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Old 11-19-2020, 02:11 PM
 
147 posts, read 321,281 times
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My son is relocating to the Aberdeen area. He and his fiance will be first time home owners and are presently house hunting in the area. We are from NY and looking for advice on the local practices when buying a home. Here in NY during a "normal" market most bids are 3-6% less than asking price since most buyers know that the seller's real estate agent's commission is generally added to what the seller wants to list his home and the buyer doesn't want to pay that expense. NY standard practice has the buyer paying or his own attorney at closing, same goes (mostly) for the seller, yet another expense probably added into the asking price. Most of us in NY (not including those really well off people from NYC) can't afford to get into a bidding war and won't go over the asking price, not too sure about the practice in Maryland.
Thanks in advance for any information.
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Old 11-19-2020, 10:53 PM
 
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You may get in a bidding war. A lot of people come to Maryland for work. Military, Federal Employees, lots of Tech, and plenty of Jobs in the medical field.
BOL. Th market is hot. Especially on new builds.
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Old 11-21-2020, 07:29 PM
 
3,324 posts, read 3,101,450 times
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OP, you say that in NY state people bid 3-6% less than asking price to avoid paying the commission. How so? If the house is listed with a realtor, they are paying the realtor's commission whether they like it or not, either at closing, or as the result of a lawsuit brought by the listing broker for avoiding the realtor's commission. If the house is not yet listed, how would the buyers know the house is for sale and to put in an offer?

In NY state, I believe an attorney is still required for closing. In Maryland no attorney is required for closing, but I strongly suggest your son have a competent real estate attorney look over the deal before you proceed. He will pay for that out of his pocket, along with the majority of closing costs which are high in Maryland. Here you bid what you think the house is worth, with advice and guidance from your realtor. A bid could be a lot lower or higher than the listing price, or anywhere in between.

Right now, the market is hot. If you don't get into a bidding war or go over the asking price, you might not get a house, or the house that you want.

When in Rome...do as the Romans.
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