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Quoting: lls1662 ". . . and am a Realtor, but, for a number of reasons, not actively working for others"
How does the above forthcoming statement equate to "another job getting in the way", "emotion", "being good enough"; "screams I am incompetent and I know it". ? The poster has reasons beyond the scope of prying into his/her personal business. Unnecessarily judgmental.
I was not trying to be judgmental at all - sometimes the internet makes things out to sound more harsh than intended... There are a number of reasons a person may not want to do the negotiation themselves, and those are highly personal - but if I were a buyer looking to use the agent, I would want to know those reasons....its important to know why someone who is a professional for others wont do it for themselves. Its like a stock broker not taking his own advice...it raises questions.
I completely understand having something more lucrative to do with your time...I CAN change my own oil, but I believe my time is more valuable doing something else. If that is the reason, then I get it....your time is better used somewhere else...Its just hard for me to imagine people not doing their own work when so much money is potentially just being given away.
The post was not intended to personal in nature, merely pointing out that I would be very skeptical of a professional who did not do their own work inside of their profession.
I was not trying to be judgmental at all - sometimes the internet makes things out to sound more harsh than intended... There are a number of reasons a person may not want to do the negotiation themselves, and those are highly personal - but if I were a buyer looking to use the agent, I would want to know those reasons....its important to know why someone who is a professional for others wont do it for themselves. Its like a stock broker not taking his own advice...it raises questions.
I completely understand having something more lucrative to do with your time...I CAN change my own oil, but I believe my time is more valuable doing something else. If that is the reason, then I get it....your time is better used somewhere else...Its just hard for me to imagine people not doing their own work when so much money is potentially just being given away.
The post was not intended to personal in nature, merely pointing out that I would be very skeptical of a professional who did not do their own work inside of their profession.
It is not unusual for a Realtor to hire another agent to sell their home.
There can be legal risks in acting as your own agent in a transaction. Naturally the fact that the seller is the owner must be disclosed; and of course the agent is considered to have superior knowledge, which can work against him/her in a legal action. In this litigious society we live in, a buyer may be quicker to sue the seller for some reason if the seller acted as the agent for the transaction.
Some may feel that buyers may be reluctant to deal with an owner/Realtor; and they may be correct.
They may think the owner/Realtor is going to be more difficult to deal with than a Realtor who is not the owner.
Some agents may feel that their own subjectivity may get in the way, and that by hiring another agent, a highly competent one, they may even net more money and sell the home faster, and not have the hassle themselves.
There can be many reasons, which do not have anything to do with the sellers own abilities.
It is not unusual for a Realtor to hire another agent to sell their home.
There can be legal risks in acting as your own agent in a transaction. .
Until just a few years ago our E&O Insurance (and company policy) prevented us from even listing our own homes. Still today our E&O prohibits us from representing the buyer on the purchase of our own home. Buyers must have a 2nd agent and representation.
And too add, I really feel like a buyer's agent is just an un-necessary middleman. But there is no other way to get into houses.
This is incorrect. It is quite easy to get into a house for sale without a buyers agent. Call the listing agent. Tell him you are unrepresented, and want to see the house. He'll be happy to show you the property, and will likely be salivating at the prospect of selling his listing to an unrepresented buyer.
Of course, a buyers agent can & should be doing a great deal more than opening doors for you. But that's a different discussion.
[quote=marksmu;27284238]I was not trying to be judgmental at all - sometimes the internet makes things out to sound more harsh than intended... There are a number of reasons a person may not want to do the negotiation themselves, and those are highly personal - but if I were a buyer looking to use the agent, I would want to know those reasons....its important to know why someone who is a professional for others wont do it for themselves. Its like a stock broker not taking his own advice...it raises questions.
I completely understand having something more lucrative to do with your time...I CAN change my own oil, but I believe my time is more valuable doing something else. If that is the reason, then I get it....your time is better used somewhere else...Its just hard for me to imagine people not doing their own work when so much money is potentially just being given away.
The post was not intended to personal in nature, merely pointing out that I would be very skeptical of a professional who did not do their own work inside of their profession.[/quote]
Oh, Marksmu, you stepped in it this time.....
First, I want to thank you (is there a scarcasm font?) for making me go back through 25 pages of comments to make sure I have it right. You see, I try very hard to make sure I have correctly read a post before commenting on it.
My post -
I have to add here that I have been licensed as a broker for about 15 years, but have not actively represented buyers or sellers in about 10 years. I have an active license and am a Realtor, but, for a number of reasons, not actively working for others.
You make reference to me being in the profession and why, that you as a buyer, would hesitate to hire me.
My comments indicate I am not actively representing buyers or sellers and have a number of reasons why.
Your previous comments - My responses in italics
Comment #133 - Quote
Ive done lots of transactions as an attorney, this is the first one as an agent. Your attempt to belittle my experience is noted and rejected. Real estate is something I understand very well.
Do you read contracts as well as you read posts?
Comment #133 - continued
Lawyers use secretaries or hot shot to file law suits these days....
