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.
I'm just curious if anyone has used Redfin.com to buy their property and how was the rebate process? Did they just credit the funds toward the purchase price? Or use it towards closing costs? I also read that they can issue a check after closing that is TAX FREE. It almost sounds too good to be true.
How were they in scheduling showings? Was it a normal realtor from an agency? I've never actually known anyone that has bought with them but was super curious about it. I read they've issued some $20 million on rebates back to home owners.
I'd love to hear about anyone that has used them before and their experiences. Thanks.
I'm just curious if anyone has used Redfin.com to buy their property and how was the rebate process? Did they just credit the funds toward the purchase price? Or use it towards closing costs? I also read that they can issue a check after closing that is TAX FREE. It almost sounds too good to be true.
How were they in scheduling showings? Was it a normal realtor from an agency? I've never actually known anyone that has bought with them but was super curious about it. I read they've issued some $20 million on rebates back to home owners.
I'd love to hear about anyone that has used them before and their experiences. Thanks.
Had a friend use Redfin and really liked the process and would do it over again for his next property. Never asked him about the rebate.
According to section 61 of IRS tax code: In the present case, a payment or credit at closing from Taxpayer represents an
adjustment to the purchase price of the home and generally is not includible in a
purchaser’s gross income.
Yeah, I read that and that is how I guess it's tax free. Seems great. With that in mind, why in the world would someone not use Red Fin? I can understand if someone is loyal to a particular realtor, but after the housing mess, I imagine lots of people abandoned ship with their realtor and lots of realtors got out of the business or soon will be jumping ship.
Sounds good. I emailed the realtor from Redfin, Anna and she emailed me back right away. On one property I asked her what the lot size was and she immediately emailed me a plot with to scale dimensions of the property. I was impressed as the listing realtors take forever to get back (many days). She also said they could set up a property visit quickly.
I guess if you don't have much experience buying a property then maybe a traditional realtor or friend/family member if they happen to be a realtor might be ok but if the realtors that Red Fin use are ethical then it seems like a no brainer to me.
The only thing I could think of where you might be able to negotiate an even lower price is if you are working with the seller's realtor since they will make both sides of the commission and might fight a little harder for you to get the price down since he/she will make both sides of the commission. I've seen that quite a bit in other properties I've purchased.
Yeah, I read that and that is how I guess it's tax free. Seems great. With that in mind, why in the world would someone not use Red Fin? I can understand if someone is loyal to a particular realtor, but after the housing mess, I imagine lots of people abandoned ship with their realtor and lots of realtors got out of the business or soon will be jumping ship.
Sounds good. I emailed the realtor from Redfin, Anna and she emailed me back right away. On one property I asked her what the lot size was and she immediately emailed me a plot with to scale dimensions of the property. I was impressed as the listing realtors take forever to get back (many days). She also said they could set up a property visit quickly.
I guess if you don't have much experience buying a property then maybe a traditional realtor or friend/family member if they happen to be a realtor might be ok but if the realtors that Red Fin use are ethical then it seems like a no brainer to me.
The only thing I could think of where you might be able to negotiate an even lower price is if you are working with the seller's realtor since they will make both sides of the commission and might fight a little harder for you to get the price down since he/she will make both sides of the commission. I've seen that quite a bit in other properties I've purchased.
I agree with you to a certain extent. I think you give buyers too much credit when it comes to finding a home and doing their due diligence. Also for folks that have never purchased property before, I think not sitting down with someone about dropping 6 figures on something is not as simple as buying a pack of gum.
I know quite a few people that made decisions they regretted for simply not doing their due diligence and trusting their agent or friends only. Although I do think that a majority of these "types" of buyers circa mid 2000s have dropped in numbers, then redfin is certainly a more than viable option. There is too much good that it does for the more web savvy buyer. This is an area where I think we will see tremendous strides for career agents looking to reinvent themselves and industry.
