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Old 02-24-2012, 02:31 AM
 
Location: Las Vegas/Williston
5,741 posts, read 5,078,711 times
Reputation: 2625
Quote:
Originally Posted by Everdeen View Post
Or taking it off of mine. The hundred dollars is in addition to the 6% commission. And it is quadruple that amount, by the way.
.
Oh well...everyone looks at home buying different. But if I am buying a home in this economy you better believe that there is plenty of food on the table.
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Old 02-24-2012, 06:33 PM
 
35 posts, read 10,485 times
Reputation: 88
Quote:
Originally Posted by ScoopLV View Post
1) Hire a title insurance company. They do all the heavy lifting in a Nevada real estate transaction, anyway. A good title officer is key. Have a working relationship with a title officer FIRST, then go house shopping.

2) Go to the Nevada Real Estate Division on Sahara for the forms you need. (Don't download from some random real estate website because the forms change. I've seen Purchase Agreements from as early as 2002 being offered for download.) Pick up the forms you need -- Residental Purchase Agreement, disclosure forms, etc.

3) Fill out the Purchase Agreement and give it to the Listing Agent -- AFTER you have worked out a deal in which the Listing Agent lowers their commission from 6% to 3% and convinces the seller to accept the lower offer.

"I'll buy the house for X, you lower your commission by 3%, everybody's happy."

See, the broker cannot give a commission to someone who doesn't hold a real estate license. But the seller can lower the price. Same result, different way to get there.

4) Get the exact amount needed for the big bank check from your title officer. Bring big bank check to closing. Sign about 30 documents. Deed gets recorded. Done.
How do you keep from getting ripped off scoop.

You need an escrow officer not a title officer. Escrow officers actually do the job. Title officers are concerned only with the Title policy. You can by law get your title policy from a different title company than the one associated with your escrow.

RED does not provide forms except for a few that are required by statute. And many transactions, particularly shorts and foreclosures, require the current GLVAR 11 page document.

On 75% of the transaction today no one is going to look at your offer until it is submitted as an RPA. If you submit with strange commission clauses they simply counter them out or throw your offer away. You may find a few agent client pairs that will play on overpriced properties long in tooth...but most agents simply won't deal with you.

Agemts can perfectly well pay rebates to anyone who is a principle in the transaction. We have a client who has repeatedly gotten rebates from us. Paying the other agents client would be trickier. But appears doable if fully disclosed.


You never use a check, certified or not. They hold them for at least a week and won't record until the period is up. You wire the money in.

The admin commission is a pure junk fee. Been around for at least 15 years so many agents may presume everyone knows. It apparently came out of a legislative decision to require storage of records for 7 years which was likely required anyway. But the brokerages got permission to charge - initially $35 but it has regularly increased since then. Note that the fee is charged by the brokerage at most of the high end places. But it is common knowledges that agents at brokerages that don't charge the fee make up their own. It is very carefully defined as a commission...because any other fee for which no task is performed would be a violation of the lending laws.

If agents have the transaction coordinator do their paperwork they pay for it...$150 to $200. And they all pay a per transaction fee of $100 to $250 for each transaction processing and E&O Insurance.

The commission is not going away any time soon. It may well be the entire profitability of the main line brokers. That is because good agents don't pay much to the brokerage per transaction. Arrangements where they pay just desk rent - a fixed some per month or 10% are common. The big agents provide the volume and pay very little. And if the brokerage does not like it they will go elsewhere or start their own.
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Old 02-27-2012, 07:38 PM
 
