Ditech.com

[BarryG]

I am not for or against a buyers agent but they can be helpful at least if they know the area well. A sellers agent will be more than happy to sell you a house but by law their client (the seller) comes first and they may forget to mention something or other(there is a definite conflict of interest). Flaws are not only the ones you can see but there are other items that yes can be seen on an inspection report but about the neighborhood, the orignal builder, traffic etc that a buyers agent may feel is pertinent info where as the selling agent may fail to mention that the builder was a pos and there have been numerous complaints from other owners in the area or that the hoa If there is one is in litigation etc etc etc. The real estate fee is the same either way. You are not really adding a middleman because the seller is paying the same amount either way. It is just a question of who gets what piece of the pie. You may be able to negotiate the fee but highly unlikely. The only time I have heard of that happening is when the buyer is a real estate broker and is willing to forgo his fee for a reduction in the price of the house.

 

[Rman]

Originally posted by HoleshotHolset

Now I'm hearing both sides of the story - this is good.



I'm 90% with Tisdale on this one... I love cutting out 'middle-men'. To be honest - when I looked at that house last Friday, I saw all of the house's flaws right away... so I'm not really sure what an agent would tell me that I wouldn't already see with my own eyes.



I have access to the MLS as well - so do all of you. http://www.realtor.com



I actually found the house I went to look at last Friday... and quite a few more where that one came from. BUT, in the agent's defense - until I sign up with her, why should she go out of her way to help me find a place? I think she took me up there to help wet my appetite and show me how much of a good person she is and what she can do for me, etc.



So - besides the down payment... I gotta come up with a few grand in paperwork out of my own pocket that can't be rolled into the mortgage? I want to have this down to a science before I even talk to any mortgage folks or persue looking at more houses.



'Yall have made some awesome points so far - keep it up!



Matt

Matt, One feature of the MLS that is really handy that the public is not allowed to use is the database search.



You can find price, sale price, concessions, prior sale prices, just about anything to do with any transaction in the database to compare with the house your looking for. This helps determine fair market value and what current selling trends are. The market is very volatile and having an agent that stays on top of the market is very helpful when buying or selling a home.

 

[HoleshotHolset]

Okay - so buyer's agents might not be so bad afterall... maybe this is an isolated case where having a middle-man (or woman) is a good thing.



Here in Madison - you can go to the City Assessor's website... type in an address and find almost all that information.

You can find the square footage (lot, house, garage, etc. ), tax information (current/past payment info... ), assessment info (land, improvements, etc. ), zoning, roadside frontage, date of manufacture, # of beds/baths, # of stories, prior sales history, etc.



Madison bases property taxes on 100% assessment - so the '04 taxes are pretty darn close to the fair market value. Of course, nobody is asking anywhere near the FMV... I found a place for the asking price of $119k that has a FMV of only $94k.



When I see asking prices - I always wonder what a good offer would be... knowing what the FMV really is.



Matt

 

[jtisdale]

Matt... have you looked outside of Dane county? Taxes will be A LOT cheaper, not to mention the initial price of the lots/houses.



Rman... I didnt mean to offend (if I did). I guess having done this before, I cant understand the concept of using a "buyers agent". I also apologize for the comment to the effect of "getting you to buy the most expensive house they can sell you". I know not all agents are like that, but I'm sure some are. Business is business.

 

[JLinder]

Matt, I just bought my first home 3 weeks ago.



Get yourself an agent that you can trust and the commission is worth it. I used a gal that is a friend of my wife's, and she has been through our house hunt for the last 8 months. She was good enough that she would scout houses before we looked at them and tell us if we were wasting our time before we got there. A good agent will arrange all the details for you like inspections, paperwork to and from the mortgage company, and lean on the seller for extras. I don't know what I would do next time, but this round time was an issue and I didn't have time to sweat the details. If you have the time and patience to deal with all the details yourself, do it. But if you are busy and don't have time to handle all the little crap you need an agent.



Just my thoughts.



Jeremy

 

[Rman]

Oh no offense, just sticking up for the spineless... . he way a minute that's my wife I'm talking about. haha



Sometimes lawyers are good right? Sometimes real estate agents can be good as well.



