Finding a house without a realtor

[Supa Dexta]

For a 1st time home buyer, if you were able to find a house you wanted without the help of a realtor, would they knock off some of the cost if you were to only get them to handle the final steps?

Or if you're really brave, not use one at all? I know there is a lot of info on what you'd need to do by yourself if you went that route.

I'm just not sure how big of a part of the puzzle it is, actually finding the house yourself, and whats left after that for them to handle.

Oh and it's a FSBO home. It was listed with an agency, but time was up and it's listed privately now.

[eblend]

Doesn't cost you anything to use a realtor, does to the seller, however I have no idea how the fsbo works since the realtor wouldn't get anything out of it...not sure. I think you just need a lawer and a home inspector if you already found a place you like.

[cannondale1]

Also in the same boat, but with a condo right now.

Any referrals on condo doc review co's, and condo inspectors would be cool.

[JordanLotoski]

Let me ask you this...Would you represent yourself in court if your getting a divorce?

Iam guessing the answer is going to be NO. As stated above it cost you nothing as a buyer to use an agent. Have someone protect your best interests.

As for the 3rd post

Call Val at condo Review. 403-258-3627

Best of luck

[barmanjay]

Originally posted by Supa Dexta
For a 1st time home buyer, if you were able to find a house you wanted without the help of a realtor, would they knock off some of the cost if you were to only get them to handle the final steps?

Or if you're really brave, not use one at all? I know there is a lot of info on what you'd need to do by yourself if you went that route.

I'm just not sure how big of a part of the puzzle it is, actually finding the house yourself, and whats left after that for them to handle.

Oh and it's a FSBO home. It was listed with an agency, but time was up and it's listed privately now.

It costs you nothing to use a realtor

In some cases if you wanted to go for a fsbo,.. the realtor would still negotiate for you as long as there was commission coming from someone. I would ask the seller; if they wouldn't then I wouldn't burden you with commission and let you go nuts on your own (the realtor can at least point in the right direction to go)

A realtor working for you can come up with comparible solds in the immediate area to make sure you are getting the 'right' deal. They can take you to a few currently 'active' comparibles so you can see if there is any 'value' added to the house you want to purchase.

Check the history - if it has been bought a sold too many times and etc - is there a stigma attached to the house? was it a grow op?

A realtor can see (if available) what the current owner paid, can find out mortgage info if needed. Check title to make sure the people selling, have a legal right to sell, and that there are no other caveats on the property.

The best thing you are going to get from a realtor is their Experience. Realtors deal with properties every single day,.. it is their life and they can give you their best advice on what a property is worth.

If they had it listed once before,. I would assume they would work with a realtor, if a buyer had one.

If you went to buy a home yourself and you went to a listing agent with no representation. there is no guarantee that he will honestly work for you. He already has a contract with the sellers to work on their best interest. You can see where I'm going with that one.


With you being a first-time home buyer, I caution you on doing this yourself and suggest to at the very least interview a few realtors.

This would be you single largest investment of your life (may not be the last but definitely the first), Do you really want to go in blindfolded and hands tied behind your back?

"marco",..... "polo",..... "marco"

[Supa Dexta]

It's an interesting situation. It's a house back east that I'm quite familiar with. It sold close to 10 yrs ago, at a great price, but at that time I wasn't in a position to buy it. An older couple bought it, kept it a couple of yrs, and didn't like the amount of traffic, so they sold, for probably 25-30% more then they paid, without many upgrades.

The current owners bought it, and from what I hear are over their heads. It almost came to sheriffs auction once already, but they were able to get their finances in order and have been hanging onto it, it's been for sale for close to 2 yrs I'd say, with a crazy price, bounced around a couple of realtors, and is now FSBO.

I've been waiting it out, and am getting closer to make a move on it. Only problem is getting the price lowered to where I think it should be. Thats why its been for sale so long, they are so deep into their mortgage, they don't want to lose on it anymore then they have to. So they continue to hang onto it, and live without using lights and things it seems to save $$ (they sit in the dark all of the time)

The house itself is pretty much exactly what and where I want it, but it's probably 30-35k over where it should be (and what they paid) They cut down a number of the bigger trees, and as far as I know didn't upgrade anything to validate the asking price. I Tthink they may have dropped 4k last spring, and recently another 6, but thats a far cry from another 30 I'd want off it.

[barmanjay]

sounds like they owe more than what its worth.

with their struggle to hang onto it, i bet their asking price is close to their break-even mark.

might be worth trying to find out who holds the mortgage.

what if you just offered to assume their mortgage? Maybe give them 5k? (likely what they paid down on their mortgage)

Could be a great opportunity if it's worth what is left owing on the mortgage.

[Supa Dexta]

In the hopes they lose it?

[barmanjay]

if it you know who holds the mortgage,.. there is a very slim chance you can be the first to sneak in there if it goes into foreclosure.

Deal direct with the person managing the file and offer a fair amount to see if they'll take the hit.

Find out what the city assessment is and compare mortgage info with assessment value.

Otherwise,.. try and offer to assume their mortgage - good way to get the bank info so you can talk with the bank about payments, term, amount owing,.. etc,..etc,..etc.

because you will need to qualify to assume the mortgage, you will need to talk with the person who holds the mortgage

See where I'm going?

[Supa Dexta]

Both good points, either them losing it, or assuming the mortgage are good options for me. I'll do some digging.

[barmanjay]

Assuming the mortgage might be best for both parties

As they need to get rid of it and you would like it with the least amount of trouble.

As long as the city assessment is in line with the balance of the mortgage, I think it would be a great way to get into a property.

[anothers10]

Check your PM

[old&slow]

According to the "National" last nite there could be some up coming rule changes in regard to the MLS listings and Realtor rates...I can't find a link...

[Supa Dexta]

Good or bad?^ (for a buyer like myself)

edit here it is>

http://yourhome.ca/homes/article/719628

[barmanjay]

|I think there will be no change

there are already discount brokerages around, and most fail because of poor management and not following association rules.

the MLS is owned/governed by the association. Realtors can already charge what they seem fit anyways (high/low).

no matter what the changes (via these allegations) are, fsbo's will likely pay a high flat fee premium (via taking courses in real estate laws + association fees) to use the privately owned MLS for their benefit.

The MLS's concept was to help realtors help their clients, somewhere along the way, limited access to the public happened, and i think that is where the public wants full unwarranted transparency/access.

[Supa Dexta]

Can any of you share any experiences where you've had a buyer come to you, with a house already picked out?

[G-Suede]

Originally posted by MIWYFSHOT
Let me ask you this...Would you represent yourself in court if your getting a divorce?

Iam guessing the answer is going to be NO.

Oh, that's rich. Thanks for the laugh.

[HRD2PLZ]

Originally posted by Supa Dexta
Can any of you share any experiences where you've had a buyer come to you, with a house already picked out?

I've had it happen a couple times. Basically the buyer has a house in mind that they came across somehow (open house, word of mouth, etc) and wanted representation to ensure their interests were protected.

[Supa Dexta]

Just got wind that the house is about to be listed with yet another agent. Price has dropped another 10k, so may make a move.

[G-Suede]

Make an offer before the new agent has a chance to list it. Make your offer compensate for the lack of agent selling fee's.