Difficulty buying a home

[cactus jack]

Based on my experience with real estate in the years past and that I have several physical impairments/disabilities, my experience tells me to get a buyer/broker contract when buying a home. What are the pros & cons of doing that now?

I have tried buying real estate in the recent past, and in that the realtor would not get me info on the properties I was looking at, or she would try to talk me out of buying in certain areas. In the end my attempt to buy real estate was a total flop.

All I want is to buy myself a home. I have the credit, I have the money, but I can't find an agent to work with me honestly. Or so it feels.

Any advice?

drruthless, you have some expertise in this, don't you?

[drruthless]

Based on my experience with real estate in the years past and that I have several physical impairments/disabilities, my experience tells me to get a buyer/broker contract when buying a home. What are the pros & cons of doing that now?

I have tried buying real estate in the recent past, and in that the realtor would not get me info on the properties I was looking at, or she would try to talk me out of buying in certain areas. In the end my attempt to buy real estate was a total flop.

All I want is to buy myself a home. I have the credit, I have the money, but I can't find an agent to work with me honestly. Or so it feels.

Any advice?

drruthless, you have some expertise in this, don't you?

No, perhaps you're thinking of someone else?
However, judging from what you're posting the first thing that comes to my mind is that you're being discriminated against! which I believe is a federal crime in some circumstances, you might point that out the next time a Realtor blows you off, but then that won't get you a house.
You could go the "for sale by owner" route, but unless you know what you're doing thats not a do it yourself thing.

[Betty3]

Alice Dodd is good at real estate law questions. When she comes along, maybe she will be able to help you.

[Alice Dodd]

Use Trulia.com to screen for the properties you're interested in. Or Redfin.com if they cover your area. Between the two, I find them to have the most info on properties, as compared to the MLS, which I belong to in my area. Then get a buyer's broker to represent you. Be preapproved for a loan before contacting the broker. If you're not preapproved, they're going to wonder if they're wasting their time. BTW, the lender cannot discriminate based on the source of your income.

Also, listing agents like to sell their own listings, hence discouraging you from listings in other neighborhoods, as they 'farm' a fairly small area. A buyer's broker is the way to go also because when one agent represents two parties, the only person they really represent is themself. They are obligated to let the seller know information about you that could tilt things in the seller's favor, such as you're disabled and the seller's house has the best handicap access, so they can hold out for more $$$.

So, in order: 1. Get pre-approved for a loan. They should give you a statement that says how much you're pre-approved for. 2. Shop for houses on the internet. 3. Get a buyer's agent when you've narrowed down the neighborhood and the houses you're interested in. Have around 10 houses You may even be able to negotiate on the broker's fee, since you've already done a lot of the work, but don't make that a deciding factor.

[Betty3]

Wow, Alice. I mentioned you & a minute later you're here.

[Alice Dodd]

LOL, I actually finished my post before you posted, but a neighbor stopped by before I could post it.

[Betty3]

One min. earlier & you would have tied me - two min. earlier & you would have beat me.

[cactus jack]

Use Trulia.com to screen for the properties you're interested in. Or Redfin.com if they cover your area. Between the two, I find them to have the most info on properties, as compared to the MLS, which I belong to in my area.

Ok, got those two sites bookmarked. I'll check them out.

Then get a buyer's broker to represent you.

Done.

Be preapproved for a loan before contacting the broker. If you're not preapproved, they're going to wonder if they're wasting their time.

Done. Preapproved for 95k @ 4%, and I can do a second mortgage through the same lender and then it goes to 6%.

BTW, the lender cannot discriminate based on the source of your income.

Tell that to Wells Fargo, Bank of America, and Pueblo Bank & Trust.

Also, listing agents like to sell their own listings, hence discouraging you from listings in other neighborhoods, as they 'farm' a fairly small area. A buyer's broker is the way to go also because when one agent represents two parties, the only person they really represent is themself. They are obligated to let the seller know information about you that could tilt things in the seller's favor, such as you're disabled and the seller's house has the best handicap access, so they can hold out for more $$$.

I know. BTDT back in '87 when I bought my first piece. It was a 2 bed single bath condo in Grand Junction for $19k. Now the same piece is running in the $140k range. It was something else.

So, in order: 1. Get pre-approved for a loan. They should give you a statement that says how much you're pre-approved for.

Done.

2. Shop for houses on the internet.

Done, found a couple nice ones, but I still look whenever I can.

3. Get a buyer's agent when you've narrowed down the neighborhood and the houses you're interested in.

Done.

Have around 10 houses You may even be able to negotiate on the broker's fee, since you've already done a lot of the work, but don't make that a deciding factor.

I think I have around 25-30 right now.

Initially I was having a really hard time finding a lender. Specifically because when I tell them about my income, they split. Literally. Over the past 25 years I have I had that problem with RE agents in NV, CA, CO, UT, WY, & NM.

A lot has happened in 25 years. And they have little oversight on their practices.

[Alice Dodd]

On lending discrimination based on income source.

http://www.google.com/url?sa=t&rct=j...GIMjSihQMJmdxA

[cactus jack]

Ok, made an offer today. Verbal, with a follow up on paper.
I'm praying it all works!

[Betty3]

Good luck. Keep us posted.

[cactus jack]

Well, it's not looking good. They refuse to negotiate on the price. My realtor doesn't think it'll appraise for what they're asking for.

It's really sad. I've talked about this with a couple friends and they told me what the problem is. There is a company wanting to build a nuclear power plant here, and they appear to want to wait until there are people moving here to build it. Problem is, it's gonna take 3-5 years for construction to start. And they want to sell. Really stupid, I think. They want to sell. They need to sell. But they refuse to negotiate?


In the mean time I looked at picking up a different lender and as soon as she found out that I'm disabled, she doesn't see me having sufficient credit to work with me. Even though my score average is 702. I wish I had that recorded.

[Betty3]

Sorry, CJ. I hope things work out for you in the end.

[cactus jack]

I hope so as well. It seems I have a good RE agent working with me, which is good. She may have a few leads on financing.

[Alice Dodd]

I would have walked that loan agent right to the boss and explained why they need to give you the loan just to prove that they weren't discriminating on an illegal basis......

[cactus jack]

Thank you for the insight guys. I found a place and I settled on Sept. 24th and closed on the 27th. It really irritated me since it seems the laws have changed. "Way back when" I last bought real estate when I signed the papers I got the keys. Now they wait for 3-4 days to get it recorded with the county before you get the keys. I think I see the reasoning behind that, but a realtor that really paying attention to what's going on should be able to keep and problems from arising.

So now I own a 3 bed, 1-3/4 bath home on 1/4 acre with a 1 car garage in a small town of MAYBE 100 people the mountains. All said & done I'm paying only 1/3 the cost of renting to buy. Can't beat that one!

[Betty3]

Congratulations, CJ - enjoy your home.

garygayle - I don't know if that is your real name or not & if so, if you want to be using it on the forum. However, you might definitely want to remove your complete address & just list your state. It's for your own protection due to spammers who troll the board.

[Alice Dodd]

Congratulations, CG - enjoy your new home!

[cactus jack]

I already bought the home. I love it, great place for a great price, great location, and totally cool neighbors.
But I thank you for the insight, Rocky Mountain!