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.
THe "all of these things that don't cost you anything" shtick gets old very quickly. The buyer is the "only" person bringing money to the table so he/she is effectively paying for everything including realtor commissions.
With all due respect, you are wrong. The buyer is not the only person paying out money at a closing and the buyer does not pay the buyer's representative. I understand why you might *feel* that way but the fact is that the buyer pays for the house, the seller takes that money and pays their broker the full amount of the agreed upon commission. If there's a cooperating broker, the listing broker pays the cooperating broker and that broker pays the agent who represented the buyer. That is just the way it is. You can call it shtick if you like but then can I tell everyone that I pay your salary? After all, I pay someone, they pay someone, they pay someone else, and eventually I'm sure it gets to you, right? By that definition, we all provide each others' incomes but I doubt most would say what you are suggesting.
I disagree. I think you should research the market and make an offer at a price you are willing to pay. There is no such thing as 5% or 10% less. It might just offend the seller or encourage someone else to pay fair market value.
I think its odd that someone would recommend a buyer to offer the highest price they are willing to pay for a house... that's like going to a car dealership and say I am willing to pay X amount for this car based on research... even though the dealer would of accepted a lower price... offend the seller? You aren't trying to be friends, who cares... this is business and business is business... I rather people save thousands of dollars then just give it away... encourage someone to pay fair market value? There are literally millions of homes out there that can't even get fair market value, and the suggestion is to pay fair market value? Oy...
I think its odd that someone would recommend a buyer to offer the highest price they are willing to pay for a house... that's like going to a car dealership and say I am willing to pay X amount for this car based on research... even though the dealer would of accepted a lower price... offend the seller? You aren't trying to be friends, who cares... this is business and business is business... I rather people save thousands of dollars then just give it away... encourage someone to pay fair market value? There are literally millions of homes out there that can't even get fair market value, and the suggestion is to pay fair market value? Oy...
1. Every home gets fair market value at sale.
2. Any home for sale at a 10%--20% discount to fair market value sells fast.
3. If there are millions of homes out there discounted from fair market value, why would one even look at a higher priced one and not a lower priced property? Why would one contemplate an offer, if not for the unique attributes of a given property? For sport? For the thrill of pursuit? Out of idleness and boredom?
4. Every property is considered to be unique. That is why jilted buyers may be able to sue for specific performance. And buyers select the best unique home they can afford.
5. To consummate a transaction means to make a seller believe in the buyer. Naively and aggressively insulting people, particularly when they are already emotional about taking a significant financial hit is a good way for that buyer to not get that unique property which stands out from others enough to elicit an offer.
6. Too many games. Too few facts. Wannabe wheeler-dealer buyers often have to cry over a home or two before they mature into real buyers, and are able to close on their third or fourth or fifth favorite home.
Then the term fair market value is pointless and meaningless... it isn't..
Quote:
2. Any home for sale at a 10%--20% discount to fair market value sells fast.
By your own definition, if fair market value is the sold value, then there is no such thing as a discount because that is the fair market value...
Quote:
3. If there are millions of homes out there discounted from fair market value, why would one even look at a higher priced one and not a lower priced property? Why would one contemplate an offer, if not for the unique attributes of a given property? For sport? For the thrill of pursuit? Out of idleness and boredom?
Because of style and taste and materials...
Quote:
4. Every property is considered to be unique. That is why jilted buyers may be able to sue for specific performance. And buyers select the best unique home they can afford.
You can always build your own, the problem for buyers is more than how much they can afford, its also location...
Quote:
5. To consummate a transaction means to make a seller believe in the buyer. Naively and aggressively insulting people, particularly when they are already emotional about taking a significant financial hit is a good way for that buyer to not get that unique property which stands out from others enough to elicit an offer.
