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Old 06-16-2011, 11:53 PM
 
6 posts, read 14,825 times
Reputation: 10

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I am a very self-motivated home buyer who is looking for a real estate broker who will rebate all but 1% of a co-broker commission to me POC.

I will perform all tasks during the home buying process myself and only need a broker to sign the offer so that they have legal right to the commission.

I am not going to purchase any of the homes I have viewed so far, therefore there isn't a risk of a procuring-cause dispute.

I will be purchasing a home in Hillsborough County FL (Tampa).

Thanks
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Old 06-17-2011, 04:02 AM
 
26,796 posts, read 41,500,239 times
Reputation: 14968
Why don't you get your Real Estate license and pay all the dues and get the commission yourself.

An unlicensed citizen is not allowed to receive commission...

If you want to pay less, try to negotiate with the seller to pay less....why do you need a buyers agent if you claim you can do it yourself.

I did that many times before...but I also have to say that times were different and less risks of liabilities that come with the current home buying.

There are still some bad realtors left, they might be willing to do it...Professional realtors will not fall for your offer and most likely will say..."just do it yourself".

I assume from your post your are not savvy enough to this yourself.

A realtor has to pay his/her board dues, pay for gas, advertisement and has to split a certain percentage with the broker...and you want the rest of it..? I would say...Good Luck do it yourself!
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Old 06-17-2011, 08:57 AM
 
6 posts, read 14,825 times
Reputation: 10
bentlebee,

I have nothing against real estate agents/brokers. I believe they earn their money just like every other working person.

Maybe a better way to word this would be: I'm looking for a real estate consultant who has an active broker license in FL. I do not need the full services of a real estate broker.

Quote:
Why don't you get your Real Estate license and pay all the dues and get the commission yourself.
In order to receive any part of the commission at closing, you would have to be a licensed real estate broker. In order to be a licensed real estate broker you have to pass 2 tests (one to be an 'agent', one to be a 'broker') and pay the dues, as you've pointed out. What you didn't mention though, is that you would also have to have worked as a licensed real estate agent for at least 24 months before you can apply to be a broker. I will be buying a home in less than 24 months so this is not an option for me.

Licensure Information

Quote:
An unlicensed citizen is not allowed to receive commission...
Only a licensed real estate broker is allowed to receive any part of the commission at closing BUT receiving rebates on the commission POC (paid outside of closing) is allowable and becoming more commonplace. It must be written into the HUD.

CapturetheCommission.com

Quote:
If you want to pay less, try to negotiate with the seller to pay less....why do you need a buyers agent if you claim you can do it yourself.
I think we're missing the point of how a commission works. No matter what price is negotiated, there will still be 3% going to either the listing agent (if there is no buyer agent) or the buyer's agent.

Since I will be performing greater than two thirds of the work to find the home, I am asking for two thirds of the buyer's commission.

Quote:
I did that many times before...but I also have to say that times were different and less risks of liabilities that come with the current home buying.
Good point! That's why I'm going to have my family member who works in a real estate law office providing legal advice for me. Unfortunately the lawyers in her office do not have their brokers license.

Quote:
There are still some bad realtors left, they might be willing to do it...Professional realtors will not fall for your offer and most likely will say..."just do it yourself".
Your language is extremely loaded. I'm interested in hearing some explicit reasons why only a "bad" real estate agent would take this offer. Good, honest real estate agents make rebate commission deals.

This is the offer they would be "falling" for:
- They would need to sign a buyer's agent contract with me before I viewed anymore homes
- Sign and submit the offers I make on any homes
- Show up at the closing to collect the entire 3% commission
- After the closing (POC) they would adhere to the buyer's agent contract and rebate all but 1% to me

On a $200,000 home they would receive $2000. If all of this took 8 hours, they would be paid $250/hr on a $200,000 home sale.

Quote:
I assume from your post your are not savvy enough to this yourself.
I'd be interested in knowing what I wrote or didn't write that lead you to this assumption.

