Real Estate Agent questions

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  • 03protege

    #1 Stevel Spell II fan
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    14   0   0
    Nov 20, 2008
    3,903
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    Mandeville
    My fiancée and I are tossing around the idea of buying a house and I am looking for some recommendations on a good real estate agent in the Northshore area.

    We would be first time home buyers and have only looked at one property together thus far. The person showing us the property had told us she had two long term clients interested in the home and I can't help but get the feeling we may have been fed some misinformation in order to scare us off. Although this could very well not be the case it still makes me question her valuation abilities (and my own). Regardless it has left us with some trust issues and the fiancée and I think it would be best to find a new agent.

    Questions:

    Do you feel you get better representation with your own agent or will using the real estate agent who listed the property be just as good?

    Is it more expensive to have your own agent? My understanding is they will split the commission with the listing agent but I think I heard that on HGTV so who knows.

    Would a real estate agent be able to help us with a ballpark quote for flood insurance or should I just contact my insurance company? Will they issue a quote for a home I don't own? One house we are interested in is in flood zone A 10'-11'

    Thanks everyone.
     
    Last edited:

    JadeRaven

    Oh Snap
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    60   0   0
    Sep 13, 2006
    4,249
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    Metairie
    Just FYI, fiancé = man, fiancée = woman.

    You should get your own agent who will represent your interests.

    The commissions should be the same either way. Regardless, the seller pays commission and it does not add to the cost of the home.

    You should confirm flood insurance rates yourself.
     

    BigNick73

    Well-Known Member
    Rating - 100%
    11   0   0
    Sep 21, 2008
    515
    16
    Brandon, MS
    My fiancé and I are tossing around the idea of buying a house and I am looking for some recommendations on a good real estate agent in the Northshore area.

    We would be first time home buyers and have only looked at one property together thus far. The person showing us the property had told us she had two long term clients interested in the home and I can't help but get the feeling we may have been fed some misinformation in order to scare us off. Although this could very well not be the case it still makes me question her valuation abilities (and my own). Regardless it has left us with some trust issues and the fiancé and I think it would be best to find a new agent.

    Questions:

    Do you feel you get better representation with your own agent or will using the real estate agent who listed the property be just as good?

    Either or. Just do your own homework when looking at property.

    Is it more expensive to have your own agent? My understanding is they will split the commission with the listing agent but I think I heard that on HGTV so who knows.

    No it's not. They do split the commission.

    Would a real estate agent be able to help us with a ballpark quote for flood insurance or should I just contact my insurance company? Will they issue a quote for a home I don't own? One house we are interested in is in flood zone A 10'-11'

    Call your insurance agent, when it comes to asking the real estate agent about that kind of stuff, trust but verify, I probably wouldn't even ask the real estate agent about it. Yes they will quote you as many as you want. Also check with multiple insurance companies, there can be huge differences in cost between them. Also flood zones can be hard to get insurance for and will be way more expensive.



    Thanks everyone.

    .
     

    madwabbit

    Well-Known Member
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    1   0   0
    Jan 2, 2013
    4,726
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    Lafayette, LA
    friendly .02. Whether you have kids or not, I'd look into homes in ideal school districts. Makes house much easier to sell if that day ever comes. Local real estate agents will know the best schools.
     

    gbundersea

    Just my 2¢
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    34   0   0
    Jun 4, 2007
    1,421
    38
    Walker, LA
    JadeRaven said it correctly. Have your own agent, BUT/AND find one that will actually WORK for their money. Some "buyer agents" let the client do all the looking, then just show up to open the door and write the offer. That's bullsh*t, but we've seen it all too often.

    Danielle and I work with a lot of buyers. When doing so, we bust our a$$es, researching the possible houses in great depth so we don't waste their time and energy looking at a bunch of crap. Some agents will send you EVERYTHING that's even close, then take you driving all over to see 15 houses in a row, without having a clue whether they're in a bad flood zone, or in the area you want, etc.

    If you go through the listing agent, they don't split the commission, meaning their paycheck will be twice as big. Unfortunately, though this is not supposed to happen, they often let the prospect of the fat check override their fiduciary duty to the buyer, and try to keep the buyer "on the hook" for their listing instead of finding the house that best fits the buyer's needs. Again, have your own buyer agent, and a GOOD one.

