patrick.net

WookieMan says

I will add this. And it will sound pompous. But if you cannot afford to lose earnest money, I'd maybe rethink buying. Never get in over your head on a transaction if you cannot pull it off for some reason. And this is a biggie, never do a credit pull if financing after already being pre-approved by your lender. Basically don't go to the furniture store and buy a couch and bed on credit for the new house. Or a car. That's the easiest way to lose your earnest money as the lender pulls credit again near closing.

I hear you. A important lesson that I learned someone at this site is this; buy the smallest house that will fit your needs and not the biggest one that you are technically qualified for.

gabbar says

zzyzzx says

Because buyers really don't need agents.

Right, it seems to me that the goal of the buyers agent is to sabotage the buyer.

There doesn't seem to be any incentive for a buyers agent to negotiate a lower price if they are working for a percentage. If a buyers agent gets 2% of a $500,000 transaction they earn $10,000. If they talk the seller down to $450,000 they only get $9,000.

I wonder if it would work if you offered your agent 2% if you have to pay $500,000 or $20,000 if they can get the price down to $450,000?

gabbar says

I hear you. A important lesson that I learned someone at this site is this; buy the smallest house that will fit your needs and not the biggest one that you are technically qualified for.

Something has to break here in the East Bay. A 2 bedroom shack on a postage stamp sized lot next to the refinery is asking over $600,000. Loan costs would be over $3000 a month! A nicer place in a nicer neighborhood rents for $2,600. CoCo county average household income is $104,000.

Onvacation says

I wonder if it would work if you offered your agent 2% if you have to pay $500,000 or $20,000 if they can get the price down to $450,000?

No because the system is not set up to make this possible. In other words, the system incentives unethical behavior of buyer agent.

Right now is not the time to invest in housing. Prices may continue to climb for a while as it continues to be a tight market. If you are a homebuyer, or a young person looking to buy a home, you need a bit of a reset. We need to get back to a place where supply and demand are back together and where inflation is down low again, and mortgage rates are low again. - Federal Reserve Chairman Jerome Powell, June 14, 2022