Any realtors out ther? How do you start house hunting?

[Beauty]

Okay here is the story, I'll try to make it short as possible....

My mother and grandmother live together in a not so nice neighborhood....Mom is 60 and in GREAT HEALTH!! Beanie (my GM) is 86 and is in good health for her age as well. John and I have a triple wide trailer (no red neck jokes..lol) and live about 20 minutes from them. When my dad passed away 2 years ago he left my mother and I quite a lot of money...not anything spectacular but plenty for us to live the rest of our life without worrying. My mom who retires in December also has a pretty large nest egg.

My mom and John (DH) have been seriously talking for the past few months and they think...I agree....that we should all look into buying a large home and living together. The problem we will have is that we will need at least 4 bedrooms and we will need the home modeled to where there is some privacy...If John and I want time alone, if mom wants time alone and so on.

So how do you start looking? Do I just go to a realtor and say this is what we want? Since I don't work I will probably be the main one looking. I don't want a realtor to push me about anything. I know it will probably take some serious time to find exactly what we want and I don't want to be under pressure. I know credit and financing will not be a problem I know downpayment and closing cost won't be a problem I just don't want to be pressured. We live in a small town and my mom is well known and the fact that she has some money is known so I'm afraid of being pushed. I guess I just need advice from people who have been there.

 

[Beauty]

Bumping hoping someone can tell me where to start.

 

[Talking Hands]

My first recommendation is to sit down and make a list of must haves and wants. No bedrooms, bathes. Also how much you are willing to pay for the house and any neighborhoods you are interested in or refuse to look at.
Then get some recommendations for realtors from people you trust. A good realtor will work with you to get what you want and should not push. You are not tied to a realtor as a buyer so if the one you are working with gets pushy walk out the door.
Also remember that in the end all realtors work for the seller so when you do settle on a house that fits your needs don't say anything but the price you want put on the contract. Don't reveal if you are willing to go higher. If you do that is information that can be used by the seller. Be very closed mouth.
Good luck on your search.

Both dh and I are realtors

 

[ahutton]

I'm not a realtor, but we have bought 3 homes over the last 10 years... I find that if you are familiar with the area, and have an idea of where you want to be, start driving the neighborhoods and see what is available. You can also check out sites like www.homes.com and www.realtor.com which have the option to put in your requirements for a house and will tell you what is available in the area. Since you have some specific needs, maybe a new build, one where the builder may be able to work with you on shifting walls and such to meet your needs may be a good idea, or if in your area they have semi-custom builders who have designs/floor plans already done, but have many options of what layout within the space is available that may be a good choice. Most importantly have a good time looking!

 

[Beauty]

Thank you both so much! T.H. I have one question....Can one realtor show a home even if it isn't listed with their company or do we have to go to each separate company to see the houses they have listed.

For example there is one realtor in town that just has a pretty bad reputation, however, she has some beautiful houses in her listings. If we go to another agency are they allowed to show her homes as well or do we have to go to different agencys to see different homes?

The list of what we want is a very good idea too. 4 bedrooms, fenced in back yard, central heat and air and at least 2500 sq. feet. Thats a good idea too. Being closed mouth is going to be hard for me. I'm a blabber mouth but now I will know to watch what I say!!!

 

[2disneywego]

Also remember that in the end all realtors work for the seller

This is not always the case. If you are working with a realtor to buy a house, you can have a buyer/broker agreement which means that the realtor will work in YOUR best interest, not the seller. If you don't have this agreement, then the realtor has to disclose to you that he will be working in the best interest of the seller. All realtors are licensed and the boards here are very strict about ethics.

 

[2disneywego]

And to answer your question, if you're working with a realtor, he (or she) is the person who shows you the listings, not the realtor who has it listed.

I'm not a realtor, by the way. Just have way too much experience with the process.

 

[perdidobay]

double post!!!!

 

[perdidobay]

Beauty, in answer to the question about realtors showing other agents listings, yes they do....most larger areas will have MLS listings that all agents list with. As 2disneywego said, ask for a buyers agreement...that is no problem for a good agent!
Enjoy house hunting!

 

[2disneywego]

Oh yeah, when you're making your list for what you want in the house, remember that there are no perfect houses. Start with the feature that is most important and work your way down.
Good luck, it can be frustrating, but the end results are usually pretty great!

 

[bananiem]

You may want to consider building from scratch. We've done it twice and it's been such fun! Some people call us crazy but we find it fun. That way you get what you get and how you want it. They key is to use a contractor that LISTENS to you and has a good reputation. Both times we've built the contractor's had architect/draftsmen on staff so we were able to customize some already existing plans.

 

[Gillian]

I wouldn't sign a buyer's agreement unless I was sure that realtor was THE ONE, if you know what I mean! Someone you love working with, who is going to do everything he/she can to find what you want at the price you are willing to pay. Meet with several agents. Ask your friends or speak with the manager of companies with a lot of good listings and ask for the names of their best buyer's agents.

