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Buffalo State : Real Estate Advice

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  • Home Buying11
  • Home Selling3
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Activity 15
Fri Jun 13, 2014
The Maxian Culeton Team at Hunt answered:
Megan,

There is no "set" commission amount, so it will depend on your Realtor, and what they can do for you. Realtors charge different amounts, because they provide different services (it's definitely not "one-size-fits-all!). I'd suggest interviewing several different Realtors, and seeing what they cost in relation to what they provide. There are a full range of Realtors locally, and all provide different marketing packages. Look objectively, though, as the real number that's important to you is the amount you end up with in your pocket, not the arbitrary commission percentage. A Realtor that can market your house more aggressively, and negotiate a higher sale price for your house may charge a higher commission, but you may end up with more money in your pocket in the end. Conversely, a Realtor that charges less may not provide the same array of marketing and negotiating services, which could result in the house selling for less, and less money in your pocket at the end. Again, there are no set commission amounts, so you'd need to talk to several agents to find out what they would charge.

I would strongly suggest interviewing some agents, and choosing the agent you feel will do the best job selling your house, rather than choosing an agent solely based on commission - too many people fall into this trap! You can always choose to go with the agent who charges the least, but sometimes you get what you pay for!

If you'd like us to meet with you and show you what we do to market homes locally, feel free to contact us.

Jennifer Maxian and Michael Culeton
The Maxian Culeton Team at HUNT Real Estate ERA

Jennifer - (716) 946-6112 - jennifer.maxian@huntrealestate.com
Michael - (315) 402 - 0208 - michael.culeton@huntrealestate.com
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0 votes 8 answers Share Flag
Fri Jun 13, 2014
The Maxian Culeton Team at Hunt answered:
The first thing to do is to start interviewing Realtors to help you through the process. I would suggest doing this now, rather than waiting six months. A good Realtor will help you create a timeline to plan out what you can do in the next six months to move toward your goal.

The market is very much slanted in favor of sellers right now, so having an agent who is experienced in representing buyers in a competitive seller's market is crucial. One of the questions you should ask is whether or not the Realtors you are interviewing have experience representing buyers in multiple offer situations, as your are liable to come across this once you find your home. Ask the Realtors what strategies they have to help your offers stand out from the crowd.

Once you've chosen a Realtor, he or she should sit with you, explain how he or she will work with you, and provide you with a written guideline explaining the process of homebuying to you. Additionally, he or she can help you find a reputable mortage banker (if you'll be financing the home), and a knowledgeable real estate attorney to help you through the closing process.

Should you start interviewing agents, I hope you will consider us as well.

Jennifer Maxian and Michael Culeton
The Maxian Culeton Team at HUNT Real Estate ERA

Jennifer - (716) 946-6112 - jennifer.maxian@huntrealestate.com
Michael - (315) 402-0208 - michael.culeton@huntrealestate.com
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0 votes 11 answers Share Flag
Tue May 6, 2014
Donna L Brown answered:
If you have not signed an Exclusive Buyer Agency agreement with any agent, you have the freedom to switch. If you've signed a buyer agency agreement with either agent and find you are dissatisfied with both, contact their broker and request a different agent altogether.
I'f you were working with an agent since 2012 (ie. they've continued sending you listings consistently) there is an ethical situation for you to continue working with him/her, even if you haven't signed any buyer agency agreements.
If the agents have not followed up with you, then move on to a third agent. Contact me if you need a referral in the areas you're researching.
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0 votes 12 answers Share Flag
Mon Sep 10, 2012
Cathy Barton answered:
That is the deal if the sellers have an exclusive listing. You can always pay your agent a commission for the work he/she has done.
0 votes 3 answers Share Flag
Sun Mar 11, 2012
Linda Lorenzo answered:
I have seen this question seveal times here. I think if you just search this site you may find some information that will be of help.
0 votes 1 answer Share Flag
Tue Feb 14, 2012
Diana answered:
Also, Joe Suppa, you're completely wrong. My realtor in the first situation I mentioned was AWESOME - she was a hardworking, friendly lady who had the smarts to know that her services are more necessary for someone who does not want to take the time and effort to do their own research and legwork. I did not have a "bad taste in my mouth" from her whatsoever. I have found from much research, personal experience and witnessing other people's homebuying in the area that many agents are really unncessary if you are smart enough to do real research and put the time in. It's ridiculous to think that bringing in another person over and above the seller, possibly their agent, the buyer, the bank and the lawyer is going to save the buyer time or money - that agent is going to get their cut just like everyone else, even if it seems hidden in the cost of your house already. Also, the buyer has to wait everytime they want to know something from another party for their agent to contact said party and then get back to the buyer when the buyer could have just contacted the party on their own. The lawyer I used was extremely hands on, reviewed my house contract personally and was always available to speak with - as you stated you have to do research into who you work with; obviously YOU have a bad taste from working with a lawyer who was not well chosen. The lawyer's paralegals only did the grunt work; another partner (a lawyer, not a paralegal) within their office handled all the serious issues. A realty agent is not going to determine the legality of items in a contract like a lawyer will nor will they strike fear into the heart of a seller who tries to screw you over like a lawyer will. A lawyer also stands to gain significantly less money than your agent for the same amount of work (lawyer's fee for my experience $300, agent's commission had I had one at 3% - $1680). ... more
1 vote 10 answers Share Flag
Wed Jun 1, 2011
Lovell Braud answered:
hello Albert i know a great area in florida you can buy an house but it is not in orlando it is near it tho please contact me for an appointment you would have to come to nyc for an appointment or check with the office but please i can help you 9173704312 ... more
0 votes 1 answer Share Flag
Tue Oct 19, 2010
Ryan Walley answered:
Debra,

