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Old 02-22-2009, 08:54 PM
 
1,463 posts, read 4,683,822 times
Reputation: 1030

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Quote:
Originally Posted by Lusitan View Post
Sorry you missed this one, but there's a good chance you'll have the option to buy it again at a substantially reduced price in the near future.

This deal not going through will probably be one of the best financial turn of events you could have hoped for. Keep your chin up - you'll find a house for you at a fair price soon. Prices are going nowhere but down.

The property was a FSBO. Not bloody likely. Most FSBOs are usually by people who don't want to cut a real estate agent in because they are greedy and overinflate the worth of their house. He had an offer on the table that was extremely fair and he walked away from it. The FSBO isn't going to drop his price unless he gets into financial distress.
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Old 02-22-2009, 09:04 PM
 
1,552 posts, read 4,626,627 times
Reputation: 509
Quote:
Originally Posted by SweepTheLeg View Post
The FSBO isn't going to drop his price unless he gets into financial distress.
Which part of that qualifies as "bloody unlikely"?
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Old 02-27-2009, 04:16 PM
 
316 posts, read 941,490 times
Reputation: 62
i agree. i don't mean to stereotype FSBO's but this taught me a good lesson to be weary of them.
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Old 02-27-2009, 04:28 PM
 
Location: NJ
392 posts, read 841,219 times
Reputation: 191
Quote:
Originally Posted by mikieguns View Post
i agree. i don't mean to stereotype FSBO's but this taught me a good lesson to be weary of them.
lol...when my wife and I drive by a property with a FSBO sign, I always quip..."another For Sale by Crazy Owner".

I'm sure there are some fair minded FSBOs out there, but stereotypes are based on stats.
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Old 02-28-2009, 07:28 AM
 
Location: The Beautiful Pocono Mountains
5,450 posts, read 8,747,121 times
Reputation: 3001
Quote:
Originally Posted by xmonger View Post
lol...when my wife and I drive by a property with a FSBO sign, I always quip..."another For Sale by Crazy Owner".

I'm sure there are some fair minded FSBOs out there, but stereotypes are based on stats.
Why do you think some people do FSBO? Because of a bad experience with a realtor, then giving a stereotype to all realtors as well. It's a vicious cycle, I tell you.
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Old 02-28-2009, 10:27 AM
 
1,340 posts, read 3,692,802 times
Reputation: 451
Just called a FSBO in my area. Was told they are scheduling showings now for 2 weeks from now. WTF? So I ask to see it this weekend. Not possible. This is the 4th time I have called this guy (and last) and he is his own worst enemy. Maybe some other buyer will deal with this guy enough to buy the house but I already feel like I am the one more interested then him selling. So F him.
OUT!

Other FSBO in my area has been much better but not perfect. \
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Old 02-28-2009, 10:40 AM
 
Location: NJ
392 posts, read 841,219 times
Reputation: 191
I'd love to see an open, transparent market developed for real estate.

Where pre-qualified buyers obtain all relevant information, view properties, and bid openly with the closed door tactics of agents removed from the equation.
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Old 03-01-2009, 01:27 PM
 
353 posts, read 1,019,046 times
Reputation: 218
Quote:
Originally Posted by xmonger View Post
I'd love to see an open, transparent market developed for real estate.

Where pre-qualified buyers obtain all relevant information, view properties, and bid openly with the closed door tactics of agents removed from the equation.
I am not sure how much more open you want the market to be....

We now have MLS and Realtor.com with addresses of homes... comparable sales online, sites like Goggle Earth to check locations and sites like, the buyer and seller have more information then ever before.

As a Realtor, I have a fiduciary responsibility to my seller or buyer (whichever party I represent). I can not be more open to the other side... and it should be remain that way.

How else would you handle it?
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Old 03-01-2009, 05:05 PM
 
Location: NJ
392 posts, read 841,219 times
Reputation: 191
Quote:
Originally Posted by AndrewMensch View Post
I am not sure how much more open you want the market to be....