Even though all agents can show most homes on the market, it can be helpful to work with someone in the same office as one of the top realtors, because he may know about new properties before they are advertised.

I'm not sure about your state, but once you sign a buyer's agreement here (NJ) you may be obligated to pay a commission to the realtor, if for some reason the seller doesn't pay it, for example if it's for sale by owner. It's better to let your agent call the FSBOs for you & see if they can negotiate a commission from the seller.

I used to be a realtor

 

[Beauty]

Wow thanks you guys! I had no idea about the buyers agreement but that is a wonderful thing to know...anything else like that I need to know since I will be doing the initial looking solo until I find something that needs to be looked at by all? How negotiable is price? Should I offer $5,000 less $10,000 less how does that work. You guys are so smart!!

 

[2disneywego]

Not so smart, just been there, done that, but thanks!!

The best advice is to find a realtor and have an inital meeting. If you think you'll have a good working relationship, get that agreement, it really protects you.
It will save time than you looking on your own. The realtor has access to all the MLS and will do searches based on your requirements. This is important, because there can be many properties out there with no signs on the lawn. That's how we sold our home and it still went under deposit within 3 days.
The realtor will also be able to tell you current market conditions, and give you some pointers. But, you are the one who will decide what to offer, not the realtor.

 

[Gillian]

There is no set amount under the asking price that you should offer. It depends on the market and if the house is priced right to begin with. That's where a good agent helps. They'll educate you so you know how to figure out what to offer.

 

[tc]

I don't have much advice, but good luck. One thing we have in Colorado (don't know if all states do) is a buyer's broker. That's a realtor that works only for buyers. They don't list houses to sell, they just work on buyers. That way you know they are working just for you. Good luck, I love house hunting!

 

[perdidobay]

Also, will you be selling your present home? Mom's home? If you plan on selling them, while interviewing agents, be sure to remember that commission is not set in stone and if the agent you select knows they will get a listing to sell and a commission on a buy they may be willing to come off the % of the commission they charge. I asked for and got a discount from the agent we used when we bought a home and sold our old one through the same agent.
Interview several too.... see who you feel comfortable with

 

[Jenzebelle]

Not a realtor here, but we are in the middle of closing on a house.
My advice first off is pretty much doing what you are doing - arming yourself with as much info as possible. It sounds corny but house buying for dummies was a great help for me!

Secondly, sit down with your family and talk about what you want in a house and what are deal breakers for you. Once you have that, research realtors. Set up interviews with local realtors and ask friends for their recommendations. Don't sign an agreement unless you are comfortable with the agent. Once you sign with the agent, they will do their best to make sure you get what you want.
However, if your agent is also selling the house you need to know that he/she will primarily working for the seller.

Also, any info you sign, make sure you get multiple copies for. And don't get frustrated if it takes a long time to get what you are looking for

 

[KerryD]

Realtor here. All states are different in regards to Buyers Rep agreements. Most buyer rep agreements are slanted towards protecting the Realtor. When first working with a Realtor, ask them if they will work with a verbal "buyers rep agreement". If not, only sign the agreement on a daily basis until you are VERY comfortable with that agent.

Find a good agent....look for agent websites that push service over individual accomplishments. The last thing you want to be is just another transaction. Once you find the good agent, they can answer all your questions.

Good luck!

KerryD

 

[halfway there]

I don't want to be a wet blanket here but I would suggest proceeding with caution and try to do as much on your own if you can. Altho' I'm not a realtor myself, both my mother and grandmother have been in the past. After two bad experiences in buying and selling a home, I think finding a good realtor is hard to do but extremely important.

Our first realtor basically tried to sell us a house at any cost. We loved it but could not afford it. We were young and dumb and that was before the disclosure clause so perhaps we could have fared better.

The second time around, we took every precaution or so we thought. We interviewed three realtors but were swayed by one very amiable woman who led us to believe our house was worth more than it was. This particualr realtor was a real presence in the neighborhood we wanted to buy in so because of her many listings we thought it best to go with her (as selling agent) since we wanted to look at most of the houses she had access to. (A big misconception!)

At this point I guess you could say we were older and dumber 'cause we ended up drastically dropping the price of our house and not even selling it until after our new house was built and moved into (yes, two mortgages and on the market for a year!) Then she had the gall to try to gain some commission on our new house after I did all the work in finding it! This without even giving us a break on the seller's commission!! We also had her look into a 'by owner' home we adored but she must have upset them in some way trying to get the commission that they jacked their counter offer way up so we had to walk away. I'm wondering if I should have or could have been a part of that meeting??). Finally, as if all this weren't enough she tried strenuously to get us to puchase one of her own listings even tho' none of them were exactly what we wanted. That's when we jumped ship and found our own builder to build us one the way we wanted.

Sorry for such a sob story but it really underscores the need for a realtor that is working for your interests in finding what you want. If you're good about standing up for yourself, (which I thought I was) and knowing what you want, (something else I pride myself on) then it may not matter but if not and sometimes maybe even if...then watch out!!

Hope your search is successful!