Tom Mcgiveron

Knock on the door or call the number on the sign. Ask how much and ask if they'll work with a real estate agent. If they will pay a realtor commission - find a local realtor, ask them to assist you. you don't need a real estate agent, but they help to help you establish market value - so you don't overpay for the property. And actually a professional appraisal will help you determine that - but you also need to know the market values to make a good offer. FSBO's generally overprice their homes - dramatically in some cases.

Also - if you're not preapproved for a mortgage - do this FIRST (assuming you'll need a mortgage). You can also find out what kind of mortgage the owner has and possibly assume their current mortgage, especially if they have a good rate. Most mortgages do not allow the loan to be assumed, but there's ways around that and it can be negotiated with the lender. if they have no note on the property, then you might be able to have the owner hold the mortgage - check with a real estate attorney (note a REAL ESTATE attorney) to find out details about the law in your state.

Good luck! - Yesterday, 05:30

Work with a real estate agent. I of course recommend that to anyone looking to buy. In this market - any market - you should have someone on your side - BUYERS AGENT. - Yesterday, 05:24

Thom,

So you live in Portland and are looking to retire...to NYC?

Now that's different. What's the draw to NYC...or NY in general? NYC is the greatest city in the country...but to retire there? I'm just curious. - Yesterday, 05:22

Laura,

One thing to keep in mind - a "BUYERS AGENT" works for the buyer. They charge their own fee. To keep this simple - if your agent and yourself negotiate a 5% commission - split 2.5% / 2.5% - paying "in" to the listing broker (your realtor) and "out" to a selling agent (the one who brings you the buyer). This occurs most frequently in the business.

Anyhow - with a "BUYERS AGENT" - their fee for service may be higher than 2.5% - and most likely will be 3%. This 3% is paid within the transaction. So keep in mind that the 5% you negotiate with your real estate agent, may turn out to be 5.5%, because a BUYERS AGENT's fee may be more than 2.5%.

Now agents will tell you that it is the buyers responsibility to pay their own agent - this is true - HOWEVER - there's no need to "panic" or get upset about this fee. The fee is built into their offer - just make sure that the "extra" fee is built into what you accept as an offer.

Example:
Asking Price $100,000

Offer Price $80,000

Buyer Agent Fee = 3%

You negotiated with your listing agent for a 5% fee (split 2.5% to each broker) - thus an "extra .5% or $400 in this case - So you don't want to have that come out of your pocket - so your counter offer should be "X" PLUS $500 or so built into the deal. So ultimately the buyer IS paying their BUYER AGENT fee. Simple.

Your listing agent only has control over what he is getting paid ultimately. In the case of "broker agency" - an agent BY LAW is supposed to be working for YOU - so they will receive whatever your listing agent is "paying out".

Hope this doesn't complicate things for you. Just be prepared in this market for anything.
Buyer agency is very popular in this market. - Tue Jul 1 2008, 07:14

Rochester is a largely depressed area. Just make sure the numbers look good - good for college rentals. I can certainly help you out in finding a realtor - I know a guy who helped one of my friends, they do prop management as well. My friend, unfortunately bought too high and his unit is operating in red. - Sat Jun 28 2008, 13:50