katherine the great Posted May 17, 2012 Posted May 17, 2012 Thanks, Cinepro! These guys have been irritating on many levels. Realtor asked us if we have prayed about this decision.1. Duh!2. None of your business.3. You're not clergy!Seriously an inappropriate thing to ask and manipulative. He showed us exactly one house and was an hour late. We wanted to look at a short sale in the area and he brushed it off. I don't think he has done any short sales and we are in a good position to do that because we are month to month and can wait as long as it takes, so we need to find someone who knows VA and short sales. It's not very encouraging when you tell the realtor you don't have to pay PMI with VA and he says, "You don't? That's awesome!" You would think he would be familiar with that by now.I had also casually mentioned to the realtor that it would be nice to live close to my parents because you never know how long they're going to be around - they're both having health problems. So he passes that onto the lender and he brings up, "If your mom got sick, think of how much gas you would save if you lived in the neighborhood vs. living there."We only looked at one house and then the realtor says, "But your son says he's embarrassed living in an apartment." No, not embarrassed. He just wants more space and more privacy. I keep looking for affordable rentals, but they're way expensive. 3 bedroom apartments even go for $1500 or more per month and that would leave us saving no money to make our situation any better. Really frustrating.Unless you've signed a contract with him, I think you should get a new agent. 1
ERayR Posted May 17, 2012 Posted May 17, 2012 (edited) The seller's agent represents the seller. The buyer should have their own agent who represents them.Yes they should but it is difficult to find a buyers agent. If the agents commission comes from the sellers side he/she is a sellers agent. The only way to get a buyers agent is for the buyer to pay his/her fees. It adds to the cost of purchase but sometimes it is worth it. Edited May 17, 2012 by ERayR
ERayR Posted May 17, 2012 Posted May 17, 2012 Unless you've signed a contract with him, I think you should get a new agent.Yes indeed find a new real estate agent.
bluebell Posted May 17, 2012 Posted May 17, 2012 Yes they should but it is difficult to find a buyers agent. If the agents commission comes from the sellers side he/she is a sellers agent. The only way to get a buyers agent is for the buyer to pay his/her fees.When we sold our house, the realtor was very much the buyer's agent. The people who wanted our home offered 5,000 over the price for no other reason than they really wanted it i guess. The realtor wouldn't let them do it-she told them to write the offer in at asking price and no more.It didn't bother us at all that she did that as the people were first time home buyers and there really was no reason for them to offer more other than they were inexperienced. I was glad she didn't let them get taken advantage of.
ERayR Posted May 18, 2012 Posted May 18, 2012 When we sold our house, the realtor was very much the buyer's agent. The people who wanted our home offered 5,000 over the price for no other reason than they really wanted it i guess. The realtor wouldn't let them do it-she told them to write the offer in at asking price and no more.It didn't bother us at all that she did that as the people were first time home buyers and there really was no reason for them to offer more other than they were inexperienced. I was glad she didn't let them get taken advantage of.Well, live long enough and you can hear most anything. Not doubting you its just that real estate agents in their natural habitat don't normally behave that way. Passing up an additional $300 commission just ain't natural.
MorningStar Posted May 18, 2012 Author Posted May 18, 2012 Unless you've signed a contract with him, I think you should get a new agent.Definitely. We haven't signed a contract and even if we did, I'm sure we could get out of it with the way he's acting. He and the lender have teamed up together, so we're dumping them both.
