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I’m not sure if I’m using the right terminology? But, please hear me out. If your realtor notices that the prospective house has limited insulation, weathered roof, old exterior paint job, does the realtor normally bring that up or is that left up to the inspector? Does the realtor use those as negotiating tools to lower a price? Likewise, does the other agent use those same factors to up the offering price?
What if the realtor specializes in an area that features many OLD houses with old architecture? Buying a NEW home seems to be MUCH EASIER in every way. IMO, Specializing in old houses takes extra skill in noting original pieces vs replaced, woodwork detail, longevity of building material life, etc.
Is it accurate for me to think that or not realistic?
Buying a new home guarantees you'll overpay in almost all areas.
Buying an older home is really an art and science. You want to look at comps, add/subtract for things that are better / worse in condition / cosmetics. If you are dealing with an agent who is really active, that agent will have a sense for how a home should be priced.
I look at homes very often, and I started to develop a sense for pricing of homes on my own. Now I can look at a home online, the location, the pictures, and come to a conclusion how much it should be worth. An in person visit validates my first opinion, or allows me to tweak my figure to come to a fair market value.
It's like buying/selling anything. Deal with enough of it in volume, you'll become a fairly knowledgeable buyer / seller in time.
We used a dedicated buyer’s agent on our move in 2015. She was very proactive in pointing out both the good features on the homes we view as well as shortfalls. She acted in our best interests by pointing out things we might not have noticed that were detrimental. Her favorite expression which still makes me chuckle was “these sellers are wackadoddle!” on over pricing.
We used a dedicated buyer’s agent on our move in 2015. She was very proactive in pointing out both the good features on the homes we view as well as shortfalls. She acted in our best interests by pointing out things we might not have noticed that were detrimental. Her favorite expression which still makes me chuckle was “these sellers are wackadoddle!” on over pricing.
You lucked out with having a good realtor! I’m determined to ask the right questions and look for the best talents in my next realtor.
I’m not sure if I’m using the right terminology? But, please hear me out. If your realtor notices that the prospective house has limited insulation, weathered roof, old exterior paint job, does the realtor normally bring that up or is that left up to the inspector? Does the realtor use those as negotiating tools to lower a price? Likewise, does the other agent use those same factors to up the offering price?
What if the realtor specializes in an area that features many OLD houses with old architecture? Buying a NEW home seems to be MUCH EASIER in every way. IMO, Specializing in old houses takes extra skill in noting original pieces vs replaced, woodwork detail, longevity of building material life, etc.
Is it accurate for me to think that or not realistic?
If your agent notices material items, your agent is bound to disclose them to you.
Actually, a listing agent should be upfront about issues.
Factored into offer price? Well, smart sellers and listing agents factor property condition into listing price. If the house is properly priced for its condition, don't automatically assume you will get further credit for property condition and needed repairs or updates.
Your agent should have enough knowledge and research capability to help you determine if list price is realistic.
Quote:
Originally Posted by Hopeful for Life
You lucked out with having a good realtor! I’m determined to ask the right questions and look for the best talents in my next realtor.
Does your state require a written agency agreement for buyers agents?
If so, require a note that gives either party the right to terminate the agreement unilaterally at any time for any or no reason. Don't sign with an agent who will not agree to such a stipulation.
What to ask an agent?
Quote:
Originally Posted by MikeJaquish
Questions:
1. Is real estate your full-time, day job?
You cannot afford to work with a part time buyers' agent in this market. It goes too fast right now.
2. Do you have time for another client? How many buyers are you currently working with? How many in my price range? If the same property seems like a fit for two of us, how do you handle that?
3. How do you communicate? How often do you "check" email? Do you take emails on your phone? Do you do goofy texting on important topics without context or reference?
4. Do you or your firm charge a paperwork fee, brokerage fee, document fee, administrative fee, transaction fee, or any other junk fee? If the answer is "Yes," you need to really justify that the agent is really all that good, or demand that junk fees be waived.
5. Do you make more money, or have other incentive, to favor showing me your firm's listings? Will you show me listings from all firms?
6. Do you require dual agency acceptance? If yes, that is a red flag.
7. Do you handle the client through closing, or will I be handed off to a team member for looking and buying? If you will be handed off, meet the team member before engaging the agent.
8. Will you let me "Test Drive" you prior to signing a buyers' agency agreement? That is a benefit for you and the agent, IMO. You get to see how the agent presents property. The agent gets to see how you view properties.
