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Old 12-22-2012, 02:36 PM
 
19 posts, read 30,561 times
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Background: Cash Buyer, First time Homeowner, Chicagoland Area

My memory is a bit vague so excuse me if I misquote. About a year and a half ago Homepath/FannieMae/FreddieMac offered Realtors a Bonus/Incentive for working with owner occupants. They also gave 3% toward closing costs. Is there any indication that this will be making a reappearance?

At this point I feel that I wont be able to get a realtor to take me on as a client because the commission is too low.
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Old 12-22-2012, 03:15 PM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 12,361,470 times
Reputation: 3807
Quote:
Originally Posted by DancingRabbit View Post
Background: Cash Buyer, First time Homeowner, Chicagoland Area

My memory is a bit vague so excuse me if I misquote. About a year and a half ago Homepath/FannieMae/FreddieMac offered Realtors a Bonus/Incentive for working with owner occupants. They also gave 3% toward closing costs. Is there any indication that this will be making a reappearance?

At this point I feel that I wont be able to get a realtor to take me on as a client because the commission is too low.
Go into the office of one of the large brokerages. Ask to speak with the designated broker. Tell him your needs and ask him to have one of his agents work with you. Others will offer some other suggestions, so listen to them all, and one or several of them will probably work for you.
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Old 12-23-2012, 07:31 AM
 
19 posts, read 30,561 times
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Thanks for the advice. Are there any threads here that you remember off the top of your head that I should read? Any other background knowledge I should aquire before I make that step?
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Old 12-23-2012, 07:55 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 12,361,470 times
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Quote:
Originally Posted by DancingRabbit View Post
Thanks for the advice. Are there any threads here that you remember off the top of your head that I should read? Any other background knowledge I should aquire before I make that step?
Use the City Data advance search feature and try several different searches, and you may find something.

You may also go to the Fannie Mae site and search for information there.
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Old 12-24-2012, 07:56 PM
 
129 posts, read 248,842 times
Reputation: 75
Quote:
Originally Posted by DancingRabbit View Post
Background: Cash Buyer, First time Homeowner, Chicagoland Area

My memory is a bit vague so excuse me if I misquote. About a year and a half ago Homepath/FannieMae/FreddieMac offered Realtors a Bonus/Incentive for working with owner occupants. They also gave 3% toward closing costs. Is there any indication that this will be making a reappearance?

At this point I feel that I wont be able to get a realtor to take me on as a client because the commission is too low.
Many realtors would want you as a client.
After taking you out for a couple of days, they may quickly lose interest though.
So don't sign a contract.

There is no indication of the 3% on Homepath returning. However I just bought a Homepath and negotiated them to pay over 4% in closing costs. I got a prepaid PMI loan, otherwise my closing costs might not have been high enough to use the 4%. I also used a broker from SIRVA relocation (thru my company benefits) and will get about a 0.5% rebate on the sale (paid by my buyers agency).
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Old 12-25-2012, 05:10 PM
 
19 posts, read 30,561 times
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Thank you for your response Jack however I feel that it doesn't apply to me. I may be a first time homeowner but that doesn't mean I dont know what I want.

I know the type of home that appeals to me. There wont be endless showings that a Realtor will have to endure. I'm not sure why you feel someone would lose interest after a couple of days.

My concern is that the commission is so low that a realtor wont be properly reimbursed for all the time spent. My question was in regards to the realtor bonus coming back. I believe it was $1000 or $1500 or so. If there was some murmuring in the community about it being brought back I figured the agents here would have heard something.
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Old 12-25-2012, 05:46 PM
 
Location: northern va
1,508 posts, read 1,861,518 times
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an agent would be a fool to turn away a cash buyer, regardless of a bonus incentive being on a property or not. unless the agent is super busy, and at that point, they should be able to refer you to an associate.
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Old 12-25-2012, 06:33 PM
 
Location: DFW - Coppell / Las Colinas
28,056 posts, read 32,658,278 times
Reputation: 33193
Quote:
Originally Posted by DancingRabbit View Post
My concern is that the commission is so low that a realtor wont be properly reimbursed for all the time spent. My question was in regards to the realtor bonus coming back. I believe it was $1000 or $1500 or so. If there was some murmuring in the community about it being brought back I figured the agents here would have heard something.
Homepath homes are really pretty nice homes. Be upfront with an agent and let him know your concerns.

You sound like the type of person I'd love to work with.
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Old 12-25-2012, 06:50 PM
 
19 posts, read 30,561 times
Reputation: 25
Thanks guys, I'm starting to feel a lot less nervous about this.
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Old 12-26-2012, 10:10 PM
 
Location: Salem, OR
13,540 posts, read 30,435,502 times
Reputation: 11501
Just saw a new Freddie Mac listing today with a bonus included in my area.
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