First time buyer, should I get a buyer's agent? (commission, mortgage, mortgage)
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Hi, this last month I have been strongly contemplating of buying a house in the current city that I live in. I've been reading a lot of information using google search regarding first time home buyers such as myself and what I need to do. I'm still new to this, and I don't know the ins and outs of everything. But again this will be the first home I will be purchasing if it all goes down.
Anyways, there's a house I've been eying in the last 2 months online, seems like it's been listed since May of this year, and now its November and its still up. The price is just right, and have been reduced in the last month or so. I haven't actually drove to that house yet to check it out, nor have I contacted that real estate company or the agent to see it, I think it's a seller's agent since he works for that company selling that house.
I've been reading mainly whether or not I should get a buyer's agent to work on my behalf. My plan is to pay for the house in full if I can negotiate and get the price within my price range budget. I don't want to deal with mortgage payments. I want to pay for all of it.
My question is that I don't know really know where to start with all of this, I can contact the seller, get a buyer's agent to help me since I'm new to all of this etc. And If I do decide to get a buyer's agent in my area, where should I go to look for one? I was looking at this site Exclusive Buyers Agents | First Time Home Buyers Agents | Real Estate Buyers Agents , what do you think of that?
Hi, this last month I have been strongly contemplating of buying a house in the current city that I live in. I've been reading a lot of information using google search regarding first time home buyers such as myself and what I need to do. I'm still new to this, and I don't know the ins and outs of everything. But again this will be the first home I will be purchasing if it all goes down.
Anyways, there's a house I've been eying in the last 2 months online, seems like it's been listed since May of this year, and now its November and its still up. The price is just right, and have been reduced in the last month or so. I haven't actually drove to that house yet to check it out, nor have I contacted that real estate company or the agent to see it, I think it's a seller's agent since he works for that company selling that house.
I've been reading mainly whether or not I should get a buyer's agent to work on my behalf. My plan is to pay for the house in full if I can negotiate and get the price within my price range budget. I don't want to deal with mortgage payments. I want to pay for all of it.
My question is that I don't know really know where to start with all of this, I can contact the seller, get a buyer's agent to help me since I'm new to all of this etc. And If I do decide to get a buyer's agent in my area, where should I go to look for one? I was looking at this site Exclusive Buyers Agents | First Time Home Buyers Agents | Real Estate Buyers Agents , what do you think of that?
Yes get a buyer agent. I'm not a fan of exclusive buyer agents from the perspective listing agents generally have a better grasp of the market trends and contracts than someone who only works with buyers. In theory, I know it sounds great but in reality your best, most knowledgeable agents work with buyers and sellers.
This is only my experience. I'm sure many will disagree with me but again, it's my experience.
We were brand new to buying and saw a unit that we liked. While we were contemplating calling the listing agent, I was reading here and the consensus was that you should definitely have a buyer's agent. Since we'd never tried to buy before, I got a buyer's agent and he showed us the property.
One of my siblings who owns a house thought we were nuts to hire a buyer's agent. She insisted that the listing agent would show us the property, answer our questions and that was all. She felt a BA would want the commission so would be pushing places on us in hopes that we'd buy something his income depended on it.
We went against that and hired a BA anyway. The situation that evolved was exactly what my sibling said would happen. He was touting the place, talking it up like it was his property and we really felt pressured. "I really hope you make an offer" were his last words to us.
We were walking around, turning on the water, flushing the toilets and checking the windows and he seemed surprised that we were doing these things. "Oh, you'll definitely need to replace those windows and buy a new screen door, but that's nothing, it's a great place."
He provided us with a list of similar units that had sold in the last six months but this was information that we had already retrieved online. I'm not really sure what he did for us that added value to the process. We came away feeling very pressured to buy and it was not a comfortable feeling.
We really liked the place and ended up making an offer on it after thinking it over for an extra long time. We tried to black out the pressurized selling tactics and decide if we wanted to go for it. Once we did, our offer was accepted but a problem arose on the seller's side that would at the very least delay the completion of the sale for a while so we walked.
If I was looking again, I don't think I would use a BA this time. I have to believe that we were just given a lemon in terms of BAs and would not paint them all with this brush, but I just didn't see any added value in using him.
"I really hope you make an offer" Makes my skin crawl to be associated with that sort of crapola.
That was a cue for you. It is industry code for, "I am a flat-out dropped-on-my-head inept moron. Run away as fast as you can and find someone with judgement and ethics who will work hard for you."
Writing an offer was fine, if that is what you wanted to do. You might have spoken with the managing broker and asked for someone else with a little more poise and insight to work with you.
I would say yes. The fact that you are stating you don't really know the ins and outs sounds like it could definitely be problematic to not have an agent.
Now if you were a seasoned pro at buying houses and felt you could negotiate a better deal without an agent that would be another thing.
Most peoples idea of a buyer's agent is that annoying woman from Property Virgins... "... people like me, who've done it lots of times" <idiotic sly smile>
She'll tell them about "free money from the government so they can raise their budget" and openly mock them when they talk about their ideal neighborhood because they can "never afford that". Meanwhile, she's pushing overpriced Canadian crap RE - Canada still thinks RE is rising and boy are they in for an awakening. But, I digress...
The best I can associate a GOOD buyer's agent is someone who knows the local market and is a professional, but also someone you would have over for dinner and trust to watch your kids. A GOOD buyer's agent is someone who truly understands your financial situation, gets to know your desires, your appetite for remodeling, and beyond all doesn't put "getting an offered accepted" above everything else. When/if you find this person, the return cannot be measured - it is invaluable to a buyer... especially a first time buyer.
So, yes - absolutely use a buyer's agent... But choose wisely!
"I really hope you make an offer" Makes my skin crawl to be associated with that sort of crapola.
That was a cue for you. It is industry code for, "I am a flat-out dropped-on-my-head inept moron. Run away as fast as you can and find someone with judgement and ethics who will work hard for you."
Writing an offer was fine, if that is what you wanted to do. You might have spoken with the managing broker and asked for someone else with a little more poise and insight to work with you.
We were totally clueless at the time and this was our first ever homebuying/dealing with an agent experience.
It was a very strange experience that did sour me to using a BA. We do know better for the future. If we do consider using a BA again, we will bail at the first sign of crapola.
I highly recommend that people, especially 1st time buyers, hire a buyer's agent. Perhaps you'll have time to interview 2 or 3 people, and have your choice of who you feel would best represent YOUR interest.
Legally and ethically, the listing agent work ONLY for the seller. They are obligated to answer your questions truthfully, but don't have to volunteer any information unless asked. They will most likely be pleasant and encourage you to share information such as your financial qualifications, etc. Be aware that they are legally obligated to share with the Seller ANY information that you give them.
Although I am more often a Buyer's Agent, I also take listings, and IMO it's important to have somebody with a balance. Working with both Buyer's and Sellers gives us experience that you just can't get out of an online class... I wish you all the best with your decision.
Quote:
Originally Posted by jetlagged
Anyways, there's a house I've been eying in the last 2 months online, seems like it's been listed since May of this year, and now its November and its still up. The price is just right, and have been reduced in the last month or so. I haven't actually drove to that house yet to check it out, nor have I contacted that real estate company or the agent to see it, I think it's a seller's agent since he works for that company selling that house.
We were totally clueless at the time and this was our first ever homebuying/dealing with an agent experience.
It was a very strange experience that did sour me to using a BA. We do know better for the future. If we do consider using a BA again, we will bail at the first sign of crapola.
You guys just did a poor job of hiring a buyers agent. There are good and bad out there so just use yours as an example for other people. Good buyers agent acts more as a consultant.
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