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Old 08-06-2008, 09:53 AM
 
Location: Cary, NC
43,040 posts, read 76,558,928 times
Reputation: 45353

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Quote:
Originally Posted by MikeJaquish View Post
I'm no hot shot agent, and I find that typically when dealing with a FSBO, or unrepresented Buyer, most people have no clue how to get through a transaction.
How to be an ethical fiduciary for my client becomes more difficult as the FSBO blunders around, and it could turn into shooting fish in a barrel from my point of view.
It happens when dealing with some agents, but much, much less often.

The agent who does dozens of transactions over a few years has a leg up on well-meaning homeowners who have no idea what an agent does, and decide one day to up and sell a house.
Quote:
Originally Posted by bentlebee View Post
Well if you have agents who don't do their job you can learn pretty fast.
It isn't that hard....
-You list your house and make sure you check recntly sold similar homes in your area as well as new listings.
-Buy a contract online or have a real estate lawyer draw up a contract (they probable have a contract ready waiting for you to be filled out), or use the buyers agent contract.
-Home inspector is the responsibility for the buyer (agent) and also the mortgage as well as the appraisel.
- Make sure you have in your contract that the home inspection is done within 10-14 days as well as the appraisel,and check if it has beeen done and other wise the contract isn't contignent on these things. That way you have a better chance the closing won't be postponed because these major things were forgotten and done at the last minute.
-Contact a local title company and you can also let the buyer (or agent) chose one, that doesn't matter as long as you check if it is an official title company.
-Have repairs taken care off a.s.a.p. and show proof of the repairs taken care off.
-Have a security deposit put in escrow at your bank or title company or at your lawyers office.

Most important is a good price and put fliers in a box even if they are taken by neighbors...at least people are talking and offer a fee/percentage to the buyers agent or give soemthing back to the buyers....people like to get something...don't you
Good Luck...it isn't so scary as most realtors want you to think, and if you think it is scary...hire a good realtor.
Quote:
Originally Posted by tamitrail View Post
Sounds like a TON of work I don't have time for. Not scary at all...just too much of my valuable time....especially since I would need to be focusing on keeping my house clean and in show condition.
Tami,
The really unfortunate thing is that BB obviously doesn't know the detail that goes into a real estate transaction, or marketing for a sale, but is blindly offering generic and sloppy advice on a forum where impressionable people will read it.

I guess it doesn't matter who gets hurt, as long as the ax stays on the grindstone.
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Old 08-06-2008, 09:56 AM
 
Location: Columbia, SC
10,898 posts, read 21,855,051 times
Reputation: 10514
[quote=London Girl;4739026]
Quote:
Originally Posted by TexasHorseLady View Post
Brandon says it best in that last paragraph. If an agent will easily and habitually give up some of their own paycheck, are they really going to be any better at negotiating for your money?[/quote]


I can see where you're coming from but would ask you whether it's more astute to get 100% of nothing or 50% of something - the local agents we spoke to were actually the worst negotiators of all when it came to getting or losing our business!
The best agents don't view it this way. If an agent knows they are worth, they will not work someone at a discounted rate. They will take the time they would have spent with you and find a client willing to pay. Understand, if they are a top agent, you aren't their only client nor are they desperate to go out and push you into to a sale to get a payday. The top agents most valuable asset is time so they'll fill it with people who they want to work with (and that's not someone who's difficult or not willing/able to pay).

So again, it leads you full circle that if someone takes a discount, you aren't getting the best.
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Old 08-06-2008, 10:03 AM
 
Location: Columbia, SC
10,898 posts, read 21,855,051 times
Reputation: 10514
Quote:
Originally Posted by sterlinggirl View Post
That's exactly what I'm saying. Hiring agents automatically inflates the price by 6%. If a seller needs to get out of a house, and needs a certain amount to pay off their mortgage, that extra 6% could mean the difference between a successful sale or eventual foreclosure.

If agents realize this fact and are willing to work for a little less during the tight times, they're putting their clients at a competitive advantage.

Just my two cents....
Not unnecessarily. A CMA is quite similar to an appraisal. Whether there is no commission, a small commission, or a huge commission, the home is still going to have the same value.
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Old 08-06-2008, 11:44 AM
 
27,206 posts, read 46,544,323 times
Reputation: 15661
Quote:
Originally Posted by MikeJaquish View Post
Tami,
The really unfortunate thing is that BB obviously doesn't know the detail that goes into a real estate transaction, or marketing for a sale, but is blindly offering generic and sloppy advice on a forum where impressionable people will read it.

I guess it doesn't matter who gets hurt, as long as the ax stays on the grindstone.
If sitting in a class for 63 hours is making you a realtor....I guess I have way more hours and expeirence...., some might not even have sold one home when the get their license
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Old 08-06-2008, 11:50 AM
 
Location: DFW
40,919 posts, read 48,858,158 times
Reputation: 54901
If you want experience and a high level of skill and expertise, those agents are less likely to cut their commission.

Good thing about real estate is there are quite a few agents with limited experience or skills that will be happy to cut their fees. And they probably should cut their fee since they have a lot less to offer a client. Two years from now they will be looking for a new career.

