First time homebuyer question

[GLOCKMAN23C]

My wife and I are looking to buy our first home. We went out a few weeks ago and looked at a few houses. The realtor told us to go ahead and get a letter of pre-approval from a lender. Fair enough.

We've got everything to the mortgage company, and the mortgage consultant says everything looks good. Our info has been sent to to underwriting, and we're waiting on final approval.

I spoke with him Friday, and made arrangements to look at some houses, today. He said he would have some to look at and I sent him a couple of prospects. I spoke with him about 8am and he didn't even look or set any appointments. My wife and I both took off work today to go look at houses. Our realtor has blown us off, until we have the letter from the mortgage company.

My question is: Is this normal? or Did we just get a realtor that doesn't want to mess with us?

 

[ATOMonkey]

Realtors only make money selling "their" houses.

Don't expect them to go out of their way helping you to get some other person a comission.

I doubt the pre-approval is the root of the problem.

 

[fullmetaljesus]

Maybe he's just a flake. When I bought my house, my realtor was in my corner every step of the way. I followed his advice and he backed me up 100% when we had the listing bank putting pressure on us, he was right there fighting them back while I put pressure on the inspectors and what not. We were a great team and I ended up getting a great house for a great deal. I couldn't think higher of him. If you like I can point you in his direction.

 

[GLOCKMAN23C]

Maybe he's just a flake. When I bought my house, my realtor was in my corner every step of the way. I followed his advice and he backed me up 100% when we had the listing bank putting pressure on us, he was right there fighting them back while I put pressure on the inspectors and what not. We were a great team and I ended up getting a great house for a great deal. I couldn't think higher of him. If you like I can point you in his direction.

Sure. If you have his info, that'd be great.

 

[msteiner17]

Sounds like you need to be talking to more than one Realtor. Put them in competition to fight your your best interests, and find what's best for you and your family.

 

[fullmetaljesus]

PM Sent

 

[dom1104]

My wife and I are looking to buy our first home. We went out a few weeks ago and looked at a few houses. The realtor told us to go ahead and get a letter of pre-approval from a lender. Fair enough.

We've got everything to the mortgage company, and the mortgage consultant says everything looks good. Our info has been sent to to underwriting, and we're waiting on final approval.

I spoke with him Friday, and made arrangements to look at some houses, today. He said he would have some to look at and I sent him a couple of prospects. I spoke with him about 8am and he didn't even look or set any appointments. My wife and I both took off work today to go look at houses. Our realtor has blown us off, until we have the letter from the mortgage company.

My question is: Is this normal? or Did we just get a realtor that doesn't want to mess with us?

Thats not the experiance we had with our Realtor, he was FANTASTIC.

We bought our house last fall.

earned every penny.

You need a new realtor.

PM me for a guy if you are in the Indy area.

 

[jkaetz]

Sounds like you need to be talking to more than one Realtor. Put them in competition to fight your your best interests, and find what's best for you and your family.

This, unless the realtor is a friend, they are out to make $$ as well. Do your homework and inspect things yourself. Trust but verify... Whatever you do, don't get in a hurry. Houses will come and go, you want to make sure you get what fits your needs and budget.

I would also never talk with the first realtor again. It's one thing to tell you to get pre-approved, it's another to not show you houses when you have a confirmed appointment without a darn good reason.

Do a lot of looking on your own. There are plenty of resources that will allow you to search for homes of various specifications. Hit up some open houses and wander through to get an idea of what room sizes you really need. Numbers on a floor plan can only tell half the story. Things you shouldn't be concerned about as they are easily changed, paints, existing furniture layout (but do take into account your own furniture), door knobs, bathroom sinks and sink fixtures, light fixtures. Some things that can still be changed fairly easily but are a bit more expensive, carpeting/flooring, kitchen appliances, kitchen counters, kitchen sink & faucets. Check out the yard, do you know how much yard you want? Keep in mind that large yards are great, but they will be more costly to maintain. Fertilizer, weed control, mowing, and watering if you like a nice green yard after a few weeks of sunny Indiana days.

Once you think you've found a house you want to buy, find your own home inspector (Not reccomended by the seller, bank, or realtor), and go over the home with a fine toothed comb yourself. Look at plumbing under sinks, look at the HVAC system, look in the attic, everywhere. If you think something is fishy, don't take the inspectors word for it being alright, find someone in the trade and get a second opinion. Owing a home is great but it isn't something you can just buy and forget about. You will need to take care of every aspect of it or pay big $$ to fix it. It's a lot like buying a car, but much more difficult to sell and get out of if you find you can't stand it.

 

[cbseniour]

Peruse the ads, drive around and look and make notes of what you like then give your new realtor a list of what you want to see. Otherwise you are leaving him in charge and you will see what he wants to sell you not what you want to buy.

Being Pre Approved saves the realtor a lot of time and effort and in some ways helps you as well because you are in a position to make a firm offer.. However if your realtor knows you are pre approved he can push you toward making an offer on something you can't afford or don't really want. Never make an offer on t he same day you see a house give it a day or two to settle in you mind. YOur going to live there a long time and the purchase should not be a snap judgement or under any kind of duress.

