Jan
29

Real estate agent fees when buying a foreclosure?

Question: Real estate agent fees when buying a foreclosure?
I’m a first time home buyer and I’m trying to learn some of the basics of the home buying process. I’m thinking of finding a real estate agent. However, I  want to know if  Iwould have to sign one of those exclusivity contracts and, if I were to buy a foreclosed home, where would their comission come from?

Best answer:

 

Exclusive right to represent buyers agreements have been gaining momentum recently. I don’t use them very much.  I believe that if an agent is good at their job as a real estate professional the client will stick with you because they trust you not because they are legally obligated. There is another side to this is that Real estate agents get stuck working for free way too often by agent jumping buyers that contact  every Real estate agent in a 50 mile radius.

The real estate commission would come from the sellers.  Real estate commisions are incorporated into the purchase price of the home. The real estate commission is set by the homes seller.

What do you think? Answer below!

Dec
28

How can we buy a home?

Question by Amy: How can we buy a home?
My boyfriend and I are interested in buying a home. I have good credit, and he has so-so credit. He makes the majority of the household income. I work part-time. Is there a way we can purchase a home together?

Answer:

It’s definitely a good time to buy with the combination of low interest rates and home prices.

Credit is a big factor when looking to get a home loan.  A lot of buyers today have tarnished credit because of the recovering economy. You should have a Mortgage Professional evaluate the credit and employement history of  the both of you to see if buying a home right now is possible. If not, the Mortgage Professional may be able to refer you to a reputable credit counseling company that can help you get on the right track.

Give your answer to this question below!

Feb
02

Is it possible to have a home inspection done on a foreclosed home?

Question : Is it possible to have a home inspection done on a Foreclosured home?
I’m interested in purchasing a foreclosed home. My realtor is trying to get me to buy it without having a home inspection done.  I’m afraid of buying it without a home inspection because of all the potential problems that could come up later.  Will the bank that owns the home agree to turn the utilities on so that we can have an inspector run tests on them? I don’t want to purchase a home without knowing what I’m getting into.

Best answer:

Many of the REO (Real Estate Owned) companies that I deal with regulary allow home inspections for information purposes. The reason that foreclosed homes are sold AS -IS is because the REO companies that are handling them do not know the property’s history. Regardless of having a home inspection or not the utilities will need to be turned by someone depending on the type of loan your getting.   Again most of the REO companies I deal with have “US” as the listing broker turn on the utilities on in our name. Some REO companies have property preservation companies that turn on the utilities on in their name. FHA/HUD foreclosures have the buyer take responsibility for all the utilities that are neccessary to have the inspected, appraised and or tested. Anything is possible when it comes to utilities. Just ask the question and findout.

Home inspections are always a good idea and can save you from purchasing a home with hidden defects that you may not be able to afford. When writing your contract offer make it contingent upon a satifactory home inpection.

Know better? Leave your own answer in the comments!