Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
There seems to be a debate for home owners in and around Las Vegas which hurts a credit score more, a short sale or foreclosure. I think you will suprised at the answer.
Although short sales have a reputation for being easier on credit scores than foreclosures, “that’s a fairly common misperception,”According to the director of consumer and public education at Experian, a credit reporting buruera. If there is a difference in impact, both short sales and foreclosures remain on the credit report for seven years — but foreclosures don’t appear until the legal paperwork is filed, and that could take months.
The effect was measured in an analysis by VantageScore, a provider of credit scores used by lenders. The higher the credit rating a consumer has, the more points he or she would lose in a short sale.
If consumers started with, say, an 830 score, they would most likely lose 100 to 110 points from a short sale, 120 to 130 points from a foreclosure. But a homeowner with a 625 score, who is behind on his mortgage and some credit card payments, would lose 15 to 25 points from a short sale and 10 to 20 points from a foreclosure, according to Vantage scores.
One major downside to a short sale has been the length of time it takes to process the transaction. [SIZE=4]You can learn more about this in an article that appeared in print on May 27, 2012, on page RE5 of the New York edition with the headline: Speeding Up Short Sales.[/SIZE]
Are you this pessimistic and negative in real life?
I used to frequest this forum often, this thread specifically when I thought I was moving out there. I took sometime off, settled in Florida but still think often about living out there. May just make the move soon...which brings me back to one of my favorite places. Then I have to read your comments. What a miserable outlook! I really hope it's just for show!
Quote:
Originally Posted by eventusstultorummagister
Low inventory, infestors with all cash, communists from China, what's not to love about Las Vegas real estate? The houses won't appraise at list (or anything near it for that matter) and the buyer's agents are instructing the rubes (clients) to make ridiculous offers well above asking price. Yes, it's true, the agent is super nice but the more you spend the more they get (the same goes for the mortgage broker), it's a conflict of interest no matter how you slice it...
When the time comes and the sheep lining up to be fleeced ends, we will invariably witness these Realtor® types transition back into their prior occupations... robbing liquor stores and mugging little old ladies of their Social Security checks.
Claiming 6% ownership of all property in the U.S., what are they... pirates?
We need to remove the often expensive (transaction costs) and entirely unneeded middlemen!
...and don't tell me the buyer doesn't pay the realtor's fees, that's total malarky. The buyer could have got the house for 94% of what they actually paid!
Let's take a gander at these so-called professional services, shall we?
What does a buyer's agent REALLY do:
1) Unlock doors.
2) Find houses (that are easily found online by anyone).
3) Compliments house as you walk through it, attempting to hide flaws with words like "cozy".
4) Does paperwork that someone can be hired hourly for.
5) Lies about other offers so you'll pay more money(what's you best and highest, snort-snort... offer?!).
6) Takes a 6% bite of the house cost instead of a flat fee, regardless of how much work they've actually performed.
7) Tries to lock you into a contract so you can't escape working with them.
I would like to meet the Buyers Agent that makes 6%! That would be phenominal. Maybe you just feel the Sellers Agent will give up there entire commission right?
Also, what about the buyer that has decided to spend three weeks looking for a home? You personally have catered to them, driven them all over, and then they decide not to buy or went to a home builder and bought directly? Completely cutting you out of a chance to make a living.
A lot of you laugh, but what if someone did that to you in your line up work. Change the scenario so you spend all of your time catering to something because that is your job, but you only work on commission and the deal falls through? Now a little different? YEP!
[mod cut-- discussing posters, not topic]
Astoria Homes were selling up around Aliente Parkway. 3177 square foot homes! Big beautiful homes and Astoria was having a sale. He got us the flier and I still remember the price, $418,000. My wife loved it, I loved it and we were ready. He told me again to wait, said things are changing here quickly and let's see where we'll be in a few months.
We waited, Real Estate Market everywhere tanked, I was promoted so remained in the Navy another 5 years, and haven't made it to Vegas yet. I looked a couple months ago and I could have bought that same home for less than 200K. OLE CAPT saved me over 200,000 dollars and really my entire retirement plans.
I OWE THAT MAN A LOT! He did get going in here and it's a shame he is not around the forum like he used to be. I see his website is still up, I may have to drop him a line!
You want to know what a BUYERS AGENT DOES??? He or she saves people from making big mistakes.