HH, does the county have the authority to release concession information? I got a letter recently from my assessor and they wanted to know everything. I called him up and told him what I thought of the whole ordeal... in a kind way ofcourse . He basically told me fill out as much or as little as I wanted. I put my name and address and signed it, nothing else. None of there business.



We'll see how far I can with that, I don't know, but until they come to my door with court documentation my lips are sealed!

 

[HoleshotHolset]

Jim: I have looked outside of Dane Co. In fact, I'm looking at Sauk, Columbia, Jefferson, Iowa, etc... Taxes might be cheaper, but the further I live from MSN - the more I'll be paying in fuel to commute there.



I'm not real big on legal stuff so I'm not quite sure what you mean by 'concession information'... The Madison website with all the property info is accessible to anyone right - all you have to do is follow a few links from the front page.



More votes to have a buyer's agent - seems like it's a good thing for the most part.



Matt

 

[Rman]

when a deal is transacted, the parties will concede monies in one direction or another. It's a different form of lowering or raising the price. I was under the impression this information was somewhat confidential and not public record. Having access to that information would be helpful in seeing what is luring current buyers.

 

[HoleshotHolset]

AFAIK - that type of information is not publicly available.



Matt

 

[Rman]

Hey I just checked out the madison assessors page. It's really neat, but does not include the information I was referring that is readily available to agents in the MLS. However, I think it's pretty cool to have that available. I looked up some hotel on Gorham Ave... paid 643000 in 1993 and pays taxes on well over 1M in value. The guy must have made some upgrades!

 

[HoleshotHolset]

Actually - appreciation rates are right around 5%/year around here... so that's probably just normal appreciation.



Matt

 

[ropinfool2]

Having a buyers agent does not cost you a penny!! They are paid out of the sellers earnings. Typical commision is 6-7%, if the listing agent and buying agent are different people they will split it, then they have to split their split with their broker. The agent should schedule all inspections, keep up with any repairs/upgrades required in the contract. I have bought 6 homes so far, will not buy one with out an agent. Now when I sell this one I'm going to sell it myself so I don't have to pay the commission!! Good luck. John

 

[HoleshotHolset]

Thanks, John.



The votes have been tallied - sounds like I should get me a buyer's agent.



Anyone have an opinion about living in a neighborhood that is zoned commercially?



Matt

 

[Rman]

What type of commercial zoning? It could prove to be a bad ting down the road. If it's just a few smaller, strip mall type setup's I would worry. You get a couple trailer shops or strip clubs by you and it's not a pleasant life to me.



Are you buying a new house, or existing?

 

[ropinfool2]

I used to know a guy who had his property rezoned to commercial by the city, his property taxes shot through the roof. So you may want to research that. Oh and I should mention some agents will try and have you sign an exclusive agreement with them, I wouldn't do this. You can have as many agents looking for houses for you as you want. Also 15 years ago it was common for a buyers agent to want a retainer fee, if you come across one keep looking! Good Luck. John

 

[HoleshotHolset]

Existing property - tiny house with a detached 2+ car heated garage. The type of zoning is "C3 Highway Commercial District" I have the whole description and permitted uses all printed out and saved electronically if you'd like to see what it's all about...



Madison may as well be one big strip mall anyhow... I'm used to it. This area isn't the nicest section of town (FAR from it... ), but it's in a location that's nearby all the stuff I need... AND I think I could make noise at all hours of the day/night and not get into trouble.



This place I'm looking at has a welding shop right next door.



Matt

 

[Rman]

might actually be a good investment. If business in the area picks up they're going to want your land. Can be fast turn around on your money.

 

[HoleshotHolset]

I think I might go for it... . even if I don't have much to put down and have to pay that freakin' PMI and get a crappier rate... .



Sure, it'll cost me more than my rent I'm paying now... but I can do whatever I want - whenever I want to do it.



Matt

 

[Rman]

i was fortunate enough to put down 20% and avoid the money thrown away at PMI. Owning is hands down better than renting anyday of the week... go for it.

 

[HoleshotHolset]

I filled out some basic info on Ditech.com's website - and am waiting for their response for a pre-qualification...



Matt