As for the school, I hope the house is packed and questions are asked. Concerning finance, how will this go, again please, so it is clear. How much will be borrowed, what will the percentage be and can we afford it? How much in interest will we be paying in addition to the principle. At this point in time, a sales pitch is not wanted, just the cold hard facts. I hope a real estate agent would not tell you that you can afford more house than you really can just to make a sale and or commission!
posted by Jeff Bennett
The school is not dead yet !
ReplyDeleteWhy did the school building committee go to the planning board last ? Should it of been first before town meeting ?? I'm sure Captain Kirk has it all under control Just my opinion
A real Estate agent is not the one who discusses affordability with a client. A lender does. An agent will only go by what a lender is saying the borrower is approved for.
ReplyDeleteSo if you use a real estate agent, they do not ask a client what they can afford? So how would an agent know what houses to show them? If my max budget was 500 thousand dollars, I would hope a real estate agent would not waste everyone's time by showing me million dollar homes, which I cannot afford. I suppose a lender could tell me I am able to borrow 750 thousand but perhaps I do not wish to go that far. I just wonder how a real estate agent could help me without discussing affordability.
ReplyDeleteThe agent has faith that the lender is talking to a buyer about affordability as well as what they qualify for. It doesn't matter what someone qualifies for - I issue a prequalification based on what they can afford as part of their budget. I'm not saying the agent doesn't have these types of discussions but if a lender issued a prequalification for $500,000 they are not showing them a million dollar home.
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ReplyDelete"Duties and tasks for a Real Estate Agent"
1) Sell, for a fee, real estate owned by others.
2) Obtain agreements from property owners to place properties for sale with real estate firms.
3) Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
4) Compare a property with similar properties that have recently sold, in order to determine its competitive market price.
5) Act as an intermediary in negotiations between buyers and sellers over property prices and settlement details, and during the closing of sales.
6) Generate lists of properties for sale, their locations and descriptions, and available financing options, using computers.
I don't see anything about "telling a buyer what they can afford"
ReplyDeleteJeff, why in the world would an agent show a million dollar home to a buyer that can only qualify for $500,000? We have to have preapprovals in hand before showing homes to buyers to ensure they can even buy that home. I am not clear on why you make that statement? Most times the buyer can qualify for more than they are willing to look at as that number may not be comfortable for them and we as agents have to honor that. Why would we set up a buyer to love a home they cannot even make an offer on?
ReplyDeleteWe rely on the lenders we and the buyers work with to have strong relationships and solid communication that benefits everyone. We do not know all the programs a lender has to offer, rates changes daily, there are procedures to follow and agents are not lenders. We wouldn't be in business long if we were not helping people transition in the purchase or sale of their home.
Ya'll can go round and round on this like a nascar event, but Diane, that is my point, how would anyone, a Real Estate Agent know what comps to look at and what houses to line up to show me or anyone without discussing affordability of said individual. How exactly would you help me transition from say being a renter to a home buyer without asking me what can I afford? Anyways, ya'll have fun and thanks for reading and commenting. Just know that I still stand by my original post, which for some smart people, you may have missed. It was about the school and cost. It was mentioned in a "sales pitch" that it would only cost $1.74 per thousand, but when I do the math, the payment of one million, 300 thousand dollars per year does not seem to be able to be covered by a charge of $1.74 per thousand. Hence, the words "telling me I can afford more house than I can." Now, think real hard, is there anyone, anyone, who is a real estate agent, serving on the select board, and the elementary school building committee? I am sure two smart women can figure that all out. I am not an English major so I am not sure if the original post falls in the mold of satire or not, but I think with some thought, people get it. Good day and good night.
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