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I started the process of researching a condo to buy. I have it narrowed down to three or four Chicago suburbs, and want to start touring properties. The site I've been primarily using is Redfin. On almost every property I looked at, I saw a "schedule tour" link. Which is what I want to do. However...
I'm hesitant to tour a property with an agent or attend an open house for a condo I'm not dead-set on buying, because I'm concerned that I'll be pressured to make a purchase there and then. Do agents put high pressure on you to sign the mortgage statement on the spot? Or do they just show you the property without getting on your case about buying? Also, is there any difference in pressure level in private tours with an agent vs. open houses? And what are my obligations on updating the agent regarding my decision, if I'm touring multiple condos to see which one meets my needs?
Typically, a private tour means you are interested in buying. People whose property is on the market want AN OFFER because they want to sell. So if they are going to have the house "show ready" and get out for an hour, they don't want it to be a waste of time for someone who isn't a serious buyer.
If you have done research on areas so that you have narrowed that down, the next step, for me, would be to find my own buyer's agent who would work with me to find a specific property.
Research those next by asking friends and colleagues who have bought and sold. Read rankings of agents in your area and see who is a top performer in your preferred neighborhoods.
Open houses are less pressure because they know a certain percentage of attendees are "looky-loos," nosy neighbors, etc. But they are a good way to get a view of comparable properties.
Your first step should be to get pre-qualified for a mortgage.
Your next step should be to interview 3 agents to represent YOU as a buyer's agent. Don't use those links in redfin. Ask your smart, well educated friends, family, Coworkers, local CD posters for recommendations. Do not hire a friend or family. In most cases, don't hire a family member of a friend, either.
There are many posts with questions to ask during these interviews, and how to select a buyer's agent. Look for them and follow the advice.
THEY go look at properties with your agent. They should not pressure you.
Also, don't feel like you can't tour several condos. There is no reason you should not be able to go in and see the actual floorplan and the flow of the place. I don't understand why anyone would try to discourage you from doing so. A home purchase is a huge step and most people plan on staying in their home for a while, so you need to be completely happy and comfortable with the place you end up buying.
So far, I got two contradictory messages. The first one says that touring a property comes with an unwritten requirement to buy it. The second one says that it doesn't. So which one is it? And is there a way to do a no-obligation tour other than an open house? (Open houses are few and far between for condos.) Because the obligation is what puts me off doing a tour in the first place? Even though the Redfin ads say that's it's "no obligation", what's on paper (or screen) and what's implied could be as different as night and day. I'm wise enough not to take everything literally, lol.
Also, how exactly does a buyer's agent work? Are they comparable to a lawyer representing me in a courtroom? (like for a ticket)
I started the process of researching a condo to buy. I have it narrowed down to three or four Chicago suburbs, and want to start touring properties. The site I've been primarily using is Redfin. On almost every property I looked at, I saw a "schedule tour" link. Which is what I want to do. However...
I'm hesitant to tour a property with an agent or attend an open house for a condo I'm not dead-set on buying, because I'm concerned that I'll be pressured to make a purchase there and then. Do agents put high pressure on you to sign the mortgage statement on the spot? Or do they just show you the property without getting on your case about buying? Also, is there any difference in pressure level in private tours with an agent vs. open houses? And what are my obligations on updating the agent regarding my decision, if I'm touring multiple condos to see which one meets my needs?
Get prequalfied by a lender
Find a buyer's agent. One that you can tell what your price range is and they can call listing agents to set up showings.
No they should not pressure you to make a decision right then and there. You decide when you are ready to make an offer on a home and you can discuss with your agent at how much to offer or the terms of the deal.
No agent expects the first home you see to be perfect for you, nor the first day of showings to be your only one before you enter into a contract to buy the home.
Don't sign an exclusive contract with a real estate agent that you don't understand which states you will only use him to purchase a home.
If you feel pressured by the agent or f they are too pushy tell him that you need to think about it, don't use him again and find someone else.
You also have to look into the HOA rules and fees and how stable it is.
Buying a home is not like buying a new outfit to wear, it's the most important and complicated purchase of most people's lives.
