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Thread: Homebuying Noob Question

  1. #21
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    Quote Originally Posted by FF2 View Post
    LOL.

    The system is effed up.

    "Agents" who say are they working on your behalf make more money the MORE YOU PAY. Just remember that when they are "negotiating" on your behalf.
    Yup, the agent is paid by the seller - they are not negotiating for you. Their goal is to make the sale for as high a price as possible.

  2. #22
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    You really have to find out the rules in your state.

    In Texas, we have both buyer's real estate agents and seller's real estate agents. There are no real estate lawyers involved. Just the two agents, one working for you and one working for the seller.

    Also, some lenders will demand, as part of the mortgage approval, that you pay the real estate taxes to them and they pay the city. They set up escrow accounts and adjust the amount each year as the value of your house, and thus the taxes, change.

  3. #23
    Quote Originally Posted by RevisCroWilson View Post
    Yes you would need to get an appraisal and the refinance right? Also youbwould need to wait atkeast 1 year aftwr youbget the mortgage before you can do that I believe.

    Sent from my SCH-I535 using Tapatalk 2
    Not necessarily. It depends on the timing. Obviously, if you've paid down 20% of your principle (including the amt. of your down payment), then it should be automatic if you ask, without need for an appraisal. And there's no need to refinance at all. The one year caveat is likely, I would guess.

  4. #24
    Quote Originally Posted by FF2 View Post
    LOL.

    The system is effed up.

    "Agents" who say are they working on your behalf make more money the MORE YOU PAY. Just remember that when they are "negotiating" on your behalf.
    Agents work for the seller, and only the seller. Buyers need to know this and have their eyes wide open. There are so called "buyer's brokers" but as you say, their motives are a bit conflicted given the more you pay the more they make $$$.

    edit: Sorry, just saw Lone star Lady's post. It's the same as she describes here in Mass.

  5. #25
    Quote Originally Posted by Lone Star Lady View Post
    You really have to find out the rules in your state.

    In Texas, we have both buyer's real estate agents and seller's real estate agents. There are no real estate lawyers involved. Just the two agents, one working for you and one working for the seller.

    Also, some lenders will demand, as part of the mortgage approval, that you pay the real estate taxes to them and they pay the city. They set up escrow accounts and adjust the amount each year as the value of your house, and thus the taxes, change.
    No lawyers at all though?

    We have to sign about 50 pages, which I would never do with a RE lawyer who is working for me.

  6. #26
    Quote Originally Posted by Churchill View Post
    Real Estate Taxes vs. Property Taxes?

    Are these the same thing?

    One (Real Estate Taxes) appear to be able to be folded into one's mortgage as a part of your monthly payment.

    The other (Property Tax) are harder to figure out, but I'm told they're seperate, and billing by the local jurisdiction once-per-year?

    When trying to figure out how much Home one can reasonably afford in an ultra-high-cost area, this is kinda important.

    No RE Agent yet, and once I get one I'm sure they'll explain it, but I'd like to be informed before hand.
    I'm an agent in florida and the real estate taxes rolled into your monthly payment are the property taxes, make sure you get it in writing. This is an escrow account set up by the lender, so when the taxes and home owners insurance are due, tthe banks pays it.Make sure you include homeowners insurance and Hoa if applicable, it effects wha you can borrow. Rates are very low, even for low credit scores. you can go FHA with scores down in the low 600`s, with as litle as 3.5% downand qualify for 3.75-4.0% fixed for 30 years.

  7. #27
    Quote Originally Posted by SAR I View Post
    Bergen County, I assume.

    SAR I
    If only.

    Where I am looking makes Bergen look like the Bronx.

    Thanks for all the replies, one and all.

  8. #28
    Quote Originally Posted by Churchill View Post
    If only.

    Where I am looking makes Bergen look like the Bronx.

    Thanks for all the replies, one and all.
    Why the mystery? Where are you looking?

  9. #29
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    Quote Originally Posted by Churchill View Post
    Real Estate Taxes vs. Property Taxes?

    Are these the same thing?

    One (Real Estate Taxes) appear to be able to be folded into one's mortgage as a part of your monthly payment.

    The other (Property Tax) are harder to figure out, but I'm told they're seperate, and billing by the local jurisdiction once-per-year?

    When trying to figure out how much Home one can reasonably afford in an ultra-high-cost area, this is kinda important.

    No RE Agent yet, and once I get one I'm sure they'll explain it, but I'd like to be informed before hand.
    One other thing on taxes: go to the local jurisdiction to find out what the taxes would be for you, not the current homeowner who may have things like veteran or senior discounts. It could be quite a difference.

  10. #30
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    Quote Originally Posted by Churchill View Post
    If only.

    Where I am looking makes Bergen look like the Bronx.

    Thanks for all the replies, one and all.
    Those NoVA suburbs always fare well in the "county" surveys as they don't have much lower income sections as they're somewhat rural. Similar to the more rural NJ counties that also are typically on those lists.

