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Nevvy Z posted:The realtor who has been showing us houses is wanting to sell us her boyfriend's house instead of them taking it to market and we like it but I'm nervous about that giving her a small conflict maybe and want to make sure I have all my ducks lined up extra good. Are there any particular worries I should have in this situation? Tell your realtor you'll consider the property but would have to get a different realtor because she could not represent you in this transaction. If she balks at that, then you have your answer.
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May 6, 2018 03:05
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Leperflesh posted:Tell your realtor you'll consider the property but would have to get a different realtor because she could not represent you in this transaction. If she balks at that, then you have your answer. I'd ditch this realtor regardless. Talk about a lack of ethics...
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May 6, 2018 13:57
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Every realtor has a conflict of interest, they only get paid if you buy a house, any house. They do not get paid on if you get a good house, a good price on a house, or even a safe to live in house. Realtors have no obligation, any of them, to consider your well being. They are salespersons whose job is to get you to close on a property so they can collect a commision. If you have some dreamy notion that the situation is anything but this you can thank a Realtors PR department and a huge Madison Avenue TV commercial corporation. Realtors are not required to have ethics or take ethics training.
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May 6, 2018 19:39
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Nevvy Z posted:The realtor who has been showing us houses is wanting to sell us her boyfriend's house instead of them taking it to market and we like it but I'm nervous about that giving her a small conflict maybe and want to make sure I have all my ducks lined up extra good. Are there any particular worries I should have in this situation? 2 - Room on the deck?? What?
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May 8, 2018 03:05
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Elephanthead posted:Every realtor has a conflict of interest, they only get paid if you buy a house, any house. They do not get paid on if you get a good house, a good price on a house, or even a safe to live in house. Yeah I was mostly worried about potential scams, this is how I feel about it and if a win/win/win came up because we cut out the second realtor that's fine with me. But after first suggesting he'd sell off market at 130 he wants to list at 170 so... nope. back to the hunt.
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May 8, 2018 15:32
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well, decided to see if I could get better.com to give me that thousand dollars, since I'm a week to closing, rates went up, and my realtor sent me a new loan estimate form. they said they barely could beat it. Dunno if it was a bluff or not since they couldn't close in time, but I *did* get a 25 dollar amazon gift card, so that's nice
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May 8, 2018 22:16
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You didn’t want to go with the lower rate? Our closing was delayed a few weeks due to our bank, but our realtor was able to manage the situation with the seller quite well.
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May 8, 2018 22:51
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Nevvy Z posted:Yeah I was mostly worried about potential scams, this is how I feel about it and if a win/win/win came up because we cut out the second realtor that's fine with me. But after first suggesting he'd sell off market at 130 he wants to list at 170 so... nope. back to the hunt. Ironically your mortgage company is the one who's most likely to prevent you from getting scammed since they'll require an appraisal. In most cases when a realtor represents both parties ("dual agency") they don't actually lower the commission, they just take the whole 6%, but your case as a buyer it wouldn't really matter. Maybe since you can assume the realtor is giving her boyfriend a discount you can negotiate lower.
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May 8, 2018 23:04
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Tunicate posted:I'm a week to closing, rates went up, and my realtor sent me a new loan estimate form. Two questions: Why don't you have a rate lock, and why is your realtor (not chase) sending you loan estimates?
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May 8, 2018 23:47
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H110Hawk posted:Two questions: Why don't you have a rate lock, and why is your realtor (not chase) sending you loan estimates? First one, do have a rate lock, chase guy sent a new one because of the 500 new home buyer thing which wasn't included on the previous one. Second one, typo
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May 9, 2018 00:17
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Tunicate posted:First one, do have a rate lock, chase guy sent a new one because of the 500 new home buyer thing which wasn't included on the previous one. Did your rate go up to save $500 in closing costs? Because I have bad news for you unless you have a tiny mortgage.
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May 9, 2018 00:57
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Andy Dufresne posted:In most cases when a realtor represents both parties ("dual agency") they don't actually lower the commission, they just take the whole 6%, but your case as a buyer it wouldn't really matter. Maybe since you can assume the realtor is giving her boyfriend a discount you can negotiate lower. If you're confident dealing with the "dual agency" situation you're foolish not to ask for a 1.5-2% buyer's rebate (provided that your state allows this). The agent still walks away with more money, and you walk away with some extra cash in hand to make that first trip to the hardware store.
