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Home Buying in 06360 : Real Estate Advice

  • All17
  • Local Info0
  • Home Buying10
  • Home Selling2
  • Market Conditions2

Activity 10
Mon Mar 7, 2016
We3devegas asked:
I posted it on Zillow and it was automatically posted to other websites. I need to delete them on the other websites.
0 votes 0 Answers Share Flag
Sun Jun 28, 2015
Joseph Domino answered:
Commissions are negotiable by all parties. Real estate agents get paid by commission. If they do work for you, they are probably entitled to a commission. When you do work for someone you would want to be paid.

If you have found a house that is not currently listed, it is your choice whether to use an agent and to negotiate the commission. If your agent found you the house, has negotiated on your behalf and is handling the sale, then pay them what is typical for your area.
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Sat Nov 22, 2014
Tim Moore answered:
First of all, yes there will be legal documents. The contract to purchase is a legal document which speaks to the earnest money and what price will be paid. Also the deed must be recorded to protect you, the buyer, and that must be drawn up by a lawyer.

As a sellers agent I would insist on seeing proof of funds before I allowed the property to be taken off the active for sale list in the MLS.
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Tue Jun 24, 2014
Tiffany Holtz answered:
In WI it is not only unethical but against state law to tell a buyer that their other offers on the property when there are not.

They can say:

a. we have written activity
b. we may be receiving another offer, but nothing in writing yet

False representation of offers on a property, in our state, would get the agent removed from MLS for at least 6 months.

But they could have more offers so you have to play the game I guess!
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0 votes 13 answers Share Flag
Tue Jun 24, 2014
Tiffany Holtz answered:
A.) You could lose out if you start to low b/c another buyer could start higher
B.) You could insult them and have them straight out reject your offer
C.) The seller could counter back and you could come to terms
D.) The seller could accept your offer straight up, you don't know their motivation

It is up to you how bad you want the house and what your comfort level is as far as max price.

Your agent is working for you so they are trying to give you advice so you don't lose the home but they also do not know the sellers situation. What if the seller lost a job and wants to sell ASAP???
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Tue May 13, 2014
Aaron-James Puzzo Kerouac answered:
Look Casanova,

What you want to do is get hookuped up with a 203k specialist asap. I love working with FHA 203k candidates because its really a great way to have instant equity in your home. At the $65k price point you will also be competing with "investors" looking to make a quick buck so be aware.

I have worked in Norwich for over a year and have some great contacts if you or anyone else is interested in this specialist FHA program.

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Sat May 18, 2013
Laura Frisch answered:
You may qualify to be considered a loan with a 608 credit score but getting a loan is more than just your credit score. The lender will look at why your score is 608, when was the last time you had a late payment on any of your debts, and your job history. This overall picture is a better determinate if you will be able to secure financing. ... more
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Sat Sep 1, 2012
J.M.Halcrow answered:
Well, the attorney's fees is about $700, the title insurance $1,000, search $250, recording fees at town hall $150.
Aprox. that we experienced at Cicchiello and Cicchiello(lawyers office) in Norwich. - An all round good experience with lawyers I thought of as human and good ones too, as opposed to other lawyers I've met in the past.
I'd certainly hope to be able to use them if we ever had to move again.

Then there are real estate agent's fees and banks charges(the worst part).
The attorney/legal fees are modest in comparison to the bank fees for the loan charges, underwriting fees, bank points for the loan, there's also flood search costs that the bank charge you. And of course the prepaid interest!

That's about all I can think of, hope it helps.
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0 votes 5 answers Share Flag
Mon May 11, 2009
Dan Ross answered:
You will NOT lose your earnest money. You have a legal right to back out of this deal, and the deposit will be refunded. Ask your mortgage broker if the appraisal has been done yet. If not, you souldn't lose that money either. ... more
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Thu Nov 13, 2008
J answered:
The best advice I can give is PLEASE, PLEASE stay within your housing budget ($200,000 or less) first and foremost. If you are going to incorporate your closing cost which can be around 3%-5% then your target home price would be around $190,000 or less.

Families that continue to over-extend themselves when it comes to purchasing a home have placed themselves in many undesirable financial postiions. Please do not allow yourself to get sucked into a negotiation frenzy if the home is not within your budget. There are an abundance of great homes on the market that I am sure will fit your needs and wants full circle.
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