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Old 01-11-2019, 10:54 PM
 
Location: Cary, NC
32,395 posts, read 56,615,164 times
Reputation: 31123

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Quote:
Originally Posted by jack.archer View Post
<div>We could get into ten million scenarios.&nbsp; The bottom line is the sellers and the representing realtor have all of the information about the house, and you as the buyer have much less.&nbsp; I think this thread started as people (myself included) are just trying to save time and they believe that someone else's hopefully (maybe not likely) factual information will help them do just that.&nbsp; There will likely be good reviews and bad reviews and some would turn potential buyers away.&nbsp; But the likelihood that the majority of the information given will be negative is probably true.&nbsp; The real bottom line is that when I see a whole group of people (mostly realtors) very guarded against transparency in the market, or at least a move that for some would bring a little more transparency to the market, being fought tooth and nail, it means they don't want transparency because it is not good for their side of the business.</div><div>I am not in the real estate business, but have bought several properties in my life, and have read extensively about the market.&nbsp; I was always pre-approved for a loan, I always had 20% to put down, and I always made it known.&nbsp; So I am very confused as to what leverage your buyers would have once they have signed a contract.&nbsp; Why don't they know about your buyers, in my area, if you don't have a letter from the bank saying you have $200,000 for a down payment and are pre-approved for the rest, the contract is laughed out of the door.&nbsp; And the next person in line at the door with the letter from the bank gets the house.&nbsp; An offer or bid is put in and based on the merits of that offer / bid a contract is accepted.&nbsp; I guess I just don't understand the leverage a potential buyer would have in your scenario.&nbsp; In my area, no one knows anything about the buyer, just that they either have the ability to buy a 900k house or they don't.&nbsp; If they do, then send me a contract and it better have a pre-approved letter from the bank attached to it and proof that they have 20% in cash laying around.&nbsp; No one cares if it's a perfect fit or if the in-laws need to live on the first floor.&nbsp; <br></div><div><br></div><div>The blade has one edge - or at least in my ten purchases over the years it does - I knew zero, the seller knew everything.&nbsp; They knew if the basement walls had cracks behind the drywall (this happened), if the septic system was screwed (this happened) and so on.&nbsp; Was it disclosed, absolutely not - why? because it would jeopardize the sale.&nbsp; I knew what the houses looked like, I knew how much they cost, I knew the neighborhood, and the age of the house, but other than that - I knew nothing.&nbsp; And this is why, in the end, people in my area would rather pay 1.2 million for a house 35 miles outside of the city with a 2 year warranty from a reputable (read:&nbsp; very big) builder than risk paying 850k for a 10 year old house, because they fully understand the information asymmetry that exists, and they would rather pay more for new.<br></div>

Beyond the formatting, the content in your post is nonsensical.
1. You can hide from information all you want, but that doesn't mean there is no information.
2. Subjective reviews are neither "fact" nor "transparency."
They are opinion, or even lies.
We see that a lot. People want to depend on scams and lies and call them fact.
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Old 01-12-2019, 03:07 PM
 
1,047 posts, read 374,445 times
Reputation: 824
Quote:
Originally Posted by Klara View Post
I am house hunting at the moment and often I would LOVE an option to comment on house listings. I would like to see what other buyers think, and also to criticize or admire a house, house photos, listing description, etc.
Is there any real estate website with this option that I am not aware of?
It would just be one persons opinion and it would be a complete waste. A professional can evaluate many of the construction and mechanical aspects of the house accurately, but possible buyers comments would be meaningless!
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Old 01-13-2019, 04:06 PM
 
Location: Research Triangle Area, NC
3,357 posts, read 2,291,145 times
Reputation: 4816
Just remember......at one point; someone thought it would be a good idea to add comments sections on online news articles....
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