Home Buying Woes

[Stereodude]

You don't even need a real estate agent. They don't add anything useful to the process IMHO.

 

[Warpdrv]

Exactly, ditch your Realtor and go direct to the seller. Your realtor just puts another open wallet in the mix. They get percentage of the sale, you'll have more bargaining power on your own. Keep searching the net - all houses are listed on the net. Or talk to any banker friend you may know about impending foreclosures - ya might get a line on something that way too.

 

[Midwesthonky]

It's just my opinion, but if you find a house you like but it is way overpriced, why not make an offer that reflects reality? What have you got to lose? They say no. So what? But if they are in deep, they may just bite or counter with something that is in your price range. You never know. At least they'll know someone is interested if they would only get real on the price.

I ran into this problem when we were looking 4 years ago when the market had turned but sellers hadn't figured it out yet. Stuff was overpriced and in crappy shape. So I understand. My realtor was after the sale and not after my best interest so we overpaid for a house that had issues that cost me a crapload to fix. SO be diligent, don't blindly trust the realtor. I didn't but I was in a bind - running out of options and temp housing and this one was vacant.

I can sympathize as it sucks when people are not priced to reality. Their loss.

 

[Nemo128]

I'd give my best shot of finding job closer to your wife you,
In fact are you by any chance an experienced java developer ?

PM me if you are...

I am, but I am in a way stuck at work. Long story short, I signed contracts for hiring bonuses and student loan payment benefits that require me to stay there a couple more years. The other downside is my tuition assistance benefit is a lot, so I'd need a pretty high salary just to match it. If I leave early, I'd be paying back my employer about $23k right now.

Well, you could find new jobs or pay the piper...

The latter. The woman just got a new job in December for a substantial pay increase.

That's too bad; keep looking you'll eventually find something.

Part of the problem, is that real estate within a close proximity to NYC barely, or never dropped in price. You are paying for location and a short commute.

So true!!!

how are finding the houses you are looking at ?

zillow.com, njmls.com, gsmls.com, homes.com, craigslist, newspapers.

I don't get it....

Buy a house close to your office...hook up with an office girl that is renting...move her into your new house...get rid of the old wife...

You guys make things way more difficult than they really are...

LOL, I literally did LOL when I read this! Now she's asking to know what I laughed about... are you trying to get me in trouble?!?!?

No, you don't wish you were closer to retirement age. That would mean the "retirement accounts" you have probably wouldn't be enough, as of three years ago. The uncertainty is killing people. literally and figuratively. A lot of people had a plan and now, that plan is out the window, even if they had invested conservatively.

As far as who your agent is working for- ask, specifically, if they're your agent or just out for the commission on the sale. I would bet that it's the latter. Buyer's agents exist- you just have to look for one.

Unless she used a Roth IRA for the house, she blew it, big time. The interest and penalties for doing what she did are far more than any benefits, unless it's used to literally save a life.

No, you're right, I really only meant I wish I was closer to the age of not working. I won't complain about work, but it's frankly not fulfilling work.

Who does a real estate agent represent? Follow the money; whom ever is paying them. If your agent is getting money from that sale's commission, they rep the seller.

Agreed, thanks for giving me something else to think about.

You don't even need a real estate agent. They don't add anything useful to the process IMHO.

Exactly, ditch your Realtor and go direct to the seller. Your realtor just puts another open wallet in the mix. They get percentage of the sale, you'll have more bargaining power on your own. Keep searching the net - all houses are listed on the net. Or talk to any banker friend you may know about impending foreclosures - ya might get a line on something that way too.

I want to look into foreclosures but I don't know how really.

It's just my opinion, but if you find a house you like but it is way overpriced, why not make an offer that reflects reality?

You're right.

 

[markw]

Have you actually seen any of the houses in the Ironbound that are within walking distance of Penn Station? I have. My wife is from there and she still has two brothers in that area. Neither one of us would want to live there.

