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Old 03-30-2024, 11:33 AM
 
Location: Puna, Hawaii
4,410 posts, read 4,893,246 times
Reputation: 8038

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The idea that this lawsuit is going to lower home prices is a delusion.

If the market says a seller's house is worth $500k, that is the price they are going to get for it. If they are saving 3% or whatever on a buyer's agent's commission, THEY ARE GOING TO KEEP IT. The sellers were the ones really paying the commission by bringing the money to the transaction!

The only winners in this lawsuit are the lawyers and the mega corporations. The previous sellers who were too obtuse to understand their contracts might get $12.00 each after the dust settles and the lawyers are done feeding at the trough and a judge tosses the sellers a few scraps.

The end-goal of this charade is to turn the housing market into a gigantic used-car lot where the buyers have no representation with Blackrock, Vanguard, and the others herding people to their homes in Pottersville under terms that only benefit the scurvy little spiders.
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Old 03-31-2024, 08:02 AM
 
14,400 posts, read 14,286,698 times
Reputation: 45726
Quote:
Originally Posted by terracore View Post
The idea that this lawsuit is going to lower home prices is a delusion.

If the market says a seller's house is worth $500k, that is the price they are going to get for it. If they are saving 3% or whatever on a buyer's agent's commission, THEY ARE GOING TO KEEP IT. The sellers were the ones really paying the commission by bringing the money to the transaction!

The only winners in this lawsuit are the lawyers and the mega corporations. The previous sellers who were too obtuse to understand their contracts might get $12.00 each after the dust settles and the lawyers are done feeding at the trough and a judge tosses the sellers a few scraps.

The end-goal of this charade is to turn the housing market into a gigantic used-car lot where the buyers have no representation with Blackrock, Vanguard, and the others herding people to their homes in Pottersville under terms that only benefit the scurvy little spiders.
1. It is your opinion it won't lower home prices. In a competitive market if costs for sellers are less a seller can sell at a lower price. It is the market that forces the seller to do this. In a high interest rate environment with slow home sales other sellers will be more motivated to reduce home prices if their costs are lower. I would have taken less for my home had commissions been lower.

2. The market says a house is worth $500,000 partly because of the costs the seller incurs. Lower commissions mean lower home sale prices over time. That $500,000 is likely to become a $485,000 house.

3. The mega corporations are already winning. Nothing new there. When I sold my home I had to contend with endless lowball offers from corporations who wanted to fix my home up and rent it. I waited for a family to purchase it. Lawyers win when there are successful class action lawsuits because that is how their fees are paid. This is nothing new. Real estate agents should have--on their own--done a better job of limiting commissions before this lawsuit came along. What occurred is an example of what happens when a business or profession refuses to police itself and continually makes excuses for 6% commissions even when home prices exceed $500,000.

4. The market will work again if things become as bad as you seem to think they will. More buyers will be willing to pay commissions for top quality representation in real estate transactions.

I honestly think a good real estate can be very helpful selling a home. However, the six percent commission is not ethical in all situations. That must be faced.
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Old 04-01-2024, 06:57 AM
 
Location: Hillsboro Beach
1,637 posts, read 1,643,053 times
Reputation: 1558
Personally, I think NAR has outlived their usefulness. Selling realtor.com was a massive mistake! Deciding it was a good idea to police our personal social media accounts for “hate speech” and not even being able to define “hate speech” and then announcing it to the world like we’re all just a bunch of racist that need to be babysat so that we don’t discriminate was the next massive mistake.
And now handing over 400+ million of OUR money may be the last straw!
I think broker owned mls set up as a PMA in each market may be a better idea. Eliminate NAR and state & local associations. It’s like paying union dues to a union that hasn’t represented your best interest in years.
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Old 04-01-2024, 05:47 PM
 
Location: New Jersey
4,177 posts, read 5,056,132 times
Reputation: 4228
Real estate agents need to go the way of travel agents.
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Old 04-01-2024, 10:27 PM
 
Location: Just south of Denver since 1989
11,825 posts, read 34,420,440 times
Reputation: 8970
Except they won’t. A plane ticket in Boise is exactly the same as in Albany. A house in Boise is not at all the same as Albany. They don’t have the same regulations or real estate law.

