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We're currently searching for an existing home in the Las Colinas/Valley Ranch area. We started our search by just viewing homes with the listing agent, but there's one particular office in the area that seems list about 25-40% of the homes, and where the listing agent never returns our calls. When calling the office, they assigned a buyer's agent to us (we didn't sign a contract). We've viewed a few homes with this agent, but really aren't sure what we should expect, we know that the agent only gets paid after a house is sold, but so far:
-The agent only has good things to say about every home we see. No criticisms, and usually doesn't point out any flaws.
-The agent routinely recommends properties outside of the price range we specified
-The agent initially told us how they negotiated low prices on previous homes, but whenever we view a home, we're told that we can probably get it for about 10k less than the asking price (even if it's been on the market for months etc.)
On the agent's plus sides, we've been provided with a fair bit of information on the homes we're interested in, but that's about it.
Should I expect the same from all buyer's agents, or are there some who will actually fight on our behalf, and ward us away from "problem" homes instead of trying to get a quick comission?
If it sounds like this agent isn't working for our interests, what's the best way to walk away without leaving on bad terms?
Can anyone recommend a good agent who might be familiar with the area? We check the listings daily online, so we have a pretty good idea of what's coming on the market etc.
We're currently searching for an existing home in the Las Colinas/Valley Ranch area. We started our search by just viewing homes with the listing agent, but there's one particular office in the area that seems list about 25-40% of the homes, and where the listing agent never returns our calls. When calling the office, they assigned a buyer's agent to us (we didn't sign a contract). We've viewed a few homes with this agent, but really aren't sure what we should expect, we know that the agent only gets paid after a house is sold, but so far:
-The agent only has good things to say about every home we see. No criticisms, and usually doesn't point out any flaws.
-The agent routinely recommends properties outside of the price range we specified
-The agent initially told us how they negotiated low prices on previous homes, but whenever we view a home, we're told that we can probably get it for about 10k less than the asking price (even if it's been on the market for months etc.)
On the agent's plus sides, we've been provided with a fair bit of information on the homes we're interested in, but that's about it.
Should I expect the same from all buyer's agents, or are there some who will actually fight on our behalf, and ward us away from "problem" homes instead of trying to get a quick comission?
If it sounds like this agent isn't working for our interests, what's the best way to walk away without leaving on bad terms?
Can anyone recommend a good agent who might be familiar with the area? We check the listings daily online, so we have a pretty good idea of what's coming on the market etc.
Our agent showed us a LOT of preexisting homes and did point out things wrong with some of them (the ones that had things wrong with them that we were interested in). He didn't do it in a way that was degrading to the homeowner or listing agent. He also negotiated us on the house we decided on very nicely However, I don't know if he is familiar with that area (you're more than welcome to P.M. me for his name).
I wouldn't like to be with an agent that makes me feel like I'm just a sale. BTDT and ended up being screwed in some ways.
If you don't mind me asking, how much of a discount was your agent able to negotiate? (% is fine if you're not comfortable disclosing numbers about the value of your home etc.)
We're shopping in the mid-200k range, and our agent is usually telling us that a home is priced really well, and that we won't be able to get more than 10k off, even given the current market conditions (downswing in the market), and the fact that many of these homes are priced $20k + over the cities tax appraisal numbers.
At the time we (similar price range, low 200s) we got about 10% off. It was a good deal, I've heard of better and I've heard of worse. We did buy a spec home with new construction. We ended up moving to Georgia and are coming back, I don't think we will buy new construction because our priorities have changed and I want mature trees. Not that the house was bad, it wasn't at all.
First of all about your "buyer's agent"--s0metimes those are the people who are new to the real estate market--they don't have the contacts to bring in lot of listings so they are sent out to "sell" homes other agensts have listed and that way the full 6% is kept in the office so to speak...the companies tell you it is because they don't want listing agents trying to "sell" homes to people who are not their original clients and compromise feduciary responsibility but I don't think that is necessarily true....als--not giving much input on good/bad aspects of home--this agent does not have a long term relationship with you, s/he might not want to sway you into a purchase and then if you are unhappy later get zonked with complaints--some agents do just that--they 'show" homes--they don't say--that wallpaper would have to come down, or the yard is really overgrown and some of the plants are dead...I think a legitimate agent would have to point out flaws that would affect the integrity of the home--like signs of water damage or slab problems...but some new agents might not be any more knowledgeable than someone just looking for a home--there are home inspections and agent might just think that an inspector would point out any flaws before the sale is actually completed...