ERayR Posted May 18, 2012 Posted May 18, 2012 Definitely. We haven't signed a contract and even if we did, I'm sure we could get out of it with the way he's acting. He and the lender have teamed up together, so we're dumping them both.Let me guess either the agent sent you to the lender or the lender recommended the agent. Just a guess and I could be wrong.
katherine the great Posted May 18, 2012 Posted May 18, 2012 Yes they should but it is difficult to find a buyers agent. If the agents commission comes from the sellers side he/she is a sellers agent. The only way to get a buyers agent is for the buyer to pay his/her fees. It adds to the cost of purchase but sometimes it is worth it.Huh. I've never had a problem finding an agent--some have been better than others. Every time I've bought a house (seven times), the agencies split the commission--half to the seller's agency and half to the buyer's agency and it's always been 6%. Not sure how they divvy it up between the agency and the agent. I guess it depends on how the contract it written, but that is the way I'm familiar with.
katherine the great Posted May 18, 2012 Posted May 18, 2012 Definitely. We haven't signed a contract and even if we did, I'm sure we could get out of it with the way he's acting. He and the lender have teamed up together, so we're dumping them both.Good--run away. I'd ask around and find someone who has been in the business a long time and comes well recommended. It's really worth it to have a good agent.
blackstrap Posted May 18, 2012 Posted May 18, 2012 When / if the agent asks why you are dropping him,you could say ' because we prayed about it ' . 4
MorningStar Posted May 18, 2012 Author Posted May 18, 2012 Let me guess either the agent sent you to the lender or the lender recommended the agent. Just a guess and I could be wrong.No, I had a friend who used both of them, but I'm sure that would have been the case if I called one of them. The goal now is to find a lender and an agent who don't know each other and reject offers to hook us up with someone they have worked with frequently. Blech.
MorningStar Posted May 18, 2012 Author Posted May 18, 2012 When / if the agent asks why you are dropping him,you could say ' because we prayed about it ' . I just said that to a friend tonight.
ERayR Posted May 18, 2012 Posted May 18, 2012 (edited) Huh. I've never had a problem finding an agent--some have been better than others. Every time I've bought a house (seven times), the agencies split the commission--half to the seller's agency and half to the buyer's agency and it's always been 6%. Not sure how they divvy it up between the agency and the agent. I guess it depends on how the contract it written, but that is the way I'm familiar with.If the commission comes from the sellers proceeds both realters are sellers agents regardles of how you found them they are part of multiple listing arrangements unless specified agreements are signed obligating the agent to act for the buyer.From Here: http://home.howstuffworks.com/real-estate/house-buying11.htm Real Estate AgentWhen you call an agent and ask them to show you some properties, you have to remember that they are always working for the seller -- not you -- even if they are not the listing agent! (The listing agent is the agent who was hired by the sellers to list their home.) This ties in with the fact that the agent is paid a commission based on the selling price of the house. (Usually a 5-7% split between both agents involved.) So, the higher the sales price, the more money the agent makes.It may be hard to keep this in mind as you spend time with the agent and feel you know and have a relationship with that person. Even though you trust the agent, it is very important never to reveal the highest price you are willing to pay, or other concessions you know you would be willing to make. Because the agent represents the seller, he/she must relay this type of information to the seller.The flip side of this is also true. Again because the agent is representing the seller, he/she is not allowed to divulge anything that would tip the scales in your favor -- like why the seller is selling or how low the seller will probably go regarding the selling price. Remember, the agent is bound by contract to work to get the best possible deal for the seller. In the next section, we'll discuss your third option, buyer's agents.Here is a definition of a buyers agent.Neglecting to specify: If you begin working with an agent and forget to ask for or sign a buyer's agency agreement then the agent automatically represents the seller. In most cases, the agent will bring this up and offer you the choice. If, however, the agent is the listing agent for a house you are interested in, then the relationship automatically becomes that of a "dual agency."Buyer's Agency Clause: One potential problem with signing a buyer's agency agreement may come with a blanket clause stating that the agent gets a commission on any home purchase. If you think it is likely that you will find something without the help of the agent, then you may want to specify in the agreement that a home you find on your own (an FSBO, for example) will not require payment of the standard commission.Note that if you do not specifically sign a buyers agent agreement then the agent automatically represents the seller.Also I do not put much faith in a dual agency arrangement. Whose interest is the agent going to be looking out for in case of conflicting interests?Just some things to think about. One unscrupulous agent can cause a lot of trouble. Find one you can trust and work with. References help. Edited May 18, 2012 by ERayR 1
MorningStar Posted May 18, 2012 Author Posted May 18, 2012 I'm thinking we'll just go squat in a vacant house.
