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NY Attorneys keep the records straight. They know nothing about value or pricing. Nothing wrong with hiring a Buyers Agent if you are uncomfortable with the price/value or procedures for valuing deficiencies. I agree with Bob on a hired contractor for repairs if they are likely to be extensive. I would never give you an opinion on that not in my job description.
Gretchen B and BobKovacs,
Those are good suggestions, that I originally imagined myself doing, but when I started to formulate my plan, I realized that I don't know any contractors or inspectors.
I have sought recommendations, but only have one endorsement for an inspector, and the rest would be- "let's flip open the yellow pages and interview this guy..."
This is one of my reasons for wanting to get a buyer agent involved, so i could tap into his network of good professionals. (Is it foolhardy to think that if he's a good agent that he will know good people?)
We're feeling anxious that we need to start moving on this house. (It might be first time buyer craziness..)
So I'm trying to off-load selecting the right set of players to the buyer agent.
Am I putting too many eggs in this buyer's agent basket?
piecesofeight - Absolutely, those are the kinds of things a good buyer's agent should do for you. We basically have a "network" of inspectors, lenders, etc that we've found we can count on to be reliable and trustworthy. Also, negotiating the offer and scheduling and coordinating the inspections, staying on top of any issues arising during the escrow period are all things a good agent will do for you. Especially as a first time homebuyer you'd really up your comfort level using a buyer's agent. Ideally, you'd want to interview and hire a good agent prior to looking at houses. That way they can help you through the pre-qual process and educate you on your local housing market, including homes with the most potential to be a sound investment that will have good resale value when it comes time to sell.
Maybe someone familiar with the attorney states can tell you what kinds of things you can expect with an attorney. Since most real estate transactions here in AZ are handled by the agents and title companies, I'm not familiar with how things go with the attorneys handling most of it. (I do know we close most transactions here within 30 days and it takes much longer back East.)
Location: Moved to town. Miss 'my' woods and critters.
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If the agent that is representing the seller works in an office with other agents, may I suggest that you contact the Broker of his/her firm and request a meeting. At this meeting I would then suggest that you express your concerns and ask for someone else in the firm be named as the designated agent to assist you. Here in Missouri that has been useful in the past in my office. Very touchy situation being the seller's agent and attempting to be a buyer's agent for the same property. Do not recommend such.
If the agent that is representing the seller works in an office with other agents, may I suggest that you contact the Broker of his/her firm and request a meeting. At this meeting I would then suggest that you express your concerns and ask for someone else in the firm be named as the designated agent to assist you. Here in Missouri that has been useful in the past in my office. Very touchy situation being the seller's agent and attempting to be a buyer's agent for the same property. Do not recommend such.
Again guys...Real Estate is local.
This is the standard arrangement in NYC. They don't coop. They don't MLS. They don't do designated agency. The broker would find the conversation humorous.
If the agent that is representing the seller works in an office with other agents, may I suggest that you contact the Broker of his/her firm and request a meeting. At this meeting I would then suggest that you express your concerns and ask for someone else in the firm be named as the designated agent to assist you.
That's still dual agency (same office)-at least it is here.
The reason you want a buyers agent is to help you pay a fair price for the home and make sure you do everything you are entitled to such as an inspection. The sellers agent is more than capable of taking you through the contract but they are not going to have your best interests in mind (what to pay for their listing).
Have an inspection done, hire a contractor to give you an estimate, hire a buyers agent to give you a market analysis on the area-it shouldn't take more than an hour to create. Then you'll have all the information you need to start the negotiation.
The attorney will answer any legal concerns you have and you may even be able to call them and ask a question or two over the phone. Most of them I've encountered here don't mind.
I had another thought that works here-can you put a contingency in the contract that you have an inspection done and that it is satisfactory to you?
That way you can put a contract on the house and (if it's accepted) then have your inspection and contractor estimate done.
If you can do this, then at the point the inspection is done, you go back into negotiation on your contract-that is if the original price you offered is now too high because of repairs etc, then you can renegotiate the deal. At that point if you can't settle on something you aren't held to the contract. Just be aware of time limits-here you only have 48hrs after inspection to bring up issues.
AGAIN-this is in MY STATE-yours may be different-so don't run with this w/o checking it out.
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