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Old 08-20-2008, 09:28 AM
 
175 posts, read 801,776 times
Reputation: 145

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Quote:
Originally Posted by kbarta05 View Post
Don't you have a realtor? You are a first time home buyer and it sounds like you are doing this without a professional. Everyday there are atleast 4 new threads from you (yesterday alone-6).
Also, it sounds like you may not be ready to be a home owner if you are expecting the seller to pay for everything... Many people are spending a lot of time responding to your questions on here when there are men and women out there that do this for a living. Especially with this being your first home, contact an agent so you don't mess this up. Once it is done, it is done. If you can't "afford" to have an agent, then you probably need to stick with renting.
Kbarta is right! Marykate, I've got to give you credit for asking questions and learning, but let me ask you this -- how do you know you are not paying too much for this house? Do you have comp sales in the neighborhood? You need representation, period. (I hope moderator does not delete this post as soliciting business because I am not; I've asked the OP a very important question)
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Old 08-20-2008, 02:27 PM
 
93 posts, read 363,726 times
Reputation: 28
Quote:
Originally Posted by Kappinator View Post
Kbarta is right! Marykate, I've got to give you credit for asking questions and learning, but let me ask you this -- how do you know you are not paying too much for this house? Do you have comp sales in the neighborhood? You need representation, period. (I hope moderator does not delete this post as soliciting business because I am not; I've asked the OP a very important question)
+1. I have no problem helping people out by providing knowledge to them but you need to have proper representation if you have to ask this simple of a question. This forum is great for getting "free" information from professionals and other knowledgeable people, however, you should not rely on it to help you through such an important process.

Why do you insist on not hiring a professional to help you in such and important purchase when it won't cost you a dime? The seller pays your Realtor and you get proper representation.

~Mark
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Old 08-20-2008, 02:32 PM
 
Location: Houston
57 posts, read 379,161 times
Reputation: 31
Quote:
Originally Posted by MDMontemayor View Post
This forum is great for getting "free" information from professionals and other knowledgeable people, however, you should not rely on it to help you through such an important process.
Furthermore, this forum will be of no use when you're sitting at a closing and a question comes up needing an immediate decision.
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Old 08-20-2008, 03:48 PM
 
175 posts, read 801,776 times
Reputation: 145
Quote:
Originally Posted by MDMontemayor View Post
+1. I have no problem helping people out by providing knowledge to them but you need to have proper representation if you have to ask this simple of a question. This forum is great for getting "free" information from professionals and other knowledgeable people, however, you should not rely on it to help you through such an important process.

Why do you insist on not hiring a professional to help you in such and important purchase when it won't cost you a dime? The seller pays your Realtor and you get proper representation.

~Mark
Thank you Mark and Hammer 2000 for your comments! (I still can't figure out how to double quote) Anyway, maybe she doesn't know that the seller pays the real estate commission, not the buyer, so that was an excellent comment Mark. Hopefully she'll read it. I think I read on one of her previous posts that the seller is a realtor; it that's right, Marykate is actually putting money in the sellers/realtors pocket by him/her not paying the commission to an agent representing Marykate. This is scary!
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Old 08-20-2008, 03:53 PM
 
Location: Houston
57 posts, read 379,161 times
Reputation: 31
Quote:
Originally Posted by Kappinator View Post
I think I read on one of her previous posts that the seller is a realtor;
I don't recall, but if that's the case, then you definitely need assistance. I would not want to be a first-time buyer with limited experience sitting across the table negotiating points with someone who does this sort of thing every day.

If the realtor is honest and highly ethical (good chance) it may not turn out badly. If the realtor is not... then you're gonna get taken bad.
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Old 08-20-2008, 03:57 PM
 
132 posts, read 523,297 times
Reputation: 54
Many people here have told her to get a realtor representation.

I think the seller (who is a realtor) would have told her that the price will be increased if she brings in a buyer's realtor.

Also, seller would have convinced her that she is getting the best deal this way.

Also, the seller would have offered 'any help whatsover'

Hope she will do it alone. But its SCARY.



Quote:
Originally Posted by Kappinator View Post
Thank you Mark and Hammer 2000 for your comments! (I still can't figure out how to double quote) Anyway, maybe she doesn't know that the seller pays the real estate commission, not the buyer, so that was an excellent comment Mark. Hopefully she'll read it. I think I read on one of her previous posts that the seller is a realtor; it that's right, Marykate is actually putting money in the sellers/realtors pocket by him/her not paying the commission to an agent representing Marykate. This is scary!
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Old 08-20-2008, 05:15 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,594,674 times
Reputation: 249
one thing you cant over look. is that the purpose of having a licensed real estate agent, is not only to compare products, but also to protect yourself. They eliminate the need to hire an attorney. think of your agent as your legal council in the purchase. depending on your state laws, typically the seller agent has to furnish documents to a buyer who lacks representation. have you signed any documents that disclose the relationship between you and the seller? you must protect yourself!
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Old 08-20-2008, 09:29 PM
 
Location: Cary, NC
1,036 posts, read 3,627,489 times
Reputation: 503
Quote:
Originally Posted by Houston456 View Post
Many people here have told her to get a realtor representation.

I think the seller (who is a realtor) would have told her that the price will be increased if she brings in a buyer's realtor.

Also, seller would have convinced her that she is getting the best deal this way.

Also, the seller would have offered 'any help whatsover'

Hope she will do it alone. But its SCARY.

Of course the seller will say that

What seller doesnt say you are getting the best deal ever and help you dot all the i's. By the way, I have this bridge I want to sell.... great price, and I will even help you with the legal documents so don't get an attorney.



If you are shopping for a home and you don't have a grasp of your loan, what are you thinking? You didn't even know if you were pre-qualified until AFTER you were under contract and asked here?

I mean, the horse comes before the cart here. Its like walking out of a store with a new TV and then checking the price tag!! Its something you should do and plan for before you make a purchase.
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Old 08-23-2008, 11:26 AM
 
Location: Chesterfield, VA
1,218 posts, read 4,438,269 times
Reputation: 533
Default An answer to your question...

Quote:
Originally Posted by marykate1 View Post
Hi,

My good faith estimate states that my interest rate in around 6.625 % and my estimated APR is around 7.389%....

When looking at home loans what comes to play? The interest rate or APR?
It seems as if no one has answered this question for you...

When comparing rates, use the APR. This basically is the interest rate with all of the other fees added in.
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