U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-13-2010, 05:59 PM
 
Location: My little patch of Earth
6,193 posts, read 4,581,539 times
Reputation: 3046

Advertisements

I've been actively looking at homes in my area the last several months mainly as a retirement home. I do not want a mortgage, just want to deal with county tax and a decent insurance policy.

In about 90% of the cases, realtors have either tried to talk me out of cash buys or weaseled out of the deal with various excuses.

I only wanted to spend about $100k and I suppose there wasn't enough in the transaction money-wise for them to continue with my search.

Sigh. So be it.

I will now concentrate on owner sales.

Maybe I'll catch the right place in the coming year.
Reply With Quote Quick reply to this message

 
Old 10-13-2010, 06:58 PM
 
Location: Athens
470 posts, read 1,312,758 times
Reputation: 260
Come down to my neck of the woods. Lots of properties available for around $100k. But, if you were my client I would give you some pros and cons of cash deals.
Reply With Quote Quick reply to this message
 
Old 10-13-2010, 08:49 PM
 
Location: Colorado Springs
1,634 posts, read 3,277,948 times
Reputation: 487
Realtors should not be giving any kind of financing advice period! There are mortgage and financial professionals to do that.
Reply With Quote Quick reply to this message
 
Old 10-13-2010, 09:59 PM
 
Location: My little patch of Earth
6,193 posts, read 4,581,539 times
Reputation: 3046
Quote:
Originally Posted by berncohomes View Post
Realtors should not be giving any kind of financing advice period! There are mortgage and financial professionals to do that.
Interesting. I wondered why the agents shun the convo when I start talking a cash buy. I figured the fees, points and some of the charges would be lost if the deal was cash.

How then does one approach such a purchase on a home owned by a bank and listed by a realty company?

One bank told me to deal with the realty agent. (the one that shunned my needs).

Anyway, I got frustrated and gave up pretty much. Driving all over town got to be time consuming.
Reply With Quote Quick reply to this message
 
Old 10-13-2010, 10:10 PM
 
Location: Columbia, SC
9,108 posts, read 18,127,667 times
Reputation: 6743
That's odd. My first thought was if they're blowing you off, they for some reason perceive you to not be legit. Cash is cash. Bernco, you're 100% wrong. Agents should know about financing and be able to offer basic advice. You need to know about the types of loans available, and what properties they'll work for. If you don't then you do your clients an injustice.
Reply With Quote Quick reply to this message
 
Old 10-13-2010, 10:27 PM
 
Location: Colorado Springs
1,634 posts, read 3,277,948 times
Reputation: 487
No I am correct. You should have basic knowledge of the types of loans available but you should not be advising your buyers which one they should take.
Reply With Quote Quick reply to this message
 
Old 10-14-2010, 06:36 AM
 
Location: Athens
470 posts, read 1,312,758 times
Reputation: 260
Cash is king right now, especially in the REO market on quality foreclosures with competitive bids. Don't know too many agents who would not take that business.

As for advice, yes, real estate agents should not give financial or legal advice. However, we should let the options be known. For instance, there are pros and cons of which type of loans to use. A USDA Rural Development loan might not be the best option for a competitively priced foreclosure because of the time it takes to close. We should let our clients know this if they have other options and would be remiss otherwise. Or, they might not be aware that they can use a VA loan more than once, we should make them aware of that.
Reply With Quote Quick reply to this message
 
Old 10-14-2010, 08:03 AM
 
Location: Hernando County, FL
8,488 posts, read 17,979,756 times
Reputation: 5397
Something doesn't sound right.

If a cash buyer walked into my office I was loving it as would any agent in my office.
Reply With Quote Quick reply to this message
 
Old 10-14-2010, 10:50 AM
 
Location: My little patch of Earth
6,193 posts, read 4,581,539 times
Reputation: 3046
Quote:
That's odd. My first thought was if they're blowing you off, they for some reason perceive you to not be legit. Cash is cash. Bernco, you're 100% wrong. Agents should know about financing and be able to offer basic advice. You need to know about the types of loans available, and what properties they'll work for. If you don't then you do your clients an injustice.
Dealing with eight different local agencies soured me for now. One of them promised to get back to me but that was five weeks ago.

Quote:
If a cash buyer walked into my office I was loving it as would any agent in my office.
Man, I wish! Some acted as if they'd never handled such a deal. Some were incredulous I'd be actually wanting to invest my money that way instead of using a mortgage and investing my cash in other things. I'm 59 years old and am tired of paying a mortgage every month. I own my current home outright as of this month. I guess that is a bit unusual in today's events especially in Real Estate.

I look at it as an investment without owing anyone other than the taxman. And it will always worth it's current value (hopefully).

I appreciate all the advice and comments.

Thanks!
Reply With Quote Quick reply to this message
 
Old 10-14-2010, 11:11 AM
 
Location: Happy wherever I am - Florida now
3,359 posts, read 10,931,130 times
Reputation: 3843
That's kind of scary really. I wonder if they've never seen anyone with that much cash or are so use to the recent 100% finance thing that they didn't know historically other parameters existed and for much longer?

I would still try to find a realtor as there are so many funky positions that houses are in right now. Also make sure you use a good real estate attorney for the same reason.

From a financial standpoint you're better off either having a house fully paid off (best option especially in your case) or fully financed and this depends upon age, circumstances, finances, etc and if financed and you plan on staying for the shortest number of years. A good realtor should be able to give you information about all options, not necessarily with specifics as to anyones personal circumstances.

Mortgage brokers are actually a new phenonenon. For many years people use to go to their own bank or credit union and the terms were 20% down (of unborrowed money) at 20 yrs non-adjustable rate. The 30 yr thing, adjustables, and no money down is what allowed house prices to get so out of control.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top