    I think your instincts were correct regarding that line you were fed about having 2 other interested parties. Sounds like a pressure tactic to me.

    As for flood insurance, a good agent will know what the zones mean (many don't!) but cannot (and shouldn't try to) give you a quote. They can however put you in touch with a good insurance agent who IS qualified to accurately quote the coverage.

    PM me or text me on my cell (504-453-4192) if you want to ask me some specific questions or get more details.
     

    kingfhb

    NRA & USCCA INST. w/ LSP#
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    26   0   0
    Mar 28, 2014
    3,060
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    New Orleans, LA
    I made my decision on where to purchase a home based entirely on school selection FIRST. Then I found a great neighborhood. Great neighbors, family environment... quiet... the only other thing I could have wished for was about 100 acres so I could make a berm and shoot every day... maybe have some horses... in time I guess.
     

    edman87k5

    Well-Known Member
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    35   0   0
    Oct 22, 2007
    2,625
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    Ventress, LA
    I'll give Greg a recommendation. He sold my house last year and was our agent to buy its replacement.
    Flood insurance is a big deal, pay close attention to it. Do not buy in a flood zone if possible. Your rates can skyrocket (and drop the value of your house) all because of some pencil pusher looking at a map.
    Crappy public schools make for hard sales and lower values- doesn't matter if you have kids or not, the next guy to buy it may.
     

    gbundersea

    Just my 2¢
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    34   0   0
    Jun 4, 2007
    1,421
    38
    Walker, LA
    I'll give Greg a recommendation. He sold my house last year and was our agent to buy its replacement.
    Thank you for the kind words! You guys were WONDERFUL to work for, and I hope you're enjoying the new spread. We really like it a lot, and your former house we sold was great too. In fact, we were talking about it just recently.

    Flood insurance is a big deal, pay close attention to it. Do not buy in a flood zone if possible. Your rates can skyrocket (and drop the value of your house) all because of some pencil pusher looking at a map.
    Wise and accurate words!

    Crappy public schools make for hard sales and lower values- doesn't matter if you have kids or not, the next guy to buy it may.
    Another excellent point.
     

    jmcrawf1

    Well-Known Member
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    70   0   0
    Jan 20, 2008
    5,932
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    Madisonville
    I'll second gbundersea. Greg and Danielle were our agents when we bought our house 3 years ago. It was a breeze and I will most certainly use them again if we decide to ever sell.
     

    radney

    Well-Known Member
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    26   0   0
    May 17, 2010
    629
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    Mandeviille
    The idea of purchasing a home for the school district makes me roll on the ground laughing every time I hear it. School scores and ratings are the biggest joke going in government (and that's saying a lot). Just check the census data from 2010 and that will tell you all you need to know about a place regardless of school grades. I know an honest guy who sells on the northshore but think you'd be much better served working on your own. There really is nothing to it - all you need to know about a home purchase is online and available to you.
     

    edman87k5

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    35   0   0
    Oct 22, 2007
    2,625
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    Ventress, LA
    I have to majorly disagree. For comparison, take my area. West Feliciana, east Feliciana and point coupee parishes. All 3 are touching each other, similar racial makup, similar housing styles, similar amenities, similar distance to jobs, just similar all around..... except for the schools. West fel is high ranking, east fel and pointe coupee are very low ranking poor school systems. Now compare home values for each, west fel is much higher and more desireable, mainly because of the schools. And I sold in west fel and moved to point coupee.
     

    charlie12

    Not a Fed.
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    4   0   0
    Apr 21, 2008
    8,518
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    Pride
    Get a good agent.
    My girlfriend was wanting to sell her place in Walker and called a agent. She gave the agent (female) all the info she needed on the location on the phone. She said she knew where it was and would call her back in a day or so. That was about a month ago never called GF back.
     

    gbundersea

    Just my 2¢
    Rating - 100%
    34   0   0
    Jun 4, 2007
    1,421
    38
    Walker, LA
    Get a good agent.
    My girlfriend was wanting to sell her place in Walker and called a agent. She gave the agent (female) all the info she needed on the location on the phone. She said she knew where it was and would call her back in a day or so. That was about a month ago never called GF back.
    That doesn't surprise me. I always tell new agents that if they A) Work for their clients' best interests as we are SUPPOSED to, NOT for the money; and B) return calls promptly, that they will be better than 90% of the other agents out there.
     