63 posts, read 53,264 times
Reputation: 68
I sold my house in WA with no realtor, I advertised it on Craigslist, a buyers agent contacted me and asked if I would work with him and pay the 3% commission to him and I said I would. I had a little harder time buying a house out here in Vegas, some of the realtors I called wouldn't even show me the house if I didn't have a buyers agent, so I just moved on to the next house until I found a realtor who would work with me and deduct the 3% off the sales price to compensate for no buying agent. Most of the houses I was looking at out here were foreclosures, but I couldn't help but think how the bank or owner's of the houses felt about there agent not wanting to show a house to a cash buyer (me) just because I refused to pay a buying agent. With the internet it is so easy to search the mls yourself and find houses, a bunch of realtors have links on Craigslist to mls. It is not hard at all to sell or buy a house with out an agent as long as one of the party's has one, I think it would be harder if there was not one on ether side but still possible. I always tell people not to get a buying agent and find there own house and make an offer, most peoples response is that the seller pays the commission anyways. That is true but most sellers will take the 3% off the price of the sale if you ask them, as they would have to pay it anyways. So ask yourself, if you are going to buy a 200k house, is it worth 6k to look around online and try and find your own house?
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Old 02-28-2012, 03:58 AM
 
2,097 posts, read 1,365,458 times
Reputation: 2192
Quote:
Originally Posted by luckpants View Post
I sold my house in WA with no realtor, I advertised it on Craigslist, a buyers agent contacted me and asked if I would work with him and pay the 3% commission to him and I said I would. I had a little harder time buying a house out here in Vegas, some of the realtors I called wouldn't even show me the house if I didn't have a buyers agent, so I just moved on to the next house until I found a realtor who would work with me and deduct the 3% off the sales price to compensate for no buying agent. Most of the houses I was looking at out here were foreclosures, but I couldn't help but think how the bank or owner's of the houses felt about there agent not wanting to show a house to a cash buyer (me) just because I refused to pay a buying agent. With the internet it is so easy to search the mls yourself and find houses, a bunch of realtors have links on Craigslist to mls. It is not hard at all to sell or buy a house with out an agent as long as one of the party's has one, I think it would be harder if there was not one on ether side but still possible. I always tell people not to get a buying agent and find there own house and make an offer, most peoples response is that the seller pays the commission anyways. That is true but most sellers will take the 3% off the price of the sale if you ask them, as they would have to pay it anyways. So ask yourself, if you are going to buy a 200k house, is it worth 6k to look around online and try and find your own house?
The last house I sold neither I nor the buyer had an agent. It went very smoothly.
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Old 02-28-2012, 08:43 AM
 
Location: Sunrise
7,056 posts, read 5,133,139 times
Reputation: 4710
Quote:
Originally Posted by Everdeen View Post
The last house I sold neither I nor the buyer had an agent. It went very smoothly.
In a perfect world, this is how things should go. People have been conditioned that they must use a Realtor when buying or selling property. Decades of marketing by NAR has led people to believe that buying and selling property is too complicated for a layman, that it's the smart thing to do, and that it's money well spent. People have bought into this, much like they bought into the "spend two weeks salary on a diamond engagement ring" malarkey from DeBeers.

On our first transaction without a Realtor, we saved $15K by doing the work ourselves. We've saved $2-4K on every subsequent transaction. That's just in commissions. We've saved even more than that because as buyers, the listing agent is usually amenable to playing "Let's Make a Deal" with their client's money.

It would not surprise me at all to find out that buyer's agents and seller's agents are in cahoots, trying to manipulate the sales price to maximize commissions for everyone.

"The seller will go as low as $238 and not a penny less."

"Well, my buyers are only approved to $235. So you work on your clients on the extra three K. And I'll see if mine can borrow a few thousand from a grandmother."

It's probably hopelessly cynical to think this. But it sure explains a lot, doesn't it?
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Old 03-01-2012, 11:59 AM
 
63 posts, read 53,264 times
Reputation: 68
Quote:
Originally Posted by ScoopLV View Post
In a perfect world, this is how things should go. People have been conditioned that they must use a Realtor when buying or selling property. Decades of marketing by NAR has led people to believe that buying and selling property is too complicated for a layman, that it's the smart thing to do, and that it's money well spent. People have bought into this, much like they bought into the "spend two weeks salary on a diamond engagement ring" malarkey from DeBeers.

On our first transaction without a Realtor, we saved $15K by doing the work ourselves. We've saved $2-4K on every subsequent transaction. That's just in commissions. We've saved even more than that because as buyers, the listing agent is usually amenable to playing "Let's Make a Deal" with their client's money.

