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Don't be overly honest with a realtor until you find out if they are trustworthy.
If you qualify for $300K you can go to a different bank and ask for a pre qualification for $150K and show the realtor that is your budget and you may be able to go $25K above that for the right property.
You decide which properties you want to look at, start doing your homework online at places such as Realtor.com
If your realtor wants to show you only $200K and up then tell him that's fine but they better negotiate down to $150K. If you are too nice they might try to advantage of you.
If they find out you are a doctor or some other high earning profession they might want to push you higher, you can always just say you work in the medical field or fib about what you do.
As far as getting you the best price that is up to you, Homes have a price and most are negotiable as far as paying less or getting some of the closing costs paid for
Good luck.
If you are asked to sign a contract with a realtor it mostly means that if they show you a property and you decide to boy it that you will use them to make the purchase. It does not mean that you can't use a different realtor whenever you want.
So, no do not tell your realtor your max budget unless you want to look for homes in that price range.
Definitely level with your agent after you sign an agreement that the agent is working for you. Without your signature, he is working for every seller out there.
That may be the case in some areas, but a written agreement is not always required in order for an agent to represent a Buyer.
If you are asked to sign a contract with a realtor it mostly means that if they show you a property and you decide to boy it that you will use them to make the purchase. It does not mean that you can't use a different realtor whenever you want.
Contracts vary. It's important to read and understand every contract before signing it. A representation contract may very well limit the choice of agents--in fact, the vast majority probably do, at least to some extent.
Last edited by jackmichigan; 06-08-2015 at 05:46 AM..
Contracts vary. It's important to read and understand every contract before signing it. A representation contract may very well limit the choice of agents--in fact, the vast majority probably do.
and the person is not obligated to sign a contract. When I went to look at houses about 2 hours from where I was the agent didn't ask em to sigh a contract or to show my prequal letter. So I can in theory buy a home he showed me with a different realtor, but I would not do that.
Always read what you sign, if it's pages and paragraphs of confusing gobbledygook then move on and don't sign it. You are hiring them and they work for you.
In Michigan, I suspect that many agents do use contractual agency agreements, but we also have a simple agency disclosure form which needs to be given to prospective clients when dealing with residential properties, 1 to 4 units (including lots). For other real estate, however, even the agency disclosure form is not required.
In Michigan, I suspect that many agents do use contractual agency agreements, but we also have a simple agency disclosure form which needs to be given to prospective clients when dealing with residential properties, 1 to 4 units (including lots). For other real estate, however, even the agency disclosure form is not required.
Yep, Differences should caution people to consider blanket statements with a bit of healthy skepticism. Our WWREA is required for commercial agents, too. It is an NC Real Estate Commission form, not an NCAR form.
You need to consider the comp's before you budget money on a particular property for renovations. If you put 100k into a property that is always going to be worth around 200k, you will never get those $$ back.
Another "My state is different from your state" situation.
In NC, if I write an offer without a written buyers' agency agreement, I am either the sellers' agent or a subagent representing the seller.
In Indiana, the OP's state, a written buyers' agency agreement is rarely used because state laws differ. To oversimplify--one is a buyer's agent when one is working with the buyer, and the fiduciary responsibility lies with the buyer. There is no subagency in Indiana.
OP--that is a huge price range, but I understand it. I would recommend you start by looking at homes priced near the average selling price range in the area. It sounds like you could afford to be at the top of the market, but I would not recommend that in your situation. It sounds as if you would be comfortable in that type of house.
I would not tell them. Also, you say it is a small town and there seems to be several houses on the market in your budget range so I am wondering if you are sure you want to stay in this small town since with a lot of houses on the market, the reality might be that houses don't sell that quickly. I would check to see how long the houses have been sitting on the market. Hopefully, you have been living there awhile and know this will work out. I would check for information about foreclosures in the area since that can be a red flag.
Your payment will include home insurance and real estate taxes so I would look at that. Also, I cannot imagine having to pay a utility bill for one of those "mansions". I know that my brother in SW MI just went through the coldest weather he has ever seen. Maybe that would not be an issue for you but it would for many people as a bill can be a few hundred easily.
It can be hard to gauge exactly what your living expenses will be in an area. Also, some jobs evaporate overnight and there are no replacement jobs in the area. Hopefully, you are not in a position like that.
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