Skip to main content

First time home buyer doing things a bit differently [OH]

Looking for feedback on this idea. I am a first time homebuyer in Ohio. I wasn’t planning on purchasing at this time, but my wife and I went to an open house and really felt that the property hit most of our primary needs/wants and price for sq ft was great for the area.

We do not have a buyers agent as we were not “actively” looking. As I understand it, sellers will pay ~6% to the sellers agent upon completion of the sale, of which the sellers agent will typically split with buyers agent at 3% for each. As we do not have a buyers agent the sellers agent will get to keep all 6%, if we don’t hire an agent.

Only being interested in this one property, my thought was to offer sellers agent to dual represent for this transaction only on the condition that they give us 1.5% of the commission towards closing costs. This way sellers agent keeps 4.5% and is incentivized to close this house with us.

I think this is a fair deal as the agent would be doing less “work” as a buyers agent (didn’t show us around, take us to open houses, etc.).

Couple important notes:

• Sellers agent is the agent we were planning on hiring as our buyers agent in the future (by far best agent in the area)

•I am an attorney with a commercial RE background so I feel I can avoid any major contract pitfalls.

would love to hear you alls thoughts on the matter!

submitted by /u/Crocboss3
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/c6lo47/first_time_home_buyer_doing_things_a_bit/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...