Buying a home....DON'T go alone

[Keith "Baby-Face" Lutz]

Originally Posted by Charlie Berry

Of course we get paid, and yes, it is a % of the sales price, and it is very clear on the HUD. Now, you tell me hoe it is advantageous to a buyer coming to the table without an agent, do you give a credit, What? you don't? But I thought that was "built in" to the price. So basically the builders are saying we have already paid for you to have representation per the commission being built into the sales price, but since you decided that you wanted to go this process alone, we will just keep that to increase our bottom line!! This is exactly why a buyer should use a buyers agent, you are certainly not going to take that % off for them by not having one.

I agree 100%!

Don't even get me started on Zillow.com. Charlottean is right on the money, real estate is Local!

[LKNArea]

Originally Posted by Charlottean

Zillow is a good tool for many things. However, the info is based on public tax records and cannot be considered a true market value.

Example being: Three homes sell for $200K in the last 6 months all the same floorplan, features, etc.. Another similiar home in the same neighborhood starts to go into foreclosure and someone purchases it at the courthouse for $150K. That house would be figured into Zillow's database and bring down the represented value.

This is just one example of why it simply is not very accurate.

Exactly... Pull up the numbers around Randolph Rd. You get crazy numbers there for sure.

[Tisquato]

Hi there~
I recently visited Union County and my husband and I have decided on the community Prescot. (Evergreen Builders) We are paying $4,000 for a premium wooded lot. Is there something I need/should know about NOT paying this? By the way does anyone have any information on Evergreen Builders? We loved all the additional upgrades we recieved from them in a
$20k incentive giveaway.
Let me know as soon as you can. We are signing tomorrow and paying cash for the home. (Of course not all the cash tomorrow - closing in April) See details below...

4 Bedroom
4 Bath
Bonus room
3100 square feet
2 car garage

Thanks for the immediate response!

[CouponJack]

Originally Posted by Tisquato

Hi there~
I recently visited Union County and my husband and I have decided on the community Prescot. (Evergreen Builders) We are paying $4,000 for a premium wooded lot. Is there something I need/should know about NOT paying this? By the way does anyone have any information on Evergreen Builders? We loved all the additional upgrades we recieved from them in a
$20k incentive giveaway.
Let me know as soon as you can. We are signing tomorrow and paying cash for the home. (Of course not all the cash tomorrow - closing in April) See details below...

4 Bedroom
4 Bath
Bonus room
3100 square feet
2 car garage

Thanks for the immediate response!

No matter what they tell you, builders do not pay anymore for "premium" land than any other lots, so the 4K that they are charging you is 100% profit to them.

How good of a negotiator you are and how desperate they are to sell that lot will depend on how much of a "lot premium" you pay.


Good luck!

[Charlie Berry]

Originally Posted by Tisquato

Hi there~
I recently visited Union County and my husband and I have decided on the community Prescot. (Evergreen Builders) We are paying $4,000 for a premium wooded lot. Is there something I need/should know about NOT paying this? By the way does anyone have any information on Evergreen Builders? We loved all the additional upgrades we recieved from them in a
$20k incentive giveaway.
Let me know as soon as you can. We are signing tomorrow and paying cash for the home. (Of course not all the cash tomorrow - closing in April) See details below...

4 Bedroom
4 Bath
Bonus room
3100 square feet
2 car garage

Thanks for the immediate response!

I would not pay it, Coupon Jack is right on the money, that piece of land did not cost them anymore thatn any other parcel in the development, it is pure profit to the builder.

[rootbeer88]

Originally Posted by Charlie Berry

I would not pay it, I would be happy to help you if you would like me to? Coupon Jack is right on the money, that piece of land did not cost them anymore thatn any other parcel in the development, it is pure profit to the builder.

I just bought a home in Union County and used a buyers agent. That is the first money that comes off. Ours had a $5,000 lot premium. Our buyers agent had that taken off before we even walked back in the door of the sales agents office. Do not pay a lot premium. However, I will be honest. In some cases it can still be a supply and demand. If you are picking a sub division that is kind of filling up, then there could be a chance that someone else will pay that premium. So it also depends on what kind of situation the builder was in. We bought in a nice community that is coming to the end of building and we took the biggest lot they had left and still didn't pay the premium.

I highly recommend having a buyers agent. Plus for people like me who are moving down from NY and are 600+ miles away, it is nice to have someone close by that can check up on things for you along the way.

[cltmommy]

Be sure and hire a good home inspector. Despite my home being brand new, my home inspector Charlotte Home Inspection Inspector Paul Mold Inspection found serious structural and mechanical issues. The builder had to hire a professional engineer to fix the structural issues Inspector Paul found.

[amploud]

Originally Posted by Charlie Berry

You can spin this anyway you would like. In the end, there is not a discount for not having a buyers agent.

Totally wrong. I negotiated out the buyer's agent commision. (And additional money off the price. And additional options. All without a buyer's agent.)

I do my homework. I know the builder's costs. I know the market. I stand up for myself. If you are willing to do that, you don't need a buyer's agent. Buyer's agents are great for people who don't do their own homework. This isn't the first home I've had a home built, so I know what to look for. I know how to read contracts. I know the law. I know good attorneys (just in case.) I'm not worried.

[amploud]

Originally Posted by Charlottean

Zillow is a good tool for many things. However, the info is based on public tax records and cannot be considered a true market value.

Example being: Three homes sell for $200K in the last 6 months all the same floorplan, features, etc.. Another similiar home in the same neighborhood starts to go into foreclosure and someone purchases it at the courthouse for $150K. That house would be figured into Zillow's database and bring down the represented value.

This is just one example of why it simply is not very accurate.

Realtors are not always the best source of valuation either. I interviewed 3 realtors when I sold my last home. The range in suggested asking price was over 10%. That is way too much variation for "professionals."

[Charlottean]

Where in the world did this come from?