Gary Zulauf, Home Buyer in Findlay, OH

Working with condo builder to buy finished model. Should I get a buyer's agent or negotiate myself?

Asked by Gary Zulauf, Findlay, OH Wed Dec 10, 2008

I have never bought a condo before and new to the Powell area.... expect to pay cash...beyond doing an appraisal and getting a lawyer to make sure the title is OK do I need any other assistance?

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13
Brittany Sim…, , Columbus, OH
Wed Dec 10, 2008
BEST ANSWER
Gary:

Builders pay real estate agents without passing the fee on the buyer. It is considered a cost of doing business to them as realtors bring them 75% of their buyers.

Definitely have representation. You can ask for a rebate of a portion of the commission since you have already chosen the property.
1 vote
Jerri Furniss, , 43081
Wed Dec 10, 2008
Dear Gary, I have not read the other answers, so forgive me if I'm repeating info you already know.....it doesn't cost you anything to have representation when working with a Builder, so I certainly suggest you get someone to assist you. The Builder's "rep" represents the Builder, not you. Having someone looking out for your best interests will hopefully give you some peace of mind, especially since you're new to the area. In addition, you'll want to know about warranties and taxes. And you should definitely have a home inspection. A Buyer's Agent can help with all of these.

Since you are paying cash, an appraisal is not necessary.......unless, of course, you want one for yourself. Having an attorney review anything in a real estate transaction is always recommended. Just make sure you use a real estate attorney. If you need a name, most of us can provide you one.

Best of luck, and welcome to Central Ohio!
Web Reference:  http://www.jerrifurniss.com
1 vote
Joan Defenba…, Agent, Worthington, OH
Sun Feb 22, 2009
I am a real estate agent in Columbus, Ohio. I am on two sales teams for Coldwell Banker King Thompson's New Homes and Condos division. Myself and my team represent the builder. I PREFER that a buyer has an agent to represent them. The transaction goes much more smoothly. The communication is easier because your own agent can explain everything to you and you know they are working in your best interest.

If you are buying the finished model, your buyer's agent will have suggestions and advice about home inspections as well as being able to provide you detailed information about the area and community.

Being a cash buyer is great, but it does not mean that you don't need representation. Good luck and enjoy that NEW home!
0 votes
Ralph Rennin…, Agent, Powell, OH
Wed Jan 28, 2009
Hi Gary,
I live here in Powell and have a Re/Max Satellite office in Downtown Powell. I grew up in Tiffin near you.
The assistance you will need usually is a good Real Estate Attorney if you are not using a Real Estate Agent. Thus consider using an Agent which then may save you the attorney fees. Plus, you will usually get a better value on your buy side, the National Association of Realtors survey states that you will save as much if not more than 3% if you use an agent with good negotiating skills and the key part is it will not cost you any money. As a fact it will cost you not to use one because you lose the price of the negotiated down sales price and then you alos will for sure need to hire an attorney which will cost you.
0 votes
Brittany Sim…, , Columbus, OH
Wed Dec 10, 2008
By the way, you mentioned hiring a lawyer to make sure the title is okay. It is customary in our market for the seller to pay for the title insurance policy. So, the seller will pay a title company to handle your closing documents and provide you with a title insurance policy.
0 votes
Christina Co…, Agent, Delaware, OH
Wed Dec 10, 2008
Gary, you should definitely be represented by an agent. It doesn't cost you anything and this is their job to look out for you so you are covered in each and every way of your purchase. This probably is one of the biggest investments you will make. Don't let it be a bad one!
An agent will also negotiate the best price for you.
Web Reference:  http://www.ccsoh.com
0 votes
John Wirsing, Agent, Pepper Pike, OH
Wed Dec 10, 2008
Don't you want someone who is working for you?
Enlist the services ofa Buyers agent who will actively work FOR you!
Sellers have the marketing dollars in their budgets.
0 votes
The Poss Team, , Worthington, OH
Wed Dec 10, 2008
I agree with the other responses - you should definitely have representation by an agent. You are not saving anything by not having an agent. In our area the builders are responsible for paying a buyer's agent's commission and they usually do not reduce the sales price on the home if you come in unrepresented. The agent will have your best interests at heart and can help you facilitate the process as well as ensure you aren't overpaying for a condo in this buyer's market. Hope that helps!
Web Reference:  http://www.possteam.com
0 votes
C clark, , 43147
Wed Dec 10, 2008
Yes, you should contact an agent. Have you seen the comparables of what other condos sold for in this subdivision even comparable subdivisions? Have you researched to find out if the builder has liens, complaints against them? In addition to the appraisal, you should get a home inspection done and have the necessary repairs made PRIOR to closing. There are reasons for this. I realize that the builder will probably have a walk thru with one of their qualified employees, but do you really want someone employed by the builder inspecting your home for you? Feel free to ask any additional questions.
Web Reference:  http://lowlistfees.com
0 votes
Bill Eckler, Agent, Venice, FL
Wed Dec 10, 2008
Gary,

We also would recommend going into this with professional representation. An agent will know the local market, be aware of other opportunities to use as comparisons, expadite the transaction, look out for your interests and hoat of other benefical services.

And it's an expected expense for the seller.
0 votes
Dan Sullivan, , Chelmsford, MA
Wed Dec 10, 2008
Hi Gary,

A buyer's agent will represent your interests! There are many more factors involved in the purchase than the appraisal and title examination. Choose a professional, a REALTOR who has the ABR (Accredited Buyers Representative) designation from the National Association of REALTORS; You'll be glad you did!
0 votes
Karen Disbrow, , Powell, OH
Wed Dec 10, 2008
Beware...the builder is probably not concerned about your best interests. It doesn't cost you anything to have representation from a Buyer's Agent who will work for you and protect your best interests.
0 votes
David Krecker, Agent, Whittier, CA
Wed Dec 10, 2008
CAUTION , CAUTION, CAUTION

I cant tell you enough here to warn you....................... will you listen....................... I hope so

I may be out of the area but dont mind sharing some info with you to assist you. Both being a broker/owner and state licensed appraiser I can only warn you accordingly..... then you decide
Web Reference:  http://www.centuryside.com
0 votes
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