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Old 03-02-2012, 12:58 AM
 
Location: Las Vegas, NV
10 posts, read 7,885 times
Reputation: 21
Quote:
Originally Posted by ScoopLV View Post
This transaction fee pays for the office staff who actually write the deal and handle closing. (The agent can't be bothered, usually. Easier to dish that off to someone else.)

During the boom, this fee was absorbed by the buyer's agent. But now that a "deal" usually means a $3-5K commission that must be split between the broker and agent, this fee is often passed on to the buyer.

The agent should have spelled this out in the agency contract. (Did you sign an agency contract?). Your agents know that you'll eventually cave and pay the money just to "move the deal along." But this is just another example of why I don't use real estate agents.
It is illegal to practice real estate without a license. Only licensed agents are allowed to WRITE the deal and Escrow and Title are in charge of handling closings. AT NO TIME does the office staff write offers, or get signatures on contracts for clients. IT IS ILLEGAL!

Transaction fees are pretty common place today. It's unfortunate you think so little of real estate agents, for in this market, they can certainly be your best friend in the deal. It's in your best interest to have a professional write the contract, make sure your EMD goes to escrow and not into someone's pocket, and generally guide you past the obstacles.
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Old 03-02-2012, 07:59 AM
 
Location: Las Vegas
666 posts, read 888,963 times
Reputation: 344
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. [mod cut-- rude]
I would not show my house to any one that knocked on my door asking to see it. I also turned away anyone that made an appointment claiming to be an agent but showed up with a business card that had nothing to do with real estate. That person could have been there with genuine interest but they also could have been there to steal. My house is/was occupied so that makes a difference.

Last edited by observer53; 03-02-2012 at 08:43 AM..
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Old 03-02-2012, 09:11 AM
 
Location: Sunrise
7,174 posts, read 5,291,360 times
Reputation: 4842
Quote:
Originally Posted by Diane Sells Las Vegas View Post
It is illegal to practice real estate without a license. Only licensed agents are allowed to WRITE the deal and Escrow and Title are in charge of handling closings. AT NO TIME does the office staff write offers, or get signatures on contracts for clients. IT IS ILLEGAL!

Transaction fees are pretty common place today. It's unfortunate you think so little of real estate agents, for in this market, they can certainly be your best friend in the deal. It's in your best interest to have a professional write the contract, make sure your EMD goes to escrow and not into someone's pocket, and generally guide you past the obstacles.
Here is what a transaction coordinator does. This is where the transaction fee goes. Most brokerages 1099 them, paying them a straight fee per transaction. It used to be that this fee was payed for out of the buyer's agent's commission. But that was awhile ago.

Real Estate Transaction Coordinator Job Description | eHow.com

I "practice" real estate without a license all the time. I buy property. I can write offers, negotiate with sellers and sellers' agents, coordinate with escrow and title officers. And when it comes time to sell, I can do that, too.

One does not need a license to do ANY of the above. The license is necessary to modify the MLS, unlock properties and deal with that almighty commission.

What really irks me about a lot of agents is the sense of entitlement. These people don't work very hard. Nobody is going to break a sweat networking. The exams and continuing education aren't difficult. Any reasonably-bright high school freshman could pass the state exam. Yet when it comes time for me to sell, I'm supposed to pony up $30K to split between an agent who's only real qualification is entering data into the MLS, and another agent who's basically good at meeting people.

They all claim to be great salesmen. "Born to Sell." "I sell Las Vegas." "Nobody sells more than me!" But when you get down to it, they can't sell their way out of a paper bag. When I see one sell a house that's $100,000 above comps, I'll take notice. But when you get down to it, the house sells the house. Put a $100K price tag on a $300K house and it will sell quick, agent or no. Put a $300K price tag on a $100K house and no agent on earth can move it. "Born to sell," indeed.

Of course, these agents all warn me that I have to watch out for shady unscrupulous people in the real estate world. But so far, the only shady unscrupulous people I've met out there are real estate agents.
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Old 03-02-2012, 09:46 AM
 
Location: Vegas, baby, Vegas!
3,158 posts, read 3,335,316 times
Reputation: 2968
When I bought my house, My agent did DIDLEY SQUAT,

I found the houses, and gave her the address MLS listing, she then stuck it on a email
with her name listed as the selling agent, that was the total work she did helping me FIND the place

When I wanted to make a offer on the place, she called the other agent and arranged to see it
and take pictures of it.

When I came to Vegas (two days before "closing" to actually SEE THE HOUSE, she was there to show it to me, and she was there at closing, where she sat there and smiled a lot

What does she get paid for that hard work? 3% of a $135k deal?

Jonathan
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Old 03-02-2012, 10:47 AM
 
63 posts, read 54,123 times
Reputation: 68
Quote:
Originally Posted by Diane Sells Las Vegas View Post
It is illegal to practice real estate without a license. Only licensed agents are allowed to WRITE the deal and Escrow and Title are in charge of handling closings. AT NO TIME does the office staff write offers, or get signatures on contracts for clients. IT IS ILLEGAL!

