can I bring my agent when I deal with new homes?

NEW -> Contingent Buyer Assistance Program
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monekoko_IHB

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I visited new home sales office today since I found an interesting floorplan there. After I take a look at the model house, I asked to sales person if I can bring my agent to proceed further purchasing steps. What she said to me was that I can't bring my agent unless I bring them on first visit and have my agent to register me. Is this really how it works with new homes? What if..I just want to take a look at the model houes and all of sudden I find myself falling in love with that house.... then I am subjected to work with them only... One more, can I hire the outside lender instead of working with their lender?
 
From what I know, you can bring an agent with you next time, what proof do they have that you stopped by already? And if it's a different sales rep there, then it doesn't matter, but more likely than not they won't remember you. If you are serious about the house, just show up next time with an agent and act as if it's your first time there. As long as you didn't fill out an information card, I don't see how they'd be able to track you down. Isn't it the normal 5% cut for the agent? Negotiate it with him and split it 50/50. It's easy money for him and discount for you.



Most companies offer an incentive if you go with their lender. Most likely a set amount towards closing costs, in my case I ended up not paying any closing costs. But you can use a different lender, you just don't get the incentive anymore.
 
you should always shop around for the best rates with an outside lender. I remember reading on a thread here that if they tie the incentives to using their lender, legally they are obligated to give you that same incentive even if you use an outside lender. Maybe NIR or XM or lawyer liz can confirm or correct me.
 
<p>Thanks for answers. One more question though...I filled out the information card, then should I work with them? I didn't know that 'filling out the information card' is counted a lot. I just did it in favor. ^^</p>
 
<p>monekoko,</p>

<p>I think you should have a realtor to represent you as there are many things to negotiate and terms to review to your advantage. You can tell the builder your wish of buyer representation and I do not see any problem of them going against your wish. Builder knows every buyer needs encouragement to go through the escrow process successfully; believe me, it's work!!!!!</p>

<p>I have had several transactions with builder's in-house lender. My experience is that these lenders usually can come up with bottom rates; however, it's another negotiation as you do not get automatically. The trick is how to define the bottom. Your realtor should be able to help you with that. Good luck.</p>

<p> </p>
 
Monekoko



Usually there is a sign posted that says something to the effect that agents must register the client on the first visit. The reason is "procuring cause" as the contract is between the builder's broker and the agent's broker. The builder's position is that they advertise and do things to bring potential clients into the sales office and if you came in and signed and dated a registration card then your agent was not the procuring cause.



With that said I would believe that in todays market they may be more willing to deal with your agent then in a sellers market. Are you non contingent and ready to buy? If so you may want to make an offer with a contingency that your agent represent you and see what they say. If they refuse it then you lost nothing. If they accept it then you are ahead. I would certainly try and if they say no and you want the home then you make an offer without your agent.





They may enforce the policy to keep from getting sued by other buyers who were not allowed to have an agent after signing in. In real estate law consistency in enforcing policies is important. The builder may feel better losing your deal rather than having others buyers come back at them.



As far as using the inhouse lender the builder can require you to apply with them but cannot require that you use them. They can tie an incentive to the use a specific lender.



Good luck and keep us posted.
 
<p>Depends on your negotiating skills. A broker can only pay a broker so if you are an agent you cannot be paid direct by the builder. They have to pay your broker then it is between the broker and you how it is split. Some builders will not reconize an agent acting as a principle. Again the best thing to do in todays market is make an offer that you are comfortable with as to net sales price and don't worry about the commission or agents. Just get a good bottom line number.</p>

<p>Best thought is to negotiate the commission if possible into a price reduction. </p>

<p>Regards</p>
 
No matter how sweat the deal with the inhouse lender may appear, compare it with outside financing, via broker or bank. You are in no way obligated to do the financing through the in house lender. After comparing the financing and the in house lender is still the best in terms of rate, costs, and terms, then go with them.



Also, if the in house lender is Countrywide, be very skeptical of their quotes.
 
<p>I totally am in agreement with xlm. Negotiating skills specifically to real estate contracts are critical here. Besides, having a strong middle man to do the negotiation is always a better idea. Price is not the only thing you negotiate.</p>

<p>I want to add to interloper comment. When you comparing loan quotes, always ask for a Good Faith Estimate where all secondary lending costs are stated for apple to apple comparision.</p>
 
"Gee that's too bad. Guess I'll have to buy a house somewhere else. I'm sure you won't have any problems finding another buyer. Thanks."
 
<p>@ monekoko: I was in the same situation. I was working with an agent looking at homes and decided to look at the new developments (w/o telling my agent... I didn't think I needed too). I thought it couldn't hurt to see them and also filled out one of those cards. When I contacted my agent, she said she couldn't help me with any of the process should I decide to purchase from the new development since I didn't go there with her first. I asked why and she said it was more of a real estate etiquette. Can anyone elaborate on this?</p>

<p>Anywho, it didn't matter since I decided to wait out about 2-3 more years before actually purchasing (thanks to IHB).</p>
 
I chose one of my good friends as my agent and we look at properties together. There are certain home builders that won't work with agents, such as Lennar. They practically chased us out of the office when they found out my friend was an agent. I honestly think it's good to have an agent that you trust because there are a lot of things to deal with, especially if you're a first time home buyer.
 
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