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Old 12-18-2007, 05:59 PM
 
Location: Gorham, Maine
1,815 posts, read 4,268,283 times
Reputation: 1240

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Quote:
Originally Posted by bignhfamily View Post
I know just how you feel! For us, on several occasions we find something that seems perfect and head up to take a look only to find the back half of the house is missing (out of the MLS pictures of course) or just unrepairable and shouldn't even be listed as a house. Oh well, We will just put our fate in Gods hand and he will lead us home! No Worries.
Not to beat a dead horse about hiring a Buyer's Agent, but a good one would preview the houses you select prior to your visit and send you their own pictures.
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Old 12-18-2007, 06:04 PM
 
1,961 posts, read 4,164,573 times
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Quote:
Originally Posted by bignhfamily View Post
I know just how you feel! For us, on several occasions we find something that seems perfect and head up to take a look only to find the back half of the house is missing (out of the MLS pictures of course) or just unrepairable and shouldn't even be listed as a house.
A Buyer's Agent is the way to go! We used one for our last 3 purchases and have not had any regrets. They provided us with pictures, comps and other relevant info!

We are lucky to have 2 realtors represented on this forum- mainebrokerman and whofanme. They have been posting for at least 5 months or longer and have built up a favorable reputation among most of us fellow posters. Perhaps dm both of them for their suggestions and names of good buyer agents.
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Old 12-18-2007, 06:19 PM
 
Location: Central NH
1,004 posts, read 2,013,473 times
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Quote:
Originally Posted by WhoFanMe View Post
Not to beat a dead horse about hiring a Buyer's Agent, but a good one would preview the houses you select prior to your visit and send you their own pictures.
Point well taken, but all the scouting missions really gave me a better look at Maine. Though I was disappointed at most of the "fixer uppers" (this term here in NH means that it's habitable but needs work) I've looked at, I gained valuable insight in the communities by spending time in them.
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Old 12-18-2007, 06:23 PM
 
Location: Central NH
1,004 posts, read 2,013,473 times
Reputation: 1061
Quote:
Originally Posted by moughie View Post
A Buyer's Agent is the way to go! We used one for our last 3 purchases and have not had any regrets. They provided us with pictures, comps and other relevant info!

We are lucky to have 2 realtors represented on this forum- mainebrokerman and whofanme. They have been posting for at least 5 months or longer and have built up a favorable reputation among most of us fellow posters. Perhaps dm both of them for their suggestions and names of good buyer agents.
Don't forget about Northern Maine Land Man and our new friend Spaige!
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Old 12-18-2007, 06:28 PM
 
Location: Gorham, Maine
1,815 posts, read 4,268,283 times
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Quote:
Originally Posted by bignhfamily View Post
Point well taken, but all the scouting missions really gave me a better look at Maine. Though I was disappointed at most of the "fixer uppers" (this term here in NH means that it's habitable but needs work) I've looked at, I gained valuable insight in the communities by spending time in them.
Yes you should spend time in the communities you have on your short list, but you shouldn't waste time looking at homes which you have no interest in. You also should meet with a local, reputable lender and get pre-approved for the amount of home you can buy based on your income, assets and down payment. I have seen many buyers spend hours and hours looking at homes only to find out that they can't afford to purchase them.
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Old 12-18-2007, 06:29 PM
 
Location: Forests of Maine
29,723 posts, read 47,495,927 times
Reputation: 17577
Quote:
Originally Posted by moughie View Post
A Buyer's Agent is the way to go! We used one for our last 3 purchases and have not had any regrets. They provided us with pictures, comps and other relevant info!

We are lucky to have 2 realtors represented on this forum- mainebrokerman and whofanme. They have been posting for at least 5 months or longer and have built up a favorable reputation among most of us fellow posters. Perhaps dm both of them for their suggestions and names of good buyer agents.
We have more than two on this forum.