I fit into the latter of what you said about having a family member/friend represent my interests. For the price ceiling I had set, there were many choices in some areas that had varying degrees of 'potential' in the next 10 years if one were to be optimistic.
Since I wasn't in a rush or pressured into buying I would say it took the better part of 8 months going into areas of the County I had only passed on the freeway or just heard about in passing. Some of the areas I had been to, but buying a house takes on a whole other list of pros/cons for buying not only a home but a neighborhood.
The friend/agent I had working with me had 30+ years of experience here but was able to point out things that I would not have looked for in not only primary residence but rental in the future. She is a rare breed having been in SD Real Estate this long and has seen enough transition and change that I valued her opinions. She gave me neighborhood history and many other variables that only someone in her position would have accumulated in her long career. But, I think this is definitely the exception to the rule and what is the norm out there. I consider myself extremely lucky.
Last edited by shmoov_groovzsd; 02-26-2011 at 08:54 AM..
Yeah, maybe I'm giving buyers too much credit. But I could never understand people that don't do more due diligence when buying a home. I mean, let's be honest. A house for most people will be the single biggest expense of their entire lifetime. So it seems strange to me that people don't do more research when buying a home.
I think that's part of the problem why we are in this mess now in the real estate sector. Too many people listened to so called professionals that said, "you only have $X to pay each month... you can afford it".
I agree that web savvy buyers are a good thing and it's going to force the entire industry to change. I think the time will come when 6% seller's realtors fees will be gone. There are already smart web savvy entrepreneurs that are entering the picture and coming up with various schemes to lower the commission sellers pay, especially if the seller can show the home themselves, etc. I think this is where the market is heading. With the power of the internet, it's just a much different industry than decades ago when all of this wasn't in so many databases, photos online, etc.
And realtors can't even use the argument that they can get more money than people that go at it alone. Many studies and hard numbers show this isn't the case.
I do think that if you are working with a trusted friend or someone that has tons and tons of years experience in the industry can help. But I know from personal experience, even talking to many experience lifelong realtors that most of them (vast majority) didn't see the real estate nightmare coming. They kept saying, "it's a great time to buy" all the way up to the bubble, even during the bubble, and the past few years. Always the same story. That's why the typical person now has a lower respect for a realtor than a used car salesman now.
I only came across a VERY few people that were realtors during the bubble that said "don't buy....things aren't rational". After all, they wouldn't have made any money if they said that.
It's going to be really interesting to see how the market changes and how all these advances in technology change the industry. Also, the big wildcard will be just how quickly the US government exits all of these artificial support systems.
With unemployment rates so high, I don't see any meaningful recovery in the real estate picture until that is solved. And now with tougher standards for lending with higher down payments and higher credit scores.... I don't think anyone needs to be in a hurry to buy.
Still, definitely I think those buying or thinking of buying now will do ok buying now for the long haul. Yeah, prices can go down a bit more but if you're holding for the long haul then things will be ok. I can't say as much for those that bought during the peak bubble prices.
But an area like San Diego that is more desirable will be more insulated. I never see it becoming like a Miami, Phoenix, Las Vegas.
Yeah, maybe I'm giving buyers too much credit. But I could never understand people that don't do more due diligence when buying a home. I mean, let's be honest. A house for most people will be the single biggest expense of their entire lifetime. So it seems strange to me that people don't do more research when buying a home.
I think that's part of the problem why we are in this mess now in the real estate sector. Too many people listened to so called professionals that said, "you only have $X to pay each month... you can afford it".
I agree that web savvy buyers are a good thing and it's going to force the entire industry to change. I think the time will come when 6% seller's realtors fees will be gone. There are already smart web savvy entrepreneurs that are entering the picture and coming up with various schemes to lower the commission sellers pay, especially if the seller can show the home themselves, etc. I think this is where the market is heading. With the power of the internet, it's just a much different industry than decades ago when all of this wasn't in so many databases, photos online, etc.
