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Most full time agents wont even make you sign a contract because if I'm doing my job right, you're not going to want to quit me. I tell my clients, quit me anytime, just send me an email and say I don't like you, I don't need your services. I've always thought that tying up a person to a contract is for weak agents who are broke and terrified of losing business....
Quite the opposite in SC. Most of your good, full time agents will get a signed buyer agency because it's state law here that you need it before you represent a client. Furthermore, you have to disclose SC Agency Laws to the customer at first significant contact. The part timers, newbies, and hobbyists are far less likely to get an agency because they don't want to risk losing a closing or don't know/don't care about the laws.
Definitions in SC:
Customer - no agency agreement, and they are owed honesty and material facts, nothing more. We cannot offer opinions or advice to customers. It has been argued that even opening door if you aren't the listing agent is a violation of agent duties towards a customer.
Client- signed agency agreement: owe obedience, loyalty, disclosure, confidentiality, accountability, reasonable care and skill, advice and assistance on negotiations.
But then you should know that since you're with a company that I Just Can't name in Charleston, SC that maybe teaches shady practices? Maybe there are too many Cooks in the kitchen (see what I did there). I remember you claiming that you write in that you get a higher commission in offers and I remember calling you out for it because that was not in the clients best interest. How much do you disclose to your clients about that? Or wait, should I say customers since you nor your company get agency agreements like the state of SC want you to? If they were actual clients, maybe a violation since you have to protect your clients interests, but as customers I suppose you can get away with it since you aren't required to protect a customers interests. It's a shame I'm having to educate you on state real estate law, Mr. Wise Agent. Not sure if you don't know it or just choose to shirk it.
And here, General Public, is a prime example of why you should be demanding agency contracts so you can hold your agents accountable.
Last edited by Brandon Hoffman; 07-08-2019 at 10:54 AM..
Why would any seller forgo the use of an agent just to give you that reduced price, it makes absolutely zero sense? Now if you said the seller and I are good friends and we decided to split what the commission would be I’d buy that, but not your scenario. I guess maybe he could of priced it at a point where no one would pay it anytime soon so he took you up on your offer? I’m not saying your story isn’t true, but there has to be more to it.
I'm a seller right now and have been before.
If someone walked in and offered me 20K less than a listing price with a cash sale, I'd hire an attorney (required in this state) and be done with it.
I've probably sold 3/4 of my own properties over my lifetime. Many times Realtors told me the market was soft and they couldn't sell my house. Well, I sold it! I sold one from a classified ad in the local penny saver then a Realtor told me he wouldn't even list it because "too many houses are for sale on the island"....
There are good Realtors. In fact, I am going to list this particular vacay house with a Realtor later this summer because most buyers here do work with Realtors and it's just not worth my time to deal with meeting people here, etc.
I don't begrudge a hard working Realtor their commission. The problem with the field has always been the offices allowing 150 Realtors to work a small community...making it so none of them have any real income or ambition.
I was in sales and marketing my entire life and can definitely say that a good Realtor is required for most people...because not everyone is savvy in these matters. Most people have better things to do with their time...
Giving away 15 to 20K may seem like a lot but at the same time many who own houses of decent value might see their stock market or other investments go up and down that much in a week. So you suck it in and pay for the professional services.
Depends on the market. If things were do hot that an open house would provide 10 people bidding against each other I'd DIY.
Quite the opposite in SC. Most of your good, full time agents will get a signed buyer agency because it's state law here that you need it before you represent a client. Furthermore, you have to disclose SC Agency Laws to the customer at first significant contact. The part timers, newbies, and hobbyists are far less likely to get an agency because they don't want to risk losing a closing or don't know/don't care about the laws.
Definitions in SC:
Customer - no agency agreement, and they are owed honesty and material facts, nothing more. We cannot offer opinions or advice to customers. It has been argued that even opening door if you aren't the listing agent is a violation of agent duties towards a customer.
Client- signed agency agreement: owe obedience, loyalty, disclosure, confidentiality, accountability, reasonable care and skill, advice and assistance on negotiations.
But then you should know that since you're with a company that I Just Can't name in Charleston, SC that maybe teaches shady practices? Maybe there are too many Cooks in the kitchen (see what I did there). I remember you claiming that you write in that you get a higher commission in offers and I remember calling you out for it because that was not in the clients best interest. How much do you disclose to your clients about that? Or wait, should I say customers since you nor your company get agency agreements like the state of SC want you to? If they were actual clients, maybe a violation since you have to protect your clients interests, but as customers I suppose you can get away with it since you aren't required to protect a customers interests. It's a shame I'm having to educate you on state real estate law, Mr. Wise Agent. Not sure if you don't know it or just choose to shirk it.
And here, General Public, is a prime example of why you should be demanding agency contracts so you can hold your agents accountable.
I thought SC had requirements for documented agency.
It sounds like your educated enough on the way a RE transaction is conducted and can handle it. Good luck with your closing and congrats! Most people don't have the same knowledge level you do and choose to leave it up to the pros to guide them.
Fortunately, a lot of the paperwork for this sort of transaction is 'boilerplate' so it can be downloaded, inspected and filled out, we don't have to reinvent the wheel. It's been very similar from one house to the next, we've bought a few already with Realtors involved, so since it follows the same pattern, we just follow what worked before.
This sale is part of a 1031 Exchange, our replacement property has a Realtor involved. I think this is her first sale so we're even helping her with the appropriate paperwork. Her broker kinda tossed her in the deep end to see if she would float, IMHO. She even gets a commission, although I think we wouldn't be out of line asking for some tuition fees. But, it's all good. We save some on one end and pay some on the other.
