[paybacksare]

This could be a great adventure. If you have any tips for first time home-owners, please put them here.

If you'd like to donate money, please PM me for my address.

[cLaY]

don't settle. there is no perfect home. have it inspected. don't settle. don't hire a realtor.

[paybacksare]

don't settle. there is no perfect home. have it inspected. don't settle. don't hire a realtor.

Don't get a realtor? Why on earth not?
We already have one. She's one of my best friend's mothers, so I trust her and she's not charging us any fees.

I've been doing a lot of looking on my own, but I figured we needed someone who might have access to listings before we do.

[cLaY]

Don't get a realtor? Why on earth not?
We already have one. She's one of my best friend's mothers, so I trust her and she's not charging us any fees.

I've been doing a lot of looking on my own, but I figured we needed someone who might have access to listings before we do.

or so she says. make sure...its a waste of money.

look, look, and look more. compare, compare, and compare. don't feel discouraged if it takes a couple months. Are you in a hurry to get out of your current home?

[Michman]

This could be a great adventure. If you have any tips for first time home-owners, please put them here.

If you'd like to donate money, please PM me for my address.

Make sure you get a real estate agent. As the buyer there is no money out of pocket for you (the seller pays the agents commision). And this agent negioates/acts in YOUR best interests. If you dont have an agent, just remember that everything the sellers agent tells you...might not be all of the information, because he's negiosating on behalf of the seller. If you have any of the questions let me know. (The spouser is a real estate agent..)

[cLaY]

Make sure you get a real estate agent. As the buyer there is no money out of pocket for you (the seller pays the agents commision). And this agent negioates/acts in YOUR best interests. If you dont have an agent, just remember that everything the sellers agent tells you...might not be all of the information, because he's negiosating on behalf of the seller. If you have any of the questions let me know. (The spouser is a real estate agent..)

Ahhhh, can that differ state to state? Both ends still make money somehow off of the sale.

[Michman]

Don't get a realtor? Why on earth not?
We already have one. She's one of my best friend's mothers, so I trust her and she's not charging us any fees.

I've been doing a lot of looking on my own, but I figured we needed someone who might have access to listings before we do.

^^ This is correct...She is getting a commision but The seller pays her agents commission.

[paybacksare]

or so she says. make sure...its a waste of money.

look, look, and look more. compare, compare, and compare. don't feel discouraged if it takes a couple months. Are you in a hurry to get out of your current home?

No, no big hurry. I like the idea of taking our time and really looking at a lot of properties. The problem is that things around here go really fast. If you see something that you like, it's hard to not feel like you shouldn't take it right then, because there is a good chance that someone will come soon after and nab it up.

Hell, I'd be fine if it took a couple of months. The thought of the physical part of moving makes me want to check in to an insane asylum.

[paybacksare]

^^ This is correct...She is getting a commision but The seller pays her agents commission.

yes, this is what I understood, too. If she helps us find a place, then she gets money from the seller.

There were some agent fees, around $400 that she waived when we signed stating our intent of loyalty to her.

[Michman]

Ahhhh, can that differ state to state? Both ends still make money somehow off of the sale.

I suppose it can.....But I have never heard of that being the case. The buyers agent does make a commision but it is paid by the seller. Now there is special circumstances where the buyers agents commision is 3.5% and the sellers agent will only pay 3.0%. (not usual but sometimes it happens) If thats the case the BUYERS agent needs to negioatete that the extra 1/5% needs to be paid by the seller. Just make sure to specify with YOUR agent that the seller is to pay all commisions.

[Michman]

yes, this is what I understood, too. If she helps us find a place, then she gets money from the seller.

There were some agent fees, around $400 that she waived when we signed stating our intent of loyalty to her.

Correct.

another thing. Arrange financing or be preapproved before this helps in 2 ways...1) when you find something you like you can move on it. expecially with things selling fast there. 2) When it come time to make on offer on the house, if your preapproved and the seller knows he doesnt have to hassle with the BS of "will they get financing or not" issue..he might take less knowing there wont be that hassle.

PS.. The spouser just sold two condo's today at lunch time (both times she was the buyers agent)....I feel a trip to best buy comming on for me.

[cLaY]

I suppose it can.....But I have never heard of that being the case. The buyers agent does make a commision but it is paid by the seller. Now there is special circumstances where the buyers agents commision is 3.5% and the sellers agent will only pay 3.0%. (not usual but sometimes it happens) If thats the case the BUYERS agent needs to negioatete that the extra 1/5% needs to be paid by the seller. Just make sure to specify with YOUR agent that the seller is to pay all commisions.

I thought it was buyer's agent and sellers agent split the 6%.

[paybacksare]

Yeah, we already got pre-approved, which was actually a simple enough process.

The realtor helped us with that, too.

[Michman]

I thought it was buyer's agent and sellers agent split the 6%.

Typically they do. But some times if you have an agent that is really popular and sells alot of houses they like to spilt it 3.5/2.5 They want the extra 1/2%. Here in Michigan the typical commision is 7% to be split.

[Michman]

Yeah, we already got pre-approved, which was actually a simple enough process.

The realtor helped us with that, too.

It will help in the negioating precess...good move.

[Michman]

don't settle. there is no perfect home. have it inspected. don't settle. don't hire a realtor.

Have this done for sure.

[cLaY]

Typically they do. But some times if you have an agent that is really popular and sells alot of houses they like to spilt it 3.5/2.5 They want the extra 1/5%. Here in Michigan the typical commision is 7% to be split.

Yeah. A 100,000 dollar house here probably costs 300 to 500 up there. Thats probably why theres a difference in commision.

[Michman]

Yeah. A 100,000 dollar house here probably costs 300 to 500 up there. Thats probably why theres a difference in commision.

Yea...so guys in the spousers office sold 26 million last year.....2 houses every week! Obviously he wants the extra 1/2% but he'll give it up if the other agent says no way...1/2 the time they dont even bring it up.

[cLaY]

Yea...so guys in the spousers office sold 26 million last year.....2 houses every week! Obviously he wants the extra 1/2% but he'll give it up if the other agent says no way...1/2 the time they dont even bring it up.

Thats fucking crazy. I'm going to try to get out of the 9 to 5 bullshit. Not going to sell, but maybe just do the rental thing. Lots of low end housing around here.

[Michman]

Thats fucking crazy. I'm going to try to get out of the 9 to 5 bullshit. Not going to sell, but maybe just do the rental thing. Lots of low end housing around here.

The spouser wanted the same thing...(out of the 9-5) So she took the real estate classes and now 6 months later she loves it....hours are screwy tho.....lots of weekends for 1-3 hours and some evening.....but her schedule is very flexible.....Hell if she sold one house a month I'd be happy. Right now she's averageing 2 a month, but I doubt it will last the whole year. Get your liscene work your ass off doing it on the weekends and evening for a year, then you'll have a steady income and quit the 9-5