alright i'm gonna try and buy a house i have gotten pre-approved for a $130,000 and we are shooting for between $100,000-$120,000. well the agent said i needed to have $1000. he said it was earnest money? but anyways he sends me listings of houses in my criteria and says to give him a call when i want to take a look at a house. well i called him today and said that i wanted to take a look at a couple of houses and then he asks if i have the $1000 yet? and i don't and then he asks when i would have it? it will take me about a month to save up. he sounded not very happy. so i asked him if he wanted me to wait to look at houses until then and he said yes. so my ? is, is that normal practice? he doesn't sound very happy. shouldn't buying a house be fun and a happy time? should i get another agent? this one hasn't really done anything and i have never met him face to face.
2007-04-12 18:59:00 · 9 answers · asked by mamma of 4 : ) 3 in Business & Finance ➔ Renting & Real Estate
i live in oregon, i have no family here, and only a few friends. thank you for all your advice so far. and also i have only lived here for about 3 yrs and this is my first home.
2007-04-13 08:15:50 · update #1
Get another agent. you give a check made out to the escrow co. when you make an offer,which is held in the brokers safe until it is excepted(the offer) and that could be awhile before you find the house you want. save your money in the mean time as you look. Look in the paper on weekends and go to open houses. do not sign a contract with any agent you are the buyer, every agent works for you. if you like a house call the agent on the sign. they will be very happy to show you the house. If you buy it thru them they will double end the deal. which means the whole percentage fees (commissions) are theirs. an agent gets paid buy commissions.the commisions are paid by the seller, you pay nothing. I would contact the broker of his office and complain and tell him you are taking your business elsewhere. some questionable agents will try to make you sign a buyers contract. DO NOT. I was an agent and that is really low life. You can complain to your states real estate board and he will be in real trouble. It should be happy and any agent should be happy to work with you. You could always walk into any office and get help. You know ask for a new agent. They are fresh out of school and very eager. they are more apt to ask questions of their broker if they don't know. Just make sure all the t's are crossed and the i's are dotted. the broker should go over the contracts for the new agent before it goes to the seller. Good Luck and have fun.
2007-04-12 19:15:58 · answer #1 · answered by dune nana 3 · 2⤊ 0⤋
Just to reflect a few things that were already said...
With each state there are different requirements for downpayments and etc. The literal meaning of earnest means serious. Earnest money is money to complete the sale of a home, usually the downpayment, closing costs and other fees outlined in the contract. This is only handed to the Real Estate Agent at the closing of the sale (in Massachusetts), unless it is stated in the contract.
If you have been pre-approved, then there should be no problem in looking at houses. If you are not comfortable with this Agent - then I would look for another agent.
However, to be fair, if you are going to go ahead with the home search, then I would have the money in the bank already. You never know when you are going to find "the one" and if you are going to make a serious offer on a house and the seller wants a quick closing, then you need to have the money in the bank.
Good Luck!
2007-04-13 00:11:31 · answer #2 · answered by Jenn R 3 · 0⤊ 0⤋
Earnest money is a deposit paid by a buyer to a seller to demonstrate intention to complete the purchase. It is basically a good faith deposit. In a real estate transaction, having a sharp, knowledgeable, clear thinking real estate professional working as your advocate will greatly enhance your purchase experience, and maximize your outcome. Since this service is offered at no cost, the decision is truly a no-brainer. Finding that agent is the challenge. Yeah, your agent doesn't sound very nice. He doesn't really sound like he is willing to help you in finding the right home for you. Believe me, I'm an Agent and Loan Officer in Southern California, and I deal with the lamest agents out there! They don't like you unless they have their commission check in their hand, and even then they blow you off. I would advise finding another agent. One you feel more comfortable with. And, if an agent wants you to sign a buyer's contract, it does NOT mean the agent is shady! The purpose of this contract is not only to protect you, the buyer, but also the buyer's agent. If it meant the agent was shady, the Department of Real Estate would not allow it. I wish you the best of luck!
2007-04-12 20:14:20 · answer #3 · answered by Anonymous · 1⤊ 0⤋
You haven't even met him? Then he is not really your agent (no contract), just some guy you have talked to.
