I want to own not rent

[J.A.Sucker]

The first time you buy a house there's lots of ways to get screwed over and it can be a bit overwhelming, especially if you don't know what you're doing (which none of us do the first time).

Get a good realtor who will WORK FOR YOU. They get commission from the seller's end, not from the buyer, so you aren't paying them (if the house is listed with a realtor and you buy it without a realtor, the listing agency gets all the money). Just remember that if your realtor isn't doing enough work or is wasting your time, let them know that you're the boss. If they don't improve, FIRE THEM and get another one.

Beyond that, you just need to scrape the money together for a down payment and look into the loans. Get pre-approved for a mortgage so you have the money at the ready - a quick close is often enough to swing a sale in your favor at a lower price. You should also know what your price range is and what the MAX you want to pay. You should talk about this CAREFULLY with the mortgage broker. Ask any question you can think of, no matter how stupid it seems. As with the realtor, if they don't give you good service/answers/treatment, FIRE THEM and get somebody else.

Once you have this all down, you and the realtor go out and figure out what kinds of places you want and how much you can spend. Don't let your realtor try to push you into a more expensive place. It's good to look at a few, just to see what the market holds, but let them know your firm upper limit. Demand a lot of their time and talk to them every day about what's new on the market. It may take you several months to get the place you want. If the realtor can't understand this, FIRE THEM and get somebody else who will listen to them.

Finally, at closing, make sure you read everything carefully and ask any questions that you can't fully understand. I had a serious problem with my mortgage broker at my closing and I ended up walking out. The escrow agent ended up getting everything straightend out and I closed the next day, but it was a pain. However, it's much better to be a little pissed than to get screwed over for a lot of money.

Remember, this is your deal, and you're in charge. You (and/or the seller) are paying these people big money to make your experience as smooth as possible and to make sure all the loose ends get properly tied up. Don't let anyone convince you or pressure you otherwise. Good luck!

['Chair]

JA, excellent!

[nyc999]

JA - My experience with realtors in NYC has led me to believe they really don't give a s**t about you unless you have a million to spend if buying, or 3.5K+ when renting. Maybe someone else has had better luck.

[almostbusto]

-JA

you say you want the realtor to work for you, what exactly do they do for you (on the buying side specifically)? i really don't have a good feel for it. It seems to me that its an antiquated job that still comes with a fairly decent income just because of state laws and licensing agencies which restricts competition.

do they show you houses that are for sale? there are postings all over the internet and newpapers.

do they give you advice on mortgages and how much you should be willing to pay? isn't it probably better to go to your banker and/or financial adviser for such advise.

do they give legal advice? again, isn't it better to go to a lawyer about such matters?

isn't there fundamental agency problem with realtors? i don't see how interests are aligned. a realtor just wants to close the deal, and the more expensive the better. i could definitely see realtors trying to push you into any old place in an effort to get a commission.

[J.A.Sucker]

This is often right to a degree, but not necessarily. I'm in the SF Bay Area (very expensive market, too) and have seen a bit of this. If this is the case, then keep looking. If you're a puss about standing up for yourself, they will run over you. If you let them know that you are new the market, a good realtor should understand that you may buy other houses in the future - and maybe if they're lucky you'll call on them.

A young realtor should be hungry for business. Seek them out, but make sure they're with a decent outfit (Coldwell Banker, Century 21, etc).

[nyc999]

[ QUOTE ]
This is often right to a degree, but not necessarily. I'm in the SF Bay Area (very expensive market, too) and have seen a bit of this. If this is the case, then keep looking. If you're a puss about standing up for yourself, they will run over you. If you let them know that you are new the market, a good realtor should understand that you may buy other houses in the future - and maybe if they're lucky you'll call on them.

A young realtor should be hungry for business. Seek them out, but make sure they're with a decent outfit (Coldwell Banker, Century 21, etc).

[/ QUOTE ]

Coldwell Banker, Century 21, etc. don't exist in NYC - it's a completely unique market from that perspective. I'm not worried about being run over, etc., and I've never seriously considered buying in NYC. But my limited interaction when exploring purchases and when I've tagged along with friends who are buying led to my assumption.

In my experience renting, I've literally walked out of offices on 3 or 4 separate occasions.

[nyc999]

Wow, there are two buying vs. renting threads. Meant to post my NY-related rent vs. buying stuff in the other thread. Oh well.

[DMC0627]

Realtors often can hook you up with a mortgage person to see what you may quality for. The first step I would take would to be to call a respected bigger agency and meet with someone. I am not sure how it works in all areas, but in my area, people do what they call "floor" duty.

These are ususally the newer agents that don't have a lot of activity yet, so it is their way to get business. Usually, these newer agents will be happy to meet with you and go over your situation, to help connect you with someone who can prequal you for a mortgage, etc. Once you find out what your price range is and monthly avg payment would be (even if you quality, you have to be sure you are comfortable with the payment) you can go from there.

Good luck

[J.A.Sucker]

[ QUOTE ]
[ QUOTE ]
This is often right to a degree, but not necessarily. I'm in the SF Bay Area (very expensive market, too) and have seen a bit of this. If this is the case, then keep looking. If you're a puss about standing up for yourself, they will run over you. If you let them know that you are new the market, a good realtor should understand that you may buy other houses in the future - and maybe if they're lucky you'll call on them.

A young realtor should be hungry for business. Seek them out, but make sure they're with a decent outfit (Coldwell Banker, Century 21, etc).

[/ QUOTE ]

Coldwell Banker, Century 21, etc. don't exist in NYC - it's a completely unique market from that perspective. I'm not worried about being run over, etc., and I've never seriously considered buying in NYC. But my limited interaction when exploring purchases and when I've tagged along with friends who are buying led to my assumption.

In my experience renting, I've literally walked out of offices on 3 or 4 separate occasions.

[/ QUOTE ]

There's still well-known realtors for the City. You know who they are, even if I don't. c'mon. Other than that, I'm glad that you're willing to stand up for yourself - most people don't. You must be willing to control the terms and take your time when looking for a place, otherwise you will get screwed.

[turnipmonster]

sucker is right, wide variety of agents even working out of the same office. the guy we went through was great and was really helpful, but other people from the same office wouldn't give us the time of day earlier in the same year. this was cocoran btw.