Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-10-2024, 10:31 AM
 
Location: Rochester, WA
14,458 posts, read 12,081,453 times
Reputation: 38970

Advertisements

Quote:
Originally Posted by Brandon Hoffman View Post
Location may also be relevant. Different locations have different customs and laws. West coast seems to be more fly by the seat of your pants w/o agency agreements vs. many states in the SE with customer/client agency agreements required by law.
Not anymore. Buyer agency agreements are now required here. And they are required before any real estate brokerage services are provided. We’re still adapting to these changes. Stay tuned!
Reply With Quote Quick reply to this message

 
Old 04-10-2024, 11:39 AM
 
7,269 posts, read 4,209,432 times
Reputation: 5466
Quote:
Originally Posted by Diana Holbrook View Post
Not anymore. Buyer agency agreements are now required here. And they are required before any real estate brokerage services are provided. We’re still adapting to these changes. Stay tuned!

What if a buyer doesn't want to use a Buyers agent ? How does a buyer get to view a Realtor listed home in your market if they (and the seller) choose not to pay a buyers agent ?
Reply With Quote Quick reply to this message
 
Old 04-10-2024, 11:51 AM
 
Location: Salem, OR
15,572 posts, read 40,409,288 times
Reputation: 17468
Quote:
Originally Posted by Brandon Hoffman View Post
Location may also be relevant. Different locations have different customs and laws. West coast seems to be more fly by the seat of your pants w/o agency agreements vs. many states in the SE with customer/client agency agreements required by law.
Oregon just made it mandatory.

Quote:
Originally Posted by illtaketwoplease View Post
What if a buyer doesn't want to use a Buyers agent ? How does a buyer get to view a Realtor listed home in your market if they (and the seller) choose not to pay a buyers agent ?
We call those unrepresented buyers. You would either call the listing agent and tell them you are an unrepresented buyer (and plan to stay that way) who needs to schedule a showing or you go to open houses. We just started tracking them in our MLS and there were 8 sales in 1Q with unrepresented buyers.
Reply With Quote Quick reply to this message
 
Old 04-10-2024, 03:12 PM
 
Location: Cary, NC
43,265 posts, read 77,043,330 times
Reputation: 45612
Quote:
Originally Posted by illtaketwoplease View Post
What if a buyer doesn't want to use a Buyers agent ? How does a buyer get to view a Realtor listed home in your market if they (and the seller) choose not to pay a buyers agent ?
This entire silliness is predicated on aggressive reduction of buyer rights in order to profit sellers.

Call the listing agent, whose responsibilities to the seller include milking you for every penny possible and minimizing any concessions from the seller to you.
Or add a third commission onto your purchase.
Reply With Quote Quick reply to this message
 
Old 04-10-2024, 03:51 PM
 
Location: Salem, OR
15,572 posts, read 40,409,288 times
Reputation: 17468
Quote:
Originally Posted by MikeJaquish View Post
This entire silliness is predicated on aggressive reduction of buyer rights in order to profit sellers.

Call the listing agent, whose responsibilities to the seller include milking you for every penny possible and minimizing any concessions from the seller to you.
Or add a third commission onto your purchase.
This thought is predicated on the buyer having a good buyer agent. I don't think there is a significant reduction in buyer rights when they hire a goober to represent them.
Reply With Quote Quick reply to this message
 
Old 04-10-2024, 03:59 PM
 
Location: Rochester, WA
14,458 posts, read 12,081,453 times
Reputation: 38970
Quote:
Originally Posted by illtaketwoplease View Post
What if a buyer doesn't want to use a Buyers agent ? How does a buyer get to view a Realtor listed home in your market if they (and the seller) choose not to pay a buyers agent ?
They call the listing agent. As of now, you may not be saving anything, as almost all listings are still including it in the listing. We'll see how that goes. The proposed ban on including it in the MLS as indicated in the settlement is a bizarre and destructive requirement, IMHO. Our state has NOT yet adopted that.

Quote:
Originally Posted by Silverfall View Post
This thought is predicated on the buyer having a good buyer agent. I don't think there is a significant reduction in buyer rights when they hire a goober to represent them.
But even a goober agent should know what inspections and other contingencies they should include in an offer and how the timelines should be constructed. I wouldn't expect a listing agent to necessarily volunteer this info.