ERayR Posted May 19, 2012 Posted May 19, 2012 (edited) I'm thinking we'll just go squat in a vacant house. Might be less trouble. Edited to add: This is a good illustration that one should research these important moves thouroughly. Edited May 19, 2012 by ERayR
katherine the great Posted May 19, 2012 Posted May 19, 2012 I'm thinking we'll just go squat in a vacant house. It really isn't that bad MorningStar--don't get discouraged. I've had some good experiences buying--just do your homework!
katherine the great Posted May 19, 2012 Posted May 19, 2012 Note that if you do not specifically sign a buyers agent agreement then the agent automatically represents the seller.Also I do not put much faith in a dual agency arrangement. Whose interest is the agent going to be looking out for in case of conflicting interests?Just some things to think about. One unscrupulous agent can cause a lot of trouble. Find one you can trust and work with. References help.Interesting 411--thanks for posting it.
MorningStar Posted May 19, 2012 Author Posted May 19, 2012 It really isn't that bad MorningStar--don't get discouraged. I've had some good experiences buying--just do your homework! Yeah, I think we're going to take our 4th home buyer class and see what's changed because our lender said they're not really doing good faith estimates anymore. I also enjoy asking questions that no one else does like, "If you work on commission, what motivates you to get a lower price for the buyer?" and, "You won't have rent increases anymore, but won't your property tax go up?" This time I'm going to throw in, "About how much will we spend maintaining the home compared to renting?"
katherine the great Posted May 19, 2012 Posted May 19, 2012 Yeah, I think we're going to take our 4th home buyer class and see what's changed because our lender said they're not really doing good faith estimates anymore. I also enjoy asking questions that no one else does like, "If you work on commission, what motivates you to get a lower price for the buyer?" and, "You won't have rent increases anymore, but won't your property tax go up?" This time I'm going to throw in, "About how much will we spend maintaining the home compared to renting?"My guess is: Working on commission is not as big of an issue as it seems. They want to make the sale more than they want a few extra bucks for a slightly higher price. They really are working within a limited price range because the bank isn't going to finance more than the appraised value of the property. Your agent has to present whatever you offer. They can suggest, but YOU decide how much to offer. You want to be fair, but you also want to get a good deal. For #2--property taxes actually go up and down. We've seen a big decrease in our taxes from what they were several years ago because taxes are attached to property values. Our house is barely worth more than we paid for it 15 years ago! But yes, your payment will go up when property values increase. #3--significant. Insist on a home inspection and be sure big ticket items are up to date or ask for an abatement on the price. Things like furnaces, roof, foundation should all be in excellent condition or seller should drop price or fix the problem. Those are my predictions for your answers.
Garden Girl Posted May 19, 2012 Posted May 19, 2012 I agree about the home inspection... extremely important. In Oregon and California we have "disclosure rules" that help, but the inspection is for your protection.GG
thesometimesaint Posted May 19, 2012 Posted May 19, 2012 (edited) Just make sure the inspector isn't paid by the owner. Hire your own if necessary. Edited May 19, 2012 by thesometimesaint 1
MorningStar Posted May 20, 2012 Author Posted May 20, 2012 We'll definitely get an inspection. I think the VA requires it.Has anyone used Costco's mortgage program? I have friends who refinanced through them and they were really happy. I was hoping to find someone who has done a new purchase.
ERayR Posted May 21, 2012 Posted May 21, 2012 We'll definitely get an inspection. I think the VA requires it.Has anyone used Costco's mortgage program? I have friends who refinanced through them and they were really happy. I was hoping to find someone who has done a new purchase.Unless you use a local bank there is a good chance you will end up at Bank of America. They are by far the largest buyer of mortgages in the secondary market. Places like Cosco originate the mortgages then bundle them and then the big guys come in and buy them up. It's OK as long as you don't have problems but if you do have problems they treat you terrible.
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