 

[GLOCKMAN23C]

This, unless the realtor is a friend, they are out to make $$ as well. Do your homework and inspect things yourself. Trust but verify... Whatever you do, don't get in a hurry. Houses will come and go, you want to make sure you get what fits your needs and budget.

I would also never talk with the first realtor again. It's one thing to tell you to get pre-approved, it's another to not show you houses when you have a confirmed appointment without a darn good reason.

Do a lot of looking on your own. There are plenty of resources that will allow you to search for homes of various specifications. Hit up some open houses and wander through to get an idea of what room sizes you really need. Numbers on a floor plan can only tell half the story. Things you shouldn't be concerned about as they are easily changed, paints, existing furniture layout (but do take into account your own furniture), door knobs, bathroom sinks and sink fixtures, light fixtures. Some things that can still be changed fairly easily but are a bit more expensive, carpeting/flooring, kitchen appliances, kitchen counters, kitchen sink & faucets. Check out the yard, do you know how much yard you want? Keep in mind that large yards are great, but they will be more costly to maintain. Fertilizer, weed control, mowing, and watering if you like a nice green yard after a few weeks of sunny Indiana days.

Once you think you've found a house you want to buy, find your own home inspector (Not reccomended by the seller, bank, or realtor), and go over the home with a fine toothed comb yourself. Look at plumbing under sinks, look at the HVAC system, look in the attic, everywhere. If you think something is fishy, don't take the inspectors word for it being alright, find someone in the trade and get a second opinion. Owing a home is great but it isn't something you can just buy and forget about. You will need to take care of every aspect of it or pay big $$ to fix it. It's a lot like buying a car, but much more difficult to sell and get out of if you find you can't stand it.

We are definately taking all of that into account. I live on just under an acre now, and do all of the maintaince. One of my wife's trusted co-workers recommended a home inspector, so I think we're good there.

We have been looking online, and going out to see some of the properties from the street, and take notes, because it is all about location. If the "location" is right, then we add it to our list, to review, or roundfile it.

 

[edporch]

My wife and I are looking to buy our first home. We went out a few weeks ago and looked at a few houses. The realtor told us to go ahead and get a letter of pre-approval from a lender. Fair enough.

We've got everything to the mortgage company, and the mortgage consultant says everything looks good. Our info has been sent to to underwriting, and we're waiting on final approval.

I spoke with him Friday, and made arrangements to look at some houses, today. He said he would have some to look at and I sent him a couple of prospects. I spoke with him about 8am and he didn't even look or set any appointments. My wife and I both took off work today to go look at houses. Our realtor has blown us off, until we have the letter from the mortgage company.

My question is: Is this normal? or Did we just get a realtor that doesn't want to mess with us?

If it happened as you say and the Realtor just blew you off without communicating an explanation, then that is a RED FLAG to me.

He should've given you an explanation, and because he didn't, you should look for another Realtor.

That said, it's common for a Realtor to not want to waste your time and their time, showing properties that it hasn't been shown you can afford.
(you said you were still waiting for pre-approval)

I would suggest to wait until your pre-approval is done, then find a Realtor knowing what you can afford.

Then when you find a Realtor you TRUST and can work with, sign a Buyer's Exclusive Agency Contract with them and let them go to work for you.

This way you'll be ASSURED the Realtor will make a maximum effort to find you a suitable property because they know they won't get stuck doing all the footwork and then have you close with another Realtor.

 

[Tactical Dave]

Unless there is a house I happen to stumble across I say let the realtor do all the work, it is part of their job. I say get another realtor.


My mother is realtor on the side but has not messed with it in a while due to her other business but when she was doing it full time I never remember her canceling showings, in fact if someone could only see houses after 6pm then she was out after 6 with them. There are so many realtors out there that they have to bust butt to get sales.


I would trust anything this guy says, super honest and up front, I think he just manages now but if you had an issues with one of his realtors he is not the type to blow you off.
I don't personally know him but know someone that worked for him for years.

John W. Breck | Carpenter Realtors® - Indianapolis Real Estate

John breck carpenter better homes and gardens 317 881 8100



Like mentioned above many want you to be pre approved before they show you around so they know what you can spend and it gives them more leverage when dealing with the seller.

 

[perry]

I really liked the realtor I bought my house with. I left him stranded with a broken down car in a Noblesville subdivision (he called his wife and she was a while away but headed our way) and he still returned my phone calls a year later when I was ready to finally buy. Never more than a couple hours to return an email. No pressure to buy. Gave me info that I asked for. Quick to help when I had title troubles a few months after closing (title company didn't file with the county, so I was basically squatting).

He works for Prudential Allen in Carmel but works all over the city. John Cogswell. 317 873 5766. Give him a shot.

 

[Indy_Guy_77]

If you're any where remotely close to the south-side of Indy or the Greenwood area, I can recommend a FANTASTIC realtor - one who is very experienced with first-time home buyers.