the part that would worry me the most is when you say the agent "routinely" recommends homes outside your price range--that is a troll--that person definitely does not want to help you find a home YOU are comfortable with---the problem might be however, that you WANT things you can only get in more expensive home, i.e.--bigger rooms, more sq ft, pool, nicer amenities like granite countertops or better appliances...so that you are turning down the houses in your price range because they don't have what you want....if that is so--you will not be satisfied with just "any" home--
we are looking for particular style of room layout, with privacy in backyard and trees in price range that makes those homes difficult to find--we have actually made a bid on ONE house in two years of looking---first people to see it the first lited day--put in contract right way and negotiated price a little but they acccepted contract--then before inspection happened had the sellers back out because of unexpected major health issues with a son---we could have tried to enforce the contract but my husband and our realtor said it was trying to push water uphill...that was in May--it may take another year to find something that meets all our criteria (we have a very patient real estate agent--and we check the MLS daily as well--I think I am extremely knowledgeable by this time about what is going on in the areas we want to buy in....new home construction for us is just too expensive for what we want so we are really actively looking on the resale market...and we don't have to move so we are frustrated but not that bad off....
Regarding checking the fair price: the tax appraisal is not necessarily the best insight into fair pricing on the real estate market--
an analysis of comps--homes in the area that have sold in past year with their sq ft and description--like 2 or 3 car garage, pool w/spa, pool or no pool, 4/3 or 3/3.5 design...all make differences in the listing and selling price of home--where homes are located within development, lot orientation, school zoned for also affect a homes selling price--but would not affect the tax appraisal ... homes are appraised by neighborhood usually (not as individual home), by sq footage, and then things like 3 car garage and having a pool added....some newer homes under 2 years old probably don't even have a full tax appraised value by the county authority...
the next time any "buyer's" agent takes you out--ask for a prepared list of comps for homes in that area over the past 6m-a year--if they give you flack say that it is your right to know that information (which I think it is even if you are making your initial viewing) and you don't understand why the agent is not willing to give you full disclosure about the property--full disclosure is a key word with realtors--all homeowners have to make a "full disclosure" document when they list a home--it should be available to anyone wanting to view the home but is usually only shown to people who are considering offers...
A comp list is computer generated and the agent just gets it fairly easily off information already in the MLS system--then KEEP THAT COMP LIST...
Look at houses in a variety of areas (as much as you can for what you like) and school zones within a district...to use when other homes come on the market--comps are helpful but not cut in stone--
a comp list shows the listing price AND the selling price--and that is really the only way to know what a house sold for in TX--people are not required to give the sales price when they record the deed and most realtors tell you not to as a matter of privacy and it also protects information they prefer to keep within the MLS system....
real estate agents hate to list below comps when someone needs a really quick sale--they wil usually list at comps and then let sales offers drag it down to what seller is comfortable taking.... but really hate to have one SELL below comps because that drags the comp average down in general for that neighborhood--a foreclosure in a neighborhood that does not have many home sales in a year can screw the comp statistics for two years...makes it more difficult to justify a similar home listing/selling for higher comps...UNLESS they can prove it was foreclosure and thus atypical...
Most of the homes we have seriously considered in past year--our agent has given us a comp list--most GOOD listing agents do price their homes within the comps because they want then to sell---but it is the individual home and your situation--just be aware that in some parts of this area it is still a seller's market and homes that are attractive in design, location, school district can go quickly and for FULL PRICE...so it just depends on where you are shopping and what you can afford to spend...
PLEASE --be conservative in what you are estimating for costs--get a fixed price mortgage, know what your real taxes and insurance costs will be ahead of time...
Last edited by loves2read; 08-20-2007 at 08:13 AM..
We have been provided with the comps list, and I understand that the comps are the best place to determine market value.
It does feel like our agent has been recommending homes to us listed through the same office, and that's part of why I feel there's a conflict of interest.
To be honest, I feel like we're not being super-picky about the home, and are more concerned about the condition and structural integrity of the house we're buying.
In some cases the comps will show lower prices, but our agent will tell us that those prices were a while ago, and now the market is different (it seems we should see very slightly lower prices if anything).
We're also trying to be very conservative in what we're buying. Pricing out a fixed-rate mortgage, knowing upfront what property taxes, insurance and HOAs will run us, and trying to keep the budget well under control. It's the agent that keeps suggesting houses about $50k higher than what we've specified as our price-point.
then I definitely think you should not use that agent again--
the market HAS slowed in most area and price ranges--houses are sitting on the market longer even if the final selling price might be higher on avg than a year ago, it is difficult to tell WHERE that house is--if more expensive homes are on market than a year ago their selling prices would be higher than lesser expensive ones...
