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We are looking to buy a home and not sure if a real estate agent can help with this

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August 30 2009 - US
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Answers (8)

Profile picture for chuckdog24
Thanks for excellent advice following my somewhat choppily written previous post. Thus far my "old to me" class of 86 classmate has said/done all of the right things to win an inkling of trust back in Realtors (sorry all of you Realtors, it's just been a bumpy ride).

There is one particular house already that has my strong interest. It's on top of a narrow, steep dead end Rd. (likely a turn off to most buyers). The birds eye view however, along with the size & garage needs matching up with our target goals may be exactly the right property for us. Did I mention that the price has dropped twice, now down $45k & into our price range since it was listed in late May?

Too early to get too keyed up on things, but somewhat of a relief to potentially be close to getting this tiring housing monkey off of our backs (even if we may have a way to go before the statistical bottom). I'm off to drive that hill this morning & see how much of a factor I'd be for us.
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September 01 2009
In past economic downturns, I have successfully sold houses FSBO.  I would never consider buying without an agent.  In purchases, I have seen agents work what amounted to miracles.  When we negotiated to build the house we are in now, we knew we had to have a stable, high speed internet connection.  Someone at the local provider had put up a sign that they serviced my (newly created) subdivision.  Everyone at the provider denied this.  My agent noticed they were laying cable in the subdivision (while the office continued to deny).  So, she got the order number, went to the office, and in a friendly manner announced she was not leaving until she spoke to the person who cut the order.  Throughout a very long day, she talked her way up the ladder, made friends, bought lunch for the office, and talked and talked.  Result?  We got the connection we need.  Two years later the company still denies they service my location, no one else in the subdivision has it.  But we do.  A good buyer's agent deals with the unexpected with aplomb, and earns every penny - if only by being available to deal with situations should they appear.

PS - Class of '86 makes you feel old????  Infant!
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September 01 2009
A Real Estate Agent is always the best way to protect your investment...This may be a bias answer :)  however, this is usually the largest purchase that the majority of people will ever make!!!     With that being said you should always use a professional that has knowledge and experience when spending your hard earned money!!!


Good Luck And Best Wishes :)
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August 31 2009
Profile picture for chuckdog24
Thanks for the input Tiff/Philip!
I kinda hijacked Affron's thread, sorry about that, but I suspect that the info is what he/she was looking for as well.

Tough call if waiting much longer is an option. We're outgrowing our 1,100 sq ft rental townhouse & had planned to move to a house for rent in Dec. That property is being offered for a mere $50 a month more than our current $1,150 rent. The glitch there is that there's a month overlap in our lease ending Nov 30 & the current house tenant (my brother in law) moving out Oct 31. The owner showed the place to (3) other renters pending a response from our landlord & than onto her.

I spoke to a Facebook HS classmate, class of 86, I feel old who is a Realtor & may be daring enough to test the waters again..

I definitely see a next wave of correction hitting once the governmental intervention programs wear off, to include Fed rate influence of interest rates. A big question however becomes the monthly cost & the time value of getting this now 6 year old housing monkey off of our backs. If and or when rates go up values will eventually correct, but can our relationship weather another several years of waiting till the monthly costs drop further than today? Rhetorical question I know...

In any case we're ready to explore the possibility of checking the waters. Thanks again for the input, I'm sure that we'll be talking some more as I get the pulse of the market via this & other outlets.   
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August 31 2009
Always use an agent.
Rates come and they go. They drop really low every three to 4 years.
I would wait 12 to 18 more months unless you find that great property that is 50% off.
The only reason more foreclosures aren't opening up is, the government is artificially propping them up with stimulus money. It will soon stop.
Plus the load of 5 year arms from 2005 will be coming due next year. So billions of Dollars worth of homes will start flooding the market next year.
Never get so excited about a home that it clouds your buying senses. It may take 30 offers but the right one will come along. learn to walk away if you can't get a proprty for the right price. Its just like people buying Bank stocks right now. They should be buying us treasuries. Little return if any but the money is safe. 6 months all the bank stocks will be back down to 4 dollars where they will sit for years.
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August 30 2009
A "good" agent will scan foreclosures and short sales if you mention you are interested in them. These types of transactions aren't always for the faint of heart though....on top of being a paperwork nightmare the property is usually knee-deep in deferred maintenance. Certainly not for every buyer. I usually walk a buyer through a "typical" foreclosure property or two before they head down that path so that they can see the physical damage that follows the paperwork nightmare.
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August 30 2009
Profile picture for chuckdog24
Ahhh, Rob, just the person that I was hoping to find still active on this board!
I think that the OP is asking if a RE agent is the way to go with buying a foreclosure. If not, I'll pose that question more directly.

Is a RE agent "needed" for foreclosure sales? Pros/cons?

After years of being on the sidelines, spurned from sour 04 & 07 buying attempts, we're finally feeling some optimism as buyers. Our financial "house" is in order, great credit scores & a 20%+ DP fund waiting for the right moment. I personally expect prices in CT to continue to decline, but several factors lead towards buy consideration:
- Prices & interest rates are favorable enough to get what we're after on a single income
- Interest rates are wicked attractive & I can only see them going up from here
- The wife & I are tired of waiting
- The 8k incentive & this slow fall market are attractive
- The rent vs. own calcs are finally looking good for us

Where might I go to get info on how to cover our bases with a local agent as well as keep our best foreclosure options on the table?   
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August 30 2009
Well, given precisely 0% of the information about what you want to do, I'm sure you will get many very detailed qualitative answers.
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August 30 2009
 
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