You were saying?
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Old 04-02-2024, 12:16 AM
 
Location: New Jersey
4,177 posts, read 5,056,132 times
Reputation: 4228
There is nothing that a real estate agent can do that a real estate lawyer can't do.
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Old 04-02-2024, 04:46 AM
 
Location: Cary, NC
43,265 posts, read 77,043,330 times
Reputation: 45612
Quote:
Originally Posted by JG183 View Post
There is nothing that a real estate agent can do that a real estate lawyer can't do.
Prove it.


Pro Hint:
Many attorneys engage agents because the attorneys have better things to do.
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Old 04-02-2024, 07:23 AM
 
Location: Hillsboro Beach
1,637 posts, read 1,643,053 times
Reputation: 1558
Quote:
Originally Posted by JG183 View Post
There is nothing that a real estate agent can do that a real estate lawyer can't do.
Sorry, but you are completely wrong. While a Real Estate agent makes a commission of $200,000 in just one residential sale/purchase transaction, the Real Estate attorney involved in the transaction fo any of the sides to review documents either the seller orthe buyer side, only collects a fee ( not commission ) that could be the standard fee of $700 or more. That's exactly the experience I had in one of many of my Real Estate transactions. Even if that attorney specialized in Real Estate has the Real Estate broker/agent license, cannot operate as attorney and broker/agent for the same transaction because that's a conflict of interest. Only Realtors can negotiate the contract offer price. Just take a look at any Closing Statement a.k.a Hud Statement and notice who makes more money in the residential transacion if an attorney is involved. You will be surprised. I am speaking for Florida state.
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Old 04-02-2024, 09:08 AM
 
Location: Sarasota/ Bradenton - University Pkwy area
4,612 posts, read 7,529,570 times
Reputation: 6026
Quote:
Originally Posted by JG183 View Post
There is nothing that a real estate agent can do that a real estate lawyer can't do.

I know one thing.....most lawyers haven't a clue as to how to actually sell a listing. Just went thru weeks of trying to get my buyers into a listing they were very interested in but the seller, who was a lawyer and also representing himself in the transaction, made every rookie mistake in the book and finally drove my buyers away with his adversarial behavior. I'm guessing we're not the only ones the owner ran off as the listing is in a very popular area where most homes go under contract in less than a month and this one's been on the market for almost 6 months now.

Other things lawyers can't or won't do? Rearrange the furnishings in the home to give it better appeal to buyers, suggest repairs that should be completed before showings to avoid issues later on, knowing when to have a sit down meeting with sellers about their pets or putting about 50% of their clutter into storage, it's about attend all home showings if the seller declines using a coded lockbox, attend inspections after the property goes under contract on behalf of the seller, negotiate repair items with buyers side after inspections, suggest vendors to repairs (electricians, plumbers, roofers, etc), stay on top of all deadlines on buyers side (especially mortgage related deadlines), attend the final walk thru inspection by buyers....to name some of the things real estate listing agents do for sellers. Some home sellers will say they can handle these duties without the assistance of a real estate agent -- and some can. However, the majority either can't do it without assistance or don't have the time to do it themselves.
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Old 04-02-2024, 09:59 AM
 
1,135 posts, read 401,075 times
Reputation: 590
Quote:
Originally Posted by Sunshine Rules View Post
I know one thing.....most lawyers haven't a clue as to how to actually sell a listing. Just went thru weeks of trying to get my buyers into a listing they were very interested in but the seller, who was a lawyer and also representing himself in the transaction, made every rookie mistake in the book and finally drove my buyers away with his adversarial behavior. I'm guessing we're not the only ones the owner ran off as the listing is in a very popular area where most homes go under contract in less than a month and this one's been on the market for almost 6 months now.

Other things lawyers can't or won't do? Rearrange the furnishings in the home to give it better appeal to buyers, suggest repairs that should be completed before showings to avoid issues later on, knowing when to have a sit down meeting with sellers about their pets or putting about 50% of their clutter into storage, it's about attend all home showings if the seller declines using a coded lockbox, attend inspections after the property goes under contract on behalf of the seller, negotiate repair items with buyers side after inspections, suggest vendors to repairs (electricians, plumbers, roofers, etc), stay on top of all deadlines on buyers side (especially mortgage related deadlines), attend the final walk thru inspection by buyers....to name some of the things real estate listing agents do for sellers. Some home sellers will say they can handle these duties without the assistance of a real estate agent -- and some can. However, the majority either can't do it without assistance or don't have the time to do it themselves.
If it take a month for a home to go under a contract, it's not hot market.
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