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Are you saying that yunus is incapable of looking at a map and deciding for himself which lot he wants? It only takes a few minutes to research zoning laws of adjacent land to the property you're buying.
I'm not saying that a buying a new home without a buyer's agent is the way to go, since the buyer's agent's services are essentially free to the buyer. However, I hate seeing realtor's justify their services because they make assumptions that homebuyers are an uneducated bunch of mouthbreathers.
Having a buyer's agent can be helpful if you don't feel confident that you alone can negotiate the best price. But please do not let a decision as important as the lot you build your home on fall in your agent's hands.
I think you did not fully understand the agent. We are not saying that the homeowenr is an uneducated mouth breather, what we are saying that I am a professional realtor and I am sure there are some things you know, BUT there are many other things you dont and I am here to ensure you are informed represented during the entire building process. Sure the buyer can read a map, but there is a lot more to choosing a lot than researching the zoning laws. Also the process is usually 6-9 months between start and closing and there are many many things that a good realtor does for his client and is responsible for. The contract and all its addendums, the pre-construction meeting with the builder, the design center, upgrades and change orders, loan application deadlines, commitment letter, pre drywall inspection( insure that all wiring, phone jacks, cable, stereo prewires, fan prewires,plumbing fixtures, insulation is in place as per clients requests), post drywall inspections, pre closing inspection and punch list, arrange closing, day of closing walk-thru, go over the HUD-1, insure all vendors to be paid post closing are included on the HUD-1, insure that all the figures on the HUD are correct, including but not limited to ,all prepaids, escrows, loan amounts, earnest money deposits, interim interest, insurance, and any other items on the HUD. The agent ,not the builder nor the attorney, is 100% responsible for this document which shows to whom and the amount of any financial exchanges in this transaction. This is a partial list of the things we do as a buyers agent. You tell me as a buyer why you would not want these services at no cost. The builder has an agent and by LAW they have a fudiciary responsibility to the builder which means they make the best deal for the builder not the buyer. Remember the builder pays the same commission whether you have an agent or not, its just a matter of how it is split..The notion of saving on the commission only applies to FSBO'S
On site agents do not split commissions with Realtors. A Realtors commission is TOTALLY seperate! The on site AGENT does NOT get any more if a Realtor is not used. However, I should clarify, I am not sure about other states, but I am in NC, which I imagine you are too.
Builders need Realtors business and welcome it!
If you are an onsite agent for a builder that has its own Real Estate Company this may be true, But builders who have another company market their listings pay trhe same commission to the comapny.
No..the onsite agent does not get any more but the onsite agents real estate company does.
In my case when I started telling my story SC let me go so fast it would make your head spin. They had a relationship with my builder who built a defective home and I am not talking cosmetics. CODE VIOLATIONS These are the facts as I know them.
I in other words had no power over them as a Realtor. But I did stand up for my own moral standards and placed my license in escrow until I could think it through. I obtained my real estate license to aid in my investment business and it quickly turned into more of a liability. I will not renew my license this spring as I am now sure I want no part of the business of selling homes to americans. ATTENTION ALL REALTORS there is also a ARBITRATION clause in your agreement with your Broker. Convienent HUH! Realtors work too hard as it is and defective homes and predatory contracts and brokers loyal to builders for $ is rightfully so scaring the hell out of people.
TKhomesuck.com
Quote:
Originally Posted by kstutler
I have placed my lisence in escrow as I was forced to leave the business due to my haveing no choice but to take a stand against my defective home builder. We have been in litigation and living in this moldy leaky dump for 7 years now.
There is a huge issue at stake and no one seems to be trying to make change in this area.
BEFORE you buy a new home or anything else for that matter check that contract for and ARBITRATION clause. Once you sign you have lost your right to a trial by a jury of your peers. That is right when an innocent victim comes forward there is no protection for them. And to the Realtors this is also more than likely in your sales agreement with your broker. When buying a new home or otherwise not only do you need a agent but it would be to the buyers best interest to check out that builder online. Go and talk to current homeowners of their product. Do not count on the ones making the profit to tell you the facts that might just have run you off. It very well may save you the heartache of a lifetime.
I would say go with the buyers agent. But, make sure you get a good one. There are some crappy builders out there with terrible customer service. A good realtor can help you avoid such landmines.
Also if you are buying new construction make sure of the following.
They allow priviate phase inspections.
They Allow you access to the property and have walkthroughs.
They allow you to talk with the builder.
If a builder will not allow you to do any of this, walk out of their office. No RUN!
I have dealt with such a company which is headquarterd in Richmond, VA and has the worst customer service ever, as well as the most evasive policies. They have such polices and this is the same company that I have seen not flashing windows before installation and were caught by Charleston county, South Carolina building services not installing moisture barrier behind the siding. Builders have evasive polices for a reason.
If you want the name of this builder please PM me. I wouldn't wish them on anyone.
Also if you are buying new construction make sure of the following.
They allow priviate phase inspections.
They Allow you access to the property and have walkthroughs.
They allow you to talk with the builder.
There are builders not allowing the above...?! Scary! I knew I did my homework, but I'll pat myself on the back for not getting involved in some crappy situation like this. I really regret the agent I had at the beginning for practically no reason will get paid, but ever since I'm dealing with the builder alone I'm doing all of the mentioned above and then some. Of course, perhaps the state of the market might make a difference as well.
The best thing to do is ask friends and family. Ask them if they hired a Realtor that did a good job for them, or if they know of one. Also make sure that they have experience in new construction. The biggest name isn't always the best, necessarily.