You know who loses? Not the buyer, there are more than one house for that buyer... the seller however, doesn't have that many buyers and time is money for the seller who needs to move... buyers need to be smart and not get into bidding wars... if someone else is interested, its almost always better to look for another house... no house is special enough to merit losing thousands of dollars for...
Quote:
6. Too many games. Too few facts. Wannabe wheeler-dealer buyers often have to cry over a home or two before they mature into real buyers, and are able to close on their third or fourth or fifth favorite home.
I bought 2 residential and 1 commercial building over a span of almost two years... when you are talking about spending six to seven figures, it is a game between buyer and seller... the homes I didn't buy are sitting out in the market still and the others sold for 30% less than what I offered... it isn't buyers who are doing the crying...
Yes, but in the end you are picking the homes. Perhaps I am a control freak but I want to be the one picking the homes to see based on my needs, not your opinion of my needs.
Not true, I include the homes they choose since I will email them listings that fit their needs. Usually they pick the ones they like and I will add some that I think they will also like.
I do find I have a better eye at picking homes then the average Joe. I've been reading between the lines and looking at agent photos / MLS listings for years and can read Realtor speak.
The internet has helped and also made our job showing houses more difficult. Usually the client has picked out homes they want to see and a majority of the homes are lacking but they can't recognize that from the listing until they get to the house.
With the internet, why tell someone what you want and hope they find it for you, when you can go online and see the houses, and rule them out, from your living room?
When I bought my house, I scheduled all my showings. Over a 3 day period I was able to see 15 houses, all with sellers agents who were there to show the property within a half hour. You think a buyers agent would have been able to put that much time into what I wanted?
And this was after ruling out many homes from doing online research through mls and the registry of deeds.
Well, Yes, I do that for my clients all the time. (meaning call and set up numerous showings for a certain day) Then I prepare a simple flyer for each listing and have them in a folder in my jeep waiting for them when I pick them up, so they can make notes and review the listings as we go along.
With all due respect, you are wrong. The buyer is not the only person paying out money at a closing and the buyer does not pay the buyer's representative. I understand why you might *feel* that way but the fact is that the buyer pays for the house, the seller takes that money and pays their broker the full amount of the agreed upon commission. If there's a cooperating broker, the listing broker pays the cooperating broker and that broker pays the agent who represented the buyer. That is just the way it is. You can call it shtick if you like but then can I tell everyone that I pay your salary? After all, I pay someone, they pay someone, they pay someone else, and eventually I'm sure it gets to you, right? By that definition, we all provide each others' incomes but I doubt most would say what you are suggesting.
THe buyer does provide for RE commissions. IMO it is more direct than you want to admit
Last edited by tigerclaws; 03-21-2012 at 01:40 PM..
THe buy does provide for RE co provide each others income". IMO it is more direct than you want to admit
Here is the thing...
Whether or not the OP has their own Realtor represent them in the sale the amount of commission that will be paid has already been set. The seller is going to pay x% of the sales price to the list agent whether or not the OP has their own Realtor. The seller has already agreed to pay that amount, and the amount will not be lowered if the OP negotiates without a Realtor. The only thing that changes is how much of that x% the listing agent gets. If the OP goes in without a Realtor, the listing agent gets all of the commission; if the OP brings an agent, then the list agent has to split the commission with the OP's agent.
At the end of the day, if I'm the seller in this situation, I don't care whether the buyer comes in with their own agent or not, because I'm stuck paying x% regardless. I won't save a dime if the OP has no representation, so I really don't care.
If I'm the OP though, I would want an agent whose job it is to look out for me. The listing agent has to think of the best interests of their client, the seller. As the buyer, I don't know why you wouldn't want your own Realtor to represent you. I could see it if it it would mean the sellers could be more negotiable on the price (if they were selling by owner or something), but since they probably are already locked into paying a certain percentage, I would get my own representation.
and that is because the buyer brought an even bigger check......
A check that I didn't see a dime of. As far as I am concerned it is black and white. The seller pays the commission.
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.
