Who's Fault Was It? (appraised, negotiating, sale, fees)
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You're looking at it incorrectly. Of course Realtors negotiate their commissions, much more that most commission based sales people, as it's required by law that our commissions be negotiable. And when I negotiate a commission, I expect the terms of the negotiated agreement to be firm. We've agreed that the work I will do for you, and the risks I will take in getting the property marketed & sold, are worth a percentage of the agreed upon sale price of yrou house. As the client, YOU decied if I will ever get paid, as I can't force you to accept an offer, even if I think you're insane for letting it go by. So wen an offer comes in that is a bit lower thn you want to accept, I don't think I should have to give you part of my agreed upon commission so that you can pocket as much as you wanted to. Remember that by accepting my commission as a percentage of the sale price, I've already tied my income to that sale price, and the lower price you take, the less money I make.
If I showed the house and brought in the offer ... then you should be willing to cut your commission to make the deal. Plain and simple. Now I know realtors won't and are inflexible no matter what the circumstances are which is why I am selling my house FSBO.
If I showed the house and brought in the offer ... then you should be willing to cut your commission to make the deal. Plain and simple.
If that is the option you wanted, then, you have signed an exclusive agency listing - in this case, you would have reserved the right to find your own buyer without being obligated to pay a commission.
However, it appears from your description you signed and Exclusive Right to Sell listing which clearly provides that if the listing broker, another broker OR THE SELLER sell the property, the seller owes the commission stated on the listing.
Again, just because you found the buyer, it did not reduce your brokers overhead - they have a right to compensation. And, you agreed to pay it.
In a buyer's market, you don't try to pay your agent less. You actually may have to offer more incentive to agents to show your property (not your listing agent, other agents) like a bonus. But you can't expect them to want to spend time on your property for quite a bit less money, when there are literally hundreds of other similar properties that their client might choose. In addition, the listing agent has a lot of expense if they are using print advertising, not to mention MLS dues, other marketing expenses (not to mention their time, for heaven's sake) in trying to sell your property.
Now, conversely, in a hot seller's market when houses do practically seem to sell themselves with little more than an MLS presence and a yard sign, some negotiation on commissions may be more reasonable. If I had 20 listings and they were flying off the table like hotcakes with little cost to me in effort or advertising, sure, I'd probably shave a little off to a good repeat client.
But..........you never know! Even what looks like an easy sale can quickly turn complicated when title problems appear, financing fizzles, or any number of issues that can foul up things and require a knowledgable agent to help keep things on the straight and narrow and avoid it all just falling out of escrow.
You actually may have to offer more incentive to agents to show your property (not your listing agent, other agents) like a bonus.
I would never hire you after making that kind of statement. I can't even imagine that a RE agent could, should or would be bribed into showing their own listing or anyone Else's because of an monetary incentive! WOW! What an education I am getting here.
I would never hire you after making that kind of statement. I can't even imagine that a RE agent could, should or would be bribed into showing their own listing or anyone Else's because of an monetary incentive! WOW! What an education I am getting here.
Bonus's to Brokers working with buyers are quite the norm throughout the United States.
We recently sold one that offered a $15,000 bonus if the property was sold by April the 30th. This was in addition to the commission to buyer broker that was offered.
Well, if you had read what I said correctly, I specifically said "NOT YOUR LISTING AGENT", but other agents. I did not say it was right or wrong either, I simply stated what is a fact.
I used to have similar discussions when my kids were teenagers, explaining what's real in this life. It doesn't matter if you think it's right, wrong or indifferent; it simply "IS". Learn to deal with reality and suffer a lot less stress.
I've been lurking for the last week and the ridiculousness of this thread (and the other related threads, I've read them all) made it impossible for me not to delurk.
Frozen.. What are you thinking? Yes it's your fault. take responsibility for yourself. it's not the real estate agents fault. its your fault.
What it's worth, is what someone is willing to pay you. No other number matters. someone was willing to pay you 297 and you turned it down because you had some high falutin idea of what was OWED to you in your head, yet no one was willing to give you that amount. That means your idea of value is incorrect.
you are never going to sell this house if you won't compromise. YOU are the one that needed to compromise there. YOU had signed a contract with your agent on price owed to them if the house sells.
asking your agents to take less at that point would be like your buyer asking you to take off money from the price of the loan AFTER they had signed the papers agreeing to a price with you.
Fy da!
If you want to sell your home dismiss your ideas of what your house is worth. they are wrong. you are over estimating and showing an outrageous sense of entitlement. lower your price dramatically. it will sell when it is inline with the rest of the market. there is nothing that special about your house. it's just your pride of ownership showing. Nothing wrong with that when you want to keep a home, but if you want to sell it it's best to let that type of mentality go.
if you want to keep your house I would say you're going about it the wrong way. I am thinking you don't really want to sell but ADORE the attention this gets you.
Appraisers use the same methods as realtors do and I would bet they are much more accurate with their appraisals that realtors are with comps.
The biggest difference between an appraisal and a Comparative Market Analysis is that a CMA can not be called an appraisal. To say that the appraisal is much more accurate is completely wrong.
When was the last time you heard of a bank ask an impartial realtor to comp a house to approve a loan?
Banks use Realtors all the time to do BPO's and run Comps. There is a Realtor going out to my shortsale listing today to do just this.
When was the last time you heard a bank require 2-4 appraisals in order to approve a loan? I think NEVER ...
You are 3 for 3 in your post, being wrong that is. I have had quite a few closings that required a 2nd appraisal done and a couple that had 3 done.
If I showed the house and brought in the offer ... then you should be willing to cut your commission to make the deal. Plain and simple. Now I know realtors won't and are inflexible no matter what the circumstances are which is why I am selling my house FSBO.
If you showed the house and brought in the offer then there would not be 4 Realtors involved as you said.
I always prefer that the seller not be around when I show a home because more times than not they will hinder a possible sale than help it.
Those sellers that insist on being there are also usually the ones that think they had so much to do with an offer coming in because they pointed out how well the drapes matched the carpet.
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