...nice restaurants, though.

 

[Midwesthonky]

Ah the harsh reality of being locked into your job by the benefits specifically designed to lock you into that job. Yep, that sucks and I can understand your frustration. I have been in that position more than once of counting down the days until you are out of the contract you signed. I did get lucky that one past employer did not have time requirements on the tuition reimbursement. Wouldn't have mattered since I liked working there and only left after they got bought and everything was closed down.

It's a tough spot to be in. Hang in there, don't get pressured into buying something that isn't right for too much money. I think we looked at well over 85 homes. Some were easy - cross the front door threshold...sniff sniff... cat pee! No thank you. Or "oh, every vertical square inch of wall space is covered by 15 year old wallpaper." Or "Did you find that religious quotation written on the bathroom mirror in lipstick surrounded by burning candles a bit odd?" "Why is there a floor drain in the middle of the yard?" Realtor:"The seller renovated it himself and is relocating so his relo company bought the house." Me: "I can tell. That explains the dryer vent ductwork going up through the kitchen pantry shelves."

Home buying sucks. Hang in there and take your time. But don't be afraid to jump on something quick as long as you write the contract leaving you an out if it isn't up to snuff.

 

[BoredSysAdmin]

I am, but I am in a way stuck at work. Long story short, I signed contracts for hiring bonuses and student loan payment benefits that require me to stay there a couple more years. The other downside is my tuition assistance benefit is a lot, so I'd need a pretty high salary just to match it. If I leave early, I'd be paying back my employer about $23k right now.

PM Sent ....

 

[Stereodude]

It's just my opinion, but if you find a house you like but it is way overpriced, why not make an offer that reflects reality? What have you got to lose? They say no. So what? But if they are in deep, they may just bite or counter with something that is in your price range. You never know. At least they'll know someone is interested if they would only get real on the price.

And your Realtor will try to talk you out of this with the strangest explanations since they get a cut based on the final price. Which is precisely why you don't need one.

 

[Rickster71]

You don't even need a real estate agent. They don't add anything useful to the process IMHO.

Exactly, ditch your Realtor and go direct to the seller. Your realtor just puts another open wallet in the mix. They get percentage of the sale, you'll have more bargaining power on your own.

I agree...with a few comments.

It's never been his (Nemo's) Realtor. It's the seller's. He can't get to a house that listed by an agency, without going through the Realtor.

If a house is listed with a Realtor, they have a contract with the seller for "X" amount of time. So you can't go behind their back to make a deal.
You'd have to look at houses that are 'For Sale by Owner'

The Realtor will set the price a little high; that cushion is to allow some give and take. They never intend to sell for the asking price in this market anyway. If they do get it, it's just icing on the cake.

 

[Nemo128]

Have you actually seen any of the houses in the Ironbound that are within walking distance of Penn Station? I have. My wife is from there and she still has two brothers in that area. Neither one of us would want to live there.

...nice restaurants, though.

Maybe we have different ideas of walking distance, plus I live here. Now. For many years. So yes, I have seen the houses and the ones I like are very nice houses to me.

 

[picture_shooter]

I am using an realtor, but only to my benefit. Basically it goes like this for my realtor:


Hire him

Go out and find my new house and purchase.

Present him when you are buying at the closing.

He gives me 2% of the total 3% of his commission (claim taxes at end of year on my side).

I am happy with more $$ in my pocket as he gets a little something just to present him.

Simple and Easy.

My realtor tells me he gets a lot of bad calls and grips from other realtors for him doing this.
Realtors (most) suck anyways. Trust me as I known this from my last two home purchases. As long as you know what neighborhood, town, city you want to be in and you know where you want to be no need of a realtor to be present. They are there to make easy $$$'s for honestly not doing chit!

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The buying power of not representing my realtor does no good as my new home builder does not give me any kind of incentive / discount if I did not present a realtor. So why not in my case. $4K free in my pocket.