Quote:
A realtor has to pay his/her board dues, pay for gas, advertisement and has to split a certain percentage with the broker...and you want the rest of it..? I would say...Good Luck do it yourself!
This offer would not work well for an agent (or 'Salesperson') because an agent would have to split the commission with their broker. That's why I specifically requested a broker for this deal.

As mentioned above, The broker would not have to pay for gas or advertisement because I'm going to find the home myself. As mentioned above, I cannot do this myself because only a licensed real estate broker can receive the commission at escrow.

Looking forward to any additional comments or takers!!
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Old 06-17-2011, 09:29 AM
 
36 posts, read 59,466 times
Reputation: 62
Bentlebee, buyer's rebates are allowed by law as long as it's disclosed to all parties in writing.

Clutch, I am a licensed broker and may be interested. Send me a pm if you'd like to discuss it further.

Last edited by TerdFerguson; 06-17-2011 at 09:56 AM..
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Old 06-17-2011, 09:44 AM
 
1,106 posts, read 2,048,443 times
Reputation: 954
Quote:
Originally Posted by bentlebee View Post
An unlicensed citizen is not allowed to receive commission...
bentlebee, usually your posts are right on, but I'm calling you out here. You are utterly wrong.

I demand that you go back and re-read FL Ch. 475 and then retract your statement.

Clutch, I will defer to those who responded before I did, but you can contact me as well if those offers don't pan out.

Last edited by chi_tino; 06-17-2011 at 09:56 AM..
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Old 06-17-2011, 10:17 AM
BBI
 
490 posts, read 850,665 times
Reputation: 369
Quote:
Originally Posted by bentlebee View Post
Why don't you get your Real Estate license and pay all the dues and get the commission yourself. ... An unlicensed citizen is not allowed to receive commission... If you want to pay less, try to negotiate with the seller to pay less....why do you need a buyers agent if you claim you can do it yourself. ... There are still some bad realtors left, they might be willing to do it...Professional realtors will not fall for your offer and most likely will say..."just do it yourself". I assume from your post your are not savvy enough to this yourself...
We recently did exactly what the OP is talking about. I agree that if you're internet savvy and willing to do the work, you shouldn't need a buyer's agent, and if you don't have an agent, you should be able to use that to negotiate a lower price. Unfortunately, that may not be possible for two reasons. First, most sellers are locked in at ~6% whether or not you have an agent. So you can't just negotiate a lower price with them, you have to go through the agent. Second, most agents (incorrectly) view 6% as some sacred number, hate that you're bucking their preferred practice, and don't want to deal with you directly. During our house-hunting adventure, we had multiple agents tell us they'd rather split 6% with a buyers' agent than take 4%. (Undoubtedly, this message was not being shared with the sellers.) Eventually we got frustrated enough that we just hired a buyers' agent who'd reimburse us the 2%. Our agent told us that they couldn't just pay us in cash, but they could put the 2% towards our closing costs. I didn't care either way, so I didn't research that issue.

To the OP, DM me if you'd like a recommendation; seems like you already have a few folks lined up.
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Old 06-17-2011, 10:35 AM
 
1,106 posts, read 2,048,443 times
Reputation: 954
Quote:
Originally Posted by BBI View Post
we had multiple agents tell us they'd rather split 6% with a buyers' agent than take 4%. (Undoubtedly, this message was not being shared with the sellers.)
That is why I consider most realtors unethical at best and criminal at worst. If they were licensed financial advisors and were skimming dollars out of your account without you knowing, they would be paying big fines and/or spending some time in a cell to think about it.

When someone tells me they are a realtor, I love asking them to define "fiduciary duty". Most think it means "to steal as much money from my client as possible".