We wouldn't be able to do this without the internet, though.
My crappy RE agent spent 1 day in helping me find my current home and didn’t even do that great with the other things. Yet, he still received a 3% commission of the selling price- a little over $18,000 for a few days work. In addition to that, why does an agent who sells a cheaper home receive 3% of a smaller amount?!! Why is that agent less deserving of a bigger commission payday than the one who sells pricier homes? Don’t they do roughly the same amount of work?
Not as easy as reality TV shows make it out to be. I deal with many realtors every day on both sides and I can honestly tell you that most earn their money.
BTW, no one really gets the whole 3% so get that out of your mind.
I'm a mortgage broker and I work over 80 hours weekly; I get calls from realtors on the holidays, weekends, etc.; late in the evenings so they work harder than you think.
So much more goes into the process than anyone realizes; it's not just clicking a button.
Some get lucky from time to time but it's few and far between.
If someone walked in and offered me 20K less than a listing price with a cash sale, I'd hire an attorney (required in this state) and be done with it.
I've probably sold 3/4 of my own properties over my lifetime. Many times Realtors told me the market was soft and they couldn't sell my house. Well, I sold it! I sold one from a classified ad in the local penny saver then a Realtor told me he wouldn't even list it because "too many houses are for sale on the island"....
There are good Realtors. In fact, I am going to list this particular vacay house with a Realtor later this summer because most buyers here do work with Realtors and it's just not worth my time to deal with meeting people here, etc.
I don't begrudge a hard working Realtor their commission. The problem with the field has always been the offices allowing 150 Realtors to work a small community...making it so none of them have any real income or ambition.
I was in sales and marketing my entire life and can definitely say that a good Realtor is required for most people...because not everyone is savvy in these matters. Most people have better things to do with their time...
Giving away 15 to 20K may seem like a lot but at the same time many who own houses of decent value might see their stock market or other investments go up and down that much in a week. So you suck it in and pay for the professional services.
Depends on the market. If things were do hot that an open house would provide 10 people bidding against each other I'd DIY.
The poster I responded to said nothing about it being a cash sale, just that the seller agreed to reduce the price by what the agent would receive. Seeing he said the seller could move out slowly over a month makes me believe he went with traditional financing. Of course a cash sale can be viewed differently. Although, unless you’re desperate or your house is need of serious repair, I don’t know why anyone wouldn’t wait the extra 2-3 weeks for the full amount. It all spends the same in the end.
Quite the opposite in SC. Most of your good, full time agents will get a signed buyer agency because it's state law here that you need it before you represent a client. Furthermore, you have to disclose SC Agency Laws to the customer at first significant contact. The part timers, newbies, and hobbyists are far less likely to get an agency because they don't want to risk losing a closing or don't know/don't care about the laws.
Definitions in SC:
Customer - no agency agreement, and they are owed honesty and material facts, nothing more. We cannot offer opinions or advice to customers. It has been argued that even opening door if you aren't the listing agent is a violation of agent duties towards a customer.
Client- signed agency agreement: owe obedience, loyalty, disclosure, confidentiality, accountability, reasonable care and skill, advice and assistance on negotiations.
But then you should know that since you're with a company that I Just Can't name in Charleston, SC that maybe teaches shady practices? Maybe there are too many Cooks in the kitchen (see what I did there). I remember you claiming that you write in that you get a higher commission in offers and I remember calling you out for it because that was not in the clients best interest. How much do you disclose to your clients about that? Or wait, should I say customers since you nor your company get agency agreements like the state of SC want you to? If they were actual clients, maybe a violation since you have to protect your clients interests, but as customers I suppose you can get away with it since you aren't required to protect a customers interests. It's a shame I'm having to educate you on state real estate law, Mr. Wise Agent. Not sure if you don't know it or just choose to shirk it.
And here, General Public, is a prime example of why you should be demanding agency contracts so you can hold your agents accountable.
Kind of a tangent...
I have noticed on Craiglist (consider the source... ha) in SC specifically... not NC or GA... there seem to be an abundance of "quitclaim title" properties for sale. Is this something specific to SC? What does this mean?
Except that I actually EARN my living. I’m not saying that there aren’t some good ones out there. In my case, I’m a little bitter because he didn’t follow up with his promises or set up the expectations correctly. He spent 1 whole day with the house hunting in a hot market. Had the hunt lasted longer, I would have had more time to ask pertinent questions and it would have felt like I got my money’s worth.
This is tired old crapola.
No ethical, skilled, or honest buyers agent would decline to show a property because of the cobroke amount.
it's someone who by their own admission is retired. and was likely retired before that whacky internet came along and took the MLS information from a secretive bi-weekly phone book to instantly updated websites.
I have noticed on Craiglist (consider the source... ha) in SC specifically... not NC or GA... there seem to be an abundance of "quitclaim title" properties for sale. Is this something specific to SC? What does this mean?
We seem to get a lot of scammers stealing listing info and advertising it as for sale or rent for stupid low prices and then tell people they need to wire money to an account. I haven't looked myself but that's probably what you're seeing.
A quit claim is simply where someone is saying they are going to provide title relinquishing there property rights with no warranties to the new owner. I'm sure if you google quit claim you'd get a better definition but that's basically what it is. I see it more frequently on REO's when they are sold, or in divorce/family cases where one spouse conveys their ownership to the other half.
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From a Florida mortgage broker