You want a Realtor that will give you the time you need. Some builders do as many as 7 or 8 walk-throughs throughout the building process. Your Realtor should be there with you every step of the way. Asking the questions you don't want to, hounding the builder if something needs to replaced or fixed, answering your questions such as what is the next step etc.
Many of the things listed are NOT the Buyers Agents Responsibility in a new home community purchase...
Quote:
Originally Posted by rmorton
I think you did not fully understand the agent. We are not saying that the homeowenr is an uneducated mouth breather, what we are saying that I am a professional realtor and I am sure there are some things you know, BUT there are many other things you dont and I am here to ensure you are informed represented during the entire building process. Sure the buyer can read a map, but there is a lot more to choosing a lot than researching the zoning laws. Also the process is usually 6-9 months between start and closing and there are many many things that a good realtor does for his client and is responsible for. The contract and all its addendums, the pre-construction meeting with the builder, the design center, upgrades and change orders, loan application deadlines, commitment letter, pre drywall inspection( insure that all wiring, phone jacks, cable, stereo prewires, fan prewires,plumbing fixtures, insulation is in place as per clients requests), post drywall inspections, pre closing inspection and punch list, arrange closing, day of closing walk-thru, go over the HUD-1, insure all vendors to be paid post closing are included on the HUD-1, insure that all the figures on the HUD are correct, including but not limited to ,all prepaids, escrows, loan amounts, earnest money deposits, interim interest, insurance, and any other items on the HUD. The agent ,not the builder nor the attorney, is 100% responsible for this document which shows to whom and the amount of any financial exchanges in this transaction. This is a partial list of the things we do as a buyers agent. You tell me as a buyer why you would not want these services at no cost. The builder has an agent and by LAW they have a fudiciary responsibility to the builder which means they make the best deal for the builder not the buyer. Remember the builder pays the same commission whether you have an agent or not, its just a matter of how it is split..The notion of saving on the commission only applies to FSBO'S
Sorry, but I can not agree with much of what you have stated here. I've been a Realtor for 18 years, and onsite exclusively for the past 6 years. I work for a major national real estate firm that does the sales and marketing for a large regional builder. So I am very very familiar with general brokerage, buyers agency, and onsite sales. My company and the builder I represent consider buyer's agents as co-op partners and always welcome them, as well as handsomely reward them for bringing their customers to our new home communities. As with ANY SELLER, builders are not paying the buyers agents for "representation" for the buyer. That makes no sense to even suggest.
Sellers pay buyers agents to bring them a buyer. Period. Technically, the buyers are responsible for paying the buyers agents for services rendered in the buyers behalf, UNLESS the SELLER has agreed to compensate the buyers agent. The buyers agents in new home communities are NOT responsible for writing the purchase contract in most new home communities, doing the change orders,(site agents responsibilities) arranging closings (most builders have closing coordinators),verifying electrical placement etc etc, (that is the responsibility of the purchaser and the construction manager) much less going to the design center (I do believe the buyer can pick out their own carpet and paint). The buyers agent should NOT take on the responsibility and liability of coming up with a punchlist...that is treading dangerous ground in my opinion. The buyers agents should (and do in my market) urge their clients to get a professional home inspection. Any deficiencies noted on the inspection should be included on the punchlist done as part of the pre-closing new home orientation.
I'm not busting your chops here. Buyers Agents often take an adversarial role when coming into a new home community, and that posture really isn't necessary. Your client is also the builder's valued customer. Builders live and die by the surveys they send out to their purchasers and to the Realtor co-ops, during and after the sale. Yes...after spending much of my adult life working as a Realtor and being involved in nearly 1000 home sales in those 18 years...I know all too well how shady some builders are, how deceitful onsite agents can be, but also how poor a job many real estate agents do for their clients. Many times over the years I've seen agents who were grossly inexperienced doing more damage to the reputation of Realtors everywhere, than I care to think about. Onsite agents jobs depend on the aforementioned customer surveys. It is my sworn duty to my builder to make darned sure that the people buying his homes have the best experience possible, that the process is explained thoroughly, and that the processes are adhered to from contract to closing. The homes I sell are priced from the $600's to $1 million. These buyers do their research well before walking in the door of my sales office. They are demanding, exacting, vocal when unhappy and will not settle for less that great service. Just as they should be, and not one bit different from the buyers I had when selling homes from the $180's to $250's.
Again, not busting on you...good Realtors are a godsend to buyers and sellers everywhere. Its a tough job with long hours, isn't it? And I wouldn't change careers for anything else on earth.
My company and the builder I represent consider buyer's agents as co-op partners and always welcome them, as well as handsomely reward them for bringing their customers to our new home communities. As with ANY SELLER, builders are not paying the buyers agents for "representation" for the buyer. That makes no sense to even suggest.
You contradicted yourself in this statement. First you say you reward the buying agenst handsomely (ie kickbacks) then in the next breath you say builders are not paying the buyers agents for "representation" for the buyer. LOL, you pay them to bring them in, but you don't pay them to represent them.....lol, sounds like NARspeak to me.
Quote:
Originally Posted by HappyNCGirl
Builders live and die by the surveys they send out to their purchasers and to the Realtor co-ops, during and after the sale. Yes...after spending much of my adult life working as a Realtor and being involved in nearly 1000 home sales in those 18 years...
I don't believe in surveys most times. Do you remember this?
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Broker loyalty is with the MONEY!
Scary! I knew I did my homework, but I'll pat myself on the back for not getting involved in some crappy situation like this. I really regret the agent I had at the beginning for practically no reason will get paid, but ever since I'm dealing with the builder alone I'm doing all of the mentioned above and then some. Of course, perhaps the state of the market might make a difference as well.
Many of the things listed are NOT the Buyers Agents Responsibility in a new home community purchase...
