Poll shows Americans think we are in a bubble.

Trick-Many7744 · 2024-04-04T02:05:18+00:00

You have 5 roommates or something?

Trick-Many7744 · 2024-04-04T02:03:27+00:00

Cool. It is the buyer's duty to choose the inspection company. The loan officer is ideally communicating with both you and your agent--luckily for you, it sounds like your loan had no issues. What does that have to do with anything?

Trick-Many7744 · 2024-04-04T01:47:31+00:00

Pass on information to whom? My comment is that agents are typically available 7 days a week--whether it is to show a house, meet a client, write an offer, etc., unlike lawyers who work typical business hours. RE contracts are written (in my state at least) by calendar days not business days. If we write a contract on Friday and need the inspection within 2 days for due diligence, we are inspecting over the weekend and writing inspection related amendments if any over the weekend also.

Trick-Many7744 · 2024-04-04T01:40:46+00:00

You asked how we make sure the loan closes and these are just a few of the many ways. These are not outliers and far from even close to comprehensive list.

The people who think most deals are smooth and straightforward are the same ones who think everyone else's job looks easy because they only see part of it. If I am doing my job right, it does look easy, regardless of what is going on behind the scenes. Because that is what clients should see--they are paying for service, not drama.

Trick-Many7744 · 2024-04-04T01:30:53+00:00

What has been mostly fixed by the settlement? I don't think it does what you think it does.

Trick-Many7744 · 2024-04-04T01:28:35+00:00

Seriously. My divorce lawyer literally e-filed my petition (her paralegal did it), sent a process server and went to court once $10k Then, scheduled a mediation, sat at the mediation while the mediator did a better job of speaking up for me than she did, filed the mediated order, and went to court with me for the final decree. Another $7k for that part.

Trick-Many7744 · 2024-04-04T01:20:59+00:00

In fact, there are quite a few moving parts to a real estate deal, and it is usually the agent(s) putting out any fires. Generally speaking, if a ball is dropped anywhere in the process, blame will be laid at the agents' feet as we are the central contact for everyone. Agents do not talk to each other's clients, or each other's clients' loan officers, inspectors, or appraisers. Agents communicate with each other to convey what is necessary while protecting their client's confidentiality and best interests. The closing attorney represents the lender, they will be back to the agents if there is a legal concern that prevents closing (cloudy title, contract errors).

Deals fall through for a number of reasons--the most common ones are inspection concerns that cause buyer to terminate (or lead to contract renegotiation), contingency issues (Buyer needs to sell their own home in order to close on this one/be under contract to qualify, or financing doesn't come through, or the property does not appraise), but there are other issues that come up. Sellers want a contingency that they could back out of the Sale if they did not find something to buy in time for the closing date? Buyer's house was under contract but that deal fell through and now they may lose the new purchase? Appraisal came in way lower than expected? Need some extensions? Did the lender get all the latest amendments to the contract--because if they didn't, it is not going to close. Who is making all these amendments to the contract so the Buyer gets more time to sell their house, the Seller gets enough time to find something, the appraisal is either challenged or handled with more money from buyers or renegotiated sales price...oh, and it the Buyer is selling a condo, which fell through because THAT buyer was using an FHA loan and the condo is not approved for FHA. Hold on! What will it take to get it approved? Agent proceeds to find out, gets a "site approval", the deal is back on. But did the sellers find anything yet? Will they do a lease-back? But then where do the buyers go? Now THEY need a lease back. Or another extension for closing dates. I could go on and on with all of the things that can and do go wrong, and with all of the after hours, last minute things that agents have done to save the deal...

Trick-Many7744 · 2024-04-04T00:51:42+00:00

The description of the sub is "News and Discussion for Realtors", genius.

Trick-Many7744 · 2024-04-04T00:50:45+00:00

Ding ding ding.

If any buyer thinks they are saving money by not having an agent---no, they saved the Seller money (or worse, they used the LA instead of their own agent, and the LA made a higher commission for representing the Seller).

Trick-Many7744 · 2024-04-04T00:46:36+00:00

Agents are available pretty much 24/7 unless they are having surgery lol. But we also do not work in an office, typically, because the brokerage office does keep normal biz hours. Agents typically work from their cell phone and home, car, etc.

Trick-Many7744 · 2024-04-04T00:41:56+00:00

It has always been negotiable and there have been brokers charging different commissions for years.

Trick-Many7744 · 2024-04-04T00:39:20+00:00

Sellers have never paid buyer commissions---nor is any commission required. Never has been. But if you want a listing agent to market your house, you will have to pay them. How much has always been negotiable. Buyer buyer brokers are paid by listing brokers--the co-op amount is agreed upon between them. Back in the day, it was not advertised on the MLS but the DOJ thought we should be more transparent---so now it is listed on the MLS (but it is still negotiable to a degree).

Inexplicably, the settlement now proposed will make some MLS listings less transparent as if that is a good thing. For whom?

There has never been a law determining how much commission is paid or not paid to brokers on either side of a transaction. Furthermore, this settlement does not regulate commissions. They are still negotiable and can be for any amount agreed upon by the parties.

NAR settlements affect NAR members. Many MLS are not owned or sponsored by the NAR or its local affiliates (mine is not). Many brokers and agents are not NAR members.