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May 9, 2018 01:02
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H110Hawk posted:Did your rate go up to save $500 in closing costs? Because I have bad news for you unless you have a tiny mortgage. nah aside from that credit everything is exactly the same, dude just left it off the loan estimate originally and sent a new one with it included despite the fact the rate is already locked like apparently there's some automated system that just piles them up, I have received literally 7 estimate forms from them right now basically I figured since I had one dated within the 3 business day window there was a chance of getting that 1k gaurantee. Didn't work out, but oh well, worth a shot. Tunicate fucked around with this message at 03:41 on May 9, 2018 |
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May 9, 2018 01:15
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I’m under contract to buy a house, and my mom is now asking why I only have a realtor and not a real estate lawyer writing up the paperwork. Apparently when she bought and sold on the East Coast the realtor did the showings while the lawyer wrote up the contracts. Is this a thing I’m missing out on? I spoke to numerous realtors and none of them mentioned a lawyer. This is in California, btw.
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May 9, 2018 03:32
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Lender cares more about the law stuff. Get a lawyer yeah, ours was invaluable at contact revisions and taking no poo poo from the selling realtor.
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May 9, 2018 03:56
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Tunicate posted:nah aside from that credit everything is exactly the same, dude just left it off the loan estimate originally and sent a new one with it included despite the fact the rate is already locked Just checking, I was worried you hadn't locked a rate a week from closing. in_cahoots posted:I’m under contract to buy a house, and my mom is now asking why I only have a realtor and not a real estate lawyer writing up the paperwork. Apparently when she bought and sold on the East Coast the realtor did the showings while the lawyer wrote up the contracts. They're more common in some areas than others. It also greatly depends on how complicated the sale is (short, foreclosure, single agent, etc etc etc.) Their license says they are guaranteed 100% looking out for your interests. Not strictly necessary if literally everything about the sale fits on the standard forms, standard checkboxes, and nothing super complicated handwritten. Get buyers (in addition to lenders, which you have no choice on) title insurance. I didn't use one for my purchase, but it was bog standard. I would laugh and say my wife is an attorney but I read way more of the paperwork than she did.
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May 9, 2018 04:01
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I have a lawyer lined up for our contract and if anything looks out of place in the final walk-through I'm calling him in before closing. But otherwise the state I'm buying in doesn't typically use lawyers. It's a for sale by owner so the seller isn't using any representation. I have a real estate agent, my lender took care of a lot of poo poo, and the closing is at the title company where I'm also purchasing title insurance. I could have lawyered up and just buried the seller in representation from my side. It seems like the seller is making some mistakes here with their exposure. This is my first house though so don't take my advice.
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May 9, 2018 05:40
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We had the president of our local association of realtors come to speak to our business class and my first question was "how do you manage the conflicts of interest inherent in being a realtor" and she turned bright red and stammered for the rest of the 45 minutes of questioning (which, hilariously, deteriorated into my classmates bitching about an enormous amount of disgustingly unethical behavior by realtors).
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May 9, 2018 14:45
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in_cahoots posted:I’m under contract to buy a house, and my mom is now asking why I only have a realtor and not a real estate lawyer writing up the paperwork. Apparently when she bought and sold on the East Coast the realtor did the showings while the lawyer wrote up the contracts. Its funny, it was the opposite for my wife and I. Her mother works with real estate in Texas and was really confused at first why we needed a real estate lawyer to be involved for our purchase in NY. Not sure about the rest of the East Coast, but NY requires a seller and buyers attorney to hammer out all the contract details. This is not the norm elsewhere.
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May 9, 2018 16:44
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While realtors have inherent conflicts of interest, the most successful ones I know make their clients' happiness their number one priority because they know happy clients is how you get referrals.