Something I always wanted to try was contacting the listing agent for a home that you know has sold and ask who the agent was who actully 'sold" the home was--if you find someone who is consistently selling homes then you have found someone who knows what her clients wants and can show them that type of house--her clients buy because it is what they want...
I don't know if you could actually call different real estate offices and ask who were their top sales agents--not listing agent--in May, June, July--depending on how busy the office is and the price range, the number sold might be low--but at least that person is out working, taking people around, showing homes...not just taking listings....which is a responsibility to the seller and not an easy job--but it is a different one...
I have a real estate agent I have been working with for over a year--off and on--depending on what the house market is showing us--I got her name from daughter of friend who used her to buy her first home....but there have been times when I called the agent listing the house if my agent was busy (she does mainly relo clients from out of state) or sick and I wanted to see a new listing early....the worst one I ever had was a woman who has been in real estate in Southlake/Colleyville/Keller area for long time and she agreed to meet me at house and then stood me up--gave a lame excuse by leaving a message on my cell phone---I would NEVER even want to buy a house she listed just because I would not want to give her any money....I was able to get into the house without her--the owner was packing and saw me and my friend parked outside--we saw someone drive up and thought maybe it was the realtor so we went to the front door--not the realtor but owner's mother to help her pack--I explained what happened and the woman let us look the house over--I told her very bluntly that her realtor had stood me up--that she did not want to show the house because I told her that I had a realtor and there would be a fee split even if her realtor showed me the house...
woman did not seem to care---she knew her home would sell w/o much trouble which it did....but it was tacky practice...
That same day I saw another house in area listed with another realtor and she showed the home--was totally gracious--she would have been a good realtor to work with--the sellers had used her when they bought the house several years ago and went back to her to resell--that is a good relationship...
does your husband or you have any friends or co-workers who have bought/sold homes in past year--anyone they could recommend--at least that would be better than calling the listing office....
Please don't call the listing office... I am an agent based in Addison, and we make it a point NOT to show listings based in our office. It is such a conflict of interest.
INSTEAD, we provide a link to our website where they can view ALL of the listings OF our office... and if they want to see any of them, great! If not... there is no conflict of interest.
Just a point of consideration for you...
Right now, the best deals are being found in the new home market. The builders STILL have not adjusted to the massive inventory glut that THEY are primarily responsible for...
The pre-existing market actually INCREASED in price by 1.4% last year... while the new home market DECREASED in price...
So if you are looking for the good deals... look to the new home builders. Many are discounting up to 22%... it's crazy right now.
Good luck on your search...
Also, don't forget... your agent should have a website that allows you to search ALL homes, not just HIS office's listings.
If he doesn't, then go to Realtor.com and search the MLS yourself... you can always tell THEM what YOU want to see!
Thanks so much for the feedback. I actually search the MLS myself, and pick out the houses to see (and in most cases, i'm more familiar with the specs than the agent since I have more time to focus on my search/area).
We'd very much like to get something new, but in the area we're considering (Valley Ranch/Las Colinas) there are only a few new builders offering homes at about $100k more than a comparable pre-owned home.
I'm also considering just waiting a month or two to see how this whole subprime mess plays out. I don't believe prices will go up in the existing-homes market (keep in mind that an increase in Average price also might mean that there were fewer cheaper homes for sale).
It seems like many of the new home deals out there are in the overbuilt areas such as North Frisco, McKinney, etc. Does this sound about right?
Listing agents represent the sellers. They don't represent you. I encourage you to find a buyer's agent that you can communicate with. One that actually listens to you and hears you.
Over 80% of residential real estate transactions these days begin with the buyers searching the Internet on their own. You're already doing this. You should have a good feel for what you want in a home, and maybe even a particular part of town. And it does sound like you've narrowed it down.
Look for a buyer's agent who has some experience in the part of town where you want to live. In Valley Ranch, there are strict home owner association rules. If your agent is unfamiliar with the HOA restrictions, you could end up having to make changes shortly after closing that could cost you $.
Like Texas Home Guarantee above, I, too am an agent based in Addison, not very far from Irving. We're in a town with little land left for new single family residence construction. To answer your question, yes, most of the new home construction is north of us where there are still lots available.
Have you checked Coppell for new construction?
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However, I don't know if he is familiar with that area (you're more than welcome to P.M. me for his name).
