Home Buying in 08061>Question Details

Newhomebuyer, Home Buyer in 08061

how should we negotiate new construction in east greenwich twp nj when we dont have a realtor to help us. Any tips would help!!!!?

Asked by Newhomebuyer, 08061 Mon Jun 27, 2011

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You may have a buyer's agent, whose fiduciary responsibility is solely to you, assist you through this very important business transaction. IF you have already toured the model home and allowed yourself to be signed-up (captured) by the builder's in-house agent then you will have to fight to get them to pay for a Realtor's assistance, but it can be done, You may have to threaten to cancel the contract -- something builder's don't want to hear in these uncertain economic times. If that doesn't work and you love the house, then you should hire an agent yourself. Doing so will likely save or earn you more than you spend. However you do it, I will tell you that you should absolutely be represented by an agent of your own because the builder will have you hooked into their attorney, title company, etc. and this can end up being very costly to you. I have come in late in a situation like this and negotiated extra incentives, negotiated furniture from the model home and saved my client money in "mistakes" made by the builder's title company. Spread the word to all you know - never walk into a builder's model home and sign up as a prospect without your own Realtor representation - it could end up costing you dearly. Also, be aware that a couple of builders in the area are in bankruptcy and there are caveats in signing a contract with a bankrupt builder. You will absolutely need your own Realtor and/or attorney.
I am a Broker-salesperson living and working in Gloucester County. If I may be of service to you, feel free to give me a call. My information is below.

Kim Thomas
Brown & Pope Realtors
856-308-5989
http://www.KimThomasHomes.com
email: kim@kimcanhelp.com
1 vote Thank Flag Link Mon Jun 27, 2011
Get a Realtor, its built into their cost for a buyer's agent commission, Yes negotiate like hell and get the best value for your dollar. Builders are on the hook these days and they know you can walk away and go to the next builder, maybe a more eager builder for your money!. Don't stop negotiating until the builder sales agents are standing there in their socks and underwear!
1 vote Thank Flag Link Mon Jun 27, 2011
I actually just toured some new construction in Mantua. Unless the builder will allow you to bring in a Realtor at this point, you should hire an attorney to assist you in making an offer. You will need him anyway to review your contract to ensure your best interests are protected. Especially with new construction!

Your attorney (or Realtor) can help you analyze the recently-sold new homes in E Greenwich to help you come up with a range to offer.

If you decide to bring in a Realtor (to help guide you through inspections, etc), we would write in the offer that you do not feel comfortable proceeding without separate representation & are asking them to pay the Realtor fee of approx 3%. In this market, builders are hurting. I think they will accept. Hope this helps! Feel free to call or email with any additional questions or if you need the name of 2 good real estate attorneys.

I just noticed my colleagues comment. If you have already toured the home, YOU would be expected to pay the 3% unless your Realtor can negotiate their fee into the contract. I have a background in negotiating legal contracts in corporate America. Let me know if you want me on your side!
Web Reference: http://www.famouseric.com
1 vote Thank Flag Link Mon Jun 27, 2011
You should hire a Realtor. He/She would be of no cost to you. I'm a resident of East Greenwich, and would be happy to assist you. Feel free to contact my cell at 856.889.1500.
1 vote Thank Flag Link Mon Jun 27, 2011
You need to hire an Accredited Buyer's Agent ("ABR") to represent your best interest. There is no costs to you in hiring an "ABR" and they would represent you in one of the most expensive and important purchases of your life. It is most important as there is a lot to do and cover when purchasing a new home or any real estate. The on site agent represents the seller/builer and is looking out for them, they are not looking out for your best interest. I have an "ABR" designation, I live and work in the Mantua and East Greenwich area. If you have any additional questions, please call me on my mobile: 609-254-0428.
0 votes Thank Flag Link Mon Jun 27, 2011
You can have an agent represent you....if the builder refuses to pay your agents fee/commission, then you can pay it. If you value in your agent's advice, it will be worth it.

Some people think an agent's service and advice is FREE and will take take take until they have to actually pay for it ! Keep in mind, the agents fee is most often included in the purchase price, so you're STILL paying for it ! If you buy a home from a builder unwilling to pay an agent, the BUILDER is saving the commission dollars and the BUYER goes unrepresented ! ...not a great idea, in my opinion.

You can hire me to represent you for $150/hour or $500/ 5 hours non- contingent or 3% of the purchase price, contingent upon closing.

Joe

I Hope that's helpful, if so, click the thumbs up below,

--------------
Joe Montenigro, REMAX Home Team
Broker/Owner, GRI (856) 374-2800 x106
serving Glo Twp, Wash Twp and South Jersey
Read me: http://hometeamNJ.com/blog
Meet me: http://www.facebook.com/JoeMontenigroRemax
See my homes: http://hometeamnj.com/search/virtual-tours
0 votes Thank Flag Link Mon Jun 27, 2011
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