We now have MLS and Realtor.com with addresses of homes... comparable sales online, sites like Goggle Earth to check locations and sites like, the buyer and seller have more information then ever before.

As a Realtor, I have a fiduciary responsibility to my seller or buyer (whichever party I represent). I can not be more open to the other side... and it should be remain that way.

How else would you handle it?
The information isn't available anywhere near one would expect in order to have a fair and efficient market.

For starters, open up the MLS system completely to consumers. Up to date pending/closed sale data and listing history should be (easily) available to everyone.

Secondly, log all records of VALID submitted offers (including key elements such as pricing and contingencies). Make it a criminal offense to tamper with this info or use it in a way to manipulate the market. How many times have buyers heard that there is another offer for $xxx, you need to bid higher to get it. How much of this is/was BS?

I can go on, but we will always disagree because in the end I think...much like you don't need a stockbroker or financial advisor to trade stocks, bonds, options, etc...you don't need a RE agent to sell/buy a house. The homeowner can show the house.

I understand it is a lucrative business and realtors have the right to protect their interests. However, look at history...Wall Street tried to resist change but ultimately the service was not value add and it became commoditized. In the not too distant future I think we will see the same thing happen in RE.

You guys want 6% on the front and back end of every transaction. Transactions which happen to represent the biggest expenditure a consumer will make. Now we can see that margins are coming down, over time they will evaporate to reflect the commodity nature of the service.

Sorry for the rant. There are countless excellent realtors out there. They will adapt, survive, and prosper. The old guard...well history is not too kind to those resistant to change.
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Old 03-01-2009, 07:34 PM
 
138 posts, read 508,834 times
Reputation: 61
Quote:
Originally Posted by Ourdreamhouse View Post
Realtors can be helpful at many points in the purchasing process, but when it comes to final negotiations, remember one thing: they get paid only if the house gets sold. In other words, they will subtly -- or not so subtly -- try to move you to purchase, and sooner not later. Most realtors, even "your" realtor, won't advise you to pass this one by, even if that's the wisest thing for you to do, if they sense that you're on the verge of making a higher offer. Instead, they will give you information, such as the above, that will induce you to raise your offer. If your realtor is communicating directly with the seller, you might want to be careful about what you tell the realtor about how much you want this house.

One other thing: has the seller agreed to compensate your realtor? If it's a true FSBO, the seller may not have been expecting to pay any commissions. If the seller isn't paying your realtor, who is?

Although this house may seem cheaper than comps in the neighborhood, this seller may have calculated that, without a commission to pay, he can lower his asking price and still get the same net price as his neighbors.

As with any purchase, but especially with a FSBO, hire a very good inspector to protect you from hidden problems. Do NOT minimize any findings, despite how much you want the house.
Please refrain from making blanket statements about REALTORS pushing their buyers towards making an offer regardless of whether the home is the "best" home for them or not. I have not now or ever will "PUSH" my clients to make an offer on a home. My clients know when the house is the right one for them in terms of price, condition and amenitiesl. Your comment is exceptionally ignorant. If a buyer is considering purchasing a home, their REALTOR should have or will have explored comparable sales and reviewed the seller's disclosure to determine if that home is indeed correct for the client. After all is said and done, it is the client who makes the decision.

By the way, why is it so horrific that a REALTOR should get PAID? Do you know how many hours of our time we invest in working with most buyers? Do you work for free? Would you enjoy investing hours, if not weeks or possibly MONTHS of your time in working side-by-side with your boss and then be disregarded come payday?

You apparently are exceptionally ignorant as to the time involved in educating the buyer in terms of process, inventory and home values. An excellent realtor will save a buyer time and thousands of dollars. Stop denigrating our involvement in the home buying process and/or reducing our role to mere puppets in assisting our clients in one of the most important decisions they'll make.
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