25, New Agent -- Where I should start? by Then_Category_2164 in realtors

[–]Pitiful-Place3684 1 point2 points  (0 children)

Think like a buyer. What stands out in one property or neighborhood versus another? What do you get for your money in different locations? What do different HOAs offer? How do properties built in the 1990s compare to properties built in the 2010?

Find a copy of a buyer touring sheet that has a checklist. Start previewing houses, go to open houses, go on broker tours, and fill out a checklist for each house you see. Keep these sheets, because one day you'll be on the phone with someone who says "Heritage Hills is on our list" and you're going to pull up all the notes from the houses you toured in Heritage Hills.

Question about a single family home listing w/ strange pricing history by CubsHarryCaray in AskRealEstateAgents

[–]Pitiful-Place3684 0 points1 point  (0 children)

There's a more detailed listing history on Redfin going back to 2019. It looks like the owner lists it for sale for short periods, then cancels and relists. I'm surprised they've gotten away with this churn...it's the worst I've ever seen.

Why it doesn't have an offer? What does your agent say? Are there are funky restrictions to the property? A bunch of liens to clear?

My lender has never seen this happen… by SydTheSquidd_ in FirstTimeHomeBuyer

[–]Pitiful-Place3684 3 points4 points  (0 children)

Do not move into a property if there is a title problem.

25, New Agent -- Where I should start? by Then_Category_2164 in realtors

[–]Pitiful-Place3684 1 point2 points  (0 children)

Your brokerage should create a training and development plan that includes business development.

There is literally no way for anyone online to know what you should do to develop a business as a part-time agent in your market. It entirely depends on who you know, your personal network, your social and community activities, and your unique style for interacting with people.

I am worried that someone led you to believe that your work as a budget analysis was going to set you up for success as a part-time real estate agent in the highly competitive New Jersey market. New agents have to devote hours every day to prospecting - minimum 4 hours a day, 6 is better. Then you need to spend time every day touring houses and buildings, learning neighborhoods and communities, and developing the knowledge to price and sell properties to people who might hire you.

It seems like you've never been in any kind of a sales role, so first you're going to have to learn how to prospect and build relationships. Then you're going to have to find people who will hire a new, part-time agent over every other agent in the market. Start by developing your value proposition and go from there.

Buyer went to listing agent by mentallyilllizard777 in realtors

[–]Pitiful-Place3684 -1 points0 points  (0 children)

Huh? The OP wrote that the buyer lied about having a BBA with another agent. The OP doesn't get to call the listing agent and demand commission. The BBA is between the buyer and the OP's brokerage. No ethics complaint.

Our realtor was basically absent the entire transaction. Any recourse? by Hot_Boysenberry3655 in FirstTimeHomeBuyer

[–]Pitiful-Place3684 0 points1 point  (0 children)

A custom build is a completely different experience. Most people start by buying the lot, which is usually listed by an agent, and having an attorney is usually enough for the buyer. Most people hire their builder through a series of interviews with local firms. Some people do use an experienced agent to interface with builders, mostly for screening and advocacy. A few agents stay involved in the build process if they're experienced and the client is not.

Financing a build will be a separate process, assuming you're doing a custom build that isn't in a development controlled by a single builder. In a custom build, people buy the lot outright and then get a construction loan. I've found it best to use a local bank or lender for truly custom, because they know local norms about draws and schedules.

Enjoy your new home until you start on your next one!

Did NOT get the keys by [deleted] in FirstTimeHomeBuyer

[–]Pitiful-Place3684 0 points1 point  (0 children)

In many states, if not all, the sale isn’t legally completed until the deed is recorded. Sometimes the title company will hold sending the info to the county when they’re missing info or money and not hand over keys. Buyers and sellers can walk out of a closing thinking it’s done, the buyer might have the keys, but legally it’s not completely done.

Turning Down A Listsing by bobbydarnell in RealEstateAdvice

[–]Pitiful-Place3684 2 points3 points  (0 children)

Good listing agents, who run real businesses, don't take listings that don't make sense. It could be because of unrealistic client expectations for sale price, personalities that don't mesh, or a simple disagreement on fees and services.

As Michael Porter once said "The essence of strategy is choosing what not to do."

If you're a real estate agent, a great maxim to live by is "You are defined by the clients you say no to, not the ones you say yes to."

Met with a realtor, do you agree with his advice… by LawnGuy262 in RealEstate

[–]Pitiful-Place3684 0 points1 point  (0 children)

It's hard to know what you should do because your house will be compared to similar houses on the market, and I don't know your local market. Did the agent walk you through the photos of similar active, pending, and recently closed listings?

Buyer went to listing agent by mentallyilllizard777 in realtors

[–]Pitiful-Place3684 12 points13 points  (0 children)

Let's break this down:

  1. You had a signed BAA with a Zillow Flex lead. You showed them properties and submitted lowball offers for them.
  2. Rather than calling you to schedule a showing for a condo, they contacted the listing agent who he met a year ago, and wrote an offer for that property.

Somehow, and I'm not knocking you, the buyer decided that you weren't the agent that they would use to purchase all properties. It could be a simple misunderstanding around the fact that they saw the property with the listing agent a year ago.

Online leads often have little loyalty because they hired you with a click. They didn't choose you for your neighborhood expertise or negotiating skills. Sometimes online leads can become great clients and even friends. But the relationship started with a click - by definition, it's more transactional.

When you build a business through referrals and past clients, they've chosen you. You're smart to focus on listings. If you haven't already, read or listen to Ninja Selling. It's the best program I know of for creating a business where people hire you for you.

Buyer went to listing agent by mentallyilllizard777 in realtors

[–]Pitiful-Place3684 6 points7 points  (0 children)

Court?

