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- Dec 31, 2006
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- 4,750
ponder this may just be the case. I really would prefer someone who will answer a question, even if that answer is, "sorry I cannot get that for you" or "sorry I won't get that for you because I think it's a mistake to ask for it."
Dee*Jay" and this is why I love #s. And this is why when someone questions something you can either give a vague response that really doesn't answer the question or you can address it clearly and head on. (although not everything is as easy to show as this).
I had run into this from my research (realtors saying that their commission increase is nominal by a buyer paying higher) but never saw it broken it down like this. Thank you.
And ponder yes it comes down to trust. The thing especially in the beginning one of the ways to build trust is to not be vague and answer things head on. For me at least. If I ask you something directly and you don't answer or it sounds like you're answering everything but what I asked it comes off as if you're trying to hide something.
Gypsy I am so going to use "that's really interesting information, because I was under the impression that X. Can you tell me why that's not true."
rainwood Yes I could see where first time home buyers are a special kind of PITA because they've never been through the process before so everything is new. And more scary.
And I totally understand/see how even if someone doesn't suit my style or likes the approach I've taken it doesn't necessarily mean they are not good at their jobs.
A good fit goes both ways. I get that.
I want to be clear that I have not yet asked a lot of questions of anybody. At all. Or gone back and had them reexplain anything. But I am asking these things because I know this can be my tendency and want to find a balance that is smart. This really was the purpose of my starting this thread.
I'm doing tons of research so I go INTO these conversations more informed without having to ask tons of basic questions like what points mean on a mortgage, etc., or what an "as is" purchase contract is. I am doing my part as much as I can to take on the burden of understanding. But I know there will be parts where I will get stuck - and I guess that's where I need to find someone who will have the patience to explain it to me if I don't get it right away.
My main reason for wanting to see the contracts - both from the realtor and the inspector - is to not have to scramble last minute reading through it and feeling overwhelmed. I know once we make an offer things will move quickly and I don't want to be the bottleneck but at the same time I don't want to sign things I don't understand.
What you're saying makes sense re: not making financial sense for inspectors to have a clause that will make them liable if there are errors. I don't know how it is in my area - but I will report back when I get the contract back from the inspector. But yes if that is the case then yes hopefully/you better make sure you've hired a detailed and thorough inspector and if he discovers any potential problems that are beyond his expertise you better hire additional experts if necessary.
I do get what you're saying about people feeling like you're second guessing them - I do think it's a balance and one of the ways to minimize that feeling is the way you present it (like gypsy said above.) I feel that I've been doing this - for example, when I questioned the realtor about the comps I just told him I was confused that the homes that he sent over were mostly 2 story homes and homes that were much more expensive than the one I'm looking at, and that I thought they were supposed to be kind of the same. Then I heard his explanation, came to the conclusion that the # he had come to made sense regardless (I'm sure mostly due to his expertise, not the comps he pulled), thanked him, and left it at that.
This is excellent advice rainwood I will do that: Get your financial info together and call some lenders to see what kind of terms they'd offer. Then you have a way of comparing whether what the mortgage broker brings you is better than what you can find on your own. If not, that broker shouldn't be earning a broker's fee.
And thanks for the heads up re: the closing documents. I don't know exactly everything that goes into closing documents but it sounds like one of the things would be the mortgage / financial documents. And many attorneys around here advertise "we can review your closing package" so it's really good to keep in mind that all I will be able to do is make sure that the financial documents are what I was told. And possibly negotiate some fees (by these do you mean the the appraisal fees, etc.?). That simplifies things.
As far as what I can expect/want from a lawyer. Right now my main thing I'm considering is having one look over the offer. My goal is to make sure DH and I are protected as much as possible (earnest money and if something goes wrong during appraisal or inspection or the seller doesn't deliver/do something they should) - so I want to make sure we're not missing any contingencies based on the particular house/situation. I feel like that is realistic for this point in the process - and maybe help with any renegotiations/counteroffers. I have not thought about what I'd want from an attorney beyond that. But I get your point that not every detail is worth pursuing/negotiating. Here though, I'd expect the attorney to counsel me on what matters and what doesn't - do you agree with that.
