Home Buying in Oklahoma City>Question Details

Rachel Kraft, Home Buyer in Oklahoma City, OK

Are buyer's agents willing to represent someone looking for an inexpensive house?

Asked by Rachel Kraft, Oklahoma City, OK Tue Jul 30, 2013

I am at the very start of the home buying process and will be looking for a small starter home that will be easily afforded. I've heard that sometimes agents are not willing to work with someone who is only planning to buy an inexpensive house due to the lower commission, or they will steer you only to properties where they have a financial stake in the seller as well to compensate. Is it worth getting an agent at all for a sub-100k home purchase?

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Absolutely. I would be happy to help you. It is important to help new home buyers. A good agent knows that even if you are looking for an inexpensive home, you know people who will be buying and selling other houses. Most people live in their homes an average of 7 years and we know that if we take good care of you now, you will buy that next home from us and allow us to sell for you.

Please give me a call at 405-808-7922 and I will be happy to set up a first time home buyer consultation with you. It is important that you be educated about the process and the consultation will help answer many questions for you. That will make the buying process much less stressful.

And no, I would not steer you to properties where I am representing the seller. If one that I have listed fits your needs, then by all means we would look at it.

It is good to have an agent to represent you. And remember, the sellers pay the commission so the service is FREE to you.

Carolyn Sims
Keller Williams Elite
Web Reference: http://www.csimshomes.com
1 vote Thank Flag Link Tue Jul 30, 2013
Our team goes where the Buyer wants to go, regardless of price. Most Realtors will do the same, so don't listen to all of the negativity at the office! When it comes to this price point, there are a lot of time saving methods that might not make sense at first. You may understand why we did not wish to show a certain home, based upon your purchasing/lender requirements discussed in the initial meeting. We will always show a home to discuss the examples of why "this home" can not be purchased with your current Lender guidelines. If you are paying cash, stop reading this now. The example below will not pertain to you.

For example, if you are an FHA/VA Buyer and want to see a home priced at $85,000, this is awesome and we will show it to you! BUT, if we look at the property photos and see missing sheetrock, broken fixtures, mold in the bathroom, AND it is being sold "as is", we will request you "pass" on this home. Reason: It will not qualify for traditional FHA/VA financing without repairs, AND Buyer can NOT repair items prior to close, AND the Appraiser/Lender will require repairs prior to closing. See the deadlock?

With all of these challenges, it is not in our/your best interest to view this home or spend time writing an offer. BUT, if you are buying with cash or an "in-house conventional", let's go see ANY home fitting your preferences!

The compensation is not the end goal, or at least it should not be. If you have a good experience with a Realtor, your "word of mouth praise" will be worth the efforts! Many Realtors will help you in this price point, but as a Buyer, please keep an open mind and trust the experience for what CAN get purchased with your Buyer preferences and/or financing requirements.

Best of luck in your search!
Web Reference: http://www.ubhometeam.com
1 vote Thank Flag Link Tue Jul 30, 2013
Yes i would be more than glad to represent you as your Realtor: I had rather sell 10 $50,000.00 homes as 1 million dollar home:
What you have stated in your comment the answer is true;
I look forward to hearing from you: I will show you homes in all corners of the metro:
Contact me
Thank you
john Phillips
Re/Max Preferred Properties
405 413 0791
1 vote Thank Flag Link Tue Jul 30, 2013
That is a good and valid question. As long as my buyer is pre-qualified and ready to look and buy, then I personally would be willing to work with that person. Here's the thing. Usually a buyer will become a repeat buyer in the future so if the agent does a good job, it is very likely that buyer will want to use the same agent again so the benefit is the repeat and also referral business that comes in as a result of the less expensive sale.

Steering a buyer to a certain property is illegal and the agent would be in big trouble if they did that. You should show a buyer whatever a buyer wants to see, again as long as they are pre-qualified and are ready, willing and able to buy and then close on a house.

I hope this help!

Russell Benson, REALTOR®
Prudential Alliance Realty
1 vote Thank Flag Link Tue Jul 30, 2013
Absolutely! The right agent will help you no matter what the house price, I would love the opportunity to help.
1 vote Thank Flag Link Tue Jul 30, 2013
Hi Rachel,
I suggest interviewing a few real estate agents to determine who has the most market knowledge and experience and who you would feel most comfortable working with during your home purchase process.
Most agents will be happy to assist you even if the price point you are purchasing in is low.

If you are satisfied with the agent's performance after closing on your new home then refer the agent to anyone you know who is looking to sell or purchase a home. Referral business is key to an agent's success so even though the agent may not be paid a hefty commission from your home purchase; a referral to other potential customers is most appreciated.

Best wishes!

Laura Feghali
Prudential Connecticut Realty
1 vote Thank Flag Link Tue Jul 30, 2013
Everyone has provided you very responsive and cordial invitations. And to be honest. I DO BELIEVE EACH AND EVERY ONE OF THEM!
The reality is. we, all of us who call ourselves real estate professionals, are committed to this business BECAUSE of the opportunity to help people....seldom is their greater reward than the success of a first time home buyer. You will never, ever know how much effort will be required to acheive that success. The professioals responding do!
Just be transparent and honest. When you refer to inexpensive house, and say you are looking to purchase a home around $100,000, be aware of what happens when you keep wanting to see those $17,000 abandoned homes. Be transparent. None of us do well in the face of trickery.
I'm curious, how did you expect to find a inexpensive house without an agent?
Most agents sell homes at this price point directly to investors. The public only sees them after they've been fixed and resold by the investor. By comiiting to a professional. you can be insterted into this channel ONLY if you are able to buy quickly, without contingnecies and make serious offers.
You next option will be homepath, but that resources is becoming more difficult.
Make sure, when you have that meet up with the agent you chooose. you understand fully the compensation structure. Very often, the compensation structure is compromised due to the property you chooose. Make sure to have that conversation.
0 votes Thank Flag Link Tue Jul 30, 2013
There are many agents that would be willing to assist you. Most or the busier and more experienced agents may refer you tom someone else. But there are still good agents who are willing to help.
0 votes Thank Flag Link Tue Jul 30, 2013
It is worth it and you will find many agents willing to help, just interview a couple and pick one you are comfortable with.
0 votes Thank Flag Link Tue Jul 30, 2013
I can help and know of several starters at a good price. 881=6815
0 votes Thank Flag Link Tue Jul 30, 2013
That is a very good question. But I am sure many agents would be willing to help you. Some might not because they are so busy on larger homes. You can't blame them.

I just spent a great deal of time helping a school teacher find a home under $30,000. She finally raised the price to $50,000.00 after she saw what $30,000.00 would buy.

Also, I spent almost two months helping a young man find a home for under $50,000.00 He finally went up to $62,000.00.

So, I guess I help any one that needs it regardless of the price range.
0 votes Thank Flag Link Tue Jul 30, 2013
Hi Rachel, I have sold several $10,000 homes as well as $500,000 homes, I would be happy to assist you in your buying a home. Call me for an appointment at my office and we can discuss the criteria of the home you want, area, etc. If you have not been pre-approved yet, I can have you meet with a
lender here at my office at the same appointment. Call me soon, and let's get started! My cell is
0 votes Thank Flag Link Tue Jul 30, 2013
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