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"For about the median home price now" or "a house in the 300's" or whatnot. The big shops would do us all a favor if they kept track of DD (and E$ I suppose) and put out a quick monthly update..."this month, the median DD was 3% and the average was 5%" or somesuch.
They would actually have to review paperwork to do so.
That is a lost art for many brokerages and "teams."
And, the next datapoint of interest to round it out, would be the DD Fees and EMDs that failed to deliver a contract.
I.e., it ain't always the DD Fee that wins or loses.
Now that's ****ed up. My realtor told us to move quickly and have solid DD money. She suggested 5K-7K and I was pretty pissed about it after reading the contract. I was like so basically it's non refundable if the house foundation is ****, and I can't walk out without losing 7K. I really never lived anywhere with this stupid DD money, and I found the whole thing to be very stressful. Now I read these threads where people putting down 20K-30K in DD money and I get second hand stress for the buyers. Two houses sold in my neighborhood for like 40K-50K over the asking price and I'm like wtf is happening out there. And, then the OP posts some cocky realtor/broker bragging about his nut clients, and I get triple stressed for the buyers. Honestly, who can sustain this level of stress. All I can say I am thankful I am not a buyer right now. I'd just get a van and go Vanlife for a while. F**ck home-ownership.
Just as a point of clarification...the quote in Mike's OP in this thread was from a RE Attorney, not an agent/broker. Chris Mann wasn't bragging about that offer that got his clients a house; he was sharing with his own shock the types of contracts that are coming into his cue for title work and closings.
"For about the median home price now" or "a house in the 300's" or whatnot. The big shops would do us all a favor if they kept track of DD (and E$ I suppose) and put out a quick monthly update..."this month, the median DD was 3% and the average was 5%" or somesuch.
Are those separate data points? Do you guys or the broker enter that info anywhere while doing the transaction? If not, then no one can reliably get that info.
They would actually have to review paperwork to do so.
That is a lost art for many brokerages and "teams."
And, the next datapoint of interest to round it out, would be the DD Fees and EMDs that failed to deliver a contract.
I.e., it ain't always the DD Fee that wins or loses.
I was talking about the attorneys
We can't get agents to use room dimensions or even floor, among many "if it's a required field it might be wrong, if it ain't required fugheddaboutit"
Now that's ****ed up. My realtor told us to move quickly and have solid DD money. She suggested 5K-7K and I was pretty pissed about it after reading the contract. I was like so basically it's non refundable if the house foundation is ****, and I can't walk out without losing 7K. I really never lived anywhere with this stupid DD money, and I found the whole thing to be very stressful. Now I read these threads where people putting down 20K-30K in DD money and I get second hand stress for the buyers. Two houses sold in my neighborhood for like 40K-50K over the asking price and I'm like wtf is happening out there. And, then the OP posts some cocky realtor/broker bragging about his nut clients, and I get triple stressed for the buyers. Honestly, who can sustain this level of stress. All I can say I am thankful I am not a buyer right now. I'd just get a van and go Vanlife for a while. F**ck home-ownership.
Yes, exactly. When we moved here, there was the prospect of Amazon coming so it was a little nuts. DD $ at that time was generally around $2-8k range and houses would *maybe* sell $5k over ask. We ended up buying new construction because my spouse didn't want to get into putting DD $ down. Now I wish we spent more on a home because if things keep going wild like this, I will stay put and won't upgrade.
We can't get agents to use room dimensions or even floor, among many "if it's a required field it might be wrong, if it ain't required fugheddaboutit"
Still, attorneys lose context when they don't see the losers.
And... U R Right. Easy selling makes Lazy Agents successful.
Of course, I have two in a row where I canceled photography because we went under contract while Coming Soon.
Going to revise strategy. It looks bad to have a listing up without good photos.
But, both had a floor plan.
Are those separate data points? Do you guys or the broker enter that info anywhere while doing the transaction? If not, then no one can reliably get that info.
as intimated, there is no way to reliably get that info; it is not public record. As you know, 1 attorney firm doesn't handle all the closings, but the big shops could report on their figures "somehow relatively easy". Likewise, a brokerage captures the info for transactions involving their brokerage (whether they're buy or sell side, they have the info) into some software application.
I'm sure it requires a bit of extra work - the attorney is entering the info into applications developed for producing Closing Disclosures; the brokerage for accounting/transaction software. Neither type of application is built to generate such a report I wouldn't think. It would have to be independently collected into a spreadsheet.
Are those separate data points? Do you guys or the broker enter that info anywhere while doing the transaction? If not, then no one can reliably get that info.
I would contend that the info could be misleading. If publicized, people may assume something was "standard."
The DD Fee is freely negotiable between the parties as it is. I wouldn't want people to fall into something similar to an algorithm trap of assuming....
Still, attorneys lose context when they don't see the losers.
And... U R Right. Easy selling makes Lazy Agents successful.
Of course, I have two in a row where I canceled photography because we went under contract while Coming Soon.
Going to revise strategy. It looks bad to have a listing up without good photos.
But, both had a floor plan.
I have a feeling Coming Soon so going to have a major overhaul soon vis a vis some TMLS buzz/complaints.
Glad you are revising strategy and hope more agents follow suit. It is tiresome seeing all of these listings hitting the market as "Coming Soon" with one cell-phone shot of the exterior and virtually no specs in remarks or room dimension fields....and then sitting there in that purgatory for weeks until pics are added or it sells site unseen.
I have a feeling Coming Soon so going to have a major overhaul soon vis a vis some TMLS buzz/complaints.
Glad you are revising strategy and hope more agents follow suit. It is tiresome seeing all of these listings hitting the market as "Coming Soon" with one cell-phone shot of the exterior and virtually no specs in remarks or room dimension fields....and then sitting there in that purgatory for weeks until pics are added or it sells site unseen.
It is hard when a seller cannot deliver a semi-firm prep date, or photo date when the house will be ready.
So, in Cookiecutterville, when people buy with little information, no photos.
I bet the appraisers tire of it.
Next...
Delayed Marketing Date, with an Option to do a few days of Coming Soon when really ready, with photos.
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