contacted one buyer agent and she is pushing me so much to buy something quickly. I am not sure why I should look for additional nuisance here. |
 |
 
bigmary2
|
It looks like you just need a new agent. An agent can tell you where/when/how to buy and will know how to negotiate the best terms possible.
This is a great site to check out local agents with links to their personal websites so you can do a little research and browse their listings before you contact them. http://www.idxbroker.com/news/256_IDX,_Inc._Introduces.php (just click on your state)
I'd check out the "featured" agents first, but if none of them cover your area the others in the directory are lovely as well.
Good luck! |
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glennschwarz@sbcglobal.net
 |
I worked with a Buyer's Agent and she was fantastic. I stated right up front that I didn't respond well to pressure or other sales tactics. She understood, was very low key, yet highly informative. She also did her homework and only showed me houses that met my several criteria.
She clearly was looking out for my interests . . . so much so, that she saw things about this house that allowed me to further negotiate the price by way of seller give-backs at the closing (she saved me over $3,000!).
Her commission was split with the seller's agent, so it didn't come out of my pocket. I only paid her a $150 fee which was more than offset by the $3K savings I would probably never have otherwise seen.
Maybe I was lucky to find her and she was an exception to the rule. But I would strongly recommend that, if you can, find another agent. If you're locked in or have a contract, then you have the right to demand the service, quality, and pace that you deserve! |
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erestrada2003
|
You need to give more information. If I had it to do over, I would rent a small house til my fruniture was paid for. In my spare time I would check out the neighborhoods for schools, shopping, banking, mechanics, noise levels, airport landing paths, neighbor's ages, ages of the houses, and you will have plenty of other things to think about. Are you married? Engaged? I was in sales and the key is to get a signsture. Do not sign. You may even be able to wait for a forclosure sale if you want to investigate that on your own. Just remember if they did not make their payments, they may not have kept the property in good shape and you may need money for repair work, even if the house appears sound. You may find an ownere who is tryinf to sellhis or her house at a bargain, but you have to be unemcumbered with your own mortgage. |
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Majestic H
 |
Agent will just have his commission and go, apart from it he will do nothing.
You should instead post your property on real estate websites. There buyers will contact you themselves and you don't have to pay anybody a penny. |
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Rick B
|
Based on your question it sounds like your agent just wants to slam you into a home. I would find another agent.
Talk to your friends who have recently purchased and if they have had good experiences get the names of their realtors. Identify at least three and do a phone screen with them. In particuliar ask if they work with first time buyers and are familiar with the areas you are interested in. After the phone interviews eliminate one of the candidates and schedule appointments with the other two. A good agent will interview you to identify your likes and dislikes, if they rush out to look at homes, that is a bad sign. If you get the feeling they know what you want and can get you the home of your dreams, then start identifying properties to go look at. Some agents will want you to sign a buyers contract with them. This isn't a bad thing but makes some people wary. The contract just basically say that if they show you a home and you buy it through someone else, they are still entitled to recieve a commission from the seller. Three other things a good buyers agent can do for you:
Identify areas that are close to want you want but are better values.
Negotiate a better price
Negotiate a counter offer or concessions after the inspections
To learn more about the whole buying process:
http://paccrestinspections.com/firsttimebuyerprocess.htm
//Rick
WWW.paccrestinspections.com |
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Price is what you pay for value.
|
As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.
Bad ones will talk you into buying the largest property at your credit limit ASAP. Good ones will find you a good deal (Sellers are offering discount and incentives now).
Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.
Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.
Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!
Good luck!
Oh, this article is useful when you put in your bid.
http://biz.yahoo.com/brn/060909/19463.html
--------------
Real estates agents, time to learn new tricks!
In the past few years, real estate agents learned and accumulated a bag of tricks, coercing buyers to shell out extra cash to fulfill hungry appetites of builders and home owners. It is interesting to note that even as marketing is undergoing a slump, they continue to play these hands one by one.
The following conversation is real and took place on Auguest 27th of 2006. It is a conversation between two friends, one a potential buyer, another is a real estate agent.
--------------------------------------...
"I can't buy, because monthly mortgage payment is too high.", said the buyer.
"Apply for adjustable loans", replied the agent without thinking.
"But, that would only save me 0.25% after fee. Short term rates raised siganificantly in the past 2 years", buyer said.
"Then don't put 20% down, you can get loans with 10% or nothing down", suggested the agent with a big smile.
"That would increase monthly payment which I already can't afford", the buyer reminded the agent.
"Then cash out your 401K, that is the best option", said the agent.
"Why? I don't want IRS knocking on my door for tax and panalties for early termination of 401K", said the buyer. He is annoyed, "And if I borrow against my 401K, I would be paying back pre-tax dollar with after tax money. It doesn't make any sense".
The agent insisted, "401K is the only option".
"What about asking seller to lower their asking price?", asked the buyer.
A pause, "...... hmmm...., that would work too. 5% is common these days", the agent said proudly.
----------------------------------
Similar conversation took place at least two other times for me. This is simply annonying. Real estate agents are so stuck on the past that they can't think differently. Time to wake up! Time to learn new sales tricks. |
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Twinkle
|
First off, it doesn't cost you anything to get a buyers agent, as the seller has to pay both his and your agent. I'd shop around until you find someone you're happy with. Don't feel obliged to go with the first person you contact. Make sure you don't sign ANYTHING until you're sure you want to work with that person.
They should listen to your requirements and assist with finding you the perfect house. They should also be prepared to show you as many houses as you want to see, not pressure you into buying something.
Once you've found your dream home, they will help you with all the legal paperwork, arrange any necessary inspections of the house, help with the closing etc. and is definitely worth having. They make sure everything comes together properly so you can close on time and without any problems.
Good luck :-) |
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HMMMMMM
|
Your buyer's agent is a fool.
A good buyer's agent will have enough business and common sense to understand that you will buy when you need to buy and not before.
With that said, don't spend a lot of time looking for homes until you are ready to buy.
The best deals today, won't be around when you are ready. However, in today's market there will be plenty of choices when you are ready. |
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laughter_every_day
|
In many states there is no such thing as a true buyer's agent. In those states, even the person who has been showing you around technically represents the seller and owes a fiduciary duty to the seller to try to get the best price that you are willing to pay. Unfortunately, many such agents also lie and claim that they are a "buyer's agent." Such people get paid a cut of the commission paid by the seller. A true buyer's agent gets paid by you and owes all duties to you. I have bought several houses and I find that most areas now allow you to use your computer to access most of the MLS. If you know the neighborhoods and have access to the MLS, having an agent help you out will just be a pain as they always will try to get you to look at houses that are priced beyond what you are comfortable with. And, when it comes time to buy, doing it yourself, contact your local title company. They can help you out with all the paperwork, including the "offer and acceptance" documents. |
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rainfingers
 |
Don't work with anyone who's being pushy. If they're representing you, they should have your interests first and foremost. |
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williegod
|
We used one and considered it well worth it especially since we knew nothing about real estate. |
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I ♥ AUG
 |
Don't let anyone push you into buying something you don't want. If your agent is being pushy, tell her to back off or get another agent.
A good buyer's agent will make sure she finds out what your needs and desires are, and will help you find a house that matches your criteria. A good agent will realize that you are a potential customer for future transactions, not just the current transaction at hand, and will not try to push you into buying something just so she can make her commission of your purchase.
Discuss your concerns and discomforts with your current agent. If she's above-board and out to help YOU, she will listen to your concerns and modify her behavior accordingly. If she doesn't, then you know she's out for herself and not for you. In that case, I'd start working with another agent if I were you. |
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