Dee*Jay" and this is why I love #s. And this is why when someone questions something you can either give a vague response that really doesn't answer the question or you can address it clearly and head on. (although not everything is as easy to show as this).
I had run into this from my research (realtors saying that their commission increase is nominal by a buyer paying higher) but never saw it broken it down like this. Thank you.
And ponder yes it comes down to trust. The thing especially in the beginning one of the ways to build trust is to not be vague and answer things head on. For me at least. If I ask you something directly and you don't answer or it sounds like you're answering everything but what I asked it comes off as if you're trying to hide something.
Gypsy I am so going to use "that's really interesting information, because I was under the impression that X. Can you tell me why that's not true."
rainwood Yes I could see where first time home buyers are a special kind of PITA because they've never been through the process before so everything is new. And more scary.
And I totally understand/see how even if someone doesn't suit my style or likes the approach I've taken it doesn't necessarily mean they are not good at their jobs.
A good fit goes both ways. I get that.
I want to be clear that I have not yet asked a lot of questions of anybody. At all. Or gone back and had them reexplain anything. But I am asking these things because I know this can be my tendency and want to find a balance that is smart. This really was the purpose of my starting this thread.
I'm doing tons of research so I go INTO these conversations more informed without having to ask tons of basic questions like what points mean on a mortgage, etc., or what an "as is" purchase contract is. I am doing my part as much as I can to take on the burden of understanding. But I know there will be parts where I will get stuck - and I guess that's where I need to find someone who will have the patience to explain it to me if I don't get it right away.
My main reason for wanting to see the contracts - both from the realtor and the inspector - is to not have to scramble last minute reading through it and feeling overwhelmed. I know once we make an offer things will move quickly and I don't want to be the bottleneck but at the same time I don't want to sign things I don't understand.
What you're saying makes sense re: not making financial sense for inspectors to have a clause that will make them liable if there are errors. I don't know how it is in my area - but I will report back when I get the contract back from the inspector. But yes if that is the case then yes hopefully/you better make sure you've hired a detailed and thorough inspector and if he discovers any potential problems that are beyond his expertise you better hire additional experts if necessary.
I do get what you're saying about people feeling like you're second guessing them - I do think it's a balance and one of the ways to minimize that feeling is the way you present it (like gypsy said above.) I feel that I've been doing this - for example, when I questioned the realtor about the comps I just told him I was confused that the homes that he sent over were mostly 2 story homes and homes that were much more expensive than the one I'm looking at, and that I thought they were supposed to be kind of the same. Then I heard his explanation, came to the conclusion that the # he had come to made sense regardless (I'm sure mostly due to his expertise, not the comps he pulled), thanked him, and left it at that.
This is excellent advice rainwood I will do that: Get your financial info together and call some lenders to see what kind of terms they'd offer. Then you have a way of comparing whether what the mortgage broker brings you is better than what you can find on your own. If not, that broker shouldn't be earning a broker's fee.
And thanks for the heads up re: the closing documents. I don't know exactly everything that goes into closing documents but it sounds like one of the things would be the mortgage / financial documents. And many attorneys around here advertise "we can review your closing package" so it's really good to keep in mind that all I will be able to do is make sure that the financial documents are what I was told. And possibly negotiate some fees (by these do you mean the the appraisal fees, etc.?). That simplifies things.
As far as what I can expect/want from a lawyer. Right now my main thing I'm considering is having one look over the offer. My goal is to make sure DH and I are protected as much as possible (earnest money and if something goes wrong during appraisal or inspection or the seller doesn't deliver/do something they should) - so I want to make sure we're not missing any contingencies based on the particular house/situation. I feel like that is realistic for this point in the process - and maybe help with any renegotiations/counteroffers. I have not thought about what I'd want from an attorney beyond that. But I get your point that not every detail is worth pursuing/negotiating. Here though, I'd expect the attorney to counsel me on what matters and what doesn't - do you agree with that.
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