Back to the original question, the only push back you may get on your deal, Clutch, is if you are putting in offers on short sales. The bank that accepts the offer may slash the listing agent's commission from 6% or 7% or whatever to the number that THEY want to pay (since in effect they, not the seller, are eating it). If you get a tough negotiation, there may not be much left to be rebated.
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Old 06-17-2011, 11:18 AM
 
Location: Beautiful Pinellas County
1,447 posts, read 2,662,830 times
Reputation: 1036
Chi_tino you don't know anything about me but I really object to your comments about realtors
I don't know what you do for a living, but this is what I do for a living and I do not make a mint and have done a lot of work over the years, genuinely working with people who kick tires and ask for all sorts of help and advice (for free) then go off and do their own thing. You dont know the half of it, normally I just let this fly, but unless you speak from personal experience for each and every realtor in the state, then I think you should cut down the 'most realtors' to 'a few realtors'
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Old 06-17-2011, 12:58 PM
 
1,106 posts, read 2,048,443 times
Reputation: 954
I am a licensed real estate agent but not a realtor. I am not employed in the real estate industry. I use it as a negotiating tool when I am making a transaction for myself and for friends/family, since I have the ability to do the deal myself (while giving a broker a few bucks to process the paperwork). I've taken tens of thousands of dollars of commissions that would have gone in realtor pockets and instead spread them around to buyers and sellers. This is still completely legal in Florida (although realtors get very angry when you bring this up, and will often argue with you about its legality).

However, the National Association of Realtors is just short of a criminal organization. For years, they have produced "reports" which were easily shown to be factually incorrect, yet the naive media and their clients have believed as gospel.

It doesn't take a lot of research to determine that almost every statement in the past decade made by David Lereah and Lawrence Yun, NAR's pathological liars known as "chief economists", had little basis in fact or economic reality. Would you like me to provide a list of statements made in every year of the past decade where the NAR chief economist called for higher prices in the upcoming year? Remember, this organization's reporting in 2005/2006 included statements such as "there is zero chance of an impending price decline" and when the steamroller of foreclosures began, stated "this 'shadow inventory' should have no impact on real estate prices". The local chapters of NAR scooped up these nuggets and passed them along in their reports, spreading the good cheer in light of staggering amounts of evidence to the contrary.

lavender, since you are a good realtor, did you parrot those "facts" to your poor clients? How many offers did you convince them to reject when prices were 50% higher than they are today?

Many people lost their homes and their equity by listening to their local yokel realtor arguing for a much higher selling price in the face of a plunging market. In fact, I bought my waterfront home on the cheap from a realtor that drank the NAR kool-aid and was forced to short-sell their grossly overpriced house or declare bankruptcy.

As a political organization, their henchmen in many states have been trying for years to stifle and shut down non-realtor agents who have tried to offer discounted real estate services. The Federal government has investigated RICO (Racketeer Influenced and Corrupt Organizations) Act charges against the organization. Do you remember their antitrust settlement in 2005?

Realtors by law must provide a fiduciary duty to their clients. However, the organization openly does the opposite, seeking to increase commissions and cook up other schemes to skim money from their clients. Their reports are a laughingstock in the industry, and the statistics* they use to back them up are completely fabricated.

lavender, you might be nice to your clients, but the organization you pay your hard-earned money to in dues is blatantly anti-consumer. How do YOU define "fiduciary duty"?


* example: the home I purchased was on the market for about 4 years before I closed on it. According to the realtors, though, the "days on market" for this property was not entered as 1,500 in the statistics but rather 30, as they are allowed to reset the number to whatever number they choose upon closing. Why would they want to make the market look any worse than it is?

Last edited by chi_tino; 06-17-2011 at 01:09 PM..
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Old 06-17-2011, 01:19 PM
 
6 posts, read 14,825 times
Reputation: 10
I'm so glad to hear of other people who have been through this and/or who have done the research on this and have come to the same conclusion as I have:

6% is not a sacred number. Real Estate commissions are negotiable for brokers just like home sale prices are negotiable for clients.

Thanks for everybody's replies!
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