Practically none of my first time buyers would have known what to ask for. Not many of the second and third time buyers know.
Reply With Quote Quick reply to this message
 
Old 04-10-2024, 04:30 PM
 
Location: Salem, OR
15,572 posts, read 40,409,288 times
Reputation: 17468
Quote:
Originally Posted by Diana Holbrook View Post
They call the listing agent. As of now, you may not be saving anything, as almost all listings are still including it in the listing. We'll see how that goes. The proposed ban on including it in the MLS as indicated in the settlement is a bizarre and destructive requirement, IMHO. Our state has NOT yet adopted that.



But even a goober agent should know what inspections and other contingencies they should include in an offer and how the timelines should be constructed. I wouldn't expect a listing agent to necessarily volunteer this info.


Practically none of my first time buyers would have known what to ask for. Not many of the second and third time buyers know.
Some people are perfectly qualified to represent themselves.

For those that aren't, but think they are, I believe that it is their money to lose.

Our contracts have default timelines in them in case agents don't fill in the blanks. Even an unrepresented buyer can guess at the typical timelines with that. Our contracts default to all inspections a buyer wants, so it is up to agents to shrink the inspections rather than add them. Excepting invasive inspections, like asbestos testing, where you need to take a sample from the house. Those have to be called out, but the contract says they have to.
Reply With Quote Quick reply to this message
 
Old 04-10-2024, 04:44 PM
 
Location: Cary, NC
43,265 posts, read 77,043,330 times
Reputation: 45612
Quote:
Originally Posted by Diana Holbrook View Post
They call the listing agent. As of now, you may not be saving anything, as almost all listings are still including it in the listing. We'll see how that goes. The proposed ban on including it in the MLS as indicated in the settlement is a bizarre and destructive requirement, IMHO. Our state has NOT yet adopted that.



But even a goober agent should know what inspections and other contingencies they should include in an offer and how the timelines should be constructed. I wouldn't expect a listing agent to necessarily volunteer this info.


Practically none of my first time buyers would have known what to ask for. Not many of the second and third time buyers know.
Goobers be goobers.
Loose cannons much of the time who lay waste to all around them.

I had a listing under contract.
Buyers agent, discussing the inspection and repair request, says, "Mike, I sure hope this closes. He has canceled 3 other contracts and closing is just in time for them to have the right home address for scheduling their daughter for school."

Yikes! Seriously, lady? What a goober!
Called my seller and said, "Stonewall them!"
She's a good person, and wanted to do right by them, so no stonewall.

Last edited by MikeJaquish; 04-10-2024 at 04:52 PM..
Reply With Quote Quick reply to this message
 
Old 04-10-2024, 04:51 PM
 
Location: Cary, NC
43,265 posts, read 77,043,330 times
Reputation: 45612
Quote:
Originally Posted by Silverfall View Post
This thought is predicated on the buyer having a good buyer agent. I don't think there is a significant reduction in buyer rights when they hire a goober to represent them.

Nowhere is buyers agency supported, recommended, or required.

I think it is clear that the aim is:
...To discourage any buyers agency whether the buyer is capable of representing themselves or not.
...To increase buyers costs significantly if they engage an agent.

Saw a local listing with $500 offered to a buyers agent. And 2.4% to a subagent.
$700,000+ and that $17,000+ this is a significant difference if the buyer is not deep pockets.

The only reason to vigorously support subagency over buyers agency is to set the buyer up to get truly hosed.
Reply With Quote Quick reply to this message
 
Old 04-10-2024, 05:02 PM
 
Location: Salem, OR
15,572 posts, read 40,409,288 times
Reputation: 17468
Quote:
Originally Posted by MikeJaquish View Post

Nowhere is buyers agency supported, recommended, or required.

I think it is clear that the aim is:
...To discourage any buyers agency whether the buyer is capable of representing themselves or not.
...To increase buyers costs significantly if they engage an agent.

Saw a local listing with $500 offered to a buyers agent. And 2.4% to a subagent.
$700,000+ and that $17,000+ this is a significant difference if the buyer is not deep pockets.

The only reason to vigorously support subagency over buyers agency is to set the buyer up to get truly hosed.
I forgot that some places still have subagency. I'm surprised the DOJ isn't all over that. It doesn't make any sense to keep subagency offerings but not buyer-agent offerings.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top