Dave Harcourt

I always include a final walkthrough as a contingency in the contract. I had a friend who decided to buy without an agent and didn't think about having a walk through. When they went to the home after closing things were missing that were in the contract, such as a chandelier, sauna, and there was damage done to the house by the movers. You should always do the final walk through as close to closing as possible. If your agent doesn't want to go then you need to call their manager and get someone to take you. - Thu Oct 23 2008, 10:43

Just a couple of thoughts added to all of the good advice. First, be very careful when purchasing a home at a Sheriffs auction. You have to do your due dilligence before the sale. If you purchase the property remember that you are also responsible for any liens or taxes attached to the property. My wife worked for the Hamilton County Auditor and she has horror stories about people buying homes at auction and then finding out that they were responsible for thousands of dollars of debt. Also, if you plan on looking at foreclosed property be sure you have a lot of time and patience. There are good properties out there but there is also a lot of abused homes that will require a lot of work and investment. Also, it can take a long time for a bank to decide to accept your offer. Meanwhile you really can't make any offers on other homes. One thing you may consider is a short sale. In most cases the owner still is living in the property and maintaining it, but it can sell for much less than it's true value. I recently helped clients close on a home in Beckett Ridge. The average value of the homes on the street was $265,000 and they closed at $182,000. It took a lot of work but they now have a great home at an affordable price.
Good Luck on your home search, and thank you for your service to our country. - Tue Sep 9 2008, 07:07

It is getting more and more difficult for people to acquire a mortgage. Your credit is going to have to be good, They will expect a reasonable amount for a downpayment and they will look closely at your debt to income ratio to be sure you can afford the payments. Even if all goes well, the home will still have to appraise high enough to protect the banks interests. The only way to really find out if the home purchase will be possible is to make an appointment with a lending institution to see if you can get pre-approved. Be sure to select the lender wisely as some brokers charge extremely high fees for assisting you in finding a mortage. Always ask for a "Good Faith Estimate. " which will give you a breakdown of all your fees. If the lender doesn't want to provide one ( which they must do by law) run away!
Good Luck - Tue Sep 9 2008, 06:54

John,
I'm glad you decided that having someone to represent you is a good idea.This is especially true as far as new home sales. The new home rep is a salesman for the builder who works on commission so they really owe their allegiance to the builder. As a new home specialist I realize how much is involved in a new home purchase and it is good to have someone watching over things for you and interacting with the builder. Most builders require that you register your agent with them in order for the agent to receive a commission. If you have simply visited the builder but have not signed a contract, it may not be too late to get the agent registered. As someone else mentioned, pricing may have been quoted without a commission included but most builders, in this market, will still be willing to work with the agent and provide commission in order to sell the home. Be sure to take your agent with you as you look at new homes. They can help you with decisions even at the early stages.
Good Luck in your home search. - Tue Sep 9 2008, 06:32

The listing agent is not the person accepting the offer. He is presenting it to the seller and the seller decides to accept, reject or counter the offer. The listing agent owes fiduciary responsibility to the seller only, and in Ohio, by law must present all offers to the seller. If the agent is working with both the buyer and the seller then they become a dual agent and can receive the full commission but they have to declare dual agency to both parties and get both paries permission to do so. This means that they are limited in the amount of help they can give either party, The agent cannot give preferential treatment to your offer when presenting it to the seller, just because they would like to have both ends of the commission. To do so could cause them to lose their license. Some agents won't even do dual agency because of the problems it can entail. Also, in this market especially, the listing agent is simply happy to have one side of the commission and have a buyer for the home.
Remember that to go straight to the listing agent means that you are dealing with the agent that, by law, owes responsibility to the seller and not to you. - Sat Jul 5 2008, 09:48

In response to the Roatchs. It is definitely true that in Real Estate, as in other areas, there is a range of quality in agents. There are people that get int to real estate thinking it is an easy way to make a lot of money and some companies, as well as the schools that provide the courses needed to pass the state tests, do a very poor job of telling people the truth asbout this career. So here it is. Real Estate is hard work. It's long hours, no time off on weekends, dealing with mortage companies, title companies and, sometimes. clients who don't know what they want or change their mind every day. Add to this the fact that you are self-employed and your income depends on how hard you work and how capable you are and you can understand why many who get into the business don't last and can be found at your local Wal Mart. My suggestion is that you choose your agent the same way you would choose your doctor, car mechanic or lawyer. Ask people you know if they have had a good relationship with an agent, ask for referrals from satisfied clients and interview the agents until you find one that you know you can trust and work with. I deal with other agents all of the time and most are hard working, trustworthy people that have the best interests of their client at heart, but every once in awhile, I run into an agent that either is unprepared to properly complete a transaction or doesn't understand the importance of good communications. You usually have a better chance of finding a quality agent if they are full time professionals who make real estate their only carreer, but there are no guarantees. Even top agents, who do a great deal of business, can get too busy and fail to communicate with their clients. Take the time to get to know an agent before using them and ask to speak to past clients. An agent who takes good care of his clients will be happy to give you people to call. It is up to the real estate profession to raise the bar as far as our representation of our clients and I think that if buyers and sellers are better informed on how to choose the right agent, this will help us to doi that.
Good Luck - Sat Jul 5 2008, 08:16

In most cases it is because of a lack of information. Some buyers feel that the seller will give them a better price on the home if they are not working with an agent. In Ohio, as in most states, the commissions are paid to both the listing broker and the selling broker by the home seller. The seller is going to pay the same amount of commission if the buyer is represented or not. It is really in the best interest of the buyer to have their own representation when purchasing a home. Statistics show that a trained, experienced agent is able to negotiate a better price for the buyer than if they bought the home themselves. Add in all of the legal aspects of a purchase and the buyer gets a great deal with an agent who virtually costs them nothing. I gues the question to ask yourself is; if I were being sued and I know that the person suing me will be standing in court with his lawyer, wouldn't I want a professional standing next to me and guiding me through the process. - Wed Apr 23 2008, 13:49