(Closed) Real estate advice?

posted 5 years ago in Home
Post # 3
Member
5755 posts
Bee Keeper

I think once you hit that ‘I’m interested…’ button, your phone won’t stop ringing! Any agent who has access to all listings will be beating down your door to show you the property.

I’d be more interested in knowing why it’s been on the market so long (usually the price is way over-inflated), or the seller is not interested in budging on the asking price.

Unless you employ a buyer’s broker (to represent you and your interests), the agents (if in the MLS) are all working for the seller.

I’d probably start out by asking what’s wrong with the property? 🙂

Post # 4
Member
3050 posts
Sugar bee

@Pupperoni:  I don’t think you should contact the seller’s agent at all. Find your own agent and have them set up an appointment. You can get pre-approved in a day. The rest of the mortgage process takes week to put together but you can find out what you can afford etc while you are looking. Again- I would find a separate agent and have them reach out. There is no need to contact via the email system on zillow. 

Post # 5
Member
3050 posts
Sugar bee

@ItWasntMe:  it’s pretty unlikely that the seller’s agent will share that up front. They will have to disclose any hazards found in a prior inspection as you go through the process. The best thing is to hire your own agent and start there. 

Post # 6
Member
5755 posts
Bee Keeper

@mamadingdong:  Not really. We were very interested in a few homes adjoining a golf course, and the agent was pretty candid about why the homes weren’t snatched up. Some of the lots were sinking/shifting slightly over the span of just a few years and they suggested getting engineering reports/surveys  to ensure stability over the long term. Some of the homes were riddled with dings on the siding, from stray golf balls hitting them. We hadn’t even thought of those things as possible issues prior to looking. One of the houses was hit twice while we were there and almost gave us heart failure from the sudden noise.

Another house we loved remained unsold for over a year, and when we asked why were told it was probably because a new road was being built not far away which would increase through traffic in the area, directly in front of this house. Those aren’t typical disclosures made by real estate agents unless you ask lots of questions, and are definitely not part of a home inspection. They inspect the structure, not all possible land changes that might happen. The house we ended up buying also was in the line of a revised air traffic pattern already in place, which took effect less than a year later. I wish someone had told us that…

Post # 7
Member
3429 posts
Sugar bee
  • Wedding: June 2013

@Pupperoni: I do this for a living.

  I definitley would wait until you get a Pre-approval from a lending institution, before you look at anything. Then you’ll know what price range to look in and won’t waste your time or your agent’s time looking and falling in love with places that aren’t in your price range. Once you get a Pre-approval for a mortgage, find yourself a real estate agent you feel comfortable with and start looking.   First time home buyers definitley need their own agent who works On their behalf. good luck and happy house hunting!!

Post # 8
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

Get preapproved first. Nothing can happen, and an offer won’t get approved, until you are preapproved.

Also, find out why the house has been sitting on the market. Has it received offers, and been inspected, and then put back on the market? That’s a big red flag. Around here, if a house is on the market more than 3 weeks without going under contract, it means that even the all-cash flippers won’t touch it. And that’s not a good sign! Of course, where you live may have a less aggressive market. Just find out what the back story is!

Post # 9
Member
239 posts
Helper bee
  • Wedding: April 2012

You can get pre-approved in a day or so, so do that first like others say. That way you can know if it’s in your budget. Don’t go by the Zillow sign that says “get this house for only $XXX a month!” as that is usually only principle and interest, with no taxes or insurance, and assuming a 20% down payment. Your real monthly payment will be a good deal more. 

I’d ask why it’s still there, some realtors have no problem giving answers. Worst case, it’s a deal-breaker for you and they can just try to get you interested in a different house. 

I wouldn’t be so concerned about a house that returns to the market after being under contract if it’s at the level that attracts most first-time homebuyers in your market. Getting an offer accepted “holds” the house, in my area at least the buyer has the option to back out without penalty in the inspection period even if they just look at the house a second time and decide they don’t like it that much.

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