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no I have not even signed anything yet. I'm still doing all my homework before I pull the trigger on this place. Perhaps I am being overly cautious...
Should I go find another real estate agent to work for me ? and make sure they can take care of all the crap with this house. Will they deal with the current agent and "be on my side " ??
or would relying on a good property condition report be enough ?
It's good to be cautious - but remember you're not looking at things in a vacuum! other people are out there too. We have also gotten beat out so many times because we were cautious and deciding.
Quote:
Should I go find another real estate agent to work for me ?
Absolutely! Consider: a sellers agent is trying to get the best price they can for their client - that means the most money. A buyers agent is trying to get the best price for their client - that means less money. How can 1 person comfortably do both.. and be privy to personal financial comments being made on both sides? It's not illegal to act as a dual-agent, but no one is getting a good deal out of it. Get your own who will act only on your behalf!!!
Technically even the buyers agent has a vested interest in the sale of the home going through as quickly as possible for the highest $$$ possible... It's bad practice and your clients will eventually hate you if they notice the pattern...but none-the-less the financial incentive does exist (this bothers me).
I've always wished that "Buyer's Agents" worked on a flat fee structure...to remove this financial incentive. Of course the total commission would then have to be split with the buyer instead at closing (so they could pay their realtor)...but that's fine; it would all work out roughly the same in the end.
The real estate agent is the same man who is in charge of selling the house for the bank.
That means he's the Seller's Agent. His job is to sell the house at the best possible price and terms for the Seller (the bank). You are, technically, an unrepresented Buyer.
Quote:
Originally Posted by 21mike
so how do you guys choose a good property without having a real estate agent who is biased ?
You find a real estate agent who hopefully has experience acting as a Buyer's Agent. If you have family, friends or co-workers in the area, ask about their experiences with their real estate agents, and if they would recommend one that they previously worked with.
Quote:
Originally Posted by buck naked
choose a realtor that is working solely for the buyer and not for the seller AND the buyer.
Technically, that's not possible. A real estate cannot legally serve two masters ie: Buyer and Seller. The best that you can do is have an agent serve as a Disclosed Dual Agent. However, both Buyer and Seller lose much of their negotiating strength and representation by going this route... sort of like using the same lawyer for a divorce/custody case... the only winner is the lawyer (agent)
Quote:
Originally Posted by 21mike
how much does this cost ?
Do you end up paying 2 commissions ?
It shouldn't cost the Buyer anything, unless the Buyer's Agent has asked for, and the Buyer has agreed to pay an additional commission above what was offered as a 'cooperating fee' from the Seller's Agent. When a listing is taken, the Seller and Seller's Agent agree on a commission (percentage) rate, and also what will be given as a split (Buyer's Agent fee). The Seller pays that commission to the Seller at closing, from their proceeds. That commission is then split with the Buyer's Agency, and a check is given at closing. The Buyer 'typically' does not pay for representation, but every situation is different...
Quote:
Originally Posted by 21mike
no I have not even signed anything yet. I'm still doing all my homework before I pull the trigger on this place. Perhaps I am being overly cautious...
Should I go find another real estate agent to work for me ? and make sure they can take care of all the crap with this house. Will they deal with the current agent and "be on my side " ??
or would relying on a good property condition report be enough ?
Good for you--keep doing that homework, but do it as quickly as possible. Yes you can be overly cautious, but with the issues that this house is presenting, that is a good thing. ESPECIALLY since you have been working with the Seller's Agent, and at this point, he or she probably knows all about your motivation to buy, your financial picture, etc.
Generally bank owned property is sold AS IS. Don't be taking anybody's 'word' for anything. Get anything and everything in writing. And remember that the bank addendum is the final word and law, and supersedes a standard Purchase and Sale. DO NOT RELY ON A GOOD PROPERTY CONDITION REPORT!!!!!
Wanna has good advice below--she is going through similar things and can probably be helpful to you.
Quote:
Originally Posted by WannaComeHome
It's good to be cautious - but remember you're not looking at things in a vacuum! other people are out there too. We have also gotten beat out so many times because we were cautious and deciding.