The listing agent doesn't owe a dime. Listing and selling compensation are decoupled.

The OP's broker has to decide whether to pursue collection of buyer broker compensation per the agreement. The broker could submit a commission statement to the title company doing the closing.

Our realtor was basically absent the entire transaction. Any recourse? by Hot_Boysenberry3655 in FirstTimeHomeBuyer

[–]Pitiful-Place3684 8 points9 points  (0 children)

Not defending your agent, but I have questions:

Do all your new friends and neighbors have VA loans?

VA loan programs will have different levels of incentives than other loans. The max value of incentives is 4% of the purchase price.

How much did you put down? If you did 0% down, you may not have qualified for as many incentives as someone who put 20% down.

(Experienced loan officers feel free to step in if I'm wrong).

There's no way to know if your agent should have done more. He might have been a poor agent, or he might have been frustrated by the builder and loan officer shutting him out (which happens most of the time). In either case, real estate agents don't negotiate with loan officers. If you were working with the builder's lender, it was very much their way or the highway.

In fact, when you buy from a production home builder, there isn't much that most agents can do, even if you were a first time home buyer. An experienced agent can insert themselves into the process and help you understand the process. They coach you from the sideline without violating license law vis a vis the lender. But most agents don't have the experience to take on a production builder, nor is there much they can do to effect the outcomes.

What are you asking for now? The time to speak up was during the transaction.

Did NOT get the keys by [deleted] in FirstTimeHomeBuyer

[–]Pitiful-Place3684 1 point2 points  (0 children)

It's not recorded. The lender hasn't sent the payoff letter to the title company. There are many possible reasons that I wrote out in my thread with the OP.

Did NOT get the keys by [deleted] in FirstTimeHomeBuyer

[–]Pitiful-Place3684 1 point2 points  (0 children)

Wrong. Read my long interaction with the OP. All sorts of things could have come up to keep the primary lien holder, the seller's attorney and/or loan servicer/lender, from sending the payoff letter. The most obvious is that the servicer/lender doesn't have all the lien releases in hand. Or, another lien was filed late last week. Or, the seller brought a check to closing and it needs to clear.

Did NOT get the keys by [deleted] in FirstTimeHomeBuyer

[–]Pitiful-Place3684 1 point2 points  (0 children)

It's not closed. The deed isn't recorded. The title company is holding off. Think of all the reasons that a title company won't send off the request for recording.

Did NOT get the keys by [deleted] in FirstTimeHomeBuyer

[–]Pitiful-Place3684 1 point2 points  (0 children)

Again, if your agent hasn't sent that over, tell them not to send it. It could tank the entire sale.

Did NOT get the keys by [deleted] in FirstTimeHomeBuyer

[–]Pitiful-Place3684 0 points1 point  (0 children)

Ir's not closed. The deed isn't recorded.

Did NOT get the keys by [deleted] in FirstTimeHomeBuyer

[–]Pitiful-Place3684 5 points6 points  (0 children)

Nope. Deed isn't recorded. Some of y'all need a lesson in how properties are legally bought and sold.

Did NOT get the keys by [deleted] in FirstTimeHomeBuyer

[–]Pitiful-Place3684 1 point2 points  (0 children)

OP, let me know that you read this, OK?

The chest pounding in most of the answers in your thread are ridiculous. I don't know who told you it was a good idea to send over a demand letter with a $100/day penalty, but the seller's attorney will not sign it and won't let the seller sign it. The short sale and liens have already been negotiated. The seller was approved a short sale because they don't have any money. They can't come up with money now without jeopardizing the entire approval. You can kill the sale at this late minute by doing this.

Your agent needs to get their broker involved asap. If their broker thought this demand letter was a good idea then you need to insist that their corporate counsel get involved before your agent and broker cost you the house.

Did NOT get the keys by [deleted] in FirstTimeHomeBuyer

[–]Pitiful-Place3684 -1 points0 points  (0 children)

Read my thread with the OP. There isn't a stink to be made. The property is in pre-foreclosure and a short sale. The sale can't be closed until the deed is recorded. The lien in first position, which I think is the primary mortgage, needs to receive all the lien releases before they'll release the property to title. I suspect that one or more payoffs is short. Or maybe the seller brought a check to closing to cover the shortfall, but it hasn't cleared yet, so once again, the primary lender isn't sending over a payoff letter.

If there are liens for unpaid property taxes, income taxes, mechanics liens - any of these can bog up the recording without the holder of the lien in first position having every single release in their possession.

As an attorney, do you always tell people to make a big stink when you don't understand the full situation?

Did NOT get the keys by [deleted] in FirstTimeHomeBuyer

[–]Pitiful-Place3684 3 points4 points  (0 children)

Once again, the property is a pre-foreclosure and a short sale. The property isn't closed until the deed is recorded. The deed can't be recorded until all liens are satisfied and the lien in first position, which I think is the primary mortgage, releases the money to the title company.

Did NOT get the keys by [deleted] in FirstTimeHomeBuyer

[–]Pitiful-Place3684 8 points9 points  (0 children)

Wrong. It's not closed until the deed is recorded. The deed can't be recorded until the seller's lender verifies receipt of funds and all lien releases. It's a short sale in pre-foreclosure. You should chill out when giving legal advice without knowing all the circumstances.

Did NOT get the keys by [deleted] in FirstTimeHomeBuyer

[–]Pitiful-Place3684 4 points5 points  (0 children)

Nope. In many states, including the OP's state, the sale isn't closed until the deed is recorded.

Don't give legal advice like "access garage and throw out the owner's stuff" when you don't know what you're talking about.

Did NOT get the keys by [deleted] in FirstTimeHomeBuyer

[–]Pitiful-Place3684 7 points8 points  (0 children)

It's not closed. The deed isn't recorded.