How does working with a Realtor work exactly?
My husband and I want to buy our first house soon. We are very much real estate virgins and are getting a 100% financed loan. We want to get a Realtor agent to help us find a home, but don’t know how much it will cost or how it works, exactly. Or how to find a good agent.
So can anyone explain to me how it works and how much it will cost?
My husband is in the Military and we are getting a VA loan – so yes, there are 100% finance loans when you get a VA loan.
Congratulations on your first step of making a decision to buy a home. It can be a very difficult step to take.
You may want to ask friends of good agents they may have used. You could alsodo an internet search on the area for real estate agents in your specific area. Most agents work a specific area. For instance, I work mainly in the LSU area in Baton Rouge, Louisiana. Then just interview the agent like you would an employee, as you will be employing them to help you find a house.
Choosing an agent is an excellent choice. A good agent will reduce your risks, help you find a good property, and guide you throughout the entire process. They also can help point you to good local service providers. i.e. Title companies, mortgage companies, inspectors, etc.
100% financing? 3.5% down payment for a FHA loan is the smallest down payment I know of. And if you finance over 80% you’ll have PMI. Ask your loan officer about it. Its better to put as much as you can down without breaking the bank.
Don’t forget the first time home buyer tax credit! Check with your real estate agent to see if you qualify. Good luck!
February 26th, 2010 at 9:02 pm
There a NO 100% mortgages, you also need 6k for closing costs. You tell the realtor what your price range is, what type and size house you want and in what neighborhood.
The realtor is paid by the seller of the house not the buyer
References :
February 26th, 2010 at 9:47 pm
Find a real estate agent who is a buyer’s agent to work with you. You want someone who is experienced and with whom you feel comfortable. The agent will interview you to see what kind of home and in what areas you are interested in buying. That agent will also want you to have a pre-qualification or pre-approval from a lender. The same agent may be able to recommend two or three lenders where you can apply. You never want to deal with the listing agent when you are interested in buying a property. That agent has already signed an agreement with the seller.
Generally speaking the seller pays both agents in a transaction, but if you buy a house in which the seller will not pay a commission then you will need to pay the buyer’s side of the commission.
The chances of finding a 100% loan in today’s market is difficult if not impossible. Better to save enough money for a 10% to 20% down payment.
References :
Former real estate agent
February 26th, 2010 at 10:37 pm
Congratulations on your first step of making a decision to buy a home. It can be a very difficult step to take.
You may want to ask friends of good agents they may have used. You could alsodo an internet search on the area for real estate agents in your specific area. Most agents work a specific area. For instance, I work mainly in the LSU area in Baton Rouge, Louisiana. Then just interview the agent like you would an employee, as you will be employing them to help you find a house.
Choosing an agent is an excellent choice. A good agent will reduce your risks, help you find a good property, and guide you throughout the entire process. They also can help point you to good local service providers. i.e. Title companies, mortgage companies, inspectors, etc.
100% financing? 3.5% down payment for a FHA loan is the smallest down payment I know of. And if you finance over 80% you’ll have PMI. Ask your loan officer about it. Its better to put as much as you can down without breaking the bank.
Don’t forget the first time home buyer tax credit! Check with your real estate agent to see if you qualify. Good luck!
References :
http://www.englerealestate.com/frequently-asked-real-estate-questions.htm