Irena Magzelci

Actually we are not in the recession yet….more like a stagflation….
First time home buyers always get better deals and rates, even 0% down with some banks still. You do need to have a decent credit and proof of funds. …And regardless of how high your pre-approval is, always go with what you are comfortable with paying in monthly payments. - Tue Sep 30 2008, 09:59

Michael is on Point with his answer. With the technology anyone can get familiar with the market rather quickly, and when brokers refer you to someone they know, transactions do go a lot smother.
It is more important to list with local agents than to buy with one. And I am sure that your future agent will be grateful for the opportunity to service your selling and buying transactions. One good thing about listing with a big brokerage is that the referral network is very strong and the transactions go a lot more smother.
Best - Tue Sep 30 2008, 09:50

Pepperell has never been a "hot" market per say. The Homes there were and are cheaper than surrounding communities. That does not necessarily mean that they are a bad buy. Kind of like Tyngsboro in comparison to Chelmsford. You do get a lot more for your money there.
There is a lot of first time buyers activity there since they have come to realize that compared to Westford and Chelmsford they can get more house for less money.
Best - Tue Sep 30 2008, 09:01

I too am for the fee for service deal. I do not thing that seller should be paying for both transactions since he is not getting any service from the buyers agent. I believe in California everyone pays their own agent.
I am also guilty of promoting the free buyer agency, but I would be the first one to switch when things turn around.
As far as renting, I can see how the renters can clinch when they have to pay upfront so much money, but they most likely did not pay for the last month on the previous place so they could swing it.
I do believe that more realtors are college educated nowadays. I am and almost everyone else in my office.
So why should not we work for a fee? Some buyer agents have always charged a fee and are still around. And further, if the consumer understands what they are paying for than it should not sound that horrendous. Perhaps than the speculators and people who should not buy anyways will be eliminated, the market less volatile and we would be recognized as professionals. - Sun Aug 31 2008, 15:24

Jared your input is appreciated. We are not pushing people to buy what we want them to buy. We are here to guide and counsel. I always ask first What are you comfortable with paying for the house and what they are comfortable with monthly payments. Yes bad apples are everywhere but most professionals do not push people into buying something they should not.
I have been burned myself when we bought our first property and I can completely relate to a lot of worried consumers. One of the reasons why I got into this business is to make sure that no one I can help gets burned.
Here the question was simply about pre-qualifying the buyer from our perspective. The pre-approval simply tells us that they are serious about buying and went that extra step. No seller will accept offer here without pre-approval. The amount on the pre-approval shows them that the person can actually buy the house and they can be comfortable taking it off the market. We all have to fill out "gazillion" of forms to start the process, therefore we have to be sure that the buyer is qualified. In most instances after the offer is where negotiations really start.
We all have bills to pay and do not wish to waste our time with individuals that have nothing better to do on a Sunday. Also pre-approval tells us the price range for that customer, so we can show them properties that they can afford and not crush their dreams.
Thanks - Sun Aug 31 2008, 07:39

Dear Ms -I
In Massachusetts all offers are to be accompanied with pre-approval letters as well, plus deposit. In order for the seller to take his property of the market they have to see that the buyer can actually afford it.
Oh, and by the way all the Real- Estate is local….

Nevertheless the question was about agents pre-qualifying the buyer….
I did learn, after several disappointing appointments where I have run out to meet the prospects at the property ,that you have to get the first appointment in your office.
If they are really serious they will come, meet with you, review some properties, disclose to you what they are looking for, if they have been pre-approved, and if they are working with someone else etc. After a first “trial run” I have them come back again and have the paperwork signed for the exclusive representation. You can usually tell after the first showing if you want to work with them or not.
Just like Frances and Steve have already mentioned you do need to ask questions and after a while you will be able to tell if they are just wasting your day.
You should also attend all the workshops that you can, and you will be provided with plenty of insight and resources for many situations that we might find ourselves in. - Sat Aug 30 2008, 23:22