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Thread: Difficulty buying a home

  1. #1
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    Default Difficulty buying a home

    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?
    I don't believe what I write, and neither should you. Information furnished to you is for debate purposes only, be sure to verify with your own research.
    Keep in mind that the information provided may not be worth any more than either a politician's promise or what you paid for it (nothing).
    I also may not have been either sane or sober when I wrote it down.
    Don't worry, be happy.

    http://www.rcfp.org/taping/index.html is a good resource!

  2. #2
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    Quote Originally Posted by cactus jack View Post
    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.

  3. #3
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    Alice Dodd is good at real estate law questions. When she comes along, maybe she will be able to help you.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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    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.
    I am not an attorney, and don't play one on TV. Any information given is a description only and should be verified by your attorney.

  5. #5
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    Wow, Alice. I mentioned you & a minute later you're here.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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    LOL, I actually finished my post before you posted, but a neighbor stopped by before I could post it.
    I am not an attorney, and don't play one on TV. Any information given is a description only and should be verified by your attorney.

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    One min. earlier & you would have tied me - two min. earlier & you would have beat me.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

  8. #8
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    Quote Originally Posted by Alice Dodd View Post
    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.

    Quote Originally Posted by Alice Dodd View Post
    Then get a buyer's broker to represent you.
    Done.

    Quote Originally Posted by Alice Dodd View Post
    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%.

    Quote Originally Posted by Alice Dodd View Post
    BTW, the lender cannot discriminate based on the source of your income.
    Tell that to Wells Fargo, Bank of America, and Pueblo Bank & Trust.

    Quote Originally Posted by Alice Dodd View Post
    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.

    Quote Originally Posted by Alice Dodd View Post
    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.

    Quote Originally Posted by Alice Dodd View Post
    2. Shop for houses on the internet.
    Done, found a couple nice ones, but I still look whenever I can.

    Quote Originally Posted by Alice Dodd View Post
    3. Get a buyer's agent when you've narrowed down the neighborhood and the houses you're interested in.
    Done.

    Quote Originally Posted by Alice Dodd View Post
    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.
    Last edited by cactus jack; 02-11-2012 at 04:36 AM.
    I don't believe what I write, and neither should you. Information furnished to you is for debate purposes only, be sure to verify with your own research.
    Keep in mind that the information provided may not be worth any more than either a politician's promise or what you paid for it (nothing).
    I also may not have been either sane or sober when I wrote it down.
    Don't worry, be happy.

    http://www.rcfp.org/taping/index.html is a good resource!

  9. #9
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    On lending discrimination based on income source.

    http://www.google.com/url?sa=t&rct=j...GIMjSihQMJmdxA
    I am not an attorney, and don't play one on TV. Any information given is a description only and should be verified by your attorney.

  10. #10
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    Ok, made an offer today. Verbal, with a follow up on paper.
    I'm praying it all works!
    I don't believe what I write, and neither should you. Information furnished to you is for debate purposes only, be sure to verify with your own research.
    Keep in mind that the information provided may not be worth any more than either a politician's promise or what you paid for it (nothing).
    I also may not have been either sane or sober when I wrote it down.
    Don't worry, be happy.

    http://www.rcfp.org/taping/index.html is a good resource!

  11. #11
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    Good luck. Keep us posted.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

  12. #12
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    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.
    I don't believe what I write, and neither should you. Information furnished to you is for debate purposes only, be sure to verify with your own research.
    Keep in mind that the information provided may not be worth any more than either a politician's promise or what you paid for it (nothing).
    I also may not have been either sane or sober when I wrote it down.
    Don't worry, be happy.

    http://www.rcfp.org/taping/index.html is a good resource!

  13. #13
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    Sorry, CJ. I hope things work out for you in the end.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

  14. #14
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    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.
    I don't believe what I write, and neither should you. Information furnished to you is for debate purposes only, be sure to verify with your own research.
    Keep in mind that the information provided may not be worth any more than either a politician's promise or what you paid for it (nothing).
    I also may not have been either sane or sober when I wrote it down.
    Don't worry, be happy.

    http://www.rcfp.org/taping/index.html is a good resource!

  15. #15
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    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......
    I am not an attorney, and don't play one on TV. Any information given is a description only and should be verified by your attorney.

  16. #16
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    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!
    I don't believe what I write, and neither should you. Information furnished to you is for debate purposes only, be sure to verify with your own research.
    Keep in mind that the information provided may not be worth any more than either a politician's promise or what you paid for it (nothing).
    I also may not have been either sane or sober when I wrote it down.
    Don't worry, be happy.

    http://www.rcfp.org/taping/index.html is a good resource!

  17. #17
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    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.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

  18. #18
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    Congratulations, CG - enjoy your new home!
    I am not an attorney, and don't play one on TV. Any information given is a description only and should be verified by your attorney.

  19. #19
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    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!
    I don't believe what I write, and neither should you. Information furnished to you is for debate purposes only, be sure to verify with your own research.
    Keep in mind that the information provided may not be worth any more than either a politician's promise or what you paid for it (nothing).
    I also may not have been either sane or sober when I wrote it down.
    Don't worry, be happy.

    http://www.rcfp.org/taping/index.html is a good resource!

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