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Old 07-01-2014, 07:35 AM
 
11,337 posts, read 11,006,487 times
Reputation: 14993

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Quote:
Originally Posted by vanguardisle View Post
The smaller the house the less it costs to repair. I only look at small houses. You think its better to sink money into a rental and not have anything to show for it? Geez you are mean ... And furthermore you know less than you think about my financial qualifications I have not gone into enough details... and don't intend to with comments like these. No wonder people have a low opinion of real estate agents. Rude and disrespectful much? I have been serious about finding a house and looking very hard I hardly consider that spinning my wheels. This meant a great deal to me... more then any of you know.

I do worry the housing market is going to crash again and house values will drop. How long can prices continue to rise while salaries do not? And do these investors think there is an unlimited supply of renters to take the houses they are buying up and renting out ? All it takes is more interest rate risings to cause this to come to an end. Things are already slowing down.

You know I still feel upset about the last couple of days . I do need an emotional break alright. I need them from people like you...

I think maybe my contributions to this thread are over for a while... go attack someone else's homeownership dreams and leave me alone.
This is what I mean. You are not thinking clearly, rationally, and above all, calmly. You are a cauldron of emotions pulling you in all different directions. You are not going to make a good decision in your present state of mind. That is why I think it is correct for you to simplify, regroup, and rent.

Home ownership is not about "dreams". It is about good solid business decision making and coming from a position of strength. Financial strength, intellectual strength, and emotional strength. It is about projecting expenses, both expected and unexpected, and making sure you can meet all of them so that your life does not become disorganized and eventually destroyed by bad decisions.

You do not sound like that kind of person right now, based on the questions you are asking and your responses to the suggestions. That is why I am suggesting you rent, and take the time to save, research, and get back into the market when you are ready and strong.

Homes are expensive and deal you financial body blows when you least expect it. You need to be financially and emotionally ready to deal with them. That is not you right now, but can be in the future. Rent, research, then re-enter the market with the proper tools in the toolbox.
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Old 07-07-2014, 10:11 AM
 
149 posts, read 197,662 times
Reputation: 146
Quote:
Originally Posted by Lovehound View Post
I guess the seller's agent can let you in. Wait until they claim all the commission since you didn't bring your own Realtor. Not having a Realtor is NOT going to save you any money. All that does is give the seller's realtor both shares of the commission.

Get the lawyer to get a price reduction of 3 percent because there is no buyer's Realtor. Good luck with that.
Forgive me if I misunderstood what you are saying here, but it is actually quite easy to get the selling Realtor to agree to give you the same % he/she would have given a Realtor for bringing you to the table. In fact, they have a fiduciary duty to accept that. I have never had the problem, but if a Realtor tried to tell me they wouldn't give me a "rebate" check for the seller's side commission, I would probably report them for putting their interests before their client's.

I will admit to accepting only 2% one time when the Realtor was unusually helpful, but that was something I did after she had already agreed to the 3% and the process was taking a lot of effort and I wanted to make sure she was committed to getting across the finish line with me.
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Old 07-07-2014, 10:21 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 21 days ago)
 
Location: Cary, NC
43,176 posts, read 76,815,786 times
Reputation: 45533
Quote:
Originally Posted by jswanstr View Post
Forgive me if I misunderstood what you are saying here, but it is actually quite easy to get the selling Realtor to agree to give you the same % he/she would have given a Realtor for bringing you to the table. In fact, they have a fiduciary duty to accept that. I have never had the problem, but if a Realtor tried to tell me they wouldn't give me a "rebate" check for the seller's side commission, I would probably report them for putting their interests before their client's.

I will admit to accepting only 2% one time when the Realtor was unusually helpful, but that was something I did after she had already agreed to the 3% and the process was taking a lot of effort and I wanted to make sure she was committed to getting across the finish line with me.
Refusal to give you money is totally unrelated to duty to client.
The client would have first dibs over a customer, every time, regarding their commission agreement with the agent.
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Old 07-07-2014, 10:29 AM
 
8,562 posts, read 12,339,419 times
Reputation: 16473
Quote:
Originally Posted by jswanstr View Post
Forgive me if I misunderstood what you are saying here, but it is actually quite easy to get the selling Realtor to agree to give you the same % he/she would have given a Realtor for bringing you to the table. In fact, they have a fiduciary duty to accept that.
That is totally not true.

If I were a listing agent, I'd give a rebate to my client before I'd give anything to you as a buyer.
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Old 07-07-2014, 10:44 AM
 
988 posts, read 1,735,470 times
Reputation: 1078
Quote:
Originally Posted by jswanstr View Post
Forgive me if I misunderstood what you are saying here, but it is actually quite easy to get the selling Realtor to agree to give you the same % he/she would have given a Realtor for bringing you to the table. In fact, they have a fiduciary duty to accept that. I have never had the problem, but if a Realtor tried to tell me they wouldn't give me a "rebate" check for the seller's side commission, I would probably report them for putting their interests before their client's.

