Noreen - Financing a modular, trailer, mobile home
Who is providing the financing? A bank? The modular dealership? Many trailer, mobile, modular units are not considered "real property" unless they are permanently a part of the "land" with all the amenities ie. water, sewer, septic, electric, etc. The salesman is almost the same as a car salesman and only interested in the commission he gets paid. BE VERY CAREFUL! This is one of the biggest investments you will ever make in your life so you must be well informed. You need some serious "professional" real estate financing advise. Go to the bank where you have your checking/savings and talk with them. They will advise and lead you in the right direction and will tell you a lot more than any salesman can. Lastly, when you are ready to buy ... ALWAYS have your personal attorney represent you before sign anything!
Gerri
of OH
@
Jul 19, 2008 06:38:29 AM
Clients are People not Commission
I have been selling real estate for four year in Salem Oregon. I built my business one client at a time and now I receive referral from my clients. Why do they refer me you might ask, because my clients are people, not $$. Commissions from the sales of homes are my livelihood, but I never consider myself before my clients. I am happy when I save my clients $10,000 on a house (which could equates to about $70 a month) for the life of the loan. Because of that philosophy my clients take care of me and send me more business.
Find an agent that cares, the best way to do this is to ask for a referal. My clients come back to me and that is worth more than any measly commission amount I could have made.
Trevor Elliott CSp, GRI
of OR
@
Jul 16, 2008 14:05:57 PM
is it true?
really?
of MI
@
Jul 11, 2008 03:08:24 AM
Home Buyer
We are looking to relocate and buy a home . We have been pre-approved already .We dont plan on making the move for another year but wanted to know what our spending on home would be. My question is , We have been looking at a brand new doublewide (modualr) with land and the company will do the financing.Fleetwood. We would still want to put mooney down (ofcourse) but what we were wondering is the percentage rate going to be higher through them ,then the 6.2 we have through the loan we have been pre-approved for. I know we would save on closing costs, surveys etc doing it this way .Just really confused! Any help or suggestions would be great! Thanks!
Noreen
of TN
@
Jul 02, 2008 09:47:02 AM
Do Your Homework
People looking to purchase a home should do their homework when hiring an agent. Just like any other profession, not all real estate agents are equal. For example, while many buyer agents work on commission, some do work on a flat fee. If they are getting paid commission, it is usually paid from the selling agent's commission, not directly from the buyer. Interview several and ask about it.
I recently purchased a home and used an agent from the National Association of Exclusive Buyer Agents. I found that my agent was very helpful and I never felt that he was not negotiating to get me the best price just so he'd get a higher commission. His reputation of getting me $10,000 less on the house was more important to him than the extra $300 he would have made if I had paid the $10,000.
Another Anonymous
of IL
@
Jun 29, 2008 18:41:19 PM
home buyer
Great info from everyone...I am lookin to purchase a home within the next 2-3 months. I have been contacted by real estate agents and 1 has sent my a "buyers agreement" which states we would owe him 3 per of the selling price of the home we buy. This seems like alot to me. I know sellers pay to have their homes listed by agents but to ask the buyer to pay seems crazy. That 3 per would bite into the money I have to purchase my home. When we sold our last house the percentage
was split between the 2 agents, the buyers and ours. How can we avoid a sellers agreement and still get to visit homes for sale? Also, any help with good buyers blogs for southeastern Pa would really be appreciated!
Marie T
of PA
@
Jun 29, 2008 13:05:16 PM
Truth about Realtors
Ouch. No wonder Ann of MO is An onymous! I have practiced Real Estate as a Broker in Texas for 22 years and rarely come across agents that are greedy or steer clients into property they can't afford. What I have seen is greed in the buyers and sellers that look only at the legal and not at the moral or ethical considerations. The bubbles in various markets nationwide came from investors speculating in the market and banks willing to lend monies to them, along with buyers that never felt the need to hire a Realtor to represent them in dealing with a builder that not only sold them an overpriced home, but pushed them into dealing with an inhouse mortgage company that placed them with an arm that was the only way to qualify them for the overpriced home.Then they added in all the closing costs on top, telling the buyer what a great deal they got- no closing costs!
craig campbell
of TX
@
Jun 29, 2008 12:17:30 PM
house buyer
Unless you signed a contract or an agreement with the realtor
(commonly known as a buyer contract) I would say no. You
do not have to be loyal to the realtor. However, the seller most
like did sign a listing agreement and may have financial penalties
if they violate the contract. Ever thought about educating yourself
on purchase of real estate? A real estate license is not required
to complet a transaction (hence the seller does not have to pay
a realtor commission) if the seller and buyer can complete the
transaction independantly. Check out my site at:
www.createnetworth.networthusa.com
Linda
of
@
Jun 29, 2008 10:59:53 AM
REALTORS ARE VERY GREEDY
I'm a realestate investor and don't deal with agents.Ms. ALONZO spoke about lower comps bringing down property values in the neighborhood of subject property.NOT SO TRUE.THAT'S why people should drive through the subject property neighborhood and look at the comparables.Some properties may need updating,age of properties & square footage.
James Emery
of AR
@
Jun 28, 2008 12:54:21 PM
Truth About Realtors
It is clear from her post that "Linda Alonzo" from CA is a Realtor. Thanks to the greed of people like her, the housing market became over-inflated, which is why the bubble finally had to burst and so many are in so much financial trouble now. Remember, Realtors are paid a flat percentage of what the home sells for, not a flat fee, so their main incentive is not helping their clients get a FAIR deal but rather to drive the price of properties WAY UP so that THEIR COMMISSION is consequently a HIGHER dollar amount overall. In addition, mortgage lenders were pressured by Realtors to allow borrowers to be approved for home mortgage loans that they truly couldn't afford. If a loan institution repeatedly refused to authorize these loans to people who really couldn't afford the payments but were led to believe by their Realtors that they could, then those Realtors informed these loan companies that they wouldn't bring them any more business. Realtors also insist to their seller clients that their homes are worth far more than they are, so many hold out for that elusive top dollar until they're in way over their heads in debt, a gamble that does not have any deleterious consequence for the Realtor but can bankrupt a family. Realtor greed is what brought on this crisis nationwide, plain and simple. They're like insurance agents, who neither produce anything nor have to deal with the consequences of their sales after the ink has dried. Shame on you for abusing the trust of your clients. Shame on you!
Gerri of OH @ Jul 19, 2008 06:38:29 AM
Trevor Elliott CSp, GRI of OR @ Jul 16, 2008 14:05:57 PM
of MI @ Jul 11, 2008 03:08:24 AM
Noreen of TN @ Jul 02, 2008 09:47:02 AM
Another Anonymous of IL @ Jun 29, 2008 18:41:19 PM
Marie T of PA @ Jun 29, 2008 13:05:16 PM
craig campbell of TX @ Jun 29, 2008 12:17:30 PM
Linda of @ Jun 29, 2008 10:59:53 AM
James Emery of AR @ Jun 28, 2008 12:54:21 PM
Ann Onymous of MO @ Jun 28, 2008 10:19:29 AM
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