Buying a home....DON'T go alone (Charlotte: sales, real estate, insurance)
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This is especially true when buying a new home. A knowledgeable realtor will guide you through the purchase process so choose wisely!! The builder expects to compensate your realtor, for you to have representation to protect your interest, and for you to have a realtor to negotiate on your behalf. The new home on site representative is an agent of the builder and does not have not have a duty to protect your best interest!!! Your realtor is licensed by the state of NC and is governed by a code of ethics. It is advantageous to you, the consumer, to have a buyers agency agreement with your selected realtor!!
In addition to the building process, your realtor will assist you with information you will need for the mortgage and title company and to hold them accountable on your behalf.
Finally, if you must sell your current home to qualify for your new home, one of the first steps should be to have a realtor evaluate the condition and value of your current home along with discussing the cosmetic repairs versus the repairs that will have to be done in order to pass the home inspection.
Have all of your options in front of you, knowledge is power, disappointment can be avoided when your are informed. A buyers agent costs you the consumer absolutely nothing and can save you a great deal of time and aggravation if you choose your representation wisely.
Last edited by Charlie Berry; 08-22-2007 at 01:26 PM..
Well, it doesn't cost the consumer NOTHING. There is a cost for everything....
I agree that most buyers should be represented. I wasn't but that was because I'm in sales and from the NY area. (I really chewed down the salesman who I bought my home off of)......lot premium? what lot premium? LOL
In regards to the "home inspection", this probably is the most nerve wracking part of the process. I fought and fought to have the buyers' contractor evaluate the footings in my garage. He suspected termite damage but we agreed on a # that I would deduct off the price of the house.
Cost nothing? FYI: EVERY builder/seller adds sales fees to the price of the house...so it is INCLUDED/BUILT into the price...but not NOTHING...a BIG difference...you should know this...you should tell the potential buyer that your fee is paid by the seller...that is the honest way to answer the question of who pays for the realtors services.
Well, it doesn't cost the consumer NOTHING. There is a cost for everything....
I agree that most buyers should be represented. I wasn't but that was because I'm in sales and from the NY area. (I really chewed down the salesman who I bought my home off of)......lot premium? what lot premium? LOL
In regards to the "home inspection", this probably is the most nerve wracking part of the process. I fought and fought to have the buyers' contractor evaluate the footings in my garage. He suspected termite damage but we agreed on a # that I would deduct off the price of the house.
Yes, congratulations, lot premiums are bogus, I have never had a client that has paid a lot premium, I usually also get them additional $ for appliances etc, and, depending on the builder, a reduction in the overall sales price...Note, the builder pays the broker from a separate marketing budget, it does not come from the buyer, so while there is a cost, the builder absorbs that to get the sell. Additionally, if you have a buyers agent you have a recourse should a problem arise on your side of the transaction (E&O insurance is carried by all Realtors) As far as the work you did, I commend you, it sounds like you are really great in sales.....However, if you could have saved yourself the aggravation and had a buyers agent do the work (possibly even getting more) without the compensation coming form you...Wouldn't that time and energy you spent have been better directed toward quality of life with friends and family??
Cost nothing? FYI: EVERY builder/seller adds sales fees to the price of the house...so it is INCLUDED/BUILT into the price...but not NOTHING...a BIG difference...you should know this...you should tell the potential buyer that your fee is paid by the seller...that is the honest way to answer the question of who pays for the realtors services.
Costs nothing to the buyer!! The fee is paid by the seller....And yes, the builders arrive at prices with the fees built in, however, not having an agent does not earn you a credit from the builder, and, if you choose wisely, the agent will be able to get the equivelent of their fee, and most likely more, in savings to you the consumer.
The reality of the whole thing is that the buyer is the one that brings the big bag of money to the closing and pays for everything.
Is this only with a new home? I bought an older home, did not have an agent, nor did the seller. Seller paid all the closing costs. Is this a unique occurrence?
Well that statement is pretty confusing to most folks
The seller and yourself have the contract price for the house. You and your mortgage company bring the money to closing.
Everybody pulls money from that bag. The seller takes their mortgage payoff and all other closing expenses from the bag. The attorney takes their money from the bag. The home inspector, appraisal, and lender takes their money, and so on.
Yes, congratulations, lot premiums are bogus, I have never had a client that has paid a lot premium, I usually also get them additional $ for appliances etc, and, depending on the builder, a reduction in the overall sales price...Note, the builder pays the broker from a separate marketing budget, it does not come from the buyer, so while there is a cost, the builder absorbs that to get the sell. Additionally, if you have a buyers agent you have a recourse should a problem arise on your side of the transaction (E&O insurance is carried by all Realtors) As far as the work you did, I commend you, it sounds like you are really great in sales.....However, if you could have saved yourself the aggravation and had a buyers agent do the work (possibly even getting more) without the compensation coming form you...Wouldn't that time and energy you spent have been better directed toward quality of life with friends and family??
In negotiating the purchase of a new home (especially in today's market), I'd rather have the control over negotiations. I honestly wouldn't trust a buyer's agent to negotiate for me directly w/the builder. You never mentioned how specifically you get paid? Is it a percentage of the sale price of the home? These factors cannot be ignored.
I'm not saying I wouldn't recommend it for everyone, I just think its not as cut and dry to hire an agent, that's all.
In negotiating the purchase of a new home (especially in today's market), I'd rather have the control over negotiations. I honestly wouldn't trust a buyer's agent to negotiate for me directly w/the builder. You never mentioned how specifically you get paid? Is it a percentage of the sale price of the home? These factors cannot be ignored.
I'm not saying I wouldn't recommend it for everyone, I just think its not as cut and dry to hire an agent, that's all.
I will tell you how I get paid. By the Builder/Seller, if I am a "Buyers Agent". Usually 2.5%, and recently there are alot of bonuses, I have seen as high as $15,000! The nice thing about my company is we give 1/3 back to the buyer in the form of a rebate!
BTW, shouldn't this thread be under the "Real Estate" section. I do not see the how this relates to N.C. or Charlotte specifically!
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who's paying for it!
The nice thing about my company is we give 1/3 back to the buyer in the form of a rebate!