Absolutely! Consider: a sellers agent is trying to get the best price they can for their client - that means the most money. A buyers agent is trying to get the best price for their client - that means less money. How can 1 person comfortably do both.. and be privy to personal financial comments being made on both sides? It's not illegal to act as a dual-agent, but no one is getting a good deal out of it. Get your own who will act only on your behalf!!!
Quote:
Originally Posted by BF66389
Technically even the buyers agent has a vested interest in the sale of the home going through as quickly as possible for the highest $$$ possible... It's bad practice and your clients will eventually hate you if they notice the pattern...but none-the-less the financial incentive does exist (this bothers me).
I've always wished that "Buyer's Agents" worked on a flat fee structure...to remove this financial incentive. Of course the total commission would then have to be split with the buyer instead at closing (so they could pay their realtor)...but that's fine; it would all work out roughly the same in the end.
I hear what you're saying BF, but once a commission is split between Seller's and Buyer's Agents, then is split again with the respective brokerage, you're talking a difference of several hundred dollars at most. Most Buyer's Agents I know prefer to work hard on behalf of their Buyer, and getting the house at the lowest possible price. There is only a certain point that the Seller will go, in any case. I would much rather have a referral from a satisfied client than the few hundred dollars difference that I might have earned in commission...
The real estate agent is the same man who is in charge of selling the house for the bank.
That means he's the Seller's Agent. His job is to sell the house at the best possible price and terms for the Seller (the bank). You are, technically, an unrepresented Buyer.
Quote:
Originally Posted by 21mike
so how do you guys choose a good property without having a real estate agent who is biased ?
You find a real estate agent who hopefully has experience acting as a Buyer's Agent. If you have family, friends or co-workers in the area, ask about their experiences with their real estate agents, and if they would recommend one that they previously worked with.
Quote:
Originally Posted by buck naked
choose a realtor that is working solely for the buyer and not for the seller AND the buyer.
Technically, that's not possible. A real estate cannot legally serve two masters ie: Buyer and Seller. The best that you can do is have an agent serve as a Disclosed Dual Agent. However, both Buyer and Seller lose much of their negotiating strength and representation by going this route... sort of like using the same lawyer for a divorce/custody case... the only winner is the lawyer (agent)
Quote:
Originally Posted by 21mike
how much does this cost ?
Do you end up paying 2 commissions ?
It shouldn't cost the Buyer anything, unless the Buyer's Agent has asked for, and the Buyer has agreed to pay an additional commission above what was offered as a 'cooperating fee' from the Seller's Agent. When a listing is taken, the Seller and Seller's Agent agree on a commission (percentage) rate, and also what will be given as a split (Buyer's Agent fee). The Seller pays that commission to the Seller at closing, from their proceeds. That commission is then split with the Buyer's Agency, and a check is given at closing. The Buyer 'typically' does not pay for representation, but every situation is different...
Quote:
Originally Posted by 21mike
no I have not even signed anything yet. I'm still doing all my homework before I pull the trigger on this place. Perhaps I am being overly cautious...
Should I go find another real estate agent to work for me ? and make sure they can take care of all the crap with this house. Will they deal with the current agent and "be on my side " ??
or would relying on a good property condition report be enough ?
Good for you--keep doing that homework, but do it as quickly as possible. Yes you can be overly cautious, but with the issues that this house is presenting, that is a good thing. ESPECIALLY since you have been working with the Seller's Agent, and at this point, he or she probably knows all about your motivation to buy, your financial picture, etc.
Generally bank owned property is sold AS IS. Don't be taking anybody's 'word' for anything. Get anything and everything in writing. And remember that the bank addendum is the final word and law, and supersedes a standard Purchase and Sale. DO NOT RELY ON A GOOD PROPERTY CONDITION REPORT!!!!!
Wanna has good advice below--she is going through similar things and can probably be helpful to you.
Quote:
Originally Posted by WannaComeHome
It's good to be cautious - but remember you're not looking at things in a vacuum! other people are out there too. We have also gotten beat out so many times because we were cautious and deciding.