Or at the worst of it, you walk into a transaction with someone that is looking out for you. That Buyers Agent costs you nothing. 6% commission is built into the sale by the selling BROKER. Usually split between the selling agent (who spend thier own money making this ready for the sale) and a buyers agent who runs people all over the place in hopes of helping make a sale. If you go right to the Sellers Agent, that entire 6% goes to the Selling Agent. It doesn't go back to you. But if that buyers agent negotiates for the buyer and gets a price reduction, a free fridge/washer/dryer/etc... I say they did okay. Try getting from a sellers agent who is LEGALLY required to get that best deal for the SELLER.
Last edited by observer53; 06-11-2012 at 06:19 AM..
Then I have to read your comments. What a miserable outlook! I really hope it's just for show!
There are a LOT of people here who have had successive bad experiences with local Realtors. We are so used to being lied to by agents that it's become funny.
"Oh, so the house has sat for 487 days, and now you're telling me we're in a 'multi-offer' situation? How precious! Would you like to play some three-card monte while we pass the time?"
And my experience with seller's agents is that they would throw their own mother under a bus to move a deal along and get that almighty commission check. They'll tell you all sorts of information that should be fiduciary. "The seller will go this low, no lower." "The sellers are divorcing, they just need to sell, fast." "The seller's wife has cancer, just make an offer, any offer. I'll convince them to take it."
And the buyer's agent basically works for the seller. The agent wants the buyer to put an offer on something, ANYTHING. And do it today!
As a buyer, I don't need a taxi service. I don't need someone to look at listings for me. I don't need a cheerleader with pom poms to tell me the features and benefits of every property I look at. I don't need to pay transaction fees and broker fees, "to keep the lights on." I don't need to pay for the agent's marketing expenses. I don't need a grinning moron at the closing table beaming as I sign paperwork.
And I certainly don't need to pay 6%. I don't even need to pay 3%. It's too easy to negotiate a better deal.
I would like to meet the Buyers Agent that makes 6%! That would be phenominal. Maybe you just feel the Sellers Agent will give up there entire commission right?
Also, what about the buyer that has decided to spend three weeks looking for a home? You personally have catered to them, driven them all over, and then they decide not to buy or went to a home builder and bought directly? Completely cutting you out of a chance to make a living.
A lot of you laugh, but what if someone did that to you in your line up work. Change the scenario so you spend all of your time catering to something because that is your job, but you only work on commission and the deal falls through? Now a little different? YEP!
Ole Capt - I remember him well. I actually flew in from Japan in 2007 and met him. I was going to be retiring from the Navy and we were buying in Vegas. We met him and his (Admiral) wife, very nice people. We needed about 6 months and he told me not to rush. He ran down some properties for us, and again told me not to rush.
Astoria Homes were selling up around Aliente Parkway. 3177 square foot homes! Big beautiful homes and Astoria was having a sale. He got us the flier and I still remember the price, $418,000. My wife loved it, I loved it and we were ready. He told me again to wait, said things are changing here quickly and let's see where we'll be in a few months.
We waited, Real Estate Market everywhere tanked, I was promoted so remained in the Navy another 5 years, and haven't made it to Vegas yet. I looked a couple months ago and I could have bought that same home for less than 200K. OLE CAPT saved me over 200,000 dollars and really my entire retirement plans.
I OWE THAT MAN A LOT! He did get going in here and it's a shame he is not around the forum like he used to be. I see his website is still up, I may have to drop him a line!
You want to know what a BUYERS AGENT DOES??? He or she saves people from making big mistakes.
Or at the worst of it, you walk into a transaction with someone that is looking out for you. That Buyers Agent costs you nothing. 6% commission is built into the sale by the selling BROKER. Usually split between the selling agent (who spend thier own money making this ready for the sale) and a buyers agent who runs people all over the place in hopes of helping make a sale. If you go right to the Sellers Agent, that entire 6% goes to the Selling Agent. It doesn't go back to you. But if that buyers agent negotiates for the buyer and gets a price reduction, a free fridge/washer/dryer/etc... I say they did okay. Try getting from a sellers agent who is LEGALLY required to get that best deal for the SELLER.
*yawn*
1. Real Estate agents know the pros & cons before they go into that line of work. To then complain about the downsides after voluntarily accepting them falls on deaf ears. Practically all jobs have downsides, many much worse than what you are whining about.
2. Look back at old threads/posts with Ole Capt's participation. Numerous times he engaged with what essentially amounted to childish back and forth name calling with numerous other posters that went on for pages at a time. Yes, others were as guilty as he, but it takes at least two to fight. He was banned by CD for his behavior (though he has continued posting under several other names attempting to hide from CD). There is always a lot of disagreement on here, but few resort to that type of behavior. Your definition of "nice people" obviously differs substantially from many.