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Old 12-18-2007, 07:10 PM
 
Location: Central NH
1,004 posts, read 2,013,473 times
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Quote:
Originally Posted by WhoFanMe View Post
Yes you should spend time in the communities you have on your short list, but you shouldn't waste time looking at homes which you have no interest in. You also should meet with a local, reputable lender and get pre-approved for the amount of home you can buy based on your income, assets and down payment. I have seen many buyers spend hours and hours looking at homes only to find out that they can't afford to purchase them.
One thing I could never understand about a buyers agent is that you still work on a commission paid by the listing agent, right? So how is it in your best interest to help me get the lowest price possible from the seller. The lower the price the lower the commission. I have found that I am great at negotiating prices. I'm no real estate guru but I have owned a couple of homes and flipped several. The investment properties I bought were ones that sat on the market in bad shape for a long time. I simply went to the town offices, looked up the owners. Then I wrote them with a very low offer and said when their contract with Realtor was up consider my offer. Most of them came back to me. In a couple of buys I was able to work out cheap owner financing as well. Mind you these were houses most people wouldn't have bought as they were in fairly rough shape.

I guess that we have been fortunate and business has been good and we live well below our means and have done so for many years. We have squirreled away a nest egg and are only looking at properties we can buy outright. Some of the well off customers I have worked for throw out better kitchen cabinets, counters, fixtures, doors, furniture than I could ever afford. I have been saving these "treasures" too! I'm looking forward to hauling it up to Maine and making it work with whatever we buy.
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Old 12-18-2007, 08:07 PM
 
Location: Gorham, Maine
1,815 posts, read 4,268,283 times
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Quote:
Originally Posted by bignhfamily View Post
One thing I could never understand about a buyers agent is that you still work on a commission paid by the listing agent, right? So how is it in your best interest to help me get the lowest price possible from the seller. The lower the price the lower the commission.
Once a buyer signs an Exclusive Buyer Representation Agreement, I assume the fiduciary duties of care, obedience, accounting, loyalty, diligence, disclosure and confidentiality in the pursuit of a property at a price and on terms satisfactory to my client. There is much more to it than just negotiating the purchase price. I coordinate the inspections and help negotiate the modifications needed to keep the contract going, financing, appraisal, title company selection, and other various other duties in the period between contract and closing.

As you say, you may not need representation and that is fine, it's not for everybody. But I submit that by your own admission you've wasted time and money by looking at unsuitable homes on several occasions. It all depends upon your priorities.
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Old 12-18-2007, 08:37 PM
 
Location: Forests of Maine
29,723 posts, read 47,495,927 times
Reputation: 17577
Quote:
Originally Posted by bignhfamily View Post
... I have found that I am great at negotiating prices.
Personally I have never really understood the big deal about 'negotiating' a price.

I make an offer. You accept or make a counter-offer. Done.

If any number of third parties are in between, then they fog up the process.

If they change the offer, flavour it, or in any manner change the offer, they should be horse-whipped. So really if a third party takes any active role in the negotiations they are completely outside of what they should be doing.

Third parties are not doing the negotiating, they should be functioning more as a telephone. Quote the offer, and respond with the counter-offer. Or else find another role in life.



Quote:
I'm no real estate guru but I have owned a couple of homes and flipped several. The investment properties I bought were ones that sat on the market in bad shape for a long time. I simply went to the town offices, looked up the owners. Then I wrote them with a very low offer and said when their contract with Realtor was up consider my offer. Most of them came back to me. In a couple of buys I was able to work out cheap owner financing as well. Mind you these were houses most people wouldn't have bought as they were in fairly rough shape.
Well done.

I have always used realtors in purchasing our properties before now. Apartment buildings in distressed condition, yet still full of tenants.
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Old 12-18-2007, 09:43 PM
 
Location: Gorham, Maine
1,815 posts, read 4,268,283 times
Reputation: 1240
forest, that is one way to look at it and you obviously know what you're doing so more power to you. Other buyers want to see comparables of what has sold recently, what is on the market and want somebody who watches the market everyday to share their knowledge. They also need help with financing, inspections, insurance, moving, schools, utilities and other details which come up in a relocation. I cannot tell you how many buyers are sitting on the sideline afraid that to take the plunge for fear that they are paying too much in a declining market. Again, I want to reiterate that REALTORS aren't making the decisions, we are offering advice based on our observations of the property and experience in the market, which is welcome by the overwhelming majority of buyers and sellers who see a tangible value in that skill.
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