Buying a home without having to use realtor or if must then someone who has more than a few listings (Arlington: for sale by owner, real estate market)

[poisonakki]

I have finally put into motion my house buying goal for 2009. This will be my first home. I'm single and have been pre-approved for more than I am willing to pay for. I have hefty student loans so I'm trying to be conservative and stay within 150,000-250,000 range. However , if I find something a bit higher that I think is my dream house I'm willing to make some concessions.


Now I'm looking online for listing and comparing them with the listings that two realtors have emailed me . The funny thing is that they all seem to list the same 44 houses on the market in the 76039 zip area.
I find it hard to believe that this is all there is right now in this market. Any suggestions for searching other than cruising around the neighborhood for sales signs? I plan on doing that but I hate going aimlessly.

I don't mind working with realtors as long as they are honest and present all the possibilities that are out there and don't pratronize me.

any recommendations would be highly appreciated.

thanks

[Guingirl]

I did some research when we looked at moving into the area for about a year before we moved. I just did the online real estate websites, drove neighborhoods and had a realtor that I used to basically just open up doors for me.

You need to be very specific with your needs and wants (I put together a list, rated and weighed them). When you say "dream home", make sure they absolutely know. The problem is that agents are in the business of making a commission, as anyone working wants to do, and their time is money.

I can sympathize with you but when I was doing research about getting my license, I thought back to my own experience and opted not to because I honestly wouldn't want a client like me. Spend a lot of time with someone and then not getting paid for your time. So while you think they might be patronizing maybe they just aren't communicating well enough for you?

Anyway, it sounds like when I was looking, I was hoping for this great experience, but I really found it very frustrating. Good luck!

[EllenArlingtonPark]

The same listings in the same zip code that meet your criteria from two agents does not sound unusual. Limiting yourself to a specific zip code seems odd. Our MLS system has its own area criteria. Let me suggest that you search by another criteria, and maybe you will find what you want.
1. location- what part of town do you want? Are you only looking in that zip code?
2. age of the home and floorplan:number of bedrooms, baths, one story, two story, traditional, etc.
3. do the schools matter to you? If so, tell your agent what schools you want to be close too
4. Homeowners association and gated communities; yes, no, maybe
5. Are you wanting a house or will a townhouse or condo work?

All Realtors will show you homes that are listed by other brokers, so it really does not matter who the listing broker is. Perhaps you can ask one of these Realtors to set up a gateway with your criteria and it will save you lots of running around looking at houses that don't work for you. They can instruct you on how the gateway works.

Hope this helps.

[CATXTransplant]

As a Realtor, I can't imagine why you would be reluctant to use one. It always amazes me that people would rather drive around or look online/in the paper when every Realtor has access to 99% of the listings at their fingertips. That other 1% represents "For Sale By Owner (FSBO)" listings, which are almost always overpriced. Not only is working with a Realtor a time-saver, they offer protection. It's important that you choose a Realtor with experience. There are a lot of hacks out there. Unfortunately, it's not hard enough to get a Real Estate license (in any state) so the business is full of people that failed at their first career and thought Real Estate was the way to easy money. If you know the specific area you are looking in, I'd look for an agent who LIVES in that area. They will know the in's and out's of the neighborhood. Like, maybe a certain block of Street A isn't good because.... or they might even know of listings before they come on the market.

[EllenArlingtonPark]

I agree CATX, but some people have to do things their own way. I have come to realize that the general public really has no idea what us Realtors do and what tools we can offer them. I have also seen that there is a lot of misinformation out there about real estate and Realtors, so I guess it just has to get sorted out.

[EllenArlingtonPark]

Originally Posted by poisonakki

I have finally put into motion my house buying goal for 2009. This will be my first home. I'm single and have been pre-approved for more than I am willing to pay for. I have hefty student loans so I'm trying to be conservative and stay within 150,000-250,000 range. However , if I find something a bit higher that I think is my dream house I'm willing to make some concessions.


Now I'm looking online for listing and comparing them with the listings that two realtors have emailed me . The funny thing is that they all seem to list the same 44 houses on the market in the 76039 zip area.
I find it hard to believe that this is all there is right now in this market. Any suggestions for searching other than cruising around the neighborhood for sales signs? I plan on doing that but I hate going aimlessly.

