Elena Pak - Real Estate Services

FAQ: Do I really need an agent when buying a house or I can try to get a discount from a seller instead?

I am not going to elaborate on how agents can get broader exposure for your property, know market, help you negotiate a better deal, dedicate more time to your sale and overall represent your best interest, etc etc😉

So, the answer is IT DEPENDS.

If this is a typical transaction with a listing posted on MLS there is almost no benefit in going with a Seller’s Agent. The Seller’s agent will take a double commission and sometimes will pass a discount to the seller, (not to a buyer) depends on their agreement. If a seller’s agent already showed you the property, you are in no position to negotiate any discount. if you will put an offer on that property, at that point you must use that agent.

On the other hand, if you go with the seller’s agent, in some instances, when you face bidding wars, the biggest advantage may not be saving money, but the possibility of knowing what the other offers are that helps you make the best offer.

Legally, dual agents represent both sides and must be fair to both sides and all the parties involved should be aware of dual agency.

To avoid conflict of interests it’s better to have your own agent.

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DTI is a value that mortgage lenders use to estimate how much a borrower can afford to pay for a mortgage each month.

The Federal Housing Administration formula, used by many lenders, recommends allocating no more than 31% of your monthly income to your housing payment. This figure will change based on your amount of debt. Buyers with no other debt may be able to budget as much as 40% of monthly income to housing. (But remember that the rest of your budget is going to have to go toward heat, water, electricity, routine home maintenance and food.) Over all, your total debt-to-income ratio, including car payments and credit card bills, should not exceed 43%.
Get in touch with me if you have any questions.

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