Does this mean you can't handle these tasks yourself? Should a potential client question your abilities?
Comment #148 - Quote
There are lots of things being done that you could pay someone else to do and would be money well spent.
Do you think this may apply to me as well?
And, your comment above:
The post was not intended to personal in nature,
Not personal in nature, I write a novel regarding the initial post, and the one thing you chose to point out (incorrectly) is that I am probably incompetent. How is that not personal in nature?
And now, my fellow posters, you know my deep, dark secret. As you may be able to surmise, I have a low tolerance for BS. The main reason I quit representing buyers and sellers is that I earn a very good livng doing other things without the drama, emotions (other people's, not mine) and the incompetance and unprofessionalism that abound in the world of real estate.
To clarify, I am not "throwing away" money when I use the services of another agent. First, when selling a property, I have a flat rate that I pay an agent. She knows there is a limited amount of work on her part and will be adequately compensated for what she does. I am more than happy to pay her the money as my time is better spent elsewhere. When buying a property, it is very typical in my area for listings to state "Agent buying for their own use will not receive a commission". This means I will not get the commission and it will go either to the listing agent or the seller, they don't negotiate the price down. The agent I use (same as selling) gets the commission, and she intercepts a lot of the BS that I can do without. Also, I am an excellent negotiator, but find the extra layer between the parties often works to my benefit.
Yes, this is personal in nature. I initially included comments about my background to clarify that I am neither an agent, nor a member of the "general public". I practice common coutesy and expect the same from others. The incorrect comments could have been avoided had you provided me the common coutersy of correctly reading my posts before questioning my abilities.
As a final thought, have you ever hear the adage "Alawyer who represents himself has a fool for a client"? Yes, I know, it is commonly referred to in litigation, but I think the sentiment may still have some merit here.
And, thanks QuilterChick and Silverfall for the kind responses.
... it is very typical in my area for listings to state "Agent buying for their own use will not receive a commission". ...
Interesting, that would not be allowed in our MLS. The co-opt amount is a contractual obligation due to the buyer agent no matter who it is, even if the buyer and agent are the same. And actually, the commission is due to the agent's broker who pays the buyer/agent, and the listing broker has no say in who the buyer broker pays.
Interesting, that would not be allowed in our MLS. The co-opt amount is a contractual obligation due to the buyer agent no matter who it is, even if the buyer and agent are the same. And actually, the commission is due to the agent's broker who pays the buyer/agent, and the listing broker has no say in who the buyer broker pays.
Ditto.
Commission is paid on gross sales price according to TMLS rules and regs.
Interesting, that would not be allowed in our MLS. The co-opt amount is a contractual obligation due to the buyer agent no matter who it is, even if the buyer and agent are the same. And actually, the commission is due to the agent's broker who pays the buyer/agent, and the listing broker has no say in who the buyer broker pays.
The only way they could get away with it is to show the commission as $1 (one dollar).
On an REO property that I bought, when the bank sent the papers for me to sign it said that if the buyer is also the agent that the buyer agent would not be paid a commission. The bank was going to give her the listing agent the full amount.
Since the listing agent owed me the commission, we made an agreement with her broker that he would pay me the same amount as a referral fee. A referral fee does not have to be on the HUD because it isn't a part of the transaction. So her broker, a small firm, agreed to do that so they wouldn't have to fight with the bank.
I don't think the banks are doing that any longer. Maybe one of the larger brokerages with deep pockets stood up to them and let them know, through their attorneys, that they cannot interfere with a third party contract.
The only way they could get away with it is to show the commission as $1 (one dollar).
On an REO property that I bought, when the bank sent the papers for me to sign it said that if the buyer is also the agent that the buyer agent would not be paid a commission. The bank was going to give her the listing agent the full amount.
Since the listing agent owed me the commission, we made an agreement with her broker that he would pay me the same amount as a referral fee. A referral fee does not have to be on the HUD because it isn't a part of the transaction. So her broker, a small firm, agreed to do that so they wouldn't have to fight with the bank.
I don't think the banks are doing that any longer. Maybe one of the larger brokerages with deep pockets stood up to them and let them know, through their attorneys, that they cannot interfere with a third party contract.
I'm glad this worked out for you and that the other broker was willing to cooperate.
According to our MLS rules, the listing is an agreement. So, if it states 3% to BA, then it becomes a binding agreement. However, there are exceptions, like in a short sale situation. As long as the listing indicates commission could be changed, the changes are part of the agreement. For example, it is standard practice to indicate, in broker comments, that any reduction in commission by the seller's bank will be shared equally by both sides. This amends the initial offer of 3%.
Therefore, couldn't it be argued that the agreement between the brokers (the MLS listing) has been amended? Obiviously, not my choice, but that is the other side of the fence. Our MLS takes the stand that as long as it is disclosed up front, prior to submitting the offer, that it holds. And, unfortunately, with a huge pool of local Realtors and high turn over, few are willing to give up money they have to "do the right thing". And, not all of these comments are associated with REOs, just another way for some Realtors to supplement their income.
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