The agents whos sign is in the yard of a home is representing the seller, you need to get an agent who represents you. This is done by signing an agreement. Buying real estate unrepresented is a really bad idea. Visit the real estate forums and learn about this and other issues.

I don't mind working with realtors as long as they are honest and present all the possibilities that are out there and don't pratronize me.

any recommendations would be highly appreciated.

thanks

The agents who sign is in the yard represent the seller, you need to get an agent to represent you buy signing an agreement, otherwise the agents represent the sellers and cannot advise you. It is a very bad idea to buy real estate unrepresented, it almost never turns out well.

Visit the real estate forums and learn more about this and other issues.

[Hi Horse]

Originally Posted by EllenArlingtonPark

The agents who sign is in the yard represent the seller, you need to get an agent to represent you buy signing an agreement, otherwise the agents represent the sellers and cannot advise you. It is a very bad idea to buy real estate unrepresented, it almost never turns out well.

Visit the real estate forums and learn more about this and other issues.

I agree with , Ellen this you should get a realtor. The realtors usually earn every penny, that being said I also agree it is best to get a realtor to work for you , not one that represents the seller also. That being said all of the advise listed above is pretty valid, realtors are not a bad thing, and usually it is a wash on the 6% fee, which the seller pays and seldom do they mark up 6% by the time the offer is accepted.

The ones that have licence to steal are the title companies. They very seldom payout from the required (by the mortagage co.) title policy. I believe that is 1% of the sales price. I bought a house w/o a title policy and found out it was about to go into foreclosure because the seller was not current on his loan I assumed. Title company would have caught this, I just think their service is overpriced.

I got the money out of the clown, but only because he knew I was fresh back from Viet Nam, so he was afraid of me, and that was a valid fear. I would have never done anything that would get me in trouble, but he did not know that. He had a job he fell into that had some responsibility and he knew I knew he had been taking gratuties from vendors, so yeah I would have had a chat with security of this major oil company, but he paid me. Still there was a lot of heartburn. Within a year he was fired.

Point is, even though the title policies are provided by a non competive monoplistic system, better just to ante up. Another life lesson, you are just starting out it seems so ingest this piece of advise from an old man with a Phd in life: Do things outside your professon the way others do, watch the short cuts, don't try to save a dime that could waste a dollar. Concentrate on your professon and let others concentrate on theirs. Keep the mickey mouse crap off your mind, out of your life and just pay others to clear the mine fields in life for you.

[loves2read]

my take--I agree--why only one zip code--unless you really have some strong reasons for focusing in that localized area---if you are willing to look in Euless then you definitely should consider Hurst, Bedford, Grapevine, North Richland Hills--Keller may be too far north and west--and west Irving/Grand Prairie are not what I would recommend--would not recommend Arlington for long-term ownership because of the schools...
there are plenty of MLS sites out that were good info--some of them let you search for foreclosures on the market--some let you search by zip code as well as strictly map location...
I will email you three...

Just remember--even thought the seller is technically the one who pays the realtors' 6% fee--where do you think the money comes from to do that---
the sales price of the house...
YOU---the buyer-- is facilitating the seller's payment to the real estate agensts (yours and theirs) with YOUR MONEY YOU PAY FOR THE HOUSE---
that is why so many, many people have houses priced higher than the real selling point--they are trying to recoup the RE fees from the sale money--not by going into their own pockets -- because probably they don't have the 10K +/- that it would take...
YOUR MONEY ultimately pays your fees and any other fees out of the transaction that are on the sellers' side of the bargain---unless you really get a good deal and the sellers' lose money on the sale--and that happens so rarely that it is usually foreclosure or short-sale...

You MUST HAVE a buyer's agent--it is the only way you get some minimal protection under the laws of the state...there are too many people who have bought homes (mainly new ones from developers' sales sites) who have found out there was a definite lack of disclosure of information and that they did not get a good deal financially AFTER the deal is done....but having an agent does not mean you get the best of the bunch or someone who is really knowledgeable about what is best for you...

You need a realtor who knows the area--more than 3 years experience at least--who gets either lots of houses to list or makes lots of sales--or who has income from another source and can do this part-time...

drive through an area and see what kinds of signs are up--what local RE shops--these are usually an indication of who the locals know/trust to sell their homes through word of mouth or known contacts...some agents specialize in a few subdivisions and some agents are all over the map--for your situation I think local is better...

call the local offices that are the top three listers and ask who has been the top 2-3 listing agents AND selling agents in those offices IN YOUR PRICE RANGE---some agents really specialize in upper income houses and would not know the price market you are looking in...