And realtors can't even use the argument that they can get more money than people that go at it alone. Many studies and hard numbers show this isn't the case.
I do think that if you are working with a trusted friend or someone that has tons and tons of years experience in the industry can help. But I know from personal experience, even talking to many experience lifelong realtors that most of them (vast majority) didn't see the real estate nightmare coming. They kept saying, "it's a great time to buy" all the way up to the bubble, even during the bubble, and the past few years. Always the same story. That's why the typical person now has a lower respect for a realtor than a used car salesman now.
I only came across a VERY few people that were realtors during the bubble that said "don't buy....things aren't rational". After all, they wouldn't have made any money if they said that.
It's going to be really interesting to see how the market changes and how all these advances in technology change the industry. Also, the big wildcard will be just how quickly the US government exits all of these artificial support systems.
With unemployment rates so high, I don't see any meaningful recovery in the real estate picture until that is solved. And now with tougher standards for lending with higher down payments and higher credit scores.... I don't think anyone needs to be in a hurry to buy.
Still, definitely I think those buying or thinking of buying now will do ok buying now for the long haul. Yeah, prices can go down a bit more but if you're holding for the long haul then things will be ok. I can't say as much for those that bought during the peak bubble prices.
But an area like San Diego that is more desirable will be more insulated. I never see it becoming like a Miami, Phoenix, Las Vegas.
lol,
this is why I had my agent around for the history lesson and not my personal cheerleader. If that were the case, I am sure I would be living near the coast and kicking myself in the ass with buyers remorse because I could care less about living near the coast.....but its a "great investment!"
I guess this is why I trade stocks online (click of a button) vs owning hard assets. However the tide is turning....
Buying a home to live in is personal and emotional because you are right, it is the largest single transaction they will ever make. Not having someone there to think rationally in your interest seems counterintuitive.
this is why I had my agent around for the history lesson and not my personal cheerleader. If that were the case, I am sure I would be living near the coast and kicking myself in the ass with buyers remorse because I could care less about living near the coast.....but its a "great investment!"
I guess this is why I trade stocks online (click of a button) vs owning hard assets. However the tide is turning....
Buying a home to live in is personal and emotional because you are right, it is the largest single transaction they will ever make. Not having someone there to think rationally in your interest seems counterintuitive.
Absolutely! Too many people were thinking of homes as "investments". I know several realtors that got caught up in the game and bought 3, 4 or 5 houses. MANY realtors I know in Las Vegas all have declared bankruptcy as they got caught up in that game. They kept telling me I was crazy not to buy there. At the time, I was buying properties for 100% cash in South America and they all told me I was crazy. I told them Vegas was going to crash VERY hard and they better take the money and run. Oh well..hindsight is 20/20. A few flipped a few properties and made some great cash..the problem is most of them stuck their winnings and put in all back into other properties. Like a degenerate gambler winning a big hand in Vegas and then giving it ALL back to the Casino.
Well, I actually think it's good to own hard assets as well. I loaded up on Gold a few years ago and had a great run but I dumped it too soon. I thought $1,100 was a great price. I wish I held on to it. I still think owning real estate free and clear that is generating great cash flow can be a solid investment but it just depends where you buy and management of it. Not everyone is cracked up to be a landlord and it can be a real pain dealing with tenants sometimes.
Personally I think the stock market can really burn people that don't know what they are doing. When you look at the percentages of the S&P 500 up until last year it was almost nothing over the past 10 years. I don't really believe in "buy and hold" anymore. I do trade quite a bit. I think buy and hold these days just doesn't work except with a small handful of really solid bigger companies.
Your example of online trading of stocks is a good comparison of what I think will happen to the real estate industry. Technology is amazing! I remember back in the day paying a traditional broker up to $100 to trade stocks. This was before online brokerages were set up. Now $9 trades for unlimited amount of shares.. it's great. The power of the internet!
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.