Houses for sale under 10k will need repairs - probably heating, plumbing, bathrooms and kitchens - not to mention clean out, paint, drywall and landscaping.

Finding the property is no issue here. The managing of the rehab should be done by a licensed contractor, not a realtor. The letting (leasing) of the units should be done by a realtor. That's how I would go about it.

If you have the cash and the forethought to rehab properties across the pond, there is good money to be made. But you must be diligent in your interviewing. I know the areas that can benefit from a rehab, where some will not appreciate if you put in any money at all.

I suggest you contact some agents directly and discuss what you want out of a project. Then ask for references.

Good luck!
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0 votes 2 answers Share Flag
Tue Oct 19, 2010
Ryan Walley answered:
Sheryl has the right data, but I wanted to add some detail to the answers...

Most recent Census.gov stats indicate that the Buffalo MSA area had a vacancy rate of 7.2% in Q1 and 13.2% in Q2. Syracuse Ny is at 13.6%, Tampa and Richmond - 14%, Vegas 15%, Houston 17% and Orlando and JAcksonville 18%. When you consider rents vs acquisition price, you cannot go wrong in Buffalo.

Keep in mind that real estate is hyper local, and supply vs demand in areas of Buffalo (North Buffalo, Elmwood, Williamsville village) is quite low, resulting in a vacancy rate of less that 3%. We own properties in the best areas in WNY and do not have any current vacancies, and when we do, tenants are multiple and we have the pick of the litter when we choose to place a tenant.

Depending on your budget and your plan, work with a local Realtor who knows the market to ensure success!
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0 votes 3 answers Share Flag
Sun Dec 20, 2009
Jmcatherine answered:
You should contact a lawyer. Try the Erie County Bar Association who can refer you to a lawyer in your price range.
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Fri Nov 27, 2009
Anna M Brocco answered:
Fri Feb 6, 2009
Ryan Walley answered:
Kurtis -

Lots of advice from Florida agents. No one local, however.

Rentals are a good source of cash flow here, based on rents vs price acquisition cost. With numerous colleges here, as well as medical campuses, we get lots of renters in the better areas.

My suggestion is to speak to an agent who works in the areas you want to invest in, to give you an idea of they type of tenant you can expect, as well as what renta and prices you can expect to receive and to pay.

I would suggest purchasing near UB, Buff State and Dyouville. 20k properties will not attract good tenants, so you must recognize this...
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0 votes 6 answers Share Flag
Mon Jul 23, 2007
Jerry Thompson II answered:
OI like the question but want to point out that in New York there are two items that must be pointed out before looking at property taxes, First we have the star program which discounts some of the property tax burden on school taxes for your primary residence this dicount can be as little as $400, but can almost cover the whole school tax for seniors with lower and limited incomes, easing this burden on homeowners, secondarily you must also recognize the quality of our schools in upstate near Buffalo, I am constantly dealing with customers moving in who are amazed at the quality of our school districts but secondarily dealing with many a customer moving out who has compared schools when moving out of the area, and instead of paying some extra in property taxes is paying much more to send their children to a private school elsewhere, I certainly think taxes are to high particularly on the property owner but still always point out that you must look at both the real costs after star and the quality for the dollars, if you are looking in New York State. ... more
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