    1911arkain

    Well-Known Member
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    2   0   0
    Feb 6, 2014
    65
    6
    NOLA
    Get your own Agent. They will protect your interests. Usually you can just take over the flood insurance from the previous home owner. Find out what they are paying. I live in a community that was flooded in Katrina and my Flood insurance is sub $700 year.

    I can recommend a great agent. ReRe Avegno. She has been in the Greater New Orleans Area for a long long time. When my wife and I were looking to move back to NOLA (our home town) from California, she showed us about 50 houses before we chose. Never pushed us to anything, and really worked for us when the sellers tried to pull some crap at the last minute. She even talked them into leaving the washer/dryer and fridge.

    Just make sure you are getting what you want in a house. And remember that anything attached to the house stays in the house when you're buying. Sellers tried to take ceiling fans out of the house we bought.
     

    LACamper

    oldbie
    Premium Member
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    4   0   0
    Jun 3, 2007
    8,629
    48
    Metairie, LA
    Most real estate agents have been told that its fantastic to assume the seller's flood insurance. This is not always the case. There are certain situations where, due to map revisions, assumptions are beneficial to the buyer. In the past the east bank of St Charles was a good example.
    BUT, in many cases its unnecessary. Its not truly harmful but there are some down sides. Since the flood policy renewal date was based on when the seller purchased the policy it won't renew at the same time as the buyer's homeowners policy. This increases the likelihood slightly that the mortgage company will screw it up and not pay the bill. Your agent should catch this but its an unnecessary risk.
    Second, and more importantly, you're assuming that the seller's agent quoted the policy correctly. You could end up overpaying for the policy, or just as bad, underpaying. This will be caught at the time of a claim and the difference for several years subtracted from the claim.
    Next, it can screw up your closing. Mortgage companies will accept a binder and receipt on a new policy. On an assignment many mortgage companies are now insisting that the request to change the name on the policy be completed by FEMA before closing. Your closing date is now at the mercy of the timeliness of the FEMA employees...
    Finally, your homeowners and flood will likely end up at different agents. When you later do a refinance there is a fair chance that one policy or the other won't have the mortgage clause corrected. This will be caught at the next renewal, hopefully, when one of the policies doesn't get paid. This happens often. We catch it at renewal but it involves some scrambling and usually extra aggravation for the buyer.

    The odds of something going wrong is not great but why take the chance? Write a new flood policy if possible and let the seller get a refund.
     

    radney

    Well-Known Member
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    26   0   0
    May 17, 2010
    629
    16
    Mandeviille
    I have to majorly disagree. For comparison, take my area. West Feliciana, east Feliciana and point coupee parishes. All 3 are touching each other, similar racial makup, similar housing styles, similar amenities, similar distance to jobs, just similar all around..... except for the schools. West fel is high ranking, east fel and pointe coupee are very low ranking poor school systems. Now compare home values for each, west fel is much higher and more desireable, mainly because of the schools. And I sold in west fel and moved to point coupee.

    You're comparing parishes which, for the most part, may seem similar. But the communities are not. West Fel has much better access to Baton Rouge therefore more appeal as a suburb. West. Fel also has a parish wide school and no reasonably close private alternative unlike the other parishes. Comparing apples to oranges. Private schools alone rob the public schools of most of their quality ACT, attendance, etc. School scores are also measured largely on discipline and graduation rates - both of which are easily manipulated if you know how schools work. As for property values, well I haven't seen anything that convinces me they are much different. You may find the outlier here and there but good properties are going to be based on location "demographically" speaking and draw similar prices in all three. Like I said, school scores are a joke. Want a decent home, look at the demographics of the community and take a drive there. Find the demographics you're looking for and you don't have to even consider the schools. They'll be good regardless.
     
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