Our realtor normally did only relocation buyers and she dealt with people who were buying homes in the 700K+ range usually (more than we were buying and she knew it)---she was a friend of a friend sort of and have been doing this area for more than 20 years so she knew ALL the subdivisions and builders...she did not make her business on listings or in your price range so she would not be good one for you probably

Will email you with some MLS sites that are good to use and couple of suggestions for local realtors...

[5stones]

Also since you are a FIRST time homebuyer you should definately use a Realtor. Yes, sign an agreement with a buyers agent, they will work for you. YOu can negotiate the length of the contract with them 30-60-90days ect... They will help you look out for problems with a house...foundation issues, water problems etc... they know what to look for.

As a Buyer you don't pay the commission, that comes directly from the seller.
Also a good agent will negotiate things like warrenties, having the seller pay for some (or all) of the closing costs, 6mo -12mo of HOA fees, money at closing for cosmetic things like new carpets etc...

The are much more adept at knowing the market and knowing how low to make an offer etc...

You could get stuck with an overpriced money pit. esp right now with forclosures etc...people are saving money anyway they can and simple maintenece issues are being ignored...(esp the foundation,roofs etc...)

[loves2read]

my 2 cents is that some buyer's agents don't have any more interest in YOUR needs than the seller's agents care about you...it is a one-shot deal...your agent is not creating a long-term friendly relationship with you--almost any buyer's agent works for RE companies that have houses listed by seller's agents---if your agent and the seller's agent work for same company that is almost a conflict of interest right there---where is the incentive for either agent to reduce the home's price or negotiate a better deal for you (it takes away from the overall commission of the RE office)...

you just hope you get an agent that is knowledgeable and will tell you the truth about a property even when it might cost a sale to him/her...some agents won't invest the time it takes to make someone really happy--they want to make money-- people are in business to make money--as hard and cynical as that sounds--

and with the market the way it is now--many agents have dropped income over the past 6 mo to year+---there are fewer houses selling and competition is pretty dire--some agents have left real estate market for other jobs but some people who have lost jobs have come to real estate as something that may be better for them...

I am not saying that every agent is out for him/her self over the client--but some of them are...
don't take everyone at face value...and do yourself a favor and spend some time researching different subdivisions/areas and MLS info before you even talk to an agent...

as good as our agent was---there were times when I could tell she was losing patience with us when we would turn down properties she thought were ok...there were houses she suggested that were either priced higher than we wanted to spend, or did not have some of the features that we really wanted...

it all depends on your "must-haves", your ability to find what you want or settle for something that is almost right --- if you are picky and really try to find a "perfect" house which people will tell you is not possible you can spend a lot of time that turns into wasted energy/money for an agent---it takes money to put gas in the car and spending time with a customer limits their ability to deal with other people who might be more sure-fire bets...

some agents don't like to spend time with first-time buyers because there is lot of market education that is needed and often first-time buyers really do have difficulty closing the deal...

so educate yourself about the area first--make a list of what you really must-have, what you are willing to accept as a trade off
go to open houses in areas where you are looking--call the listing agent to see the house--it is their obligation to show it--you can tell them you have a buyer's agent but she is out of town or sick or something...then if it is something you really want to see again you can get an agent from different office

remember that cosmetics like paint/wallpaper/features like lighting are really the easiest things to change about a house--even if you might have to spend some time/money when they are dated or not your personal choices...

the location, schools, foundation, floor plan, garage access, neighbors---these are items that will be lasting and everlasting--can only be changed by an act of the state legislature or lots of money or lots of time...buying an older home in a good location is probably a better choice than buying a newer home in bad location...the first is much less likely to lose value even if it maybe does not appreciate...the second one might be more attractive now but in 5 years be a real downer...

get a quality inspector--one that is a qualified engineer or has some home construction background like a liscensed plumber, electrician, HVAC person...
I think the guy we used was more flash than substance--and there are things that an inspector looks for that really does not tell you the accurate picture...
the dishwasher at this house ran---but it was terrible clogged with debris in the filter--the inspector did not catch it--we had to have a service call a month after moving in and we used the d/w maybe 10 times so far--we did not do that damage...
problem with the shower valves as well--
you spend more but you get better idea of quality of what you buy...