Good luck.
Last edited by LifeIsGood01; 03-06-2017 at 09:30 AM..
I second advice to ask some local friends and family for a recommendation for a good buyer's agent. If you don't want to be pressured, choose an agent who respects that. I certainly understand it, and never pressure a buyer to buy any place. Buyers either feel a place, or they don't. I actually don't think most agents do any kind of high pressure on any particular place, but some may have a process for narrowing down the search.
I will keep looking at places with a client for as long as they still have good reasons for not liking what we've seen so far. I have had clients find what they want on the very first day. I have had other clients who are still looking after six months. One pops up every so often and has been looking a year. They're not truly ready, but one day, they will be.
Talk to a few agents... in person or on the phone. Find them on local groups on facebook. We love those. Use whatever form of communication you like, so you find someone who does that well. You really do want to find one agent to help you through the whole process.... Don't just use whoever pops up for each listing. They learn nothing that way, they earn nothing that way, and the last one gets a windfall if you happen to stumble on the right place. Let a good buyer's agent educate you on the process, set you up to talk to lenders about your loan and budget, set you up on a search to see available listings, schedule some tours of not just one but a few properties in a day, for as many days as it takes, and help you through the offer and contract period.
Last edited by Diana Holbrook; 03-06-2017 at 09:38 AM..
Yes, I would say an agent is sorta like a lawyer representing your best interests.
I think you took wmns4life advice too strictly. It's reasonable for you as a buyer to recognize that seller's are wanting to sell their home. They have emotions and life changes going on. Selling is an inconvenience and a lot of work. It's reasonable to expect buyers to only view/tour homes that they would CONSIDER buying - and can actually afford to buy.
Nevertheless, you have ZERO obligation to buy any home you tour. Until you sign an offer. And if anybody makes you feel like you are obligated, fire them.
There is no unwritten requirement to buy a property during a private tour. Agents expect most buyers will tour several properties prior to a purchase.
An open house is often more of a means of agent marketing as much as property marketing. You might be asked for contact information, but properties are rarely sold at an open house unless it's a very, very hot market or hot, hot property.
First make sure you understand how Redfin works with buyers. Unlike traditional agents Redfin agents will show you very limited properties and may charge you to do so at a certain point. I'm assuming you're a first time buyer. Personally I don't think the Redfin model is good for first time buyers as it tends to be more "do it yourself." My opinion.
Yes, a buyer's agent represents you.(at least as I recall IL codes). A good agent should explain this to you. Depending on the suburbs you're interested in, it maybe more beneficial for you to have a couple different agents that specialize in those suburbs. As you know, the Chicago suburbs cover a large area. Agents in the Chicago area tend to specialize in a few suburbs. For example, I would never use an agent based in Arlington Heights to look at properties in Oak Lawn. Sure, they might be able to show you condos in both places but that doesn't mean they will have knowledge about the market in both places.
If the suburbs are adjacent or within the same general area a single agent would likely be fine. For example, an agent based in Oak Lawn would likely have enough knowledge to show properties in Evergreen Park or Burbank.
So far, I got two contradictory messages. The first one says that touring a property comes with an unwritten requirement to buy it. The second one says that it doesn't. So which one is it? And is there a way to do a no-obligation tour other than an open house? (Open houses are few and far between for condos.) Because the obligation is what puts me off doing a tour in the first place? Even though the Redfin ads say that's it's "no obligation", what's on paper (or screen) and what's implied could be as different as night and day. I'm wise enough not to take everything literally, lol.
Also, how exactly does a buyer's agent work? Are they comparable to a lawyer representing me in a courtroom? (like for a ticket)
Contradictory message: Let me try to clarify... Touring a property should NEVER feel like you are pressured to buy it.... but you should be a real buyer, before wasting a lot of a seller's time, or an agent's time, touring places. Does that make sense?
Your buyer's agent is your representative in the sale. They are generally paid out of sale proceeds, by the seller. The total commissions are split between seller's agent and buyer's agent. You will not typically pay anything out of pocket (except buying the house! ) for your buyer's agent.
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) for your buyer's agent.
