Should Real Estate transactions go through a committee (agents, commissions, Realtors)

[accbqjx]

What is the true agenda for the real estate agent? To bring in commissions for the company they represent. I just recently purchased a second house and am in the process of putting the final touches on the sale of my first house.

I have to say that this has been an interesting experience to say the least. Not all agents are created equal and it was more than obvious that the ethics line becomes a bit blurred when it came to the bid process.

There is unfortunately no oversight when it comes to this whole process. We rely entirely on the ethics of all involved. I personally think this is a mistake. Once bids are submitted, they should be recorded somewhere somehow by someone to give this process some semblance of credibility.

Cell phones should be turned off and no texting should be allowed until a decision has been reached. Each agent should submit their best offer and only one offer unless all have the opportunity to rebid. I say this because the seller told me his realtor received numerous increased offers offers by text messages after the bids were submitted and the process was closed. I was fortunate that the owner and his agent were ethical.

I'm sure my situation was not an isolated incident.

How many of you lost your dream home by a few dollars, or so you were told? Who's protecting you while you make what could be the biggest investment in your life?

[choosing78]

I agree with you about people having to rely on the ethics of realtors. I'm not really sure how feasible it would be but I too have often wondered about all the "secrecy" that seems to be involved sometimes. My scenario: I had a house I needed to sell fast, against the agent's advice I insisted my house be listed for approx $17k more than they "estimated" (which in fact I still thought was low) My house hit the market friday midnight, by 10am Sat we had 12 appts scheduled. Sunday we had 12 more appts in addition to 6 revisits. Monday we had 8 appts plus 6 revisits plus 3 3rd time visits. Tuesday night our agent gave us an off er close to asking. Great, I was right about the house price and we sold. The catch? I have family who live down the street who had people buy a house next door, after chatting with them they mentioned that they had really wanted another house down the street but it was sold before they could make an offer. Turns out these were one of the 3 time visitors. They were willing to pay over asking for my house. My question has always been. Why would a realtor not call the other agents and give them a chance to see if their clients wanted to bid? Incompetence? Maybe? Both my agent and the buyer's worked out of the same office, I can't help feeling a little suspicious on the motives.