3. You credit OC with the ability to time the market. He has been calling the bottom incorrectly for the last several years as his past posts clearly evidence.
4. Arguments made by a real estate agent (or one of most any other profession) taking up for his profession will not be taken very seriously by anyone outside of that profession.
Scoop...I honestly believe bad employees exist in every organization. I gave you my scenario on how Ole Capt saved my backside and I had a great Realtor here in Florida.
My first Realtor in Florida told my wife to just buy this one home here in Florida. If we don't like it, we can sell it in 3-5 years! After my wife told me this, I had her call this lady back and tell her we don't want to use her services anymore. She had moved to North Carolina! I guess she wanted one more sale.
While I do agree that the process for getting your license is not the difficult. That alone will bring people into the profession that may not be good at it.
That said, even what I see now as a Realtor, I would never go into a Real Estate transaction without representation. But that is just me.
You already are paying 6%, that is my point. It is built into the price by the sellers broker. The Brokers created, populated and built the MLS. That is why Zillow, Trulia, Realtor.com, Yahoo Real Estate, etc... are not always up to date. They take the data and put it into a commerical website. Advertisors pay these companies to be on there, and these companies don't give the Brokers anything. The Brokers only sole revenue is from charging sellers (home listers normally 6%) a fee to sell thier home. Without getting that home into the MLS, 95% of the home buyers would never see that home for sale.
You pay regardless of who you use.
There is a lot not placed on the market, but there is a heck of a lot of inventory with more on the way.
Right now laws make it beneficial to hold the property at the banks rather than dispose of it.
This is like a cheat and IMO won't work out in the long run.
I don't complain about doing this at all. I was trying to make a point.
I personally don't get to involved with what people think about Realtors. If you don't want one, don't use one. Pay what you have to for a Real Estate Lawyer.
They have been good for me, and I would continue to use them. I wouldn't want to spend 200,000 on something and not have my interests looked after.
I actually credit Ole Capt with being straight forward and honest. I am a responsible adult and can make a decision for myself. In the end, maybe the timing did line up and I did get lucky. My point was do you think that sellers agent at Astoria Homes would have said, "Why don't you wait".
My comment to most pessimistic person I have seen on City Data Forum in the last 6+ years stands for me. I have been reading for well over two weeks in here again and have seen nothing remotely that negative by anyone. I sincerely do hope that it is just for show and that person really is a okay in real life. Hate to think people walk around like that.
Too bad for the Banning by OC. Is it permanent or just a suspension?
Scoop...I see where you are coming from. Here is my question to that:
Do you think that Real Estate Broker is making the money they thought they would make on that transaction? Watch this:
Real Estate Broker signs a contract to list a home for sale at 200,000 for a seller for a 7% commission. That broker is looking to make 14000 dollars on this sale, while the seller is looking to get 186,000. The terms are 3% to buyer (6000), 3% to seller (6000) and some transaction fees (MLS -300, E&O 35) etc... This is our basic transaction.
You cut out a buyers agent, now 6% (12000) is sitting there for the Sellers Agent. That Sellers Agent really wants this deal, this is a couple months worth of work! You go in and talk to the Seller, stating I am not paying that 3% for the buyers agent because I don't have one. The Sellers Agent talks to the Broker and the Brokers says, 'You can give them back that 3% out of your cut, but I am getting my money. The sellers agents decides 3% (6000) is better than losing a sale, so agrees.
Don't think for one minute a broker will cave in on that 3%. If they did that, it would put every Real Estate Agent out of business and nobody would be showing anyone homes (some may feel that is a great idea - different discussion) and that broker would have some serious explaining to do to his fellow brokers. Because now everyone would list with that broker for the 3% vice 7%. BIG BATTLES OVER THAT.
Big question: Let's say you paid selling price of 200,000. Broker still got thier 14,000 from the seller because they have a contract to list the home for 7%. Seller agent received 6,000 in commission, who received that 3% that you didn't pay a buyers agent?
If you saved money Scoop, I am happy for you. But if that buyers agent could have saved you 5,000 on the purchase price, say you pay 195,000 it could be viewed as the same.
But if you think you saved that 3%, it went to someone unless you made a deal to have them give that directly to you (all legal). Again, I say good for you. But back to my statement, how much could that buyers agent have negotiated in a price reduction?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Are you this pessimistic and negative in real life?
