NO OBLIGATION MLS SEARCH REQUEST
There is no way to put EVERYTHING a buyer needs to know on this website but I will try to be as complete as possible. First, you need to know that in Ohio, ordinarily there is NO CHARGE TO YOU for my services as a “buyer broker”. (This is the term for an agent that represents the interests of the BUYER.)
NO SUGAR COATING – The year 2021 has DEFINITELY been the domain of the SELLER when it comes to real estate. For some people, it has been almost impossible to buy a home. They are in contract 6 hours after they are listed or there are a bunch of other people submitting offers, creating a “bidding war”. For buyers with limited income, mortgage restrictions and other factors, it has been tedious. THE GOOD NEWS is that at the time of this writing (August 25, 2021), it is my sincere opinion that things are getting better. The seasons change, kids go back to school, holidays being around the corner, uncertainty about the economy and the effects of COVID are all quieting things. I am also inclined to think that inventory will increase as people find that government moratoriums have ended and mortgage payments missed are now due. I truly believe that inventory will increase, interest rates will stay relatively low and selling prices will reduce in the coming months. There is a “sweet spot” coming, but it won’t last forever and perhaps not long.
Please note, while buyer-broker services are generally paid for by sellers, I DO have a MINIMUM PAYABLE to my brokerage. When you work with me, you will be asked to sign a form that includes this language:
FEES COLLECTED Upon closing of this real estate sale, you will receive an itemized closing statement which will show the allocation of all funds exchanged in the transaction. In that itemized statement will be a fee in the amount of $125.00. This fee is a Document Preparation and Retention Fee, paid to the Saxton Real Estate brokerage and is not part on my compensation.
COMMISISONS PAYABLE Upon closing, the title company will collect funds and issue checks as required. The gross sales commission, traditionally paid by the seller, is issued to the SAXTON REAL ESTATE BROKERAGE. My commission is paid to me by the brokerage from these funds as an agreed upon percentage. In no instance shall the gross amount paid to the brokerage be less than $1000.00 (One Thousand Dollars). IF YOUR OFFER AS WRITTEN will or could result in a gross commission less than $1000.00, you will be asked to sign my form “CPRE-Min.” allowing me to negotiate into the offer this minimum amount OR agreeing to make up the difference as part of your closing costs. This might also apply to REO (Foreclosures) and “short sale” purchases, wherein the selling bank or third party entity agrees to a price but lowers the payable commissions to increase their net.
DO YOU REALLY NEED A BUYER-BROKER?
The listing agent has a duty to the SELLER to get them the most money, the best terms possible. Your buyer broker is entrusted with watching out for YOU, getting YOU the best price and the best deal possible. When someone lists a property for sale, they agree to a “listing commission”, typically 6% of the selling price. If their listing agent brings a buyer, they pay 6%. If an agent from another company brings a buyer, they pay the same 6%. It costs them the same amount of money either way. That 6% can go entirely to one real estate brokerage or it can be split between two brokerages.
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THERE IS NO SUCH THING AS “ZERO DOWN” when you are buying a house. Even if you are using a VA loan with no required down payment, you WILL have expenditures coming out of your pocket when you buy a home.
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You will likely want to have a home inspection (It’s mandatory if you are one of my clients, unless you are buying a rehab property). Most inspectors will charge from $275-$400, depending on the size of the home and the depth of the inspection.
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You will likely have to pay for your appraisal upfront. Many lenders return this charge to you at closing, but it is still going to be about $400 you will need to take from your pocket.
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Your mortgage bank most likely has an application fee. These fees can vary SIGNIFICANTLY from one lender to the next. You are spending your money, LOTS OF YOUR MONEY. do not be afraid to ask questions and get quotes from the people that are working for you!