New Home Real Estates

We are in the process of writing a contract / signing a contract on a new home, from a decent size builder. I have heard a good tactic is to go in with a real estate agent I trust, and then have an agreement to split some of the profit with the agent, since as the buyer the price of the home wouldn't increase, but the seller (builder) would be out 5% or so of the home cost.

Can someone confirm what an agent would get going into this contract with me (house is in IL and worth $307K)?

Also, if I asked the builders in advance if they could make it worth my wild to NOT come in with an agent on the contract, what do you think is fair to ask them to do for me? Example I am thinking is to have them come down on the price of the home by 5K, or ask for them to stay at 307K, but throw in 5K in options free.

Thoughts?

Always use an Agent you trust and a Broker is even better (he is the boss).
The housing tract does not want you to use an Agent and they in many cases do not want to pay them a fee. But it is for your protection to have someone with much knowledge to review the contracts.
You can hire a Buyers Agent to help you through the contracts. You pay them a flat rate fee, generally $500 or so.
They will make sure you understand all the paperwork and that it is only in your best interest.
The builders agent wants what is best for his client, the builder.
You need to review the HOA's, and CC&R's too. Find out about all warranties, and insurance costs.

Work with a Broker or Agent, it is worth it in the end.

2007-03-10 09:00:56 by simmsdanjen

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2006-02-20 10:41:00 by Istion

With the price of real estate predicted to be dropping in 08, does it mean that brand new homes, which today are already selling for cheaper than used homes, will be even cheaper next year? When do you guys think will be the best time to buy?

You stand a better chance at getting a deal on a 'used home' in any event. The builder/developer has a fixed cost involved in the property, and is unwilling to go below a certain point. Private sellers are different in that regard, for a variety of personal reasons. The best time to buy is NOW, when prices are seriously depressed.

Why would you wait, and run the risk of not being able to obtain a mortgage at today's rates ? Any savings you might make by waiting for property prices to drop a bit further will evaporate with one or two quarters of a point in your mortgage rate.

2007-12-23 13:09:05 by aless

we're supposed to close on our new 2 story home monday. at the bottom of the stairs, there is a triangular stair that creates a turn of sorts to the lower and last two bottom stairs. this odd stair is 10" below the next upper stair. all of the stairs are 7 3/4" high with the exception of this stair.
we called the county inspectors to check it because we were told that the contractors were not going to fix it. inspectors said it would be a $6000 to $10,000 job. they would have to rip out the entire staircase and redo OR rig the bottom 3.
IN THE STATE OF TEXAS, IS THIS IN DIRECT VIOLATION OF ANY CODES?
from an insurance standpoint, in my mind, the thing is dangerous not only because of the drop, but also, because of the triangular stair (45/45/90) being cut at an odd angle.
if TEXAS officials waive this problem, do we have any rights or actions that we can take to force the builder to correct his mistake?
also, might need a lawyer in copperas cove area monday morning. email me.

You can read your building code or ask the inspector to meet you there to look at it and see if he approved it or missed it by mistake and of course before you sign off you will usually have a punch list and if you don't like what is built you don't have to approve it. No one can force you to accept what you believe to be a bad deal, I have a lot of years of construction experience and Im in Texas and believe me the customer is the one with the power, just say no I think this is shoddy and go to the bank and say no its not right and don't sign.

2007-07-28 17:59:06 by parrotsnpearls

I can get a $1,000 referral by saying a friend referred me (he is suppose to get the money but he is giving it to me cause he's a friend...). But, would the real estate agent be able to give me a better price on the overall home? Should the real estate agents price override that $1,000 cash? How do I get the best deal?

Thanks.
FYI, the $1,000 is for community members to refer their friends (my friend is not a real estate agent).

EXCELLENT point on the real estate agent...they get 6% around here and the house I'm thinking of costs $118,000. I could "save" them almost $8,000 by going at it alone.

You get the best deal by bartering with the seller. I don't know about your situation specifically, but around here the usual trade commission for a real estate company is 7% (half of which goes to the real estate agent). It depends upon what kind of person the agent is... some will purposely try to keep the price as high as possible to keep their commission up, but some either want your business again, or are just good people and will fight for your best price. Get to know your agent a little, and do your own research on the value of the homes in the area, etc. That's the only way to get the best deal.

2007-02-24 20:31:27 by bbchase81