If I were you, I'd fire your current realtor. Our first realtor, I called a few times to schedule some showings. I never heard back. He got back with me after a "long weekend". He'd taken a few days off. All well and good - but at least tell your current clients that you won't be available.

And the above person who said that realtors only make money selling "their" houses - not so. Not so at all. If a realtor sells one of their listings, they get the whole commission. Selling another house means that the commission is split between the buyer's realtor and the seller's realtor. General total commission is around 6%, I believe. So, generally, that's 3% of the sale price to each realtor. This can all be negotiated differently, naturally.

Paging 88GT....paging 88GT....

-J-

 

[AuntieBellum]

Time for a new realtor. You're the customer. Our realtor was fantastic every step of the way. She was always there, always called back, and always showed for appointments. And that was even before we had our pre-approval letter. We didn't that until we put down an offer.

 

[indyjoe]

The cost of the realtors comes out of the seller's pocket. There is NO reason why you should buy a home from the same realtor as is listing it. That is like going to a used car salesman for advise on buying one of his cars.

The realtor will love it, as they get both the listing and selling fees. You realtor should be your advocate and look for anything shady from other folks.

Also, when you find a home and are negotiating, you are not required to provide the full pre-approval amount. I got a letter for a certain amount just for negotiating. Made my offer. They asked for pre-approval letter. I had this drafted for for $3k more than my offer. They countered $10k more. I countered $3k more than my original. They assumed that it was all I was approved for and took it. After we had a deal, they received an offer $15k more than mine, but the deal was done.

 

[88GT]

Paging 88GT....paging 88GT....

-J-

No, no. All the unlicensed experts in here are doing just fine explaining what they don't know.



Actually, most of the advice has been spot on, with a few caveats. This particular licensee is apparently not in need of someone's business. It's also prudent not to chase unqualified/unapproved buyers around house-hunting. If he is doing well enough that he doesn't need to work with everybody that comes his way, can't fault the guy for having standards that maximize his profit. (If I had the luxury of doing so, I'd make everybody pay a $500 retainer for showing homes, refundable at closing. You can waste a lot of time, money, and resources on tire-kickers in this biz. Out-of-pocket money makes them look elsewhere for their jollies. I do believe one Realtor on the south side of Indy does this. He's my professional hero.)

However, he was rude, unprofessional, and just plain inconsiderate. It's not right, but it's not abnormal either. The whole profession is a joke on some level and there is a laundry list of things I wish I could change about it. But it's no different than any other profession: there are very, very good Realtors and very, very bad Realtors. He sounds just about average.

OP, if you intend to seek new representation, this is how you need to do it. First, let your first Realtor know you intend to find someone else to work with. There's an ugly side to agency relationships, procuring causes, and who represents who when in this business. Make it definite by letting him know. I'm not a fan of email for breaking up, but in this case, written communication is probably better than verbal via phone or voicemail.

Second, when you speak to additional Realtors, let them know you haven't committed to anyone else yet, but you are looking for someone you can trust, blah, blah, blah. (No need to go into details about the first agent, but if asked, just say your last Realtor failed to meet your expectations and you don't want him representing you any more.) But please for the love of all that's holy, at some point in the near future, pick just one. You do NOT benefit from having a bunch of Realtors arguing over who you "belong" to. Trust me. I've seen those fights.

Then stay with him/her. And let him/her do the job.

And yeah, we make money on every house we sell.

 

[AppleBonker]

Also, when you find a home and are negotiating, you are not required to provide the full pre-approval amount. I got a letter for a certain amount just for negotiating. Made my offer. They asked for pre-approval letter. I had this drafted for for $3k more than my offer. They countered $10k more. I countered $3k more than my original. They assumed that it was all I was approved for and took it. After we had a deal, they received an offer $15k more than mine, but the deal was done.

Having recently closed on a house (first-time buyer as well), I'd like to point out that I had my pre-approval letter written without a dollar amount attached. The lender basically wrote a letter saying I was pre-approved for the property at *street address*. If you give them a pre-approval letter for more than your offer, you can almost guarantee that they will counter higher. Why wouldn't they if they know you can "afford" it?

And yes, my realtor got paid even though she wasn't the listing agent. I have the paperwork that shows exactly what she received. She was a dream to work with. She even showed me some houses before I had any sort of formal pre-approval (though I had spoken with the lender and I knew roughly what I could get approved for - I then targeted a lower value than that as I didn't want to be stretched on the max house payment possible).

Good luck!

 

[churchmouse]

A lot of good info here. Drive through any area you may be interested in. Check out the conveniences and the not so convenient. Look at the area in total and see if you fit it or it fits you. There is a difference. Kids, schools, traffic at rush hour, check it all out.

 

[88GT]

A lot of good info here. Drive through any area you may be interested in. Check out the conveniences and the not so convenient. Look at the area in total and see if you fit it or it fits you. There is a difference. Kids, schools, traffic at rush hour, check it all out.

TALK TO THE NEIGHBORS!!!!!

Best source of info on a house you'll ever get.