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Unread 10-11-2011, 02:11 PM
 
4,823 posts, read 5,047,886 times
Reputation: 5018
Quote:
Originally Posted by BobKovacs View Post
As does the selling agent, since the seller is paying the commission, not you. Surprise back.......
You would be correct......

if this were 1985.

However, some things have changed in the last 25 or so years.

You need to keep up.
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Unread 10-11-2011, 03:59 PM
 
Location: NW Las Vegas - Lone Mountain
15,759 posts, read 19,044,337 times
Reputation: 2661
Yup - In Nevada and most of the US the buyer's agent has a fiduciary role with the buyer only. Still paid by the seller, a silly anachronism, but not likely to change as the banks like it this way.
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Unread 10-11-2011, 08:57 PM
 
Location: Sunrise
5,429 posts, read 3,848,906 times
Reputation: 3184
Quote:
Originally Posted by BobKovacs View Post
As does the selling agent, since the seller is paying the commission, not you. Surprise back.......
That's correct on paper. But the reality is the buyer is the only one bringing money to the table. The buyer pays EVERYONE when you get down to it.
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Unread 10-12-2011, 12:05 AM
 
Location: Sunrise
5,429 posts, read 3,848,906 times
Reputation: 3184
Quote:
Originally Posted by olecapt View Post
Why don't you lay off it?

I could I guess pop up and point out how dumb you have to be to buy a half acre in Sunrise but I try not to make you feel worse...
I don't feel bad about it in the least. I like it up here. I'm far enough East that I only have neighbors on three sides of me. And anyone coming the other direction would need climbing gear.

Airplane noise? None. (With the exception of the 6 o'clock parade of helicopters coming in from the Hoover dam.) Crime, little. And I have unobstructed strip views from most of the rooms at the house. And those rooms that don't face the strip face either Frenchman's mountain or the Mormon temple. Really not a bad view to be had.

I have a nice little orchard in the back yard, and enough garden space to grow a wide variety of vegetables. And, my mother in law lives less than a mile away, which is why we bought this house in this town in the first place.

So, if you think that's dumb, I'm really quite OK with that.
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Unread 10-12-2011, 02:06 PM
 
467 posts, read 332,206 times
Reputation: 391
Quote:
Originally Posted by ScoopLV View Post
... But the reality is the buyer is the only one bringing money to the table. ...
That's not always true nowadays. I sold my condo last year and I had to BRING money to the table to get out of it
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Unread 10-12-2011, 03:25 PM
 
Location: In my house
8,721 posts, read 13,711,300 times
Reputation: 5249
I always thought the seller paid most of the fee's.
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Unread 10-12-2011, 04:13 PM
 
Location: Sunrise
5,429 posts, read 3,848,906 times
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Quote:
Originally Posted by PinkString View Post
I always thought the seller paid most of the fee's.
The seller pays the fees with money brought to the table by the buyer. The trick is to remove as many of those fees as possible. That way the seller has a little more wiggle room for negotiating a lower price.

A perfect transaction from a monetary standpoint would be an honest seller, selling to an honest buyer, with only the title company nibbling their piece of the pie. Of course, that means everyone involved would have to be honest. Since a lot of people aren't, we have agents, attorneys, appraisers, and the like. All of whom are ultimately paid by the buyer. After all, it's the buyer who's breaking out the big checkbook. (Except in cases like timothyaw's condo. But getting rid of a condo is often as difficult as getting rid of herpes.)
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Unread 10-12-2011, 05:21 PM
 
Location: Tucson
430 posts, read 703,773 times
Reputation: 320
To OP:

Do your research.

Check out house listings online before you come. The two areas you are referring to cover lots and lots of neighborhoods, probably hundreds of listings.

The more you do before your visit the more productive your search will be. Narrow down the area you want to consider, maybe by zip code. I think the biggest determining factor should be where the job is located. You then want to work from what distance you feel is a reasonable commute along with all the other considerations like your budget, type of neighborhood, square footage, etc...
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Unread 10-12-2011, 05:30 PM
 
Location: NW Las Vegas - Lone Mountain
15,759 posts, read 19,044,337 times
Reputation: 2661
This is an argument as old as real estate. It has no answer.

Practically a seller gets charged about 8.25% on a "standard" RE transaction.

The Buyer pays up to 4.5% on a financed sale or around 1% on a cash sale.

The value that comes to the transaction is the house from the seller and the purchase price from the buyer.

From the value pie formed by those two items the seller extracts a sum of money, the buyer a house, and RE Agents, escrow, title, HOAs, Government taxes take small bites.

The payer of those bites is often considered to be the buyer who brings in the money or the seller who takes less money out.

While Scoop sees it with impeccable clarity I actually think there is no way to tell and it makes no difference.
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Unread 10-12-2011, 05:51 PM
 
Location: Sunrise
5,429 posts, read 3,848,906 times
Reputation: 3184
Quote:
Originally Posted by olecapt View Post
While Scoop sees it with impeccable clarity I actually think there is no way to tell and it makes no difference.
We are, for once, in complete agreement. And of COURSE you think it makes no difference. That percentage is your gravy train.

Sure there's a way to tell. Break out the calculator, and take 8.25% of the purchase price. That's the "value added" cost of agents, brokers, title insurance, and the rest.

If I took the "old fashioned" route to home ownership, that number would have been a little more than $36,000. As it was, I was able to knock a little less than half off by acting as my own agent. I don't see why I should have to work for a year to pay agents for a simple transaction. Even $16,000 (edit -- incorrect number. It should be $20K) is quite a sting -- especially considering all the listing agent did was take some pictures and enter information into a database.

As more and more people see that the Realtor indeed wears no clothes, more and more people will opt for the DIY route. Of that I am certain. It will probably take a decade or more. But think about it -- how many people here were online in 2000? Or in 1990? A small percentage of those who are here now.

And while nothing currently competes with the MLS (and the Realtors are shoveling money Washington's way to make sure the monopoly continues), it's only a matter of time before a viable alternative to MLS is put in place.

Buyers (and sellers) would benefit immensely from competition in the real estate world.

Last edited by ScoopLV; 10-12-2011 at 06:16 PM..
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