I will admit to accepting only 2% one time when the Realtor was unusually helpful, but that was something I did after she had already agreed to the 3% and the process was taking a lot of effort and I wanted to make sure she was committed to getting across the finish line with me.
Actually, you're wrong; fiduciary duty to the seller doesn't mean that I, as the agent, am required to rebate you anything and make the contract I've signed with the seller, that clearly states the fee percentage for commission, invalid. The seller, in the listing agreement, has already agreed to a set percentage of their selling price as commission to the listing agent; the buyer, whether or not they're represented, has nothing whatsoever to do with the disposition of that commission, and not "rebating" part of that commission back to an unrepresented buyer isn't violating a fiduciary duty to the seller.

Furthermore, since the "rebate" isn't being put forth to lowering the selling price, how then is the agent putting their interests ahead of the seller? "Rebating" back the commission to the customer has nothing whatsoever to do with any fiduciary duty to the seller, who is the client, and when it comes to agency, client trumps customer, which in this case would be the unrepresented buyer.
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Old 07-07-2014, 12:27 PM
 
Location: Barrington
63,919 posts, read 46,608,492 times
Reputation: 20674
Quote:
Originally Posted by jswanstr View Post
Forgive me if I misunderstood what you are saying here, but it is actually quite easy to get the selling Realtor to agree to give you the same % he/she would have given a Realtor for bringing you to the table. In fact, they have a fiduciary duty to accept that. I have never had the problem, but if a Realtor tried to tell me they wouldn't give me a "rebate" check for the seller's side commission, I would probably report them for putting their interests before their client's.

I will admit to accepting only 2% one time when the Realtor was unusually helpful, but that was something I did after she had already agreed to the 3% and the process was taking a lot of effort and I wanted to make sure she was committed to getting across the finish line with me.
The listing contract is between the seller and the sponsoring broker, not the listing agent in most areas.

Most of the big box brokerages will not allow or limit rebates and such rebates are not legal in all areas.

In my area, the buyer, seller and listing agent have to agree to dual agency, and do so in writing. Many sellers want no part of dual agency / no agency and many listing agents decline to serve in that capacity.

A buyer can agree to no agency, where legal and acceptable to all parties. Doing so does not reduce the professional fee the seller contractually owes the sponsoring broker. In some cases, the sponsoring broker retains up to 50 % of the professional service fee paid by the seller and it's non negotiable.

Local market conditions also matter, a lot. When buyer demand exceeds supply, buyers have little to no bargaining power.
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Old 07-08-2014, 08:38 AM
 
149 posts, read 197,662 times
Reputation: 146
Quote:
Originally Posted by illtaketwoplease View Post
isn't what you are saying -- is that buyers agents are discriminating against fsbo sellers? after all, isn't a buyers agent supposed to looking for all properties that are available for sale... not just the ones on the mls? are they not able to check craigslist and local papers for properties for sale? had they done that the buyers would have known about the property in question.
In my experience, buyers agents don't discriminate against FSBO sellers. I sold my house on my own and received multiple offers through Realtors. We always clarified up front that I was going to pay them "3 not 6" and they were always fine with that as long as they didn't need to do the paperwork. They usually offered to do all the paperwork for 4%.

There were shady Realtors, there were very respectable Realtors, I didn't trust any of them as far as I could throw them, but they get paid either way, so they have no reason not to look for FSBO listings on Zillow unless they are just lazy, and if you have a lazy Realtor, you have more problems than missing a FSBO.
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Old 07-08-2014, 08:46 AM
 
149 posts, read 197,662 times
Reputation: 146
Quote:
Originally Posted by jackmichigan View Post
That is totally not true.

If I were a listing agent, I'd give a rebate to my client before I'd give anything to you as a buyer.
Just to be clear... If you had a listing for 100k and you had two offers.

1) An offer for 100k from me, with a 3% rebate.
2) An offer through another Realtor for 99k where you have to pay the other Realtor 3%.

Do you refuse 1?

Is that acting in the best interest of your client?

I am not asking you to earn less than you would with another Realtor. I am just asking you to treat me the same. Refusing to do so would not be acting in your client's best interest.
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Old 07-08-2014, 08:49 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 21 days ago)
 
Location: Cary, NC
43,176 posts, read 76,815,786 times
Reputation: 45533
Quote:
Originally Posted by jswanstr View Post
Just to be clear... If you had a listing for 100k and you had two offers.

1) An offer for 100k from me, with a 3% rebate.
2) An offer through another Realtor for 99k where you have to pay the other Realtor 3%.

Do you refuse 1?

Is that acting in the best interest of your client?

I am not asking you to earn less than you would with another Realtor. I am just asking you to treat me the same. Refusing to do so would not be acting in your client's best interest.

The agent refuses neither. The agent is an "agent," not a "principal."
With an agent acting in the clients' best interest, the clients make the decisions to accept, reject, counter. Every time.
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Old 07-08-2014, 08:51 AM
 
149 posts, read 197,662 times
Reputation: 146
Quote:
Originally Posted by MikeJaquish View Post
The agent refuses neither. The agent is an "agent," not a "principal."
With an agent acting in the clients' best interest, the clients make the decisions to accept, reject, counter. Every time.
Right, so you have an obligation to show both offers to the client. Right? Then what happens?

I was just cutting to the chase, and all the Realtors I have worked with have done the same thing. They know that they have to show my offers to their clients. They know their clients are going to be pissed as hell if they refuse to include the 3% rebate in a deal, when they always expected to pay another Realtor 3%.
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