Consumption and Real Estate
Do I need a Realtor, If I have a Mortgage consultant and the seller is also the builder and owner of new home?
Question : Do I need a Realtor, If I have a Mortgage consultant and the seller is also the builder and owner of new home?
I know it is the buyer only benefits from having a realtor, but this is a new home, there are many available and the seller is also the builder and owner. I can get a lower price and he pays the closing cost and I do not have to pay for a realtor. I thought the mortgage consultant would be able to take care of everything. This is a brand new home.
mortgage consultant
Best answer:
Answer by Miguel G
Hello my name is Miguel I am a Realtor and I used to be a Mortgage Consultant in the Los Angeles, CA area.
The answer to your question is “yes and no”. I would recommend that you work with a Realtor because of the negotiations, and paperwork that goes along with buying a house. However sometimes builders don’t like other Realtors involved and therefore offer you incentives by doing it without a Realtor, make sure that there are incentives and what they are. Also you as the buyer do not pay your Realtor, the seller pays your Realtor.
Hi xomarneyxo,
Builders’ representative are licensed real estate agents but working exclusively for the builders. They have fiduciary responsibility to the builders not to the buyers.
Builders’ asking price and incentives do not change whether you have representation or not. They will compensate your real estate professional. It is always best to have representation so your best interest is protected. Hiring a real estate attorney can be expensive.
Here are some steps you can take when you ready to buy a home.
~ Meet with three lenders. Compare interest rates, loan programs, and fees. Keep in mind all fees are negotiable. Ask for a copy of the following so you can shop around.
a) Good Faith Estimate (RESPA requires lenders to give you a copy of this within three business days upon receipt of application.
b) Truth in Lending Form
~Do your research online for the neighborhoods that are desirable to you. Go to http://realestate.yahoo.com. It has graphs, maps, calculator, and virtual tours.
~Find a real estate professional that has an ABR (Accredited Buyer’s Representative) designation. Someone with this designation will have your best interest in mind. Go to http://www.rebac.org.
There are more details to know but your real estate professional can guide you through the process.