    When they go by zip codes, NYC/CA/NJ/LI usually are on top (as well as NoVA/MD).

  11. #31
    Quote Originally Posted by crasherino View Post
    Those NoVA suburbs always fare well in the "county" surveys as they don't have much lower income sections as they're somewhat rural. Similar to the more rural NJ counties that also are typically on those lists.

    When they go by zip codes, NYC/CA/NJ/LI usually are on top (as well as NoVA/MD).
    Aye. http://www.forbes.com/special-report...odes_rank.html

    Trouble is of course that "Zip Codes" are more like neighborhoods, and while the ones on this list are the exceptional top end, a sorting by county is more (IMO) representative of the real cost of living in a place. Especially when every county in an area is in the same ballpark (i.e. no Ghetto or lower cost areas).

    With that said, aye, NY City and parts of California, Chicago, etc. all rank right up there with here.

  12. #32
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    Quote Originally Posted by FF2 View Post
    By the way, RE taxes don't HAVE to be rolled into mortgage payment.
    That is up to your mortgage company, if u have plenty of eguity in the home they may not require u to pay taxes and insurance in the monthly Payment. Most will demand it in order to make the lone.

  13. #33
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    Quote Originally Posted by Lithfan View Post
    Yup, the agent is paid by the seller - they are not negotiating for you. Their goal is to make the sale for as high a price as possible.
    First off, that's how all commission jobs work. The larger the sale the more money the agent gets.

    Second off, their job is to get you into/out of a house as fast as possible. The total commission is 6%, half to the seller's agent, half to the buyers. The Broker takes a % of that, so the actual agent's percentage is about 1.8-2.1% of the total deal. So tell me, does he really care if you pay 400k vs 390k? No, the difference in commission is negligible.

  14. #34
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    Quote Originally Posted by leftturn3 View Post
    That is up to your mortgage company, if u have plenty of eguity in the home they may not require u to pay taxes and insurance in the monthly Payment. Most will demand it in order to make the lone.
    No, that is up to you. Unless it is different state by state. CA, Idaho, Tenn, and Texas all leave that up to you.

  15. #35
    Quote Originally Posted by chirorob View Post
    First off, that's how all commission jobs work. The larger the sale the more money the agent gets.

    Second off, their job is to get you into/out of a house as fast as possible. The total commission is 6%, half to the seller's agent, half to the buyers. The Broker takes a % of that, so the actual agent's percentage is about 1.8-2.1% of the total deal. So tell me, does he really care if you pay 400k vs 390k? No, the difference in commission is negligible.
    I know the numbers aren't big, but in what other business does someone working "for" you benefit by a higher price?

    And their job should be to get you in the right house at the right price, not "as fast as possible."

  16. #36
    Quote Originally Posted by FF2 View Post
    I know the numbers aren't big, but in what other business does someone working "for" you benefit by a higher price?

    And their job should be to get you in the right house at the right price, not "as fast as possible."
    What if you need to sell fast and have contingencies on other properties?

    I am a developer who would rather not use a realtor but have found one with good negotiating skills. She could care less about what the price is because she has the deal and needs to complete it to earn money. I don't know where you live but down here houses go into contract in days. So if you find some nutty couple that has a hard on for a house and you say slow down I need to get you in the right house at the right price, guess what happens. By By client. Realtors are shrinks calming crazed people.

    Go for sale by owner if you don't like realtors. If you don't like plumbers, do it yourself that always works...

    If you are against the commission that's fine, but my agent spends tons of hours on clients that never sell or never buy.

  17. #37
    and swear I am not an agent, just hear the whining...

  18. #38
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    I saw this in a movie

    Mr Warfish Builds His Dream House

  19. #39
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    Quote Originally Posted by Jungle Shift Jet View Post
    I saw this in a movie

    Mr Warfish Builds His Dream House
    The Warfish I remember didn't have two pennies to rub together.

    Did he win the lottery?

    SAR I

  20. #40
    If anybody is selling a house and wants to get the benefit of realtor.com and all the web searches WITHOUT shelling out a lot of $ to realtors then do as I did....twice


    getsoldmls.com is one ive used twice and erin does a fast job. For $300 flat fee, she lists my house on the mls. YOu decide how much you want to pay in commission. For starters, the selling agent is already paid that $300....she is done. Now ive sold twice here. One time I offered 3% and another time I offered 2.5%. So you ONLY pay a realtor who brings in a buyer to you..and that is determined by you.

    How it works: your looking for a house. You search listings on realtor.com and other sites. You like my house and call the number. Guess what? that number is an extension to MY cell direct. If we make a deal, its a for sale by owner deal and there is no commission to be paid at all. the whole thing costs the seller $300 total. If a buyer likes a house and calls THEIR agent, then that agent gets the 2.5 or 3% YOU listed.

    One house sold by a direct call, making a $190,000 deal in florida only $300 to me. I just sold a house last week, they came by their realtor and that only cost me 3%

    Its a hell of a lot better than paying both ways at 6-7%

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