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Old 01-21-2022, 12:12 PM
 
Location: MID ATLANTIC
8,644 posts, read 22,786,365 times
Reputation: 10461

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Quote:
Originally Posted by fastball92 View Post
Curious what makes the job more difficult right now? Inventory and competition(I’m sure there are a lot more realtors right now)?
Keeping the contract held together. Not all these deals are appraising. Contingencies are waived, but that doesn't mean they are not a problem. I think this is the most stressful I have see the purchase market for buyers, mainly due to competition of other buyers.
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Old 01-21-2022, 12:14 PM
 
Location: MID ATLANTIC
8,644 posts, read 22,786,365 times
Reputation: 10461
Quote:
Originally Posted by fastball92 View Post
Most likely it will be 1-1.5%.
Are you meaning total commission for both sides? Or, just the listing side?
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Old 01-21-2022, 12:46 PM
 
200 posts, read 168,669 times
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Quote:
Originally Posted by SmartMoney View Post
Are you meaning total commission for both sides? Or, just the listing side?
Buying side only. We are selling by owner.
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Old 01-21-2022, 03:29 PM
 
Location: Just south of Denver since 1989
11,810 posts, read 34,265,174 times
Reputation: 8926
The devil is in the details. What you do not know now is what details you will have to manage during or after the transaction.

My first Zillow deal was in October 42 emails to get the disclosures. They were offering a 2.5% co-op on a $600,000 house.

Now I have a $300,000 condo under contract with them, again 2.5% co-op. 16 emails, 12 calls to get the sewer line repaired. Closing was supposed to be today. I called and emailed yesterday at 9 am. At 7 pm the agent says - please respond to this email, I am off on Fridays and Saturdays, but someone on the team will address this with you. Seriously, you could have dealt with this anytime in the last 10 days. The Buyer is super frustrated, the lender is ready to close, the title company wants to know why we can't close.

We have been under contract with this buyer twice already. The first time, the property failed inspection - HVAC was rusting and Seller refused to replace and the second time the HOA did not have a reserve account. (Lenders do not like that)

So...in the grand scheme of things, I have made nothing for 3 months worth of work.
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Old 01-21-2022, 04:27 PM
 
8,539 posts, read 12,259,217 times
Reputation: 16432
Quote:
Originally Posted by T. Damon View Post
We are just beginning to clean things out, find an estate sale professional as well as have not actually signed an agreement to list the property yet but met with our friend last week to discuss it. A couple of days ago the friend/agent mentioned that he has a new client from L.A. who wants to buy here in San Diego and asked if he could go ahead and show her it even though it is not ready really ready for showing. He showed the property today and relayed to us her seemingly very positive response to buying it.
In this market, if the agent is truly a friend, he should be advising you NOT to accept an offer from his other client but, rather, to fully market the property so that you can receive multiple offers to evaluate. Something tells me that his "friendship" isn't as strong as you think it might be. His willingness to put the interests of his other client in a superior position to yours shows that he's already a bit compromised. Promoting a Dual Agency situation essentially would mean that he would no longer be your agent because he can't look out for your best interests if he's trying to do the same for another. That's why Dual Agency is illegal in a number of states. Cutting a deal on the commission is the lesser of your concerns.
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Old 01-21-2022, 04:53 PM
 
Location: Cary, NC
43,010 posts, read 76,500,303 times
Reputation: 45323
Quote:
Originally Posted by 2bindenver View Post
The devil is in the details. What you do not know now is what details you will have to manage during or after the transaction.

My first Zillow deal was in October 42 emails to get the disclosures. They were offering a 2.5% co-op on a $600,000 house.

Now I have a $300,000 condo under contract with them, again 2.5% co-op. 16 emails, 12 calls to get the sewer line repaired. Closing was supposed to be today. I called and emailed yesterday at 9 am. At 7 pm the agent says - please respond to this email, I am off on Fridays and Saturdays, but someone on the team will address this with you. Seriously, you could have dealt with this anytime in the last 10 days. The Buyer is super frustrated, the lender is ready to close, the title company wants to know why we can't close.

We have been under contract with this buyer twice already. The first time, the property failed inspection - HVAC was rusting and Seller refused to replace and the second time the HOA did not have a reserve account. (Lenders do not like that)

So...in the grand scheme of things, I have made nothing for 3 months worth of work.
Devilish Detail:
You need NAR, your National Brokerage, and a host of others in the industry to quit lying about "Sellers paying Buyers Agents," so you can collect from clients for your services.

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Old 01-21-2022, 07:22 PM
 
Location: South Park, San Diego
6,109 posts, read 10,798,876 times
Reputation: 12470
Quote:
Originally Posted by jackmichigan View Post
In this market, if the agent is truly a friend, he should be advising you NOT to accept an offer from his other client but, rather, to fully market the property so that you can receive multiple offers to evaluate. Something tells me that his "friendship" isn't as strong as you think it might be. His willingness to put the interests of his other client in a superior position to yours shows that he's already a bit compromised. Promoting a Dual Agency situation essentially would mean that he would no longer be your agent because he can't look out for your best interests if he's trying to do the same for another. That's why Dual Agency is illegal in a number of states. Cutting a deal on the commission is the lesser of your concerns.
As I indicated this was only in the realm of possibilities, the client was only down for the day and it was a spur of the moment request showing that we agreed to with no obligation on our part other than letting it happen. He’s been a realtor for decades and a real stand up guy and I’m sure would likely recommend a traditional marketing of the property even if she did make a tentative (since it is not yet on the market) offer. I was just ruminating about the slight possibility and how to approach it. Other than saying she liked the property nothing else has been approached to us by him.

There really is essentially nothing comparable on the market nearby right now with similar attributes so I would agree with most of the suggestions to let the market determine the outcome and price- and have fun learning about the process since I am a newbie to it and like to learn as a curious person who is very interested in RE. A clearing out of most if not all furnishings is in order as well as a few touch up items for “light” staging and let it rip, properly!
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Old 01-28-2022, 10:05 PM
 
1,945 posts, read 7,341,707 times
Reputation: 1396
Quote:
Originally Posted by jackmichigan View Post
In this market, if the agent is truly a friend, he should be advising you NOT to accept an offer from his other client but, rather, to fully market the property so that you can receive multiple offers to evaluate. Something tells me that his "friendship" isn't as strong as you think it might be. His willingness to put the interests of his other client in a superior position to yours shows that he's already a bit compromised. Promoting a Dual Agency situation essentially would mean that he would no longer be your agent because he can't look out for your best interests if he's trying to do the same for another. That's why Dual Agency is illegal in a number of states. Cutting a deal on the commission is the lesser of your concerns.
This is absolutely spot on.
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