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Thinking of buying a house, looking for some advice on dealing with realtors
invite response
2013 Oct 15, 6:26am 2,541 views 4 comments
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"When you find one you are interesting in pursuing then just tell the selling realtor you want him as your buyer realtor at a discount. They is already getting the 2.5-3% selling fee, so would jump at the chance to collect another 1-1.5% for free."
This works. Its saves at least 2-3%. Realtors love double-ended deals.
New Renter
2013 Oct 15, 8:02am
Make sure your cattle prod is fully charged before each meeting
Get ALL your shots
Purge the birth records of your children so they cannot be demanded as a down payment
gregpfielding
2013 Oct 15, 10:00am
My main question is this...why does every person who shows us a house immediately refer us to their mortgage broker, who is apparently the best guy in the world and could probably pull some strings to get us a loan for the moon if we so desired.
One of the most important reasons that agents send you to a lender they trust is that it's best to completely understand your qualifications before looking at too many homes. This may not apply to you, but many buyers assume they can afford more than they actually can. They briefly chat with a couple of lenders and fiddle with mortgage calculators, but nobody has taken the time to thoroughly evaluate their credit, debts, assets, employment, etc.
Loan issues happen. It's far better to know everything up front that run into problems once you are in escrow. It's not for the purposes of steering you to more expensive homes.
See The Wrong Way To Get Pre-Qualified For a Mortgage http://www.bayarearealestatetrends.com/2013/10/the-wrong-way-to-get-prequalified-mortgage/
FortWayne
2013 Oct 15, 11:50am
Usually they want you to be prequalified so that the deal doesn't fall through. Often the lender they use... you know it's a buddy system. They refer clients to each other or provide kick backs... it's not bad as long as you get a good deal out of it as a client.
Get financing first, Greg made a good post about it somewhere here.
I think this guy is a realtor you might want to ask him
http://patrick.net/about.php?user_ID=12156
So I'm looking at houses, trying to get an idea of what is out there, and I'd like some advice. This is the second time I would be buying a house, meaning I have to sell mine or save for a year or so to come up with a downpayment. My main question is this...why does every person who shows us a house immediately refer us to their mortgage broker, who is apparently the best guy in the world and could probably pull some strings to get us a loan for the moon if we so desired. I'm assuming they want to know how much we can afford so they get us buying something at the top of our budget, when I would much rather be negotiating a reasonable price for somebody's used box of wood and metal. I really would prefer to not use realtors at all but it seems that looking for a FSBO that fits our wants and needs is next to impossible. So what should I do, should I use a mortgage broker, should I find my own, separate of any realtor connections? Should I save like 400k and make a lowball cash offer on a 500k property? Any other suggestions?
#housing