Home Buying/Realtor Advice

[MmeSunny]

Let me preface this by saying, this the second in what I'm sure will be an unending series of questions about buying a home. . . .also I double-posted in BP, but thought I might get more traffic here.

We are buying a home. First time. I'm meeting a prospective realtor tomorrow. He has pulled some listings to show me. I got pre-approved, attended a home buyers class, etc, etc.

What to I ask the realtor? What do I not say? Any advice/tips etc. I am very nervous and feel very out of my element on this.

[hillview]

I'd outline EXACTLY what you want and what you are flexible on. So for example your price range is 250-300k and MUST have at least 3 br but you'd prefer 4 or at least a place for guests; you want 2000 sq feet and would like more but it depends on lay out. Master must be on same level as kids rooms and 2 bath min. You need outdoor space. Good schools. Try to pick what you are firm on and indicate flex on other areas. Get good references and give realtor feedback (I really like the layout but the location is on a too busy street). You can hire and fire agents that are looking for property for you (at least around here). We went through 2 before we got someone good.

GOOD LUCK!
/hillary

[TwinFoxes]

Find out how well s/he knows the neighborhoods you're looking at. How many transactions they've had in those neighborhoods. Also, is this person a buyer's agent only, or are they a seller's agent as well? If they are a seller's agent, more likely than not their fiduciary duty is to the sellers, not you.

Is s/he willing to negotiate on the commission?

And make sure you can fire them...make sure you don't sign a contract saying they represent you for several months (this might be more for sellers than buyers though.)

Don't discount personality. You're likely going to be stuck in a car with this person a long time. And never underestimate the power of a good Google search.

[marit]

I'd let him do most of the talking. We interviewed 3 before making our choice. They all start by asking you exactly what PP said, what are you looking for/ what are your must haves, budget etc. They will usually have a "presentation" for you about how good they are. You'll be able to judge them by how they lead the conversation, if they seem to really listen to your needs, if they push you to spend more, if you feel comfortable with them etc.

For us, the first one we've talked to seemed nice, but emphasized how many realtors she is working with in her office, suggesting "they" will find us a home. I didn't like that because I wanted her to be working for me, not closing a deal with her friends. The second one asked us the same questions (what are we looking for) then didn't listen to our answers because she kept talking about how great she is, and the third (the one we ended up hiring) had a good balance of both listening to what we wanted, good but not too pompous presentation of herself, and finally gave us examples of how she got good deals for past clients which sealed the deal for us. We were very happy with our choice and are happy with the home we got.

Wow, that was a long answer. To summarize... you'll just know :)

[jenfromnj]

I agree that you definitely want someone who is an expert in the area in which you're looking, and who is willing to work for you-- we only got our current home because our agent got wind of this house coming on the market for a very good price, and got us in as soon as it was listed. We made an offer that day. If our realtor hadn't been on the lookout for us and been so connected with the other agents in town, we'd have missed a great opportunity.

Definitely don't sign a contract. Here (in NY and NJ) only the seller typically signs a listing agreement, buyers are free to switch realtors for any reason, the only potential complication arises if the realtor you've decided to replace has already shown you the house you want.

Also, the buyer does not pay the agent's commission (at least not in any state I've closed transactions in), so that shouldn't be an issue unless your state is an anomaly. It's sometimes good to have an agent who is flexible on commissions anyway, though, since sometimes they are willing to cut their commission a bit if the parties are a bit apart on price, to enable them to meet in the middle.

You will probably be able to tell from the listings this agent has for you what you initially think of him. Once you've given him some feedback, the future listings he sends/shows you will be a great indication of whether your relationship will be a good one. If it's not, don't feel bad about trying someone else! It's the biggest purchase you'll ever make (for most of us, anyway!) and you want someone who wants to find you the best possible home for your money, respects your budgetary guidelines, and whom you can feel comfortable asking a million questions. GL in your home search!