Transaction fees are pretty common place today. It's unfortunate you think so little of real estate agents, for in this market, they can certainly be your best friend in the deal. It's in your best interest to have a professional write the contract, make sure your EMD goes to escrow and not into someone's pocket, and generally guide you past the obstacles.
What you say here is very misleading. It is ILLEGAL to sell another house that you don't own and make a commission, but it is not ILLEGAL to sell or buy your own house and pay no commission. Don't get on here and try to scare people into thinking they need a licensed agent or they are breaking the law, complete line of crap.

Quote:
Originally Posted by Dltordj View Post
I would not show my house to any one that knocked on my door asking to see it. I also turned away anyone that made an appointment claiming to be an agent but showed up with a business card that had nothing to do with real estate. That person could have been there with genuine interest but they also could have been there to steal. My house is/was occupied so that makes a difference.
When you had a car for sale would you only show it to a car salesman? It is just as easy for a thief to set up a buying agent to come scope your house, I don't know that most buyers agents are that worried about the safety of the owners or the property. If you really want to sell your house you should show it to anybody that shows some interest.

Last edited by observer53; 03-02-2012 at 12:45 PM.. Reason: merged two adjacent posts
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Old 03-02-2012, 11:16 AM
 
Location: Las Vegas
666 posts, read 888,963 times
Reputation: 344
Quote:
Originally Posted by luckpants View Post
When you had a car for sale would you only show it to a car salesman? It is just as easy for a thief to set up a buying agent to come scope your house, I don't know that most buyers agents are that worried about the safety of the owners or the property. If you really want to sell your house you should show it to anybody that shows some interest.

My house wasn't FSBO if you wanted to see it get a hold of a realtor-it's that simple. I'm a woman and no way in heck am I going to let someone in my house that isn't/wasn't with a realtor. I had no problem getting people to view as it wasn't a short or foreclosure. It was also by appointment only.

I've never sold a car via private sale, so I don't care about that.
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Old 03-02-2012, 11:20 AM
 
63 posts, read 54,123 times
Reputation: 68
Quote:
Originally Posted by Dltordj View Post
My house wasn't FSBO if you wanted to see it get a hold of a realtor-it's that simple. I'm a woman and no way in heck am I going to let someone in my house that isn't/wasn't with a realtor. I had no problem getting people to view as it wasn't a short or foreclosure. It was also by appointment only.

I've never sold a car via private sale, so I don't care about that.
Your selling agent should show it for you then if your scared, your paying them thousands of dollars, least they can do.
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Old 03-02-2012, 11:22 AM
 
Location: Las Vegas
666 posts, read 888,963 times
Reputation: 344
Quote:
Originally Posted by luckpants View Post
Your selling agent should show it for you then if your scared, your paying them thousands of dollars, least they can do.

My selling agent was a relative so I wasn't paying her thousands of dollars.
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Old 03-02-2012, 11:30 AM
 
Location: Portland, OR / Las Vegas, NV
1,785 posts, read 2,094,209 times
Reputation: 904
Quote:
Originally Posted by macgeek View Post
When I bought my house, My agent did DIDLEY SQUAT,

I found the houses, and gave her the address MLS listing, she then stuck it on a email
with her name listed as the selling agent, that was the total work she did helping me FIND the place

When I wanted to make a offer on the place, she called the other agent and arranged to see it
and take pictures of it.

When I came to Vegas (two days before "closing" to actually SEE THE HOUSE, she was there to show it to me, and she was there at closing, where she sat there and smiled a lot

What does she get paid for that hard work? 3% of a $135k deal?

Jonathan
I had a different experience with my LV agent. I provided a list of properties I wanted to see (on short notice). When I arrived in Las Vegas my agent picked me up at my hotel and took me to the listings I requested although he told I should stay away from them. When we got there I could see why he told me that. Then he took me to several listings he picked in the same price range but in much nicers complexes. Ultimately I ended up buying one of the units he picked. As an out of towner, I was glad I had someone looking out for me. YMMV but mine was good.

I have bought and sold a lot of houses/land. Both using an agent and FSBO. Both have their advantages depending on your specific situation.
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Old 03-02-2012, 12:42 PM
 
Location: South Tempe, AZ
13,962 posts, read 16,937,228 times
Reputation: 6215
Quote:
Originally Posted by luckpants View Post
What you say here is very misleading. It is ILLEGAL to sell another house that you don't own and make a commission, but it is not ILLEGAL to sell or buy your own house and pay no commission. Don't get on here and try to scare people into thinking they need a licensed agent or they are breaking the law, complete line of crap.
I don't think that's what she's saying. She was responding to a post which stated that the transaction fee pays for a realtor's office staff who writes up the contracts and handles the closing, rather than the realtor himself or herself. She wasn't saying you can't sell your own house.
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