Not a very good one either, that is a weird question to ask.
Talk to some family members who did have "happy" experiances and use their agent/broker. With you being new to buying it is especially important that your agent knows what he is doing.
It is VERY simple to become a real estate agent. Try to find one who is at least a Realtor (yes, it is a title).
That said, you do need to have some money to make an offer. If a seller takes your offer the house is off the market and this is to protect them if you fall though.
700-800 should be enough in your price range (it is usually a monthly mortgage payment).
2007-04-12 21:20:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Get rid of this agent! Earnest money is only needed when you've made a Purchase Offer to a seller and he accepts it. That money goes to a lawyer I believe the seller's lawyer. The agent never touches it. Who is he representing anyway? You or the seller! be careful. You do not need this money to just look at homes! I believe it is this way in every state. This money is to be refundable also if you decide not to go into contract. Talk to a lawyer for exact details. You should get a lawyer set up immediately and at least a pre qualification for X amount of money from a lending institution before you start looking at homes. That is all you will need to seriously look at homes.
Good luck to you!:)
2007-04-13 08:02:44 · answer #5 · answered by ursaitaliano70 7 · 1⤊ 0⤋
What he is asking for the $1000 is that will be required for him to start the process on making an offer on a house you may be interested in.
Frankly he doesn't sound like the type of agent I'd want.
You see he may pressure you into putting in an offer on a home. Well that money is not refundable. I does go towards the home you purchase, but say you decide to back out - you've just lost that money and he gets to keep it for all his trouble.
I'm not sure where you're living but there is a website that I dearly love I check prices of homes "everywhere". Just to keep up on what's going on in my neighborhood or my friends that live in other states. That website is Realtor.com. They have lots of houses and you can put in the amount you want to pay and check on different options too.
PS. I never put more than $500 towards a purchase. And I just purchased a home for more than what you're shooting for.
Find an agent YOU feel comfortable with. Find one that is honest and isn't trying to sell you His or Hers listings. Trust me on this one.
2007-04-12 19:10:58 · answer #6 · answered by Silly Girl 5 · 1⤊ 0⤋
In this case I would go with my gut reaction. Find another real estate agent. Where I live they are a dime a dozen.
I would interview at least 3 agents and get referrals.
Buying a house is a big step, do your homework and watch out for hidden closing fees. Learn everything you can about house buying. Don't be pressured into something that you are not comfortable with.
2007-04-12 19:09:08 · answer #7 · answered by Anonymous · 1⤊ 0⤋
No offense however many marketers and I suppose it is really funny but unhappy that folks are inclined to low cost out whilst it comes time to creating their so much costly selection in their lives. Do you suppose saving a couple of thousand on an agent or a couple of hundred on an inspection is valued at it with regards to your so much costly economic asset? NO! If you are getting the sensation this man is simply used to being fed purchasers by way of the financial institution and does not without a doubt care approximately his fiduciary obligation to you, RUN! Your agent is meant to have your again, pay awareness on your demands, speak good with you, and routinely even kiss your at the back of. This agent does not sound like that. He does not even appear to fully grasp that you've got a different $150K he can seek as much as. You are not lacking whatever. He appears like he is simply in it for a speedy fee and hoping to double finish the deal. Find your self an agent for your possess. The few thousand is incomprehensible as it is wrapped up within the rate of the residence and does not truthfully shop YOU whatever until they are giving it again into the deal written into the agreement. Find any one you believe, can paintings good with, believe like you are being sorted and many others.
2016-09-05 12:02:34 · answer #8 · answered by ? 4 · 0⤊ 0⤋
that depends on where you are located. here in Hawaii we don't take earnest money checks until there is a signed and accepted offer on a property. maybe he is a new agent and sales are down and he is just anxious to get a deal going, cut him some slack...
remember though usually the earnest money check is made out to the escrow company, never to the agent or the realty office.
save up the money first, then you also have a bit more bargaining power when it comes to making your offer.
2007-04-12 19:07:17 · answer #9 · answered by Stone 3 · 1⤊ 0⤋