Is my real estate agent trying to get more money out of us?
Okay, we have begun our search for our first house. We were approved $240 k, we’re looking at under $180 k though. We found 2 we really like (but I went crazy seeing the second so I’m sure he knows we want that one…). The house is new construction already down from $199k to $180k, but there are 5 in the new s/d for sale since market is slow.We thought we’d low ball for $160k and see what the builder thought, after all no one’s buying… He said the builder probably wouldn’t budge from his $180k b/c that’s what builders do. He said we can ask him to pay closing costs of 6% (novice buyer here but isn’t that the commission rate split between the 2 agents? Isn’t the seller supposed to pay this anyway?). I can’t tell if he’s just trying to get a bigger commission or if that’s really how it goes? He seems so legit and was well recommended.
Rent Back
Related posts:
- Real Estate agent is CRAZY? Okay so I’m buying a new home & the real estate agent has become crazy. I have been looking for like 2 months & i signed a contract with...
- how do you fire your real estate agent? I’v been working with this real estate agent for a while. I had 2 small properties to sell and want to buy a bigger property for myself and my...
- Client rights vs Real Estate Agent? I am currently in a situation where my realestate agent has dropped the ball on many occassions. She blames every fumble on someone else (including me, my wife, and...
- Need real estate advice. Calling all agents, brokers, and attorneys? Here goes. I bought a house 50-50 with my cousin with zero down. Recently she got into a car accident and doesn’t work. She gets some money from insurance...
- have you ever had a pushy real estate agent ot mortgage lender? like try to get you into something that was a bad deal, thinking they could get away with it. Just thought it would ask this, In this past i’ve...
yeah probably
Don’t be afraid to ask the agent this question. the seller does usualy pay all closing costs.
demand that he puts in the offer at $160k. the worst that can happen is the builder says no. since you are not dealing with a private seller you dont have to worry about them being so offended by the lowball offer that they refuse to entertain anymore offers from you. they will only counter the offer.
um no not realy if any thing its only like 100$ not much thoe
I do think going from 199 to 180 is a great price. Then requesting them paying closing, an additional 10-11k is a great savings… But 199 to 160, that is a big stretch… I don’t think your agent is being sneaky, just practical.
The average (where I live) is about 2.5%-3.5%
I don’t think your realtor is being dishonest at all, just realistic.
Closing costs, like anything else are negotiated. The realtor asking the seller to pay them does not pad his pocket, just yours. In this market, sellers are mostly picking up closing, but this is not assumed. I think you are confusing the agent commision with closing
That being said, by accepting 160k PLUS closing, the seller is in essence making around 150k (give or take)
Your realtor should write an offer for whatever you request, just don’t be surprised if it is not accepted. You should offer the 180, ask for closing and cross your fingers!
Good Luck!