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Old 11-17-2008, 12:10 PM
 
57 posts, read 293,601 times
Reputation: 50

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Hey guys..
Thanks for my previous post replies.
I am planning to buy house in Shadow creek ranch ( narrow down from Cinco ranch, richmond communities due to money as well as lof of friends living in SCR)

Current offer I have is :
around 3000 Sqft house - 2 Story - All appliances ( including Refreigerator, Washer n dryer) wooden rails for the stairs, sodded backyard, master bay window, study room upgrade, bathroom 3 upgrade, all room fans,) + 7000 off closing costs, comes around 234K...

I am planning to start the bargain at 200K. I know it sounds stupid, but sometimes stupid things can give a good start. Because my budget is around 190-200K. I am not using realtor as of right now.

And I have Credit score averagin 769 on all three bueraus, how much I can expect the mortgage apr, I will put 20% downpayment, as of today national average is 5.68% as per yahoo finance, 30 year fixed..

whats your opinion guys on the bargain and apr rate.
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Old 11-17-2008, 12:37 PM
 
84 posts, read 342,645 times
Reputation: 27
Who is your Builder? Starting at 200K is not bad at all especially in this market. You should look for a realtor who gives like 2% back to you. Ask in your friend's circle, you shoudl be able to find one that gives back 2%. That would help you tremendously. 7K towards closing is awesome.
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Old 11-17-2008, 12:43 PM
 
Location: Spring, TX
2 posts, read 7,437 times
Reputation: 11
Whether you're buying a new home or a used home, I would recommend you work with a realtor. They will be able to advise you of your best options, and it doesn't cost you anything. A lot of people think that because they're buying a new house they don't need a realtor. The sales representatives at new home sales do not represent you, the buyer.
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Old 11-17-2008, 12:59 PM
 
57 posts, read 293,601 times
Reputation: 50
thank you guys. Yes I am kind of looking for Realtor, But I feel like I will be tired of bargaining with two people, Realtor and seller. How much we can get back from Realtor usually around Houston area. 2% or 3% or 4% ( earlier on some thread , one person got 3% with some gift cards worth of $500) coz I dont know how much Realtor will get..Does Realtor will work with our requirement on the budget, for example, I want this recommended home for $205, will the Realtor ready to bargain for that price by forgetting the market price going on outside. And I want good APR deal, very particular about that also, will the Realtor help on that too? If the realtor works with the buyer more than with the seller, thats great, no doubt to pick the realtor. But its all about help and business.
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Old 11-17-2008, 02:00 PM
 
84 posts, read 342,645 times
Reputation: 27
No one can help you to get good APR than you. It all depends on your credit history. No one can reduce it or increase it for you. Realtors usually get 3% from the seller. Even if you don't want to use Realtor for bargain sake, use him for commision sake.
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Old 11-17-2008, 03:18 PM
 
2,639 posts, read 8,287,252 times
Reputation: 1366
Realtors work on commission only. They have to pay to be a memeber of HAR, buy their supra key and pay monthly fees to a brokerage firm. (remax,etc..) They earn 3% of the sales price and have to pay taxes on their own. If you use a Realtor be respectful of their time. I have shown 20 plus homes to people who then turn around and buy new from a builder. When gas was $4 a gallon this made earning a living very difficult. The builder will not discount the home 3% just because you did not use a Realtor. In fact you may pay higher because the Realtor can pull up what other people have paid for the homes. Info the builder will not share with you.
Realtors work for you and you only. You should not buy a home thru the listing agent or builder without a Realtor working for you. They will explain the contract, negotiate the price, negotiate the repairs after your inspections. If you do not have someone looking out for your best interests you may wind up losing your earnest money or more. The listing agent works for the seller and it is in your best interest to have a Realtor working for you as a buyer.
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Old 11-17-2008, 04:09 PM
 
57 posts, read 293,601 times
Reputation: 50
Thanks sir.
Yes I do agree with you. I dont want to be in the situation like, I use Realtor to look for homes, then buy on my own. Just trying to be little honesty.
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Old 11-21-2008, 03:28 PM
 
809 posts, read 3,569,123 times
Reputation: 574
Quote:
Originally Posted by mynico View Post
Whether you're buying a new home or a used home, I would recommend you work with a realtor. They will be able to advise you of your best options, and it doesn't cost you anything. A lot of people think that because they're buying a new house they don't need a realtor. The sales representatives at new home sales do not represent you, the buyer.

I'm not suggesting to not use a Realtor, but I will say that when the builder doesn't have to pay the Realtor commission, they have more wiggle room to give the Buyer a bigger discount.

If you have decided to not use a Realtor, use that fact as a bargaining tool.

And I absolutely agree that the Builder's Sales Counselor's #1 goal is to sell houses for the Builder and make commission and not to get you the best deal or represent your interests.
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