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From: mauney@ncsu.UUCP (Jon Mauney)
Newsgroups: net.consumers
Subject: Re: Need advice on bidding on a house
Message-ID: <2938@ncsu.UUCP>
Date: Tue, 24-Sep-85 10:44:33 EDT
Article-I.D.: ncsu.2938
Posted: Tue Sep 24 10:44:33 1985
Date-Received: Fri, 27-Sep-85 03:46:22 EDT
References: <713@whuxl.UUCP>
Organization: N.C. State University, Raleigh
Lines: 38

Having recently bought a house, I can testify that it is time consuming
and stressful.

> (1) Does anybody have a formula (or rule of thumb) for coming up with a price
> offer, based on the listing price, location and/or other factors?
Ask your agent to let you look at the back of the multiple listing book,
which (at least around here) has a cumulative list of recent sales, including
asking and selling prices.  When you are ready to make a bid on a house, ask
your agent's opinion. (do you think they'll take $35k for this house?)
Though the agent has an interest in getting a high sales
price, he has a stronger interest in completing the sale; better a $100k sale 
today than $105k sometime in the future.  She also has a deferred interest
in making you happy, for referral and repeat business.  It is probably not
wise, however, to tell your agent how high you are really willing to go,
as he legally represents the seller, and may feel tempted or even obligated
to tell the buyer what you'll pay.

> (2) Is it better to deal exclusively with one realtor or use several?
If two agents are members of the multiple listing service, then they have
the same information (though a really hot house may sell before it can
appear in the listing).  So it becomes a matter of how well the agent
scans the market for you.  There is certainly nothing wrong with using
more than one agent. But be careful never to go into the same house with
two different agents;  the commission situation will get complicated,
and it will be your fault.

> (3) Should I apply for a mortgage now, before I've found a house, or wait
> until I find one?
You can't complete the application until you know which property you're buying
and how much you're borrowing, but you can be prepared.  At least
start checking rates, so you'll know where to go when you're ready.
On the mechanics of the sale, ask your agent; she has a very strong interest
in making sure you don't screw up the legal details.

-- 

Jon Mauney,    mcnc!ncsu!mauney       "The door's not shut on my genius, but...
North Carolina State University        I just don't have the time."


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