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If you are unhappy with your agent you can ask broker to assign you someone else.
Is your agent new? Sounds like they either don't know what they are doing, have not dealt with new builds, or their is a communication problem.
You should not have to pay for a transaction coordinator. If your agent works for a bigger company or a team, they may have one that agent would pay for out of their commission. If so, then I would say you should use them, if your agent can't provide basic timeline guidelines.
Some larger companies have agents that only show homes and write contracts. They aren't involved in following up with clients, checking on status of new builds, verifying options and finishes are correct/installed, walking buyer thru timelines, coordinating with lender to make sure everything is on track, getting inspection scheduled, attending inspection, discussing repair requests, etc. Their transaction coordinators do that, minus attending inspections and coordinating with builder.
According to my agent, this transaction assistant thing is new and the company just introduced it to its agent. I am just not feeling comfortable telling him whether he should hire them based on the job responsibilities he sent me. It almost feels like if they don't do a good job, it is my fault because I told him he could hire them. It should be his own decision and he should still do his job if the assistant thing doesn't pan out.
Offhand I would say that your agent is bloody well useless if he can't advise you on that stuff. But if he is going to pay for this transaction assistant and not charge it back to you (confirm that in writing) then go for it.
Start looking into insurance about 45 days before completion. Call the agent who has your car insurance and ask about homeowners insurance. You often get a big discount for having your home and auto insurance with the same insurance company.
Thanks! Just called them and got a better quote than the builder's recommended insurance company.
No. He is going to pay for the service. He is asking me whether he should hire the transaction assistant.
That's a really odd question for an agent to ask a client. The agent should make that decision based on how they want to run their business. Oh whale! Good luck to you either way.
Broker can easily advise you on when to insure (right away--never soon enough unless saving a few bucks and becoming part of a liability suit because a contractor gets killed on your house is your idea of fun).
How are you building this house without a mortgage? You have a construction loan and need to convert? Builder is obviously going to require payments at each step along the way. Talk with your banker. Takes time.
You have the plans and contract from the builder? If not, get them. The contract should specific EVERY item which goes into your house. Exact specifications for all materials, exact make and model of every fixture and appliance, permits, dumpster, no smoking on premises, completion dates, etc. EVERYTHING. If you can think of it and it deals with building of your house, it should be in the contract. Mark it up when you get it and send it back to the builder for updates. Otherwise you get will get a builder grade house and need to start replacing things as soon as you move in.
Good luck. You don't need an assistant to your assistant unless they are going to manage the process and accept respnsibility right from the start. On the brokers dime? I doubt it.
Broker can easily advise you on when to insure (right away--never soon enough unless saving a few bucks and becoming part of a liability suit because a contractor gets killed on your house is your idea of fun).
How are you building this house without a mortgage? You have a construction loan and need to convert? Builder is obviously going to require payments at each step along the way. Talk with your banker. Takes time.
You have the plans and contract from the builder? If not, get them. The contract should specific EVERY item which goes into your house. Exact specifications for all materials, exact make and model of every fixture and appliance, permits, dumpster, no smoking on premises, completion dates, etc. EVERYTHING. If you can think of it and it deals with building of your house, it should be in the contract. Mark it up when you get it and send it back to the builder for updates. Otherwise you get will get a builder grade house and need to start replacing things as soon as you move in.
Good luck. You don't need an assistant to your assistant unless they are going to manage the process and accept respnsibility right from the start. On the brokers dime? I doubt it.
Thanks. The builder's lender is for now used as the lender and I am free to shop around when it is getting close to the proposed closing date. I contacted my bank last year and they told me it was too early and I might want to contact them again when it's closer to the closing date. I can deal with the insurance and mortgage myself and have arranged the inspection. I am just not sure whether there are other things I need to prepare beforehand as a first time buyer.
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