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May 9, 2018 16:53
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in_cahoots posted:I’m under contract to buy a house, and my mom is now asking why I only have a realtor and not a real estate lawyer writing up the paperwork. Apparently when she bought and sold on the East Coast the realtor did the showings while the lawyer wrote up the contracts. In CA everyone uses the same exact contract and a lawyer is not needed to write a new one. The same contract has checkboxes to cover a wide range of possible situations, in east coast states you would have a lawyer make a new contract. If you want to do something that is not covered by the standard contract, like require a seller to make repairs in the spring when closing is in the fall(may actually be covered by standard contract), it is a bad idea and there is a good reason it is not on the contract. In CA the realtor will explain the purchase agreement and the meaning of the contingencies. The title company will review the title, and they provide insurance to back it up in case there are any future issues. The title company also handles escrow, and records the title to transfer ownership. In NY a lawyer would perform some of this. The realtor in CA usually requires a buyer to get prequalified before making an offer instead of an attorney in NY. If you have contractual issues like the seller is not allowing access during the inspection period, or not providing hoa docs, or the buyer is not releasing contingencies, and speaking to the realtors broker has not resolved it, that is when a real estate lawyer is needed.
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May 9, 2018 17:09
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enraged_camel posted:While realtors have inherent conflicts of interest, the most successful ones I know make their clients' happiness their number one priority because they know happy clients is how you get referrals. I would add to this that the most successful realtors (and the most successful people in any line of sales, really) know which clients to nurture and which clients to fire because they suck up enormous amounts of your time while actually doing very little business. Shame that retail businesses don't grasp this distinction.
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May 9, 2018 17:59
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in_cahoots posted:I’m under contract to buy a house, and my mom is now asking why I only have a realtor and not a real estate lawyer writing up the paperwork. Apparently when she bought and sold on the East Coast the realtor did the showings while the lawyer wrote up the contracts. We used a lawyer with our first home because Delaware required it to close. I will say it ended up being the best $1,000 bucks (since they did our title and lien search too). The owner of the home died when we were under contract, so there was some very tough times while it was being sorted out who actually had rights to sell it. However, the worst part came at the closing when the sellers were told by our lawyer (their own lawyer wouldn't even return his clients calls) that proceeds of the sale were to be held in escrow for 8 months to give time for creditors to claim against the deceased's estate. The rear end in a top hat husband started spewing his armchair lawyer nonsense and It was worst every penny to watch someone shut him down so handily. They threatened to walk away from the deal probably 10 times, in between him berating his girlfriend for going through with the sale and them trying to get their lawyer on the phone. All in all, it got worked out after our lawyer spent 2 hours explaining what escrow is and how we weren't moving into their house for free for 8 months, and that it was still their money and so on. The main point your mom is trying to make however, is that it is a transaction of hundreds of thousands of dollars. You agent may be a nice person, but they want the sale to go through. Its different when you are paying someone who has a legal and professional obligation to work in YOUR best interest. To get a clue to how big of an rear end in a top hat this guy was, the home was owned by HIS aunt. She however left 100% of the house to his long time girlfriend / partner (which was obviously a sore spot for him). Worth the $1,000 to see my lawyer say "With all due respect sir, you are not even legally involved in this transaction so I dont need your input".
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May 9, 2018 18:23
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Kanish posted:We used a lawyer with our first home because Delaware required it to close. I will say it ended up being the best $1,000 bucks (since they did our title and lien search too). The owner of the home died when we were under contract, so there was some very tough times while it was being sorted out who actually had rights to sell it.
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May 9, 2018 18:32
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All three times I bought a home (PA, DE, & NJ) I used a lawyer. Before moving to CA I never even had a buyer's agent, I just looked at the homes and then used my lawyers for the contracts. In Pennsylvania there wasn't even a seller's agent involved, just our lawyers. As was eloquently described above, an agent gets money if you buy a house, a lawyer gets money to protect your interests. Real Estate agents are bored housewives, and fuckers who think they are The Wolf of Wall Street but who can't do math. Lawyers are trained professionals. It's a really easy choice for me.
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May 9, 2018 23:27
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A good realtor provides a useful service. 3% of the sales price useful? I'd argue about that probably. I think it's ridiculous that I just paid 11,000 in commissions to sell my house. A guy in my 'hood saw the sign in the yard and offered to buy it before it even hit the MLS. Not like either side had to work for the sale.