Me, I've learned a long time ago to buy or hire the very best since you're never disappointed in quality.
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Old 08-06-2008, 11:52 AM
 
27,206 posts, read 46,544,323 times
Reputation: 15661
Quote:
Originally Posted by Brandon Hoffman View Post
You keep throwing that 63 hours around but that class doesn't make make an agent a good agent. There are consumers out there that know more about RE than some agents but the best agents have the battle scars from experience and are committed to continually learning about the business. It's not about the class, or being licensed, or a member of NAR...it's about the commitment, intelligence, education, experience, and work ethic. The best agents are worth the money and aren't going to discount. The ones who discount typically do it because it's the only way they level the playing field against the best agents.

As far as finding the home, well that's usually the easy part for the agent anyway. For many years NAR made the mistake of billing the MLS as the agents worth when that is not the case at all. Steps 1/2 of buying a home are getting pre-approved and finding the home. For the agent, this is really easy because we help make sure the buyer has a competitive loan and then open some doors. The Realtors real value comes into play from contract to close (Steps 3/4). So please don't mistake being able to find a home without a Realtor as making the Realtor's value less because any fool can find a home in the internet age and open a door. The best agents earn their pay from contract to close.
I understand that "good realtors" deserve their money as any one who is good in what they are doing and I never disagreed on that.
Some closing are easier than others, but isn't it true that realtors aren't giving the mortgage but mortgage brokers and banks do....the realtor can refer them but so can others. BoA, etc....many options....the realtor can make a call but isn't really in this process since that process is between the buyer and the mortgage broker, than the home inspection has to be done....well a realtor can have a rolodex or whatever it is called but many people know how to check the internet to find some home inspector or get a referral from others, same for title company and the appraisel as many realtors have stated is arranged by the mortgage broker.....so how much is really left....some phone calls to save the deal when there is trouble..."yes" that can be important, but I had to do it myself and I was alone at the time with a young kid and had to solve it myself and I managed and so can others....I understand that a realtor with a lot experience can help very well, but the way it is right now, many have jumped in in '05 and don't have the experience and many people are stuck with these so called realtors.
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Old 08-06-2008, 12:05 PM
 
Location: Cary, NC
43,040 posts, read 76,558,928 times
Reputation: 45353
Quote:
Originally Posted by bentlebee View Post
If sitting in a class for 63 hours is making you a realtor....I guess I have way more hours and expeirence...., some might not even have sold one home when the get their license
See what I mean.
There's the "sloppy."
"63 hours?"

Not relevant to many readers of this forum who may be misled and take it as gospel, or as representative of the profession.
Not relevant in any state that requires more class time, and most do.
Not relevant to most any of the RE professionals who pass through here.
Not relevant to any RE professional who seeks further instruction beyond annual CE classes.
Not relevant to any RE professional who routinely works furiously to take care of clients, in greater numbers than someone who is just hanging out anonymously on a forum and banging away at something they don't understand.
Just sloppy ax-grinding.
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Old 08-06-2008, 12:10 PM
 
1,949 posts, read 5,962,554 times
Reputation: 1297
You know what? Once I went to a closing and my attorney asked the builder if all his bills on the house were paid. He was a good old boy from the country and said no because things had just been done and the bills have not come in yet. He was a little insulted that he would be asked such a thing because I'm sure he takes pride on paying his bills.

The attorney told him we couldn't close if he had any outstanding bills. So....my realtor offered to have his commission held in escrow until everything was paid off and cleared. We were able to close. The builder wasn't going to put his money in escrow nor was I able to put off the closing as we already had our stuff and our kids in the house.

If it wasn't for my realtor, I would have been screwed. Couldn't have done that had I been sitting at the closing table alone.
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Old 08-06-2008, 12:15 PM
 
Location: Barrington
63,919 posts, read 46,459,926 times
Reputation: 20674
Quote:
Originally Posted by kutra11 View Post
If you can haggle with your mortgage lender, handyman, roofing contractor, landscape company, what's wrong with doing the same with a realtor?
Generally speaking, consumers so rarely have the opportunity to control what they pay for anything, other than doing without and most choose to not do without. The price of anything and everything is marked up so that those with the greatest business risks get compensated. The price of anything and everything is marked up to compensate all those in the food chain. This include a substantial mark up for theft of service and goods, insurance, benefits, fraud and systemd/processes to mitigate and prosecute those who abuse.

Who can negotiate the price of gas? Who has control over the speculators running up the price of crude for their own benefit? Who gave up their car and now walks or rides a bike?

Only when consumers make direct payment for services do some feel the need to obtain a sense of control. Trades people know this and usually mark up to allow some wiggle so that the consumer feels the perception of control. Dependent upon the contractor and how bad they want the job, they may agree to a price that does not allow them to be adequately compensated. And so, the consumer sometimes gets shoddy workmanship otherwise known as getting what they paid for.

There is absolutely nothing wrong with haggling a real estate commission.
There is nothing wrong with DIY. Like with anything, we all own the outcome.
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Old 08-06-2008, 12:24 PM
 
Location: Barrington
63,919 posts, read 46,459,926 times
Reputation: 20674
Quote:
Originally Posted by MikeJaquish View Post
Tami,
The really unfortunate thing is that BB obviously doesn't know the detail that goes into a real estate transaction, or marketing for a sale, but is blindly offering generic and sloppy advice on a forum where impressionable people will read it.

I guess it doesn't matter who gets hurt, as long as the ax stays on the grindstone.
Buying from an unrepresented seller or selling to an unrepresented buyer is an investor's dream come true. Be aware of sheep.
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