Any agent you are considering engaging should have an hour or two to sit with you, go over some typical documents and explain them to you, and discuss their services and your needs.
You should be able to have SAMPLE documents to take with you and/or emailed to you.
If an agent ever tells you that "Buyers' Agency is FREE, and doesn't cost you a penny," grab your purse and head for the car. Ain't nuthin' FREE.
If it feels like a good fit with a particular agent, don't hesitate to sign a buyers' agency agreement. It puts you one step closer to buying, and is a totally separate meeting and function from writing a contract on a home.
You can make an agency agreement for as short as they may agree to and for as long as a year.
Never sign an agency agreement of any duration with any agent without an escape clause. "Either party may terminate this transaction for any reason prior to location of a suitable property" fits nicely in Section 13 of the NCAR Standard Form Buyers' Agency Agreement. Let that agent continue to earn your business through regular service daily or weekly, as needed.
I’m not sure if I’m using the right terminology? But, please hear me out. If your realtor notices that the prospective house has limited insulation, weathered roof, old exterior paint job, does the realtor normally bring that up or is that left up to the inspector? Does the realtor use those as negotiating tools to lower a price? Likewise, does the other agent use those same factors to up the offering price?
What if the realtor specializes in an area that features many OLD houses with old architecture? Buying a NEW home seems to be MUCH EASIER in every way. IMO, Specializing in old houses takes extra skill in noting original pieces vs replaced, woodwork detail, longevity of building material life, etc.
Is it accurate for me to think that or not realistic?
When you say old house, do you mean historic? Are you actually looking for a historic home or for a home of any age? That would help us to answer your questions.
Sure, it does take some education to recognize elements from different historic periods and to detect things that might require updating to modernize them according to local building codes. But that's where an inspector comes in, also. It would help to have an agent who has some experience there, especially if you don't have that experience yourself.
There are agencies in my area that specialize in historic homes, and you could tailor your agent search that way.
In the end, though, the buck stops with you and the due diligence you perform yourself. So if you are not sure about anything, ask!!!!
When you say old house, do you mean historic? Are you actually looking for a historic home or for a home of any age? That would help us to answer your questions.
Sure, it does take some education to recognize elements from different historic periods and to detect things that might require updating to modernize them according to local building codes. But that's where an inspector comes in, also. It would help to have an agent who has some experience there, especially if you don't have that experience yourself.
There are agencies in my area that specialize in historic homes, and you could tailor your agent search that way.
In the end, though, the buck stops with you and the due diligence you perform yourself. So if you are not sure about anything, ask!!!!
I currently live in a 100 year old home, not really historic. It was my first home buy. Besides that, I had a demanding job, an expiring apartment lease and a HOT seller’s market. I would not select that agent again and want to make absolutely sure that I find a good one who has my interests at heart and knows what to look for if I decide to buy another old home. I would have done it all so differently if I had the chance again. But, I did what made sense at the time.
To me, it just makes sense to find a realtor who shares my like of older homes. If they actually live in one, that would give them extra points in my book.
I currently live in a 100 year old home, not really historic. It was my first home buy. Besides that, I had a demanding job, an expiring apartment lease and a HOT seller’s market. I would not select that agent again and want to make absolutely sure that I find a good one who has my interests at heart and knows what to look for if I decide to buy another old home. I would have done it all so differently if I had the chance again. But, I did what made sense at the time.
To me, it just makes sense to find a realtor who shares my like of older homes. If they actually live in one, that would give them extra points in my book.
If you want a buyers agent for older homes, I recommend you find an agent who exclusively lists older homes. Most agents have little knowledge about homes older than 75 years and will overlook important criteria or even advise that you renovate to remove characteristics of architectural significance. I know all the local agents in my area that deal with older/historic homes and they are literally walking encyclopedias - they have to be in this area where so many homes have truly historic pasts (think Washington, Lee, etc.).
If you want a buyers agent for older homes, I recommend you find an agent who exclusively lists older homes. Most agents have little knowledge about homes older than 75 years and will overlook important criteria or even advise that you renovate to remove characteristics of architectural significance. I know all the local agents in my area that deal with older/historic homes and they are literally walking encyclopedias - they have to be in this area where so many homes have truly historic pasts (think Washington, Lee, etc.).
I love it!! Once I started seeing my realtor’s numerous homes that he sold on Facebook app, I realized that he sold mostly condos. Of course, this was after the fact. Walking encyclopedia realtors are hot.
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