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Old 09-14-2017, 04:05 PM
 
964 posts, read 870,425 times
Reputation: 759

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Quote:
Originally Posted by justsomeguy View Post
Interesting...do they have an ethical obligation to let the seller know they are giving 2% of their commission that they are getting paid to you, the buyer?
They do not, but you can see it is coming to me on the closing document. Proceeds to buyer = $20,000. The seller has agreed to give 6% of whatever they take in to the Realtors (3 and 3). If the realtors keep the money, give it to charity, give it to me that is certainly their right to.
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Old 09-14-2017, 06:05 PM
 
3,678 posts, read 4,134,584 times
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I've done that and usually homeowners are on board, as they are already in contract with their listing agent so they have to pay, they don't care if listing agent pockets whole commission or splits it with buyer's agent or buyer. If buyer's offer is competitive and his finances are solid, both seller and agent want to seal the deal and move on.
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Old 09-14-2017, 10:56 PM
 
140 posts, read 177,638 times
Reputation: 236
Easy to do the 2% off in a cold market, but not a hot one
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Old 09-15-2017, 05:54 AM
 
964 posts, read 870,425 times
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Quote:
Originally Posted by Laminate7 View Post
Easy to do the 2% off in a cold market, but not a hot one
I have done it in some of the hottest markets. You mistake your inability to be able to get the deal for mine. We did it just this last spring, and the spring before that, about 4 years ago, and 6 years ago. Also have done it multiple times in the Bay Area and LA during the crazy years.

In a hot market it is pretty easy to do it with the listing agent. They really want that extra 1% plus it now eliminates their realtors from being able to create the facade that they have the sellers best interest in mind.
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Old 09-15-2017, 01:47 PM
 
140 posts, read 177,638 times
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Quote:
Originally Posted by kyam11 View Post
Never used a realtor to buy other than to write up paperwork and give me back 2%. Always found the house, made the listing agent show me house, decided what offer to make, find realtor to give me 2% back, write up offer, and close.
At this point the listing agent is acting as your selling agent (unless they are stupid) by showing you the house and will ask for 6% (or maybe 5%- maybe..) the bogus claims of willing to take 4% are full of dog feces
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Old 09-15-2017, 02:00 PM
 
3,678 posts, read 4,134,584 times
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Quote:
Originally Posted by kyam11 View Post
Never used a realtor to buy other than to write up paperwork and give me back 2%. Always found the house, made the listing agent show me house, decided what offer to make, find realtor to give me 2% back, write up offer, and close.
Why find buyers agent to split it, just hire a flat fee real estate attorney for $500 to do paperwork.
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Old 09-15-2017, 02:00 PM
 
13,194 posts, read 28,154,575 times
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August sales results show the market is cooling ever so slightly. No where near some of the gloom & doom reported from the new home sales guys on this forum:

August 2017 stats:
-Prices increased 9% vs August 2016. This is down slightly to the +10% YTD trend
-Median sales price $250k
-Over 11,200 homes sold last month, the most EVER for one month in DFW.
-Approx 22,000 homes on the market which means we're still hanging out with 2 months of inventory vs a healthy balanced market supply of 6 months. Average home sold in 39 days last month. That means the average home is still going under contract within 2 weeks + approx 30 days to close.
-Homes priced under $400k are selling the fastest (no surprise).




https://www.dallasnews.com/business/...percent-august
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Old 09-15-2017, 02:14 PM
 
964 posts, read 870,425 times
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Quote:
Originally Posted by Laminate7 View Post
At this point the listing agent is acting as your selling agent (unless they are stupid) by showing you the house and will ask for 6% (or maybe 5%- maybe..) the bogus claims of willing to take 4% are full of dog feces
I make it very clear up front that if I were to make an offer I will have representation that will look out for my best interest. A few have tried to not show the house with this qualifier and I make it very clear if they refuse to show the house that I will contact the homeowner and let them know that the listing agent is not representing them as they are required to do and likely could be sued for breach of contract and or be sued for damages. Of course more often than not I am not interested in the house I looked at and we move on. Foe the times I am interested I reach out to the listing agent and let them know that I will likely be making an offer. I then explain that if they are willing to give me 2% back then I will use them and/or their firm. If not I will have other representation and to expect an offer from me. Worse case scenario I can have an offer made up by an LLP if I had to and then transfer ownership after the fact.
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Old 09-15-2017, 02:18 PM
 
964 posts, read 870,425 times
Reputation: 759
Quote:
Originally Posted by UnfairPark View Post
Why find buyers agent to split it, just hire a flat fee real estate attorney for $500 to do paperwork.
Because the way the contract is written up they would then have to pay the listing agent 6%.

Think about it this way.

If you buy a house for $100,000 (used for easy math) and the seller has to give $6,000 away they are going to pocket $94,000. If I hire a RE attorney I am going to have to write a check for $100,000 plus $500 in attorney's fees.

If I do it they way I am saying then seller still gets the $94,000. I have to write a check for $100,000. However I get back $2,000. Net is $98,000.

For legal reasons I also like a buffer between me and the seller. By involving an agency (or agencies) if there is an issue it is 1 or 2 firms who are likely liable. If it is just me then it is ms vs. the selling agency.
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Old 09-15-2017, 02:26 PM
 
Location: Dallas
989 posts, read 2,431,531 times
Reputation: 861
Quote:
Originally Posted by TurtleCreek80 View Post
August sales results show the market is cooling ever so slightly. No where near some of the gloom & doom reported from the new home sales guys on this forum:

August 2017 stats:
-Prices increased 9% vs August 2016. This is down slightly to the +10% YTD trend
-Median sales price $250k
-Over 11,200 homes sold last month, the most EVER for one month in DFW.
-Approx 22,000 homes on the market which means we're still hanging out with 2 months of inventory vs a healthy balanced market supply of 6 months. Average home sold in 39 days last month. That means the average home is still going under contract within 2 weeks + approx 30 days to close.
-Homes priced under $400k are selling the fastest (no surprise).

https://www.dallasnews.com/business/...percent-august

In the past 30 days or so, anecdotally I have seen a lot of pending and completed sales activity in my neighborhood, compared to what I felt like I saw April - early July. Homes that seemed to sit for a while were finally being sold, and other newly listed homes moved pretty quick. Not sure why the uptick, unless it's tied to lower interest rates/seasonality.

That being said, if median price is up 9% y-o-y, this quote from the article doesn't really make sense to me:

"We've all noticed price reductions in some parts of the market," Martin said. "We are not seeing the 8 to 10 percent gains from the last couple of years."

Didn't the article just say there was a 9% gain? :-?

Maybe he meant in some markets...wonder which ones...hmm...
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