First Time Home Buyer with few questions.

**mino05** · 03-15-2011, 02:53 PM

I'm working with an agent and he got me couple of homes to look at. I like it a lot and its in very good condition. He told me from the start that they priced it to sell. Price is firm. So I told him well here is my offer. 5000 less. Next day he calls and tells me that their counter offer is 1000 less than the price listed.
Now how can I check the value of this house? I like it and I don't mind paying the difference 4000 than my offer. But I want to make sure its worth that amount.

Also:

What should I look for when getting a mortgage?

**markbrian** · 03-16-2011, 10:25 AM

Is this agent working as your buyers agent? I ask because if this is your buyers agent, then they are working for you and should be helping you determine what to offer.

I would suggest slowing down and talking with a lender NOW. Determine your budget and select a monthly payment that is good for you. Then let that monthly payment determine what price range you are looking in.

Here is the HUD website for home buying information: Buying a Home/U.S. Department of Housing and Urban Development (HUD)

Good luck and best wishes!

**ryanhmt** · 03-17-2011, 04:20 AM

It is always advised that when you are going to buy a home you must collect the information by getting in touch with experts. You can find some good information from the local RESIDENT.

**Greg** · 03-17-2011, 04:56 AM

If the agent is working for you then how do they know the seller is firm on their price?

The agent was obviously wrong when they told you the seller was firm on the price because they came down.

You need to have an agent show you the houses similar to this one which have sold recently so you know how much the house is worth and what to offer.

If the agent won't show you what has sold, and I mean the actual printouts, then you might want to pull back and rethink the situation. You don't want to get into a situation where you spend money on a home inspection and appraisal and then have the appraisal come in too low. Low appraisals are routine these days.

1. You only looked at a couple of houses.
2. The agent is not helping you with pricing.
3. From what you posted it sounds like the agent is working for the seller.

**Dallas Real Estate** · 03-19-2011, 10:36 PM

Everything is negotiable in Real Estate Business from price to transaction terms, your Real Estate Agent should have showed you the homes in that neighborhood how much they sold for. Hope it helps. Good Luck!

**SaltCityBroker** · 03-20-2011, 07:07 PM

Did your agent review the different ways that you can be represented? Buyers Agent? Sellers Agent? Brokers Agent? Did you sign an agency disclosure? If the agent is working for you than ask him or her to complete a market analysis of the home. That should give you a good idea of the properties current market value.

**Greg** · 03-21-2011, 10:47 AM

Originally Posted by widesheds

hi dear,

I agree with ryanhmt that if you want to know the current price for that house you should have to consult with a local resident.

Originally Posted by ryanhmt

It is always advised that when you are going to buy a home you must collect the information by getting in touch with experts. You can find some good information from the local RESIDENT.

What are you people talking about? How will a local resident be able to help anybody determine the value of a property. In fact, the last person you want to talk to about value is the neighbor. All they know is rumor and can steer you in the wrong direction.

**EugeneRealEstate** · 03-21-2011, 02:42 PM

Your agent should be running a Comparative Market Analysis on the home you are interested in to tell you what home prices are in the area.

**James_alex** · 07-19-2011, 02:49 AM

Hi,

An individual who is purchasing a principal residence for the first time. First-time home buyers are more commonly recognized according to several criteria with regards to an individual retirement account. If these criteria are met the owner can be granted special privileges, such as exemption from the early-distribution penalty.