#6137 - 12/08/03 09:22 AM
Re: Real Estate Question RE New Homes
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eandc
Emerald Member
Registered: 07/28/02
Posts: 991
Loc: San Diego, CA
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We just bought a new condo about 6 months ago, and we didn't use an agent. We were working with one for all the re-sales that we looked at, but when we found this one that was brand new and we could buy from the builder, we didn't use our agent. The way we figured it was that we had done the work ourselves to go to the open house, meet with the sales offices, etc...we didn't see how the agent deserved a commission. Also, we were able to use the fact that we didn't have an agent (so no agent's commission) to negotiate on our sale price. The builder pays the agent's commission - so, the way we looked at their asking price was X amount with an agent, and Y amount without an agent. Since we had no agent, we negogitated based on the Y (lower) amount, and explained that we expected to pay less since the builder wasn't going to be paying a commission with us. It worked, so we ended up with what we thought was a pretty good deal.
So I guess the way it works is that the builder pays the commission, but it ends up getting passed along to you in a higher sales price.
I guess it makes it a bit more complicated if the agent you're working with is a family friend though...
Good luck! House hunting is fun, but tiring because you want to find "the" perfect one 
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#6139 - 12/08/03 09:57 AM
Re: Real Estate Question RE New Homes
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ck
Diamond Member
Registered: 04/01/02
Posts: 1224
Loc: San Diego, CA
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some new communities require that the agent be with you on your very first visit for the agent to get a commision. and i've heard of a new community who won't even deal with agents.
although i'm not exactly sure, what eandc said regarding builders and agents sounds about right. i also think that unless you are from out of town you probably don't need an agent when you are thinking of buying into a new development.
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Married since 4.26.03 Ethan born 9.6.05 
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#6142 - 12/08/03 01:46 PM
Re: Real Estate Question RE New Homes
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elcynic
Member
Registered: 06/03/03
Posts: 3466
Loc: San Diego, CA, USA
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One of the BA's that work in our office actully called around and found there were a few of the new home communites that offer comissions.
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#6143 - 12/08/03 02:19 PM
Re: Real Estate Question RE New Homes
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Happily
Diamond Member
Registered: 07/08/02
Posts: 1608
Loc: Oceanside, CA
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The seller always pays an agent's commission. Many new communities will not offer to pay a commission. That's why it is important to have your agent call and ask about commissions BEFORE you ever visit the community. Sometimes agents can get info that builders don't just voluntarily offer up. It kinda sucks for an agent if her/his clients end up buying in a new community after the agent has done lots of work for the client (I have no idea if this is the case for you.) and ends up not getting paid because the clients just popped in to a new community and bought the sales pitch. Regardless of what the builder might lead you to believe, buyers with agents always get a better deal than lone buyers. The faster the units are selling, the less-enthusiastic builders are to deal with agents. But you better believe NO ONE in a newly built community's sales office has your best interests in mind. That's why I would never NOT have an agent.
Also, BE SURE you get a home inspection done before you buy any property EVEN IF it is brand new. It's well worth the small investment (usually based on square footage. For a condo, it would probably cost less than $300.). The inspector almost always finds something wrong that the seller will need to fix (that's negotiated, of course--and it is helpful to have an agent do the negotiating).
This post makes me sound like a real estate agent, but I'm really not...just been around it a lot over my lifetime.
Good luck with whatever you decide to do. Buying a home is so exciting!
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