Intend to buy the condo i currently rent. Do i need an agent?
First time home buyer here. Lived in the condo for 1.5 years. Given that i have already identified the property and am aware of the condition of the property do i need an agent. I know the seller will pay 3% but i might be able to negitiate the price further if i do not have an agent. I do intend to hire a house inspector before i make any offers. What really do i need an agent for? House newbie here. Tc 75k
You can ask the agent to give you 50% of the 3%
No agent needed, but you will need a lawyer or agent maybe fee only agent for the paperwork. Maybe $250?
That's peanuts compared to the 3%
exactly. Agent is a salesperson. If the transaction already identified the buyer and seller and the price, then it is not needed. However, the contract of seller agent may not save any money to seller. Seller agent is going to try to pocket the whole 5% !!! So, in that case, you should get an agent. If same brokerage, the seller could save money based on brokerage policy. Otherwise get an agent with money back
Have the seller agent represent you as well. You can negotiate fee as they will be incentivized to keep it in house.
This.
What is the price of the condo?
Agent will take care of all the disclosure documentation and coordinate with the title company
How much is the monthly rent?
You don’t need an agent (speaking from 4 residential transactions in MA). Ask your network for referrals for a RE attorney. Generally attorneys do the heavy lifting to manage the process and they will tell you what’s needed: inspection, title etc. Happy to give you an attorney referral.
Thanks. Will let you know if i require a referral.
Do you want free money? If so agent. If not no agent
No need, but you need to understand what condo ownership involve. What is the maintenance fee. Is the condo association has financial reserves? Do they maintain the property? Realize that you can be slapped with $10k assessment any time of the association needs to fix the roof.
It is better to go with an agent