LI Home Prices Far From Reality? um...yup! (New York, Union: foreclosed, rent)

[MikeyKid]

Originally Posted by scottzilla

It's one thing to not buy a house because you think the seller is asking too much, it's something else to expect the seller to drop his drawers just so you can buy!

That's really it, isn't it... Where does it switch from a ridiculous asking price on the buyer side to "pants dropping" on the seller side? Where is that line?

BTW - why do these Realtors deserve 5-6% for what they do? $15,000+ on that 300k home is both ridiculous AND asking the seller to drop their pants. But that's just overlooked?

and it's not just the Realtors... it's the appraisers, the mortgage brokers, the attorneys, the inspectors, and on and on. It's all still way over bloated.

[I_Love_LI_but]

Originally Posted by MikeyKid

and it's not just the Realtors... it's the appraisers, the mortgage brokers, the attorneys, the inspectors, and on and on. It's all still way over bloated.

Don't forget the forced "gratuity" check of $300.00 +/- that they command you to write personally to the title closer! (They don't do this other places.)

[Elke Mariotti]

Originally Posted by MikeyKid

BTW - why do these Realtors deserve 5-6% for what they do? $15,000+ on that 300k home is both ridiculous AND asking the seller to drop their pants. But that's just overlooked?

Well, the commission usually gets split 4 ways, so suddenly the number doesn't seem quite as high, does it ?


With regard to submitting a low offer - it's our job to present any and all offers to the Seller. If we don't, we can lose our license. That doesn't mean we shouldn't (and don't) tell Buyers when an offer is too low; but ultimately it's the Seller's decision what to accept and what to turn down.

Makes sense?

[suzook]

Originally Posted by I_Love_LI_but

Don't forget the forced "gratuity" check of $300.00 +/- that they command you to write personally to the title closer! (They don't do this other places.)

Total BS, i did not tip on my 2nd and 3rd purchase. This is basically a bribe.

[scottzilla]

Originally Posted by MikeyKid

That's really it, isn't it... Where does it switch from a ridiculous asking price on the buyer side to "pants dropping" on the seller side? Where is that line?

BTW - why do these Realtors deserve 5-6% for what they do? $15,000+ on that 300k home is both ridiculous AND asking the seller to drop their pants. But that's just overlooked?

and it's not just the Realtors... it's the appraisers, the mortgage brokers, the attorneys, the inspectors, and on and on. It's all still way over bloated.

It's not overlooked at all. The real estate market is overinflated by 5-6% in the asking prices simply because of RE commissions. Every seller accounts for the "extra" points they need to make to cover these commissions in the asking price of their house.
Is it too much? That's up to the consumer to decide.
By the time the seller determines how much they need to get to sell their house, that number is actually 8-10% higher than the actual "Needed" price. So in reality, while everyone speculates as to the value of a house in a particular neighborhood and argues about what school district is better than what school district, the market is overinflated by 8-10%.
And isn't it funny how the house appraises for the exact amount it needs to?? I smell fish!

[zulu400]

Another house came back on the market after the agent told me there were 6 offers !!
Way to go !

[seren77]

Originally Posted by zulu400

Another house came back on the market after the agent told me there were 6 offers !!
Way to go !

It is crazy, isn't it? Some agents never learn. This is not the market to use scare tactics against buyers.

I have been telling my agent: If there is an offer in the house, let me know and I won't consider the place. The last thing you want as a buyer in a down market is to go on a bidding war. Any sensible buyer knows that.

What some agents do not realize is that if the buyer is a clueless person who would fall into your tricks, it is very unlikely that he is in a situation to be able to secure the mortgage needed. So even if you trick a buyer, it is very likely the deal will never go through.

[I_Love_LI_but]

Originally Posted by suzook

Total BS, i did not tip on my 2nd and 3rd purchase. This is basically a bribe.

Did your attorney try and get you to do it and you refused or did nobody bring it up at all?

[nancy thereader]

But, you do not have to use a real estate agenty. I have no expertise at all & I sold my old condo through Newsday and bought my townhouse in Babylon Village the same way. I had no problem whatsoever . I did use a lawyer for the closings and all, though.

[Elke Mariotti]

Originally Posted by nancy thereader

But, you do not have to use a real estate agenty. I have no expertise at all & I sold my old condo through Newsday and bought my townhouse in Babylon Village the same way. I had no problem whatsoever . I did use a lawyer for the closings and all, though.

Just curious: how long ago was this?