1. Welcome to SportsJournalists.com, a friendly forum for discussing all things sports and journalism.

    Your voice is missing! You will need to register for a free account to get access to the following site features:
    • Reply to discussions and create your own threads.
    • Access to private conversations with other members.
    • Fewer ads.

    We hope to see you as a part of our community soon!

Advice for a potential first-time home buyer

Discussion in 'Anything goes' started by KYSportsWriter, Nov 10, 2015.

Page 3 of 8
  1. Ace

    Ace Well-Known Member

    Noted, but if you are BUYING a house, there is no reason not to work with a realtor. Doesn't cost you anything and they know the ropes better than Joe Public First-Time Homebuyer would.

    Whether you want a lawyer to represent you at closing is another matter.
     
    Ace, Nov 11, 2015
    #25
  2. Songbird

    Songbird Well-Known Member

    That was one long-ass chess game, dude. How clutch were you at the end?
     
    Songbird, Nov 11, 2015
    #26
  3. LongTimeListener

    LongTimeListener Well-Known Member

    How does it not cost you anything? I know the commission comes out of the seller's side, but obviously that figures into the total price of the home anyway.

    If a buyer's agent gets you to pay $200,000 instead of $180,000, he makes $600 more.
     
    LongTimeListener, Nov 11, 2015
    #27
  4. Ace

    Ace Well-Known Member

    You make the offer, though. Be a pretty slimy Realtor to encourage you to pay an extra $20,000 so he could make $600.
     
    Ace, Nov 11, 2015
    #28
  5. LongTimeListener

    LongTimeListener Well-Known Member

    Right. That's what I'm saying. Realtors are slimy.
     
    LongTimeListener, Nov 11, 2015
    #29
    YankeeFan likes this.
  6. Mr. Sunshine

    Mr. Sunshine Well-Known Member

    Realtors can't be trusted like lawyers.
     
    Mr. Sunshine, Nov 11, 2015
    #30
    Ace likes this.
  7. LongTimeListener

    LongTimeListener Well-Known Member

    Lawyers get paid by the hour. They don't get paid according to how much you're spending on the house.
     
    LongTimeListener, Nov 11, 2015
    #31
  8. The Big Ragu

    The Big Ragu Moderator Staff Member

    There is a very good reason not to work with one. Realtors take 6 percent of any transaction -- 3 percent going to each realtor, if there are two involved. If I walk into a negotiation without that middleman, that is a starting / negotiating point. ... as in, my offer (and eventual price) is going to be minus the 3 percent a realtor would have taken.

    One of the homes I own was negotiated exactly that way. I bought it directly from a seller who was working without a realtor and I wasn't working with one. We basically reasoned out that the sale price was going to be 6 percent less than it would have been with realtors involved (as we each saw that 6 percent lower price), and then when we came to an agreement, split the difference.

    I am not suggesting "don't work with a realtor," by pointing this out. It really just depends. As you said, realtors offer a service. And that service can have value to people -- they know the market, have access to listings and market information that doesn't make the MLS listings. They also put in time, to save you time. That is presumably how they earn their commission or fee.
     
    The Big Ragu, Nov 11, 2015
    #32
  9. Ace

    Ace Well-Known Member

    This is also a first-tine homebuyer.
     
    Ace, Nov 11, 2015
    #33
  10. Mr. Sunshine

    Mr. Sunshine Well-Known Member

    KY, what have the people close to you said. Plenty of advice on here, but the last thing you need is to be more confused about the process. Discuss the options here with people you trust and see what they say.

    Also, make sure you have a good reason to buy a house. If you don't need to, you're young enough to wait a while and figure things out.
     
    Mr. Sunshine, Nov 11, 2015
    #34
  11. doctorquant

    doctorquant Well-Known Member

    Re: the buyer's agent bit. Don't let anyone kid you: The agent is NOT looking out for you. He or she is looking out for his or her commission. Period.

    The house I bought before the one I own now, there was all kinds of stuff that popped up after the contract but before the close. Let's see, there was: 1) radon; 2) some contemporary evidence of termites; and 3) a very late problem with the title (apparently there was a lien that had been missed in a previous sale). And every time one of these things came to light, it was very clear that my agent had only one question on her mind: How do I make this sale go through so I get my money? Each time, she suggested that we cover the issue, just to make things go smoothly. Yeah, buddy, thanks for all that great advice and assistance!

    On the other hand, don't get too bent out of shape about it. As the lady said in Under the Tuscan Sun, "it's a house, not a Vespa." Most everybody does this. It usually works out just fine.
     
    doctorquant, Nov 11, 2015
    #35
  12. ChrisLong

    ChrisLong Well-Known Member

    We said "good realtor," not just "realtor." I've been lucky, I guess. The three that I have worked with were excellent and worked for me.
     
    ChrisLong, Nov 11, 2015
    #36
    Donny in his element likes this.
Page 3 of 8
Draft saved Draft deleted

Share This Page