It would not surprise me at all to find out that buyer's agents and seller's agents are in cahoots, trying to manipulate the sales price to maximize commissions for everyone.

"The seller will go as low as $238 and not a penny less."

"Well, my buyers are only approved to $235. So you work on your clients on the extra three K. And I'll see if mine can borrow a few thousand from a grandmother."

It's probably hopelessly cynical to think this. But it sure explains a lot, doesn't it?
I'm sure it happens more than we would hope. Like I said I had realtors refuse to show me houses they represented just in spite because I refused to pay a buying agent. I'm sure they didn't tell the clients about that.
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Old 03-01-2012, 01:22 PM
 
237 posts, read 188,744 times
Reputation: 188
Quote:
Originally Posted by luckpants View Post
I'm sure it happens more than we would hope. Like I said I had realtors refuse to show me houses they represented just in spite because I refused to pay a buying agent. I'm sure they didn't tell the clients about that.
At that point, why didn't you just knock on the doors and view the house yourself with the owner or look up owner info and ask them to show you the house? What that realtor did would have pissed me off enough to contact the owner. [mod cut- rude]

Last edited by observer53; 03-02-2012 at 08:44 AM..
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Old 03-01-2012, 06:44 PM
 
63 posts, read 53,264 times
Reputation: 68
Quote:
Originally Posted by NoMoreRJ View Post
At that point, why didn't you just knock on the doors and view the house yourself with the owner or look up owner info and ask them to show you the house? What that realtor did would have pissed me off enough to contact the owner. WTF are these @55hole realtors thinking? There definitely are the quality and crap realtors here.
Most of the houses were foreclosures so hunting down the bank and figuring out who to talk to would of been more trouble than it was worth.
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Old 03-01-2012, 09:50 PM
 
Location: Sunrise
7,056 posts, read 5,133,139 times
Reputation: 4710
Quote:
Originally Posted by NoMoreRJ View Post
The agents actions are still cr@p. The homes owned by banks/investment firms-funds i could care less but the homes owned by fanniemae-freddiemac are our govt owned aka tax payers backed. That's unacceptable and eventually far down the line, when homes are owned by homeowners not foreclosures/short sales, these agents should be known as @sses and be avoided at ALL costs.
The actions may be suspect. But this is COMMON. Seller's agents don't want to deal with unrepresented buyers, because they assume the transaction is going to be more of a hassle than it's worth. They don't want to have to field questions from prospective buyers all day. That's the buyer's agent's job, after all.

Doesn't matter that they've just violated most of the rules of agency. Because they know nobody is going to report them to the real estate division. And even if someone does, the agent will just lie to NVRED and say the buyer must have misunderstood. It's not like people go house hunting wearing a wire. But perhaps they should.

Are there good agents out there? Sure. But how does the client know what the agent is telling other agents when nobody else is in the room?
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Old 03-01-2012, 10:09 PM
 
63 posts, read 53,264 times
Reputation: 68
Quote:
Originally Posted by ScoopLV View Post
The actions may be suspect. But this is COMMON. Seller's agents don't want to deal with unrepresented buyers, because they assume the transaction is going to be more of a hassle than it's worth. They don't want to have to field questions from prospective buyers all day. That's the buyer's agent's job, after all.

Doesn't matter that they've just violated most of the rules of agency. Because they know nobody is going to report them to the real estate division. And even if someone does, the agent will just lie to NVRED and say the buyer must have misunderstood. It's not like people go house hunting wearing a wire. But perhaps they should.

Are there good agents out there? Sure. But how does the client know what the agent is telling other agents when nobody else is in the room?
And this is exactly why I don't pay a realtor and keep the 3% myself, and in the future I think more people should look into doing the same. Two of the realtors I called offered to be my buying agent after they told me they couldn't show me the property if I didn't have a buying agent to show it. Like if they could make 6% it was worth there time but 3% wasn't worth showing me the house.
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