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May 10, 2018 00:07
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Wow, thanks for all the detailed advice! We are two weeks from closing and everything seems to be going as planned (knock on wood) so we will skip the lawyer. But it’s definitely something I’ll give further consideration next time.
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May 10, 2018 05:09
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Oh Christ, we're closing tomorrow. Someone please talk me out of this! 
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May 10, 2018 19:52
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IT BURNS posted:Oh Christ, we're closing tomorrow. Someone please talk me out of this! Get in the car and start driving. Don't stop.
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May 11, 2018 03:13
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Well im dumb and want to buy a house, moving for a new job next week. Any Chattanooga specific advice anyone has? Im woefully unprepared in terms of the research needed, but hopefully i can find one and close in 60 days before my apartment runs out lol. No pressure
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May 13, 2018 18:27
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Tnuctip posted:Well im dumb and want to buy a house, moving for a new job next week. Any Chattanooga specific advice anyone has? How much are homes where you want to buy one? How much do you have for a down payment and closing fees? 60 days is a recipe for disaster. You need to rent someplace or stay in a hotel until you figure out where you actually want to live and find the right house.
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May 13, 2018 21:09
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Motronic posted:How much are homes where you want to buy one? How much do you have for a down payment and closing fees? You should rent for a little bit (at least 6 months) to see where the things you like doing are located, what parts of town are desirable, what your commute is like, etc.
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May 13, 2018 21:11
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Tnuctip posted:Well im dumb and want to buy a house, moving for a new job next week. Any Chattanooga specific advice anyone has? This is why they make extended stay hotels where you get a suite and kitchenette. Takes the pressure off to settle on a 6-figure impulse buy.
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May 13, 2018 21:20
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Motronic posted:How much are homes where you want to buy one? How much do you have for a down payment and closing fees? Was looking to pay 230k, have enough for a 20% down payment all as cash without any funny stuff, plus enough cash for closing costs. I could afford more but i dont want to be house poor, especially for my furst house. What i mean by 60 days is that ill be in a corporate apartment for two months. I could probably extend this another month, maaaybe two but ill have to pay out of pocket for the “4th” month for sure.
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May 13, 2018 22:32
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Tnuctip posted:What i mean by 60 days is that ill be in a corporate apartment for two months. I could probably extend this another month, maaaybe two but ill have to pay out of pocket for the “4th” month for sure. Count on being out of pocket for that 4th month or possibly even more. I know it's a pain in the rear end, but transaction costs for a house are a bitch. You need to choose the right one in the right place. I don't see how you do that AND close in a new to you area in 60 days.
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May 13, 2018 22:33
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SpartanIvy posted:You should rent for a little bit (at least 6 months) to see where the things you like doing are located, what parts of town are desirable, what your commute is like, etc. 6 months seems a bit long for my current situation, but i can try to extend a 60 day temporary apartment. There are three basic areas of town that fit my first priority (schools that dont suck), and one of them is waaay above my budget so its not too overwhelming choice wise.
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May 13, 2018 22:36
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Motronic posted:Count on being out of pocket for that 4th month or possibly even more. Yeah, moving is a real pain in the rear end. I might be able to swing the apartment longer too even if i have the moving company move my poo poo in to a storage locker.
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May 13, 2018 22:39
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I have a hard time believing there is a school district in Chattanooga where you can't find a safe quality house for 230k in it.
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May 13, 2018 22:51
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Are you sure you want to buy in a new city with a new job? What if the job doesn't work out, are you going to be able to get a different job in the same city? You could rent a house for a year and wait to see if everything settles in well at the new job, explore the city's different neighborhoods to get a sense of which ones you like, and then when you decide to buy, you won't have that pressure of needing to close quickly affecting your decision-making process in a potentially negative way.
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May 13, 2018 22:51
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Elephanthead posted:I have a hard time believing there is a school district in Chattanooga where you can't find a safe quality house for 230k in it. Oh you can, but the market is very tight supply wise at this price point. Kind of a bummer because you look on zillow and there are a dozenish homes in each of my two main potential areas. By the time im down there in a week or two, likely 50% turnover. My big meta choice now (assuming ok house in each area), is live out in the country, or deal with tons of traffic. My commute will go up a bit, but not much of a difference between the two areas.
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May 13, 2018 23:39
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