Home Buying (real estate, first time home buyer, gated)

[lynwill200]

First time home buyer and I don't know if it is possible to negotiate price during my search. If so how do i begin. Also other points of interest should I bring up in reference to the community. What kind of questions should be asked? Lyn Will

[IntownHomes247]

If you don't understand how the process works, it would strongly behoove you to get a buyer's agent. This is a real estate agent contractually obligated to assist you in your home search, help you negotiate the contract, and see you through the process. The buyer's agent is paid out of the commission that has been pre-arranged between the seller and his/her agent. For instance, the seller and his agent may have agreed to a 6% commission with half going to the agent who brings the buyer. If you work exclusively with the seller's agent (really bad idea), then he or she will receive the entire 6% commission. If you have your own agent, then he or she will receive a percentage (generally half) of the total commission. So, you don't pay more for having your own representation. The reason you do not want to use the seller's agent is because she is contractually obligated to work in the seller's best interest. That agent cannot offer you advice or assist you with negotiations. While she can't lie to you, she also cannot help you other than to fill out forms (she would be breaking her contractual duties to her client if she did).

So try to find yourself a good buyer's agent who will be able to walk you through the entire process, help you find the best home for you, help you with negotiating price and terms, and see the contract through to closing.

Good luck!

[lynwill200]

Gotcha, Thanks for the great advice. Lyn Will

[goozer]

Good advice to get a buyer's agent. And to answer your question, yes--you can negotiate on price and a host of other things. But not only that...even if your buyer's agent recommends that you make an offer at $10k below list, you yourself can decide to make a different offer, say, $20k below list and your agent is obligated to communicate that offer (i.e., your agent advises you, but you make the decisions on what to offer).