Buying a house, here's how to beat reatlors at their game.

[PA31Ho]

you can find those 50-60k houses in decent neighboorhoods.. i'm not going to buy a 50k house in the ghetto... just because it's not listed for 50-60k, doens't mean you can't get it for that much.. bank reo's is a perfect example. which is how my parents got their 32 acres w/ 1/4 mile waterfront property for $36,000. you make money when you buy the property, not when you sell it... obviously you want to buy a house for below market value... and they are not few and far between either.

 

[MD80DRVR]

It's not the best time to buy a house right now. I'd bet you could rent for a year anywhere in the country right now and come out ahead in some cases like the west coast, way ahead. Inventories are at or above record levels for much of the country. In San Diego, for instance, a year ago there were about 4000 house on the market, today there are 19,260 and that number grows every day. Most houses are only selling after multiple price reductions. All the interest only and negative amortization loans are going to adjust to much higher payments in the next year or two, pricing people out of their houses and they won't have the equity to refi. The party is over and it's going to be ugly.

Scott

Now is the best time to buy! With inventories so high, people are having to make deals to sell. Builders are offering major incentives right now due to these high inventories. It may not be a good time to sell, but it's definitely a good time to buy.

In response to another post saying a realtor will get $13,200 for selling a $220,000 home, you must be smoking crack. Here is a quick lesson on commissions. Let's say you list your home with XYZ realty for 220K at 6%. Your agents job is to market the home to get people to come see it. Most likely, YOUR agent will not sell the property. Most likely, an agent from ABC realty will bring in the buyer. Now that 6% commission just got split between the two. Now your agent has to split his 3% with his broker and will only walk away with 1.5% or about $3,300. Same goes for the buyers side. That is why most agents will not split the commission with you, they don't have much to split.

 

[PA31Ho]

commissions.... just one of the costs of doing business fellas, you don't want to pay them, do FSBO.... you are paying for the opportunity to sell your house quicker... they have to make a living somehow... of course i'd rather not pay a commission if i didn't have to. but, every month i hold onto a house it will cost, so maybe the 6% isn't so bad in the long run.

 

[FishandFly]

Now is the best time to buy! With inventories so high, people are having to make deals to sell. Builders are offering major incentives right now due to these high inventories. It may not be a good time to sell, but it's definitely a good time to buy.

In response to another post saying a realtor will get $13,200 for selling a $220,000 home, you must be smoking crack. Here is a quick lesson on commissions. Let's say you list your home with XYZ realty for 220K at 6%. Your agents job is to market the home to get people to come see it. Most likely, YOUR agent will not sell the property. Most likely, an agent from ABC realty will bring in the buyer. Now that 6% commission just got split between the two. Now your agent has to split his 3% with his broker and will only walk away with 1.5% or about $3,300. Same goes for the buyers side. That is why most agents will not split the commission with you, they don't have much to split.

Smoking crack?

Pull out a calculator and type in this:

$220,000 X .06

As I said, Realtors make $13,200 on the sale of a $220,000 home.
Makes no difference to me who splits it up.

 

[FishandFly]

commissions.... just one of the costs of doing business fellas, you don't want to pay them, do FSBO.... you are paying for the opportunity to sell your house quicker... they have to make a living somehow... of course i'd rather not pay a commission if i didn't have to. but, every month i hold onto a house it will cost, so maybe the 6% isn't so bad in the long run.

After searching through the MLS at length, I was amazed at how many lazy people put together these listings anyway. Compare a million dollar home's listing and photos to that of a 200k home. Big difference.

If I was looking to sell my home, I would simply search for a realtor as I've suggested, finding one who will take a lower commission. Tell them that YOU will provide both the listing description and the photos. And then tell them that you want them to stay away from your house. Tell them to have buyers call you when someone is interested. Bid a nap line.

It may be more work, but I found nothing more stupid than when I would watch a realtor try to sound knowledgeable about a property that they have only been in a few times. Once again, they are only there to make a buck, not to really give insight into properties.

 

[PA31Ho]

i would only use somebody that i know personally or somebody with a very good rep... i know quite a few of them (with me being from Florida)... could also add an incentive for selling withint 30 days... like 8% for selling for first 30 days or something.

 

[MD80DRVR]

Smoking crack?

Pull out a calculator and type in this:

$220,000 X .06

As I said, Realtors make $13,200 on the sale of a $220,000 home.
Makes no difference to me who splits it up.

Wrong again. The Brokers get 1/2 or more of that amount, leaving the Realtors with only $6,600 to divide up.

 

[AeroDork]

Beat the Realtors at their "game?" Translation: "I'll complain and whine when my company tries to cut my pay to make an extra buck, but I see no problem in trying to screw over the professional real estate agents." Typical American hyprocrisy. Realtors aren't playing a "game," they are earning a living by providing a valuable service.

Translation: "I'll preach to everyone about ethics because I'm a die hard union rep, just disregard the fact I've screwed my fellow pilots by paying for what should have been a paid seat". Typical Gulfstream PFT'er hypocricy.

 

[FishandFly]

Wrong again. The Brokers get 1/2 or more of that amount, leaving the Realtors with only $6,600 to divide up.

Wrong again,
I got 2%, so your numbers don't add up. Broker/realtor or realtor who keeps more from his broker; either way their is plenty of money to go around.

 

[FishandFly]

[URL="http://money.cnn.com/2005/05/20/real_estate/re2005_broker_0506/index.htm"]http://money.cnn.com/2005/05/20/real_estate/re2005_broker_0506/index.htm
[/URL]