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75050 : Real Estate Advice

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  • Local Info2
  • Home Buying4
  • Home Selling3
  • Market Conditions2

Activity 11
Tue May 30, 2017
Kathy Burgreen answered:
As a retired realtor, you need to know there are MAJOR differences between a home under construction (brand new built) and a home already lived in and being sold by the owners.

1. Contracts for builders are written by their attorneys because the terms benefit the builder. These contracts do NOT benefit you, the buyer. Buyers like you need to take the contract to your attorney and change the terms to benefit you. Beware that the builder may not agree to the changes and you will need to decide whether you want to sign the builder's contract or not. What is sad is very few buyers take the contract to their attorney to make changes. Buyers trust the builder too easily and sign their life away.

2. If buying an older home being sold by the owners, their contract is a state approved contract and the terms will benefit the buyer. Buyers can add or subtract any wording necessary and you will have a good chance of the seller accepting it.

3. When visiting site developments being built by builders, you need to have your own realtor accompany you on your very 1st visit. Failure to do so means the builder will not pay your realtor a commission. You can have your realtor accompany you later on BUT you will need to pay the commission fee out of your own pocket. The advantage to having an experienced realtor on your 1st visit is they can negotiate terms of the contract, negotiate prices for upgrades, negotiate time lines, etc. Builders will work with your realtor because they hope your realtor will bring more buyers to their development (more business = more money to the builder).

4. Builders will NEVER negotiate on price. The reason is builders know that buyers like you LOVE brand new construction and are naiive enough to not know what they are getting into. Builders do not want to set a trend that if they sell a home for 1 price, they don't want to lower the price for any other homes. Therefore, if you intend to negotiate the price, expect the builder to tell you "sorry, but I refuse. Instead, I will wait for the next buyer to come along and I know that buyer will be happy to pay full price for a new home."

5. Sellers of older homes WILL negotiate on their asking price. You are dealing with a family - not a builder. This family needs to move out and they need the profits from their current home to buy their next home. The longer their home stays on the market, the worse it gets. Sellers do not need to pay for labor, materials, permits, architects, etc. the way builders do. Sellers need to move for possible job transfer, downsizing, upsizing, medical situation, their current home is too expensive, etc. Their needs are not the same as a builder who only wants to make a profit.

6. The big difference is in construction. Builders tend to take shortcuts and their contract states that if anything goes wrong after you buy the home, the builder is NOT responsible. You will pay for any damages, repairs, etc. With a seller (family), if your home inspection reveals any repairs, you can negotiate for the seller to either fix it or give you a credit. Builders will not do this. Builders are smart enough to know their mistakes will be behind the walls - not easily visible by a home inspection.

7. Finally - the pricing for new construction is always higher than for resale (homes being sold by families). The reason is builders need to make a profit and they know buyers will pay whatever they ask for. It will take you about 4 - 5 years for your brand new built home to compare with already lived in homes. If you need to sell before 4 years, you will take a loss because as soon as you move in, your home is not considered "brand new" anymore.
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Wed Sep 7, 2016
USMortgageRanger answered:
Hi Cintia,

What type of loan is the Lender doing and is the appraisal completed and do you know if the Condo is FANNIE Approved. There are the primary things that could possible hold up the loan, but not this loan as I get Condo in Arlington TX next door done in under 30 days with new FANNIE approval.

I would be delighted to provide you with some mortgage options, this does not require us pulling your credit and will allow you to make the best decision for your family.

Lowell Sterling
Mortgage Banker
NMLS 968898
Phone 469-347-3572
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Mon Oct 28, 2013
Chris Hutchinson answered:
Trulia only post houses listed with an agent because when buyers rewuest info it goes to a buyers agent thay works off comission from the sale.

Typically if you sale FSBO you don9;t pay a commission but your home usually sells for less and take longer. So if you look at it if takes you 2-6 months longer to sale and your proceeds from the sale are lower or you are paying 2 mortgages because you moved, paying the commission and selling at a higher sales price may be worth the 4-6% cost of commission.

I live and service the Lewisville area and would be happy to help you list your home. I have several seller programs (flat rate listing, Internet only, pocket listing, limited service / reduced commission) that I can work out with you especially if you are looking to buy a home either before or after selling.

Please give me a call to discuss.

Regards,

Chris Hutchinson
REALTOR(R)
The Michael Group
972.809.0607
www.chrishutchinsonrealestate.com
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Tue Oct 22, 2013
Zyre Sullivan answered:
A seasoned realtor will have a business model that they will present called a listing presentation. In this they will inform you of all they plan to do to market and sell your home. Studies have proven that most buyers seek information on the internet first so I would make sure the agent had plans of a strong internet presence as well as a direct mail campaign with just listed cards in areas where buyers frequent most. If agents are not up to your standards I would love to earn your business. Zyre Sullivan with Century 21 Judge Fite Company. ... more
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Thu Oct 3, 2013
Kenneth "Kenny" Bebensee answered:
Contact any tax preparer or real estate attorney for that information.
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Fri Jun 7, 2013
The United Home Team answered:
Are you an agent or an individual seller? If you're a FSBO you can only go Active on truly if you're are in the MLS from the best of my knowledge, this is considering it auto populates over from our own database. Please feel free to contact me if you need any assistance. If you're an agent it will only get easier as you go, I promise. Thank you.

Keller Williams Realty
Real Estate Consultant
3xUS Army Veteran
Joseph Fernandez
Cell: 817-975-7258
Blog: blissfulestates84.blogspot.com
Email: blissfulestates84@gmail.com
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Sat Sep 8, 2012
The United Home Team answered:
"MEETING YOUR NEEDS AND EXCEEDING YOUR DREAMS!"

No worries in todays market, my knowledge and key negotiating skills will surpass your expectations. Let me help you in your search to relocate. Not only do I offer free professional photography and adforable rates, I will always market your property on over 350+ websites. Over 83% of my listing sell oppossed to the dfw average of only 47% sell by other agencies. Contact me to setup a free listing consultation so we can begin. Thank you for your time and God Bless!

Keller Williams Realty
Joseph Fernandez
cell: 817-975-7258
off: 817-635-1157
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Tue May 29, 2012
Jennifer Fox answered:
I would love to help you and your daughter find a house or just get info. about a particular home.

give me a call Jennifer Fox, Fox Realtors, 817-401-9432
0 votes 6 answers Share Flag
Mon Mar 15, 2010
Michael Russell answered:
I would only add that new homes listed d.o.m. aren't always a true picture. These are the properties I deal with most and we start on mls before construction starts so by the end of construction we could have 200 days on the market and it's a brand new home. Does that mean anything? It suggests a few things; buyers have a hard time "seeing" what isn't built yet, the floorplan may not be what some buyers needed, the market for new houses may be slow at any particular time since older houses make better "deals" dollar wise(at least up front). This wasn't the intent of the poster, Dorris, but I just wanted to explain that particular instance. Best of luck ... more
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Fri Mar 12, 2010
T.E. & Naima Sumner answered:
Hi Tam,

This home is not on the market yet. It has been foreclosed in January and a sales price has not been determined yet. It will very likely be higher than the price posted by RealtyTrac.

I will be happy to send you a list of foreclosed homes if that is what you are looking for.

Naima
214-289-8555
Naima@Sumner-Realty.com
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