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.
I've had this exact conversation with my agent more times than I can count. Look, I know you guys are in business to make money, but I get really tired of being shown homes outside of what I know I can comfortably afford. I finally had to put my foot down the other day.
I WILL NOT buy a home with a mortgage payment that takes more than 25% of my take home pay (because that's what really matters, who gives a damn what net pay is, you never see that)
Yes, I COULD afford a $300,000 house, but it would leave me house poor, and not able to save any money.
So, given my parameters with my current income (25% max of take home pay, 15 year fixed rate, 20% down), that leaves me with homes costing $200,000 or less. I don't care if I have to settle on a smaller, less or uglier house, the main concern is that I have one, so we can stop wasting money on rent. It's just 4 walls and a roof to me and as long as it's sound and my kids are happy, then I'm happy.
Why are realtors and lenders so eager to push people into houses that they know damn well they'll end up upside down in or foreclosed on when one party inevitably loses a job or gets sick or whatever. Most people don't have the recommended 6 months of emergency fund (I do, but I know the averages).
This is part of what caused the market collapse the last time, have we learned nothing? Where are the ethics here?
I also hate it when I'm shown a house that clearly does not meet my requirements. If I tell you I want a house with a two car garage, don't show me houses with no garage or a one car garage. You just wasted my time as well as yours.
I've had this exact conversation with my agent more times than I can count. Look, I know you guys are in business to make money, but I get really tired of being shown homes outside of what I know I can comfortably afford. I finally had to put my foot down the other day.
I WILL NOT buy a home with a mortgage payment that takes more than 25% of my take home pay (because that's what really matters, who gives a damn what net pay is, you never see that)
Yes, I COULD afford a $300,000 house, but it would leave me house poor, and not able to save any money.
So, given my parameters with my current income (25% max of take home pay, 15 year fixed rate, 20% down), that leaves me with homes costing $200,000 or less. I don't care if I have to settle on a smaller, less or uglier house, the main concern is that I have one, so we can stop wasting money on rent. It's just 4 walls and a roof to me and as long as it's sound and my kids are happy, then I'm happy.
Why are realtors and lenders so eager to push people into houses that they know damn well they'll end up upside down in or foreclosed on when one party inevitably loses a job or gets sick or whatever. Most people don't have the recommended 6 months of emergency fund (I do, but I know the averages).
This is part of what caused the market collapse the last time, have we learned nothing? Where are the ethics here?
You are wise to not max out. Stand your ground. (Wow. In the context of "real estate = the dirt" and "putting your foot down," that pun works on a couple of levels. )
I usually ask a client if that $200,000 price is absolutely rigid on the List Price, or if I can show them a house that ticked off all the boxes, if it is listed at $205,000 but I thought it can be acquired within their price range.
And, I would honor their response.
There is no excuse for the agent to try to push you past your comfort price range.
I've had this exact conversation with my agent more times than I can count. Look, I know you guys are in business to make money, but I get really tired of being shown homes outside of what I know I can comfortably afford. I finally had to put my foot down the other day.
I finally told my agent that I would search for houses myself and let her know what I wanted to see. I suspect sometimes the agents are doing things nefariously behind my back trying to get me interested in a "friends" listing where they might get a cut.
I also hate it when I'm shown a house that clearly does not meet my requirements. If I tell you I want a house with a two car garage, don't show me houses with no garage or a one car garage. You just wasted my time as well as yours.
And that's one of must haves. I'm a mechanic, and I have a lot of projects. I own so much shop equipment that it wouldn't even fit in a 1 car garage and still have room to even walk inside.
I too, decades ago when an ingenue and clueless, had agents such as you describe; as I got older and more experienced I was able to find agents who had class and good sense rather than avariciousness and salesmanship as their main traits.
I had one agent in Roanoke VA who followed my requests EXACTLY, never tried to "upsell" or to SELL me at all for that matter, just provided excellent information and in an understated manner; nothing about this guy said "salesman". His demeanor was more...banker, CPA, stuck to facts and no hyperbole. He is deservedly so, one of the top agents by a mile, in that region. When I used him he'd been doing it 17 years; just recommended him to my daughter actually.
I always buy/live below my means, always. We who do so are less common than the fools these agents usually deal with, who want more than they can afford, so perhaps the commonality of that is why the agents do this; you are an exception to their norm.
There's no doubt agents that do not respect your boundaries exist, but there is also another possibility at play --> the buyer's preferences are just not available, so they've resorted to try to demonstrate how far off the buyer is on price point. They just don't know how to say you are not being realistic. That's no excuse, but as it is a technique we frequently see, especially in high priced areas.
I'm curious.....does your agent just bring you to houses without you previewing them online?
I feel like now pretty much every agent sends listings via email or a saved search through MLS and let buyers select which ones they want to see in person.
If your agent isn't doing that...and is just saying "hey I found a house you might like come hop in my car and lets go see it"....then you DEFINITELY need a new agent.
First, please resist the temptation to expand your experience to all agents or the industry as a whole. Yes, others have had anecdotal similar experiences but the biz is made up of individuals that are as unique as you and there is no universal trait or behavior.
In my case, I ask the buyer to tell me what they want. I set up searches that match that criteria. We might discuss strategies to get the right results but they see what they asked to see. I’d say 4 out of 5 times, buyers will ask me to see houses they see on Zillow (or whatever) that are larger or priced higher or lack features they specified or have some other difference.
It’s fine with me.
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.
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.
)
