What things should you never tell a real estate agent about?
SD2007 asked:
I am meeting with a real estate agent for help with buying a house. I’m aware that she is not a buyer’s agent, so I can assume she is always going to be working for the seller’s best interest (and her commission). What information should I hold back from her? Pre-approval amount? Highest bid on a particular house? Down payment amount? Also, what could she possibly tell me that I should think twice about?
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I am meeting with a real estate agent for help with buying a house. I’m aware that she is not a buyer’s agent, so I can assume she is always going to be working for the seller’s best interest (and her commission). What information should I hold back from her? Pre-approval amount? Highest bid on a particular house? Down payment amount? Also, what could she possibly tell me that I should think twice about?
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July 30th, 2009 at 7:54 pm
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You really have nothing to hold back because when you get preapproved, she will know pretty much where you stand financially. If she says an arm or balloon payment, run the other way. She will do anything for the commission, even if you can’t afford it, she will do what they call creative financing.
August 1st, 2009 at 7:53 pm
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never tell her what your max is as they will show you only in that range. In fact NEVER BUY ALL YOU CAN since you need to have fun in life as well and just because you have a house will not make it a home. tell her you have down payment but you want the seller to pay closing cost and prepaid, always start low ball on a house and work your way up
I am a mortgage banker in TN & KY
August 3rd, 2009 at 9:03 am
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Get a buyer’s agent. Less headache.
August 4th, 2009 at 5:40 pm
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Unless you buy one of her listings she will be working in your best interest. Most represent both buyers and sellers.
I would not withhold anything.
But, you should interview her, find out how many sells she has closed in the last couple of months. With the slow market 5-6 is a reasonable number. If less I would worry about her ability to get the deal together and close it for you.
Also, find out what she will do for you. Is she going to determine what you want and show you 3-4 houses that are that? Is she going to email you a list of hundreds and expect you to do the work yourself?
Does she have good contacts for inspections?
August 7th, 2009 at 2:35 am
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is a good website that gives all that information
August 7th, 2009 at 5:33 am
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Why not work with a buyer’s agent that is representing YOUR best interest?
She should disclose her relationship with you, as a saleperson, agent or transaction broker.
If you have a lender, get a pre-approval amount to know what you’re working with but always have a pre-approval letter written for exactly the amount you need so the other side doesn’t know your maximum amount. If she represents the seller, don’t tell her how much you’ll pay.
In short, get your own agent and it’ll save you time and maybe even money.