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Colan Noji's Advice

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Colan Noji wrote:

Is it better to negotiate on a home with the listing agent, who is also your agent?

Dual agency deals happen all of the time, especially if a buyer seeks out the property without an agent representing them.  Keep in mind that the listing agent's fiduciary duty is to the seller and cannot disclose whether or not the seller is willing to negotiate a price break to the buyer.  Agents representing the buyer's side is working only for the buyer which is important especially for a first time buyer because they may be able to provide you with advice. guidance and some insight that the listing agent may not be able to divulge.  Personally, if one of my buyers best or only chance to get the home they REALLY must have relies on them signing with the listing agent, I give them my blessing and hope it works out.. after all, we're trying to help people/families get into homes aren't we?
October 15 2013

Should we go with 20% down conventional or a piggyback loan?

You might want to look into a 203k loan.  It's basically a renovation loan, that will loan up to the future value of the home. Hopefully you're getting a good price for the home being a fixer.  It is an FHA loan, but you would still probably want to come in with 20% to avoid paying mortgage insurance. You'll also avoid a balloon payment at the end of the piggy back loan.
May 21 2013