Absolutely! Consider: a sellers agent is trying to get the best price they can for their client - that means the most money. A buyers agent is trying to get the best price for their client - that means less money. How can 1 person comfortably do both.. and be privy to personal financial comments being made on both sides? It's not illegal to act as a dual-agent, but no one is getting a good deal out of it. Get your own who will act only on your behalf!!!
Quote:
Originally Posted by BF66389
Technically even the buyers agent has a vested interest in the sale of the home going through as quickly as possible for the highest $$$ possible... It's bad practice and your clients will eventually hate you if they notice the pattern...but none-the-less the financial incentive does exist (this bothers me).
I've always wished that "Buyer's Agents" worked on a flat fee structure...to remove this financial incentive. Of course the total commission would then have to be split with the buyer instead at closing (so they could pay their realtor)...but that's fine; it would all work out roughly the same in the end.
I hear what you're saying BF, but once a commission is split between Seller's and Buyer's Agents, then is split again with the respective brokerage, you're talking a difference of several hundred dollars at most. Most Buyer's Agents I know prefer to work hard on behalf of their Buyer, and getting the house at the lowest possible price. There is only a certain point that the Seller will go, in any case. I would much rather have a referral from a satisfied client than the few hundred dollars difference that I might have earned in commission...
Mike, you don't say where in NH you are looking to buy...Val C can't/won't say it her but she is a Realtor 9as you can see from her profile) in SOuthern NH - she is held in *VERY* high esteem on the NH boards...call her if you are in her area. :-) I can give you my realtor's name if you're in the SUnapee area - we moved her a year ago from Annapolis and we looooooove her.
Val is great! I wish I could have used her, but I'm out of her area. My agent also has been a total angel! couldn't recommend her high enough. So if you need anyone in the Mondanock or Goffstown/Weare area...
But the thing about taking time to consider things: it's definately a good idea, because you don't want to rush into something that you'll grow to regret, but... you'd be amazed what dumps still sell! Many that I looked at have sold or are in the process of it.
Many times, we considered for maybe 3 weeks, only to put down a contract and find someone got in just before us. And that was in the middle of winter when no one had even gotten to see the place before us because WE broke the snow trail to the door! Another place, we debated on for only 1 week, just to find the listing agent tell us not to bother sending up our contract because he was already signing (luckily that fell through and now we're doing the inspection on monday).
So, while it seems that something is on the market forever and no one wants it and you have all the time in the world... someone else is thinking the same thing (oh: and a couple years ago - same thing happened to us with some land we bought: no interest for nearly a year, and the day we put a contract down, someone else did too! luckily the seller was an old family friend and we got it). You may be fine, but I'm just saying - it's not a vacuum out there, and you just never know.
My well water sucks. We have spend thousands on filtering. It can be ok at times but other times it tastes like metal, turns my hair orange and leaves a heavy residue...sometimes it smells like rotten eggs...my whites (or should I call them "grays") are embarrassing...yes, I hate my water.
I stayed in a place on Governer's Island for a few months and the well water there made it miserable. Metallic...two showers would make the stall orange and our skin itched and cracked from the water.
for the rest of my life if I were to move anywhere, the first thing I would do is examine the water!
My well water sucks. We have spend thousands on filtering. It can be ok at times but other times it tastes like metal, turns my hair orange and leaves a heavy residue...sometimes it smells like rotten eggs...my whites (or should I call them "grays") are embarrassing...yes, I hate my water.
I stayed in a place on Governer's Island for a few months and the well water there made it miserable. Metallic...two showers would make the stall orange and our skin itched and cracked from the water.
for the rest of my life if I were to move anywhere, the first thing I would do is examine the water!
I am in that same boat. I'm on my 4th shower curtain, all my whites are orange, we gave up on our white linens and sheets last summer. Everything is orange. We live in Belmont, and even though the neighbors say the water softener is outdated and never been serviced which can "fix" the problem, my landlord doesn't see this as important. We use bottled and distilled water to drink because the sediment just looks too unhealthy to drink.
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