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#458877 - 08/23/17 05:11 PM First time buyer needs some advice
CAfirsttimebuyer Offline
Junior Member

Registered: 08/23/17
Posts: 1
Loc: California, United States
Hello this it my first post. My wife and I are currently looking to buy a home in California and we have found a property that we are interested in. The property is a big fixer upper with very few photos on the listing. We have decided to use a relative (who is experienced) as our realtor. However, there are some stipulations which have been presented to us right out the gate which seem odd and because we know nothing about this industry I am seeking some advice on the perceived issues. First, the realtor has asked us to make an offer on the home before we have even been inside it. The realtor has asked us to do a drive by of the property and make an offer based on the exterior of the house only. Next, they say we can see the inside of the house and adjust our offer. Is this normal? The realtor is sending over a contract for my wife and I to sign before we've even seen the inside of the house. I am quite leery about signing my name anywhere when I have no idea what the inside of the house looks like. Finally the realtor has asked if a $3000 escrow deposit would work for us if/when we go into escrow. What does this deposit go towards? Can this deposit be applied to a down payment? Is this a normal value for this type of deposit? I appreciate any advice given. Thank you.

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#458878 - 08/23/17 05:26 PM Re: First time buyer needs some advice [Re: CAfirsttimebuyer]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
Talk to your "relative" about these unusual circumstances.

The Listing Agent must suspect that s/he'll be wasting time arranging to show the property to you.

Did your communicate anything to the Listing Agent that would imply that you're anything less than well qualified . . . . have you been to a Bank and been pre-qualified or better yet, pre-approved for a purchase in this general amount.

Deposits (aka Good Faith or Earnest Money) are typically applied to the purchase . . . . Down Payment or closing Costs.

Your relative can force the issue, since he'll be working on your behalf.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#458882 - 08/24/17 05:48 AM Re: First time buyer needs some advice [Re: CAfirsttimebuyer]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2392
Loc: Outer Banks
You need to find another realtor, this one is hurting you.

before you make an offer you need to see the inside of the house and you need to see other houses in the same price range. How else can you compare this house to anything else. It is possible there is a better house for the same price. If your agent isn't willing to help you shop for a house then they are not doing their job.

Before you make an offer your agent should also show you the listings for similar homes that have sold recently so you can make an educated offer.

Pictures on the web are very deceiving, they can make crap look great and awsome look like crap. This is your first home, don't rush into it, shop around for the best house and the best agent.

as an aside, fixer uppers can be hard to insure whichs makes them hard to get a loan. You really need some help that your relative is not supplying
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#458883 - 08/24/17 05:51 AM Re: First time buyer needs some advice [Re: CAfirsttimebuyer]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2392
Loc: Outer Banks
And please don't let them talk you out of having a licensed home inspector check out the house
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#458884 - 08/24/17 06:49 AM Re: First time buyer needs some advice [Re: CAfirsttimebuyer]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
I thought that your relative WAS NOT the Listing Agent . . . . and would be free to represent YOU as a Buyer's Agent.

I must be mis-understanding something here.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#458926 - 08/29/17 11:31 PM Re: First time buyer needs some advice [Re: CAfirsttimebuyer]
ThisGalSellsRE Offline
Junior Member

Registered: 08/19/17
Posts: 6
Loc: NEW MEXICO
We have run into these as-is/where-is listings lately. Some are repossessions others were bought at auction for resale. Many of them are not the best deals.
1. Make sure if you give them the deposit it goes to the title company (in Escrow) depending on the terminology and not to a company, individual or Agent.
2. They try to make buyers take it as-is. They told my buyers there is no need to see inside or do inspections because the house will be sold as-is, but most have a clause to back out if you don't like it. The problem is that you may loose the deposit if you do.
3. The price usually reflects the condition (you get what you pay for)
4. Some companies will not accept contracts prepared by the agent because they want you to use their version of a real estate contract. If this is the case be sure to take the paperwork to a lawyer who specializes in real estate before you sign anything to explain the details. (it only takes one word in the wrong place to make it or break it) Also, make sure that if you have an Agent helping you that they will be paid.
Same goes for the lead base paint documents in regards to Title X.


Edited by ThisGalSellsRE (08/29/17 11:46 PM)

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#462234 - 08/29/18 07:13 AM Re: First time buyer needs some advice [Re: CAfirsttimebuyer]
Ananthi Mathur Offline
Member

Registered: 07/23/18
Posts: 17
Loc: United State
Buying a home is the biggest investment you will ever make. So whether you're buying a starter home, your dream home or an investment property take a help of real estate expert.

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#465292 - 06/24/19 11:52 AM Re: First time buyer needs some advice [Re: CAfirsttimebuyer]
jeetarora Offline
Junior Member

Registered: 04/04/19
Posts: 4
Loc: auckland,new zealand
Here are some advice for first time buyers:
1 Communicate clearly with your agent.
2 Get Pre approved before you start house hunting.
3 Get Appoint with your agent and let them walk you through the process.
4 have a cash in advance.
5 Take the time to research the market before you contact an agent.
6 complete the document process very carefully.

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