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.
It works both ways. I recently had clients ask to see a two bedroom property when their criteria has always been three or more bedrooms. I reminded them that it only had two bedrooms and was reassured "it might work". After spending 30 minutes looking at the two bedroom unit they admitted they just wanted to get remodeling ideas.
Is the agent sending you listings in email first? Do you have the opportunity to decide which ones you'd actually like to see? I would try to participate more in the decision about which houses you want see. Turn down the ones that are too high. I would also suggest that the homes your agent is sending may not be so much about commission, as what is actually available right now in your market. Agents can't find homes that aren't there. If you're far below the average for your market, it may take a lot longer for something to pop up that fits.
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'm not sure, based on the title, what you're a victim of, given your multi-part scenario.
If you have told your agent "I will not spend more than $200K, no questions asked" ... then they should only be showing you houses that criteria.
Now, that said .... if what you need/want cannot be had for < $200K, then they haven't properly communicated it. I always am sitting down with my clients early on to say:
What you want you can get - here's what you should expect as to size, location, cost
What you want isn't in your price range, so either downgrade the requirements or upgrade the budget.
What you want is a unicorn (this term only being used over the last 6 months) or a needle in a haystack
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?
It's up to you to get a list from your RE agent of which homes you are going to be shown and the price. If it's above the price you are willing to pay refuse to look at them. they are hoping you will fall in love with a more expensive home and buy it.
Let them know that they are wasting your time as well as their own when they show you homes above the price you are willing to pay. Simple as that.
If they have a problem with that find a different RE agent. Don't sign an exclusive contract for them to be the only RE agent you can buy with either. if you did enter into it and they don't let you out let them know you will file a complaint against them with the board of realtors.
Another thing you can do is go see their 300K home and if you like it tell the RE agent to submit an offer for $200K, and insist that he submits the offer. They want to mess with you, you do the same.
there are 7 single family homes (about 7 more condo/townhouses; I'm not counting the 7000 sqft manse "asking" $1 or the one-time mobile home) for sale under $200K in Colorado Springs right now. Two are "new" listings.
Have you seen all 7? Why wasn't one of them good enough to meet your criteria?
By the way .... I didn't realize that Zillow wouldn't let you filter by garages. That would seem to be pretty important. And none of the "big 3" have "first floor master" as a filter. That's odd too.
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?
When I was shown houses that were beyond my stated financial comfort zone I simply said no. If they kept doing it I separated myself from the agent. I make it clear to the agent tha5 I’m looking for certain attributes and needs and price range. If they can’t understand that I’m assuming they cant understand anything at all.
I parted ways with more than a few agents
If making more money in the future is likely I can see why it would make sense to buy a little "more". I have heard people at work say they regretted being conservative in their home purchase. Anyway my agent has not tried to show us anything outside of our range and I am grateful for that, I don't like being stressed financially.
Looking at retirement when I bought my house in 2016, I knew better than to let the RE agent push me to a higher priced house. But boy, did he try.
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.