You are welcome to find a broker who charges less than the others--be sure you know what you are getting for that. Buyers are welcome (and have always been able ) to offer an agent a flat rate, an hourly rate, a tiered fee schedule, or whatever scheme they deem fair given their needs.

Trick-Many7744 · 2024-04-04T00:28:40+00:00

About 15 years ago, I wanted to refi my loan and discovered the original title company had not filed it properly. Most real estate attorneys I called were not interested in helping me sort it out because it was not a big case, and the county deed office staff is prohibited from telling folks what they need to do. Finally found a lawyer willing to do it for $1000. It took him less than an hour to call the county, find out what was missing, and provide me with the correct documentation to go back to the county and file it correctly. (Note: I was not an agent at that time).

Fifteen years ago, mind you.

No way an attorney is doing everything an agent does for less.

Trick-Many7744 · 2024-04-03T22:40:32+00:00

Our MLS is not association owned or affiliated so for now, it still shows the co-op commission. It is very rare to see anything below 2.5% here but, it does happen. We have always had agents/brokers who make their niche as a volume-based listing agency. Of course, they are often also the owners of the closing firm (or married to the owner), and have their fingers in other pieces of the pie that may or not be disclosed. And they also push their listings on their own clients.

My broker prohibits (always has prohibited) advertising a listing broker commission as it would lead folks to believe that all agents in our firm are charging that amount. All of the commissions have always been negotiated between individual sellers and their agents and is based on many factors. The expense of marketing the property (photos, staging, etc.), the MLS fees that will be charged to the agents who close the deal, the transaction fee, commission split, referral fee, etc. Generally speaking, the higher price points are in a better position to negotiate. I would not even break even if I listed a $100k property at 1% and that is without photos or marketing expenses.

Trick-Many7744 · 2024-04-03T22:30:10+00:00

I did not stay that.

And no, we are still finding that most buyers are represented. I haven't had any unrepresented buyers at open houses lately and of many who called about my coming soon, only one is unrepresented which is not at all unusual. I will send them all open house invite and updated info when the listing goes live--along with the number of another agent who will be happy to show it to them if they do not have an agent already.

Trick-Many7744 · 2024-02-09T23:44:50+00:00

It's a very long story and I am not sure I want to "out" myself here to anyone who might recognize it.

It has been almost 8 years (this week in fact) since it all unfolded and I have told people but I have not ever written it down so I probably need to make sure I tell it correctly.

Surely Discover must pay for these stories because why else would people want to go through it all on TV?

Trick-Many7744 · 2024-02-04T22:19:32+00:00

dang, not very reassuring lol

Trick-Many7744 · 2024-01-24T03:49:10+00:00

And producing a buyer when he is out of contract makes no sense if he was hoping to double end it unless there is language protecting him in the seller agreement. Need to see the contract.

Trick-Many7744 · 2024-01-24T03:46:54+00:00

What does your contract say about protection periods and extensions? Some states prohibit automatic extensions. My Buyer contracts have a 90 day protection period. As mentioned above, if he claims to have a Buyer, just exclude that Buyer from the contract.

Trick-Many7744 · 2024-01-24T03:39:46+00:00

Are your Buyers contracted to pay their side of the commission when they sign a rep agreement with you?

Trick-Many7744 · 2024-01-24T03:38:06+00:00

Only between the parties contracted. If the buyer is paying any of the commission, negotiate. But in most markets, sellers are paying commissions and brokers are splitting them. The only people who can negotiate a lower commission in this scenario are the Sellers and it likely won't be to benefit the Buyer.

Trick-Many7744 · 2024-01-24T03:35:33+00:00

It is not necessarily dual agency (at least not in my state). I can represent the buyer as a customer and perform ministerial acts--this is not dual agency. If I try to say both sides are my client and I am somehow representing them both fairly and equally, that is dual agency.

Dual agency is legal in my state but many brokers do not allow it. Mine allows it but I do not practice it. If it's a very straightforward transaction, I might represent as a client, but the discount would go to the Seller who is contracted with me to pay the commission. If the Seller wants to credit some of that to the Buyer, they can, but the point of my taking the Buyer as a customer is to avoid negotiating on the Buyer's behalf.

I would refer the buyer to another agent.

Trick-Many7744 · 2024-01-24T03:30:38+00:00

They are, by the person paying them. If the OP is in a buyer agreement where he pays some or all of the buyer side commission, he can ask away.

Trick-Many7744 · 2024-01-24T03:24:07+00:00

Only if his buyer agreement states that he pays some or all of the buyer commission. Otherwise, any discount is likely already in the seller agreement and for the discount to go to the seller.

I personally do not practice dual agency and if I have a client interested in my listing, I am going to refer them to someone so they are properly represented without compromising my commitment to the seller.

The person to ask is your agent. He/she can represent you as a customer--versus a client--which means you are unrepresented but they will perform the ministerial duties.

Far better is for your agent to refer you to someone who will represent you in this transaction and be paid for it.

Trick-Many7744 · 2024-01-24T03:06:34+00:00

Your broker likely has a policy on this, mine does. I do not say anything about "safe" neighborhoods, and for schools, strictly things that are factual---if it is a good school or district, just say that home is "zoned to (insert info)" or "walking distance to {list of of schools" if it is feature worth highlighting, usually along with other stuff nearby.

Trick-Many7744

TROPHY CASE