Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-22-2016, 06:13 PM
 
Location: Town of Herndon/DC Metro
2,825 posts, read 6,875,303 times
Reputation: 1767

Advertisements

We will soon begin looking to buy. I am almost 50 and have never owned-I am low income.I am in very very expensive Northern Virginia . DH wants us to use his friend who is not NoVa specific but works throughout the DMV We know our budget and have our top 5 needs, which may change as we go out and look at properties. What issues/criteria /pointers would you like me to know before I start up with an RE professional?
Reply With Quote Quick reply to this message

 
Old 01-23-2016, 04:03 AM
 
8,563 posts, read 12,339,419 times
Reputation: 16473
#1. Use an agent who is familiar with the local market.
Reply With Quote Quick reply to this message
 
Old 01-23-2016, 05:50 AM
 
Location: Inman Park (Atlanta, GA)
21,870 posts, read 15,058,428 times
Reputation: 14327
1. Get pre-approved for a mortgage.
2. Know what is involved with your monthly payment (principal, interest, property taxes, closing costs and any HOA fees)
3. Look at your monthly budget after steps 1 and 2
4. Use a Buyer's Agent that will educate you on the full Buying process.
5. Educate yourself on the area you have targeted to purchase in.

Last edited by George Chong; 01-23-2016 at 06:53 AM..
Reply With Quote Quick reply to this message
 
Old 01-23-2016, 09:10 AM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,692 posts, read 29,696,842 times
Reputation: 33265
After you take Jack and George's advice and interview possible buyers' agents; ask them one question: How many sides did you do in the last 12months? You want an a number between 20-50.
Reply With Quote Quick reply to this message
 
Old 01-23-2016, 09:23 AM
Status: "Open for work" (set 10 days ago)
 
Location: Just south of Denver since 1989
11,822 posts, read 34,358,409 times
Reputation: 8950
I disagree with Dave.

A Buyer's agent that does more than 25 transactions a year needs an assistant. You do not want an agent that does not have time to properly manage your transaction.

You also would like a buyer's agent that knows about low income programs for first time home buyers. Ask them what they know. This is a partnership.
Reply With Quote Quick reply to this message
 
Old 01-23-2016, 11:10 AM
 
Location: Lakewood Ranch, FL
5,663 posts, read 10,708,749 times
Reputation: 6945
Quote:
Originally Posted by davebarnes View Post
After you take Jack and George's advice and interview possible buyers' agents; ask them one question: How many sides did you do in the last 12months? You want an a number between 20-50.
I disagree, too. I think it depends on location but, even generally, that is completely unnecessary to finding a great agent.
Reply With Quote Quick reply to this message
 
Old 01-23-2016, 12:36 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,692 posts, read 29,696,842 times
Reputation: 33265
At 2BinDenver and BBronston,
Explain to me how an agent who does only 15 sides per year for $300K properties makes a living?
That is only $68K gross.

My point was not about hard and fast numbers of 20-50, but about not hiring someone who does [for example] 5 sides a year.
That person would be a part timer. Huge red flag in my book.
Reply With Quote Quick reply to this message
 
Old 01-23-2016, 01:00 PM
 
Location: Lakewood Ranch, FL
5,663 posts, read 10,708,749 times
Reputation: 6945
I'm not suggesting that a PT agent is a better choice than a FT agent but I'm also not saying that a PT agent can't do a great job. It depends on the person involved and these generalizations have the potential of doing someone a disservice. If someone wants to earn $30, 40, 50, 80K....whatever....that has nothing to do with their knowledge and ability. And, the busier the agent, the less able they are to provide high quality, individualized, service. If you are one person, there's only so much time you have....hence, I think, "2b's" point about the assistant.
Reply With Quote Quick reply to this message
 
Old 01-23-2016, 01:07 PM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 22 days ago)
 
Location: Cary, NC
43,176 posts, read 76,826,386 times
Reputation: 45533
Quote:
Originally Posted by davebarnes View Post
At 2BinDenver and BBronston,
Explain to me how an agent who does only 15 sides per year for $300K properties makes a living?
That is only $68K gross.

My point was not about hard and fast numbers of 20-50, but about not hiring someone who does [for example] 5 sides a year.
That person would be a part timer. Huge red flag in my book.
Agreed on the part-timer.
But, the gross income from $4.5 million in sales volume better be more than $68,000 or that agent is tinkling away a LOT of money.
Reply With Quote Quick reply to this message
 
Old 01-23-2016, 09:07 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,692 posts, read 29,696,842 times
Reputation: 33265
Default Just say no to part timers

Quote:
Originally Posted by MikeJaquish View Post
Agreed on the part-timer.
But, the gross income from $4.5 million in sales volume better be more than $68,000 or that agent is tinkling away a LOT of money.
1.5% of $4.5M is $68K.
And, I think the Danger report was spot on.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals

All times are GMT -6. The time now is 02:12 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top