I have now lost all faith in RE Agents... (Syosset: mortgages, house)

[tcba]

One more thing......... sometimes a realtor can work with people for months and after their listing expires - they stand a chance of losing them and making ZERO

[I_Love_LI_but]

^^^
... and sometimes a realtor can take a customer out to look at houses for months, and then the customer buys something the first time out with another realtor ... meaning the realtor who did all the work with them gets NOTHING NADA ZILCH.

[Gpsma]

I understand it isn't as simple as putting a house up for sale and selling it immediately. But please explain to me how, in the RE boom days, a RE Agent could command a 4% commission? Houses were selling almost immediately if they were in good condition. Tell me how a RE Agent deserves a commission of $24,000 on a sale of a $600,000 home? What value did they bring to the table when houses were selling so fast? What did they do?

[I_Love_LI_but]

^^^
I am not a realtor BUT I have noticed ...

... even in this age of relatively easy do-it-yourself FSBOs listed on the internet by the homeowner, it seems that having your home represented by a realtor can be the difference between it getting sold or it sitting there unsold for most people.

The internet has made several professions somewhat scarce ... for example, look at travel agents. Do you see any travel agencies anywhere anymore? Not really, unless they are business travel agencies, because people can do it themselves on the internet.

Not so with realtors. Realtors routinely do a better job than the FSBOs. So perhaps they are not as useless as you think. Would you rather have 94% of SOMETHING or 100% of NOTHING?

[mcmsinger]

^ Makes a VERY good point.

You need agent but a ETHICAL one and competent one. Sellers also need to be sane.

[I_Love_LI_but]

Originally Posted by mcmsinger

^ Makes a VERY good point.

You need agent but a ETHICAL one and competent one. Sellers also need to be sane.

I think that's the biggest problem these days.

They are lusting after the high prices of the old days when a turnip with a fake social security number could qualify for a mortgage.

[mcmsinger]

A lot mortgage fraud even today and more and more news reports daily about some fraud going in with mortgage.

Seller are still in fantasy land. Eventually more of them will go broke and they will be forced through slavery to give up their property at the right price...

[tcba]

Lets just say there are 4 people to split that (listing agent/their broker and the selling agent/their broker) thats 6k each.............lots of money !! but time spent, advertising, phone calls & paperwork need to account for some of that and it takes up to a couple of months or even longer depending on the mortgage Co. and bank - so break it up and its maybe $2000 - $3000 a month and in this market RE agents are lucky to get 2 or 3 a year (at that price) !!! I am sure people who are selling their homes for millions are not the easiest customers to work with.

[mcmsinger]

^ In a depression, SOME of the wealthy get wiped out & replaced with a new breed of wealth attainers.

million-dollars homes are about to get worthless.

[tcba]

I saw a house for sale in Syosset I think it was 2 million and the taxes were over 55K a year !!! how do people afford that ???