Help? I'm totally clueless [imaginarycircus]

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About buying a house. We did the pre-approval thing already. We've poked about online. We know what we can afford and what our deal breakers are. We know what area we want to buy in.

And I am ready to contact realtors. I just sent an email to a realtor a friend recommended. And then I was looking on the realtor's general site and I found an apartment (condo) that might be what we are looking for. The realtor handling that property is a different one than the one I emailed - but the same office. Can the other realtor show us any property that is being handled by their agnecy? Or do I need to deal with multipe realtors for different properties? I don't know what I am supposed to do?!

anyone know?

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There are 16 comments on this entry. (Reply.)

I know a little bit about real estate. Not a ton, but a bit.

It doesn't matter what realtor you use, the most important thing with that is that it's somebody YOU'RE comfortable with. They're going to be happier selling you one of THEIR properties, because then they get both the seller's and buyer's commissions, but any real estate agent worth their salt will show you properties that anybody's got.

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Right. My dad just explained to me about Multiple Listing numbers. And the relator we are going to meet with tomorrow got back to me. So we are going to dip our feet in and test the water. EEK!

My father got burned when he sold his house in CT because the listing agent found the seller and gouged them all to get the best commission for herself.

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Any realtor can show you any real estate that is listed in your area. They have no problems showing you stuff that is listed by their agency or any other. Just find one that listens to you.

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Well, we will meet this one tomorrow and see how it goes.

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You shouldn't need to deal with different realtors, as far as I know. If a property is listed by another realtor, generally your realtor can sell it to you, and they share the commission. But the best thing to do is ask your realtor about it, find out what their process is for that.

Good luck! Home-buying is stressful, but also really really fun. :D

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Right, I just called my dad and had him lecture me on agents who are both buying and selling a single listing. We're going to meet with someone tomorrow and see how it goes.

I'm sort of nervous.

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It may vary from state to state, and all my experience is in New Jersey, but what happens is, when you want to sell your house, you list it with a specific agent, who enters it into the multiple listings system so everyone can see it. That person works with the sellers.

People who want to buy a house go and get their own real estate agent, who drives them around to show them various properties they might like and so on. Doesn't matter if that property is being sold by an agent in the same office or by an agent from a different company. Also, it can be the case that your realtor wants you to buy a house that she herself has listed. (I think this can happen, but maybe not in all states.)

When you find a house you want to buy, your real estate agent works for you, their agent works for them, and the two of them split 6% of the purchase price. If the agent managed to represent both sides, I guess she keeps it all?

There'll be interaction between you and the agents of the various sellers whose houses you look at, but you won't have the relationship with those agents that you have with their own.

When we bought our house, we actually got lucky because the house we ended up buying was being handled by another agent in the same office, so our agent knew that the price had just been cut an hour or so prior to our coming in -- before anyone else had noticed it.

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My dad just explained the MLS thing to me on the phone. He told me about his bad experience in CT when they sold their house and the listing agent was also the selling agent. She was basically only looking out for herself on that deal and everybody else got screwed.

When they asked you how much you want to spend did you tell the truth? Or do people say a lower price? I was just honest about how much we want to spend. I hope that works out.

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Usually the realtor will ask how much you've been "pre-qualified" or "pre-approved" for and try to stick to things in that range. A pre-approval is basically the bank/mortgage co saying "we're willing to loan you X amount, provided all your info checks out." Sometimes agents will try to get you to use a mortgage co. they're in cahoots with, so be wary. Also, they like to approve you for a bit more than you can comfortably affird, and the realtor may try to get you to spend it all, so if you already have a number in mind and will stick to it, so much the better.

I think it's okay to be honest with the seller about how much you want to spend, because if that's your number, you'll stick to it. They might try to wheedle you into spending more or give a counter-offer for more than your number, but stick to your guns.

I'm so excited for you! Hopefully we'll be buying a house soon too...

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We did not give her the amount we were pre-approved for because that is like $125,000 than we actually want to spend! EEK!

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Talk talk talk to the agent before signing a buyer's agreement with him/her. Make sure he/she will LISTEN to you - I told one agent I liked arts & crafts houses in a certain area and she sent me lists of fugly houses from a different era and tried to talk me into a different area. I had not signed with her so I did not have to work with her. EVERY agent can send you automatic email lists of houses, that is not unique.

Unless you have a good reason for looking in a much higher range than you are approved for - such as someone giving you money for a down payment - I would be pretty careful about that. You might find a house, make an offer and have everything set, then not get the mortgage.

When it comes to mortgages, I would not get an ARM in this market unless you absolutely have to, and if you do then get a 3 or 5 year ARM.

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We met with a realtor on Saturday and she took us to look at six condos. We did not sign any kind of agreement. She said she would send us emails -- the list thing.

I would never do an ARM. We don't have to. Our credit is good and we make enough money to qualify for a regular mortgage. We do not have a down payment though. We would have to do a first time buyer program with 0 down -- if we decide to buy this year. I am uncertain about doing that -- but David and several other people seem to think it is not a big deal.

I'm feeling a little pessimistic. I think it will be impossible to find a great place that is big enough for us in a neighborhood we like - that we can afford. But we can rent so it is not a big deal.

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That sounds like a good start.

ARMs aren't necessarily for people with bad credit, ARMs are used as a way to buy a house you can't afford now but anticipate you will be able to afford later. The initial payments are at a lower interest rate and then the rates can change, which is where a lot of people have been surprised because the low rate can be really artificially low. If interest rates were going to be pretty flat it wouldn't be a bad idea but they are likely to go up.

You never know, you might be able to find something. But as you say, if not you can always rent.

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I am not a gambler so I would not want an ARM. I want to know exactly how much I owe. No surprises.

Have you been looking at places to buy? I imagine I would need a while to settle into my new job and sublet before I could get into house hunting mode if I were you! In fact on my current super low energy I would need a nap every other hour. :(

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You might want to find a buyers' agent and stick with just that person; that way you know their best interest is entirely invested in your best interest.

Also, a post on the Davis LJ with realtor recs.

A good friend recently bought a condo using buyers' agent Rona Fischman, and I went along on the showing for the condo she ended up getting, and was very impressed. Also, regardless of realtor, I imagine this friend would be happy to chat on the experience of looking and buying in this area.

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We met with a friend's recommended realtor on Saturday. We saw six places. The problem is we have high standards and want to live in Cambridge or Somerville and we don't want to pay and arm and a leg. If we had no debt we'd be in great shape. But student loans, Ahoy!

I will take a look at that link though. Thanks.

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imaginarycircus

Help? I'm totally clueless

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