I will try to answer your questions. I am sure I will get lots of heat for shilling for your business.
“So what do you think would be a fair price to pay for an older home in average condition ?”
This is a tough one to answer. Fair price right now varies in the eyes of sellers and buyers. Many people here, myself included have submitted what we feel are fair prices for homes but they are not getting accepted yet. Sellers in more desireable areas are holding out… It all depends on the distress/motivation level of the seller.
“Most of the listings are in the mid-750K range ? Is high 600K a good price to lowball ?”
There is no harm in trying. I doubt you will get any response from sellers in CV right now for that price.
“Also what are the cons of not going thru a buyer’s agent ? Since I know the area and the listings are publicly available can I make an offer without an agent and ask for a 3% discount ? ”
By not using a buyers agent you do not have an advocate who is looking out for your personal interests, or has a fiduciary obligation to you. This is my shortest answer but there are other factors as well such as helping you understand the docs, pointing out your rights, assessing reports/inspections, and other items. Yes you can submit an offer to purchase and waive your right to representation. There is a CAR form for that and you can let the listing agent know that you would like to be unrepresented and build in the co-op discount into a price reduction.
“If I decide to purchase, my understanding is that I will need –
A) Make an offer – are there templates available for this ?
B) Qualify for financing and get a loan. I have pristine credit – and am looking for 30 year fixed-rate loans. Are the websites on http://www.bankrate.com or lendingtree.com real ? Or can a buyer’s agent give me a better contact ?
C) Get an inspection done
D) Open escrow account
E) Verify title thru title verification company
F) Get attorney do the paper work
G) Do the closing”
I will not go into specifics but you have the general idea. I don’t really know if you need an attorney or not. It is up to you to gauge your level of proficiency as well as how much work you can get the listing agent to do for you. It is not rocket science and most everyone here underestimates the value of a good buyers agent. A good agent will have contacts for financing, inspections, a great escrow/title company, transaction coordinator, etc… that doesn’t even start to go into making sure the contracts are all correct and all documentation conforms to DRE law.
“Are there agencies/individuals who can help me do this for a flat fee ? Are there DIY kits/paid services available ?”
Yes there are flat fee offerings out there. You can get a real estate attorney to represent you. You can use Zip and get a rebate, Redfin and get a rebate, small independents like myself also give rebates. Even larger brokerages in some cases MAY offer a rebate. DIY kits, I am sure exist but I don’t know how or where. sdr (sdrealtor) posts here and I am sure he does a good job and he works for one of the larger firms. Jim Klinge also does a good job and posts here now and then and he can help you.
The bottom line is there are ways for you to get good representation or do it yourself.
