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Hello,
Just curious as we are looking for new construction and have already signed up for the "VIP" and/or interest list at a few properties. Is it too late to bring in a realtor? We have purchased new construction many moons ago but did not utilize a realtor, but in the price range and area we are looking - think it may be beneficial.
Any input would be appreciated. Thank you
Just adding - if anyone has any recommendations for Cary/Apex or Raleigh area -- feel free to PM them as I would love recommendations
Last edited by Kittykat95; 02-25-2021 at 02:43 PM..
No, not too late. Get a good realtor. New construction, if we are talking "development" type new construction, is fraught with pitfalls. The builder pays the realtor commish from the sales proceeds (YOUR money)), but the price does not go down if you don't use a realtor.
Thank for quick reply! My concern is not really getting a better price, but if I already signed up and made contact with builder will the realtor still get commission.
Thank for quick reply! My concern is not really getting a better price, but if I already signed up and made contact with builder will the realtor still get commission.
Generally, it is no problem.
It is more likely to be an issue if you visit a neighborhood without an agent, tell them you have no agent, and then try to bring an agent.
And, it varies between builders. Some are hardcore about it, and are selling so fast, they aren't worried about losing a buyer.
Too many builders have sold out of their available lots to worry about keeping buyers.
Last edited by MikeJaquish; 02-25-2021 at 04:14 PM..
Critically important would be did you visit on-site and register and sign a Working with Agents brochure? Or when you registered on some form beyond a "sign-in sheet" (like name & phone # or email) did you check some box saying you didn't have a Realtor?
Or have you gone so far that you've been on-site, they told you the price of different lots and provided you a cost for whatever model(s) you expressed interest in?
And last but not least - are we talking a local (semi) custom Builder, or a regional national tract builder?
Generally, it is no problem.
It is more likely to be an issue if you visit a neighborhood without an agent, tell them you have no agent, and then try to bring an agent.
And, it varies between builders. Some are hardcore about it, and are selling so fast, they aren't worried about losing a buyer.
Too many builders have sold out of their available lots to worry about keeping buyers.
I definitely am getting this vibe lately. Would not want to waste a realtor's time if it is not going to glean them anything. Additionally, don't want to lose anything with being a potential buyer.
Critically important would be did you visit on-site and register and sign a Working with Agents brochure? Or when you registered on some form beyond a "sign-in sheet" (like name & phone # or email) did you check some box saying you didn't have a Realtor?
Or have you gone so far that you've been on-site, they told you the price of different lots and provided you a cost for whatever model(s) you expressed interest in?
And last but not least - are we talking a local (semi) custom Builder, or a regional national tract builder?
To further explain -- we were not seriously looking and just wanted to see what's out there. As we drove around a couple of times -- it became apparent to us that this was becoming more serious. We did visit a couple of neighborhoods from a national builder and did sign in but they have multiple locations and we are interested in several of them. Some of their locations, we didn't visit it all.
We have also visited a neighborhood with custom builders and spoke to the agent who's there representing all the builders and lots.
It's just confusing for us the way the custom builder neighborhoods work and how to deal with regional tract builder so we thought a realtor would be more helpful since we have decided to move forward. However, we don't want to waste their time and/or jeopardize our potential at securing a lot. Obviously, we should've contacted someone at first but never in a million years did we think we would want to move forward and just trying to figure out how to proceed.
To further explain -- we were not seriously looking and just wanted to see what's out there. As we drove around a couple of times -- it became apparent to us that this was becoming more serious. We did visit a couple of neighborhoods from a national builder and did sign in but they have multiple locations and we are interested in several of them. Some of their locations, we didn't visit it all.
We have also visited a neighborhood with custom builders and spoke to the agent who's there representing all the builders and lots.
It's just confusing for us the way the custom builder neighborhoods work and how to deal with regional tract builder so we thought a realtor would be more helpful since we have decided to move forward. However, we don't want to waste their time and/or jeopardize our potential at securing a lot. Obviously, we should've contacted someone at first but never in a million years did we think we would want to move forward and just trying to figure out how to proceed.
The only way to find out if you can work with an agent at any builder you contacted is to ask, go back with the agent and ask.
Like I said, some are hardcore, but some just want to get a deal done.
If a builder would look for a reason to deny you proper agent representation when they have an agent representing THEIR interests, you have to ask yourself if that builder is someone you want to do business with at all.
No, not too late. Get a good realtor. New construction, if we are talking "development" type new construction, is fraught with pitfalls. The builder pays the realtor commish from the sales proceeds (YOUR money)), but the price does not go down if you don't use a realtor.
Actually, the real estate commission is paid from the marketing account. A portion of this comes from the builder to the developer. This marketing account is used to pay the onsite agent, buyer's agent, and all marketing.
Even if a buyer doesn't have a Realtor/buyer's agent, the home is not discounted as when the marketing fund is set up, there is an estimate of how many buyers will not have an agent of their own.
So, if you want to say the buyer's fee is paid by the buyer, so is the fee to the electrician, the fee to the roofer, etc., etc. It is the builder's cost of doing business.
Back to the original poster...I have clients that do exactly what you did...don't think they are interested so they don't contact me, find something they want to buy and then call me. Its ok. "I" then contact the onsite agent and explain the situation and in 100% of the time, the onsite agent is happy to have me! The reason I say that is...most onsite agents get their salary no matter if there is a buyer's agent or not. If not, they may get a small bonus but then, they are responsible for making sure the buyer is told EVERYTHING and if there are any issues along the way, it is compounded by the fact that the onsite agent works for the builder, whether you have a buyer's agent or not.
I have friends that are onsite agents and from what they tell me, they'd rather work with buyers that have a buyer's agent than those that don't!
Buying new construction homes today has its own issues so you want a Realtor with experience with new construction.
Remember...no matter how nice the onsite agent is, they work for the builder, not for you!
Actually, the real estate commission is paid from the marketing account. A portion of this comes from the builder to the developer. This marketing account is used to pay the onsite agent, buyer's agent, and all marketing.
Even if a buyer doesn't have a Realtor/buyer's agent, the home is not discounted as when the marketing fund is set up, there is an estimate of how many buyers will not have an agent of their own.
So, if you want to say the buyer's fee is paid by the buyer, so is the fee to the electrician, the fee to the roofer, etc., etc. It is the builder's cost of doing business.
Back to the original poster...I have clients that do exactly what you did...don't think they are interested so they don't contact me, find something they want to buy and then call me. Its ok. "I" then contact the onsite agent and explain the situation and in 100% of the time, the onsite agent is happy to have me! The reason I say that is...most onsite agents get their salary no matter if there is a buyer's agent or not. If not, they may get a small bonus but then, they are responsible for making sure the buyer is told EVERYTHING and if there are any issues along the way, it is compounded by the fact that the onsite agent works for the builder, whether you have a buyer's agent or not.
I have friends that are onsite agents and from what they tell me, they'd rather work with buyers that have a buyer's agent than those that don't!
Buying new construction homes today has its own issues so you want a Realtor with experience with new construction.
Remember...no matter how nice the onsite agent is, they work for the builder, not for you!
Thanks so much for your response. I appreciate the helpful information!
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