Buying a house

[Jacuzzme]

Anyone recently buy a house under the new real estate rules? I’m trying to bribe my oldest back from the west coast (just found out I’m gonna be a grandpa. YAY!) by buying her a house. Found one online that I was interested in so contacted the listing agency to set up a time to look at it. They told me that I’m now required to be under contract with a buying agent just to go in and have a look. WTF? I’ve bought 3 houses before and never had to do this. Looked on Reddit’s real estate forum and answers seem all over the place and have regional differences.

[bambino]

Wait a little while J. There’s a huge real estate bubble that’s going to burst. Don’t buy high.

[onawbtngr546]

Originally Posted by bambino

Wait a little while J. There’s a huge real estate bubble that’s going to burst. Don’t buy high.

For once, I have to agree with you. Things can't keep going up so much each year.
With the possibility on taxes going up based on reassessment,there is a chance that fish who have picked up too many single family homes decide to cut their price so they aren't left to pay the higher taxes.

[Jacuzzme]

I’ve got limited time so can’t be too worried about market fluctuations. One of her jobs is teaching at a university, the assistant profs have to re-up their contact every year in late January. We’d end up missing most of his/her first year if she stays the next 2 semesters. Fuck that. Not gonna happen. We’ll move there if necessary but it’ll be a considerable hit to Mrs retirement, compared to retirement only 18 months from now, way more than any overpayment on a house.

Not really the point of this post tho. The new rules are fucking stupid. You need to hire a buying agent just to look unless it’s a scheduled open house. You used to just call the selling agent and set up a time, then hire an agent if you want to make an offer. It’s not like that anymore. You have to have a a buyers representative preemptively, and only they can show you the property. Ridiculous.

[bambino]

Originally Posted by Jacuzzme

I’ve got limited time so can’t be too worried about market fluctuations. One of her jobs is teaching at a university, the assistant profs have to re-up their contact every year in late January. We’d end up missing most of his/her first year if she stays the next 2 semesters. Fuck that. Not gonna happen. We’ll move there if necessary but it’ll be a considerable hit to Mrs retirement, compared to retirement only 18 months from now, way more than any overpayment on a house.

Not really the point of this post tho. The new rules are fucking stupid. You need to hire a buying agent just to look unless it’s a scheduled open house. You used to just call the selling agent and set up a time, then hire an agent if you want to make an offer. It’s not like that anymore. You have to have a a buyers representative preemptively, and only they can show you the property. Ridiculous.

Well, J, I haven’t bought a property in years. The last time I bought a lot it was between me and the owner. We agreed on a price, shook hands., But we had lawyers at the closing. Good luck.

[The_Waco_Kid]

Originally Posted by Jacuzzme

Anyone recently buy a house under the new real estate rules? I’m trying to bribe my oldest back from the west coast (just found out I’m gonna be a grandpa. YAY!) by buying her a house. Found one online that I was interested in so contacted the listing agency to set up a time to look at it. They told me that I’m now required to be under contract with a buying agent just to go in and have a look. WTF? I’ve bought 3 houses before and never had to do this. Looked on Reddit’s real estate forum and answers seem all over the place and have regional differences.

depends on what "under contract" means' i've also bought 3 houses and several times the listing agent or any agent has wanted .. key word wanted .. an "exclusive representation" agreement. it means that agent and only that agent can show you a house. told them fuck no every time. regardless of any representation agreement or not, most agents will try to steer you to their listings for obvious reasons. they hate split commissions if another agent shows you the house and you buy it. that's always easy to get around, if i don't like the listing pictures then i simply won't look at it.


now if "under contract" means you actually have to make an offer to see the house that's horseshit. don't see how that can be required. i did once intentionally put a house under contract with a whopping $100 opt out so i could get it inspected, mainly to tie it up "under contract". as i suspected the house had too many issues so i opted out.


this is from realtor.com and it sounds like what they called an "exclusive representation" agreement back in the day.


https://www.realtor.com/advice/buy/w...ok-at-homes-2/


Do you need to sign a contract?

Once you decide on a buyer’s agent, you will have to sign a contract before touring a home with that buyer’s agent in person or virtually, outlining the agent’s services and compensation.
However, you do not need a written agreement if you are simply interviewing a potential buyer’s agent or talking to a listing agent who is holding an open house.


In general, the contract you do sign should outline the negotiated terms, detailing the services provided and their cost.
According to the recent NAR settlement, the contract should also include these things before you sign it.

• 1. A specific and conspicuous disclosure of the amount or rate of compensation the real estate agent will receive or how this amount will be determined.
• 2. Compensation that is objective (e.g., $0, X flat fee, X percent, X hourly rate)—and not open-ended (e.g., cannot be “buyer broker compensation shall be whatever the amount the seller is offering to the buyer”).
• 3. A term that prohibits the agent from receiving compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer.

“A contract ensures that the buyer and their agent both understand and agree on how the agent will be paid for their efforts,” Ujvagi explains.

And in return for that loyalty, the agent should do all they can for the client, making the contract a win-win for both parties.


if this is what they are requiring now it's not really "under contract" in terms of making an offer. it's just to bind you to the agent as your exclusive representative. i don't like them but it's not that big of a deal breaker.