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The home selling realtor setup is unfair to sellers and buyers
Posted on 4/16/23 at 2:34 pm
Posted on 4/16/23 at 2:34 pm
Got a house on the market. Had lookers last week. The response from the buyers realtor to our realtor was “they like it and are deciding. Let us know if you get an offer or another interested party”.
I can’t speak to the buyer and can only get what limited info their realtor decides to give out. Conversely, I’d probably go down on the price or toss in other incentives if that’s what the buyer needed. This realtor charade really is a racket where you’re at the mercy of intermediaries who spend more time protecting their roles than looking out for their customers.
Is there a better process for buyers and sellers?
I can’t speak to the buyer and can only get what limited info their realtor decides to give out. Conversely, I’d probably go down on the price or toss in other incentives if that’s what the buyer needed. This realtor charade really is a racket where you’re at the mercy of intermediaries who spend more time protecting their roles than looking out for their customers.
Is there a better process for buyers and sellers?
Posted on 4/16/23 at 2:35 pm to Gee Grenouille
quote:
Is there a better process for buyers and sellers?
FSBO
This post was edited on 4/16/23 at 2:37 pm
Posted on 4/16/23 at 2:37 pm to Gee Grenouille
I don’t see the big deal.. They’re thinking it over and probably crunching numbers and would like to know if there’s another offer incoming. Not that unreasonable
Posted on 4/16/23 at 2:38 pm to Gee Grenouille
We just went through that process. Slimey all the way. I distrust realtors tremendously and for good reason. They wan to churn and burn and 5pct less on my house is nothing to them if it sells faster.
Also they know all the tricks - give the seller closing fees, don't take the price down. That cuts into teh commish.
Also they know all the tricks - give the seller closing fees, don't take the price down. That cuts into teh commish.
Posted on 4/16/23 at 2:38 pm to Gee Grenouille
Depends on your location. If you are in BR or NOLA, investigate Falaya.
Posted on 4/16/23 at 2:38 pm to Gee Grenouille
Sell by owner. Save the 3-6% fees or whatever the rate is these days from realtors.
Can market your home many places online free these days too.
Can market your home many places online free these days too.
Posted on 4/16/23 at 2:39 pm to Gee Grenouille
Hire a better realtor that will push the other realtor into jumping on it?
Sounds like the buyer’s realtor is smart. Hey, they aren’t sure if they want it, but if you get another offer, let me know so I can make sure they are fine letting it go.
I mean, sounds like exactly what you pay a realtor to do.
Sounds like the buyer’s realtor is smart. Hey, they aren’t sure if they want it, but if you get another offer, let me know so I can make sure they are fine letting it go.
I mean, sounds like exactly what you pay a realtor to do.
Posted on 4/16/23 at 2:39 pm to Gee Grenouille
quote:do what the realtors do: lie to them and say you have several offers including 1 above asking price and another that the person is going to resubmit their offer tomorrow.
Is there a better process for buyers and sellers?
Posted on 4/16/23 at 2:42 pm to Gee Grenouille
There is no law saying that a seller has to use a realtor. Also no law saying a buyer has to use a realtor.
Posted on 4/16/23 at 2:52 pm to Gee Grenouille
I mean it’s a racket but the agents are both incentivized to get you and the buyer to transact. They are not going to try to talk either of you out of the deal.
If you are wanting to negotiate just tell your agent you’re interested in a quick sell for them to make you an offer below asking.
If you are wanting to negotiate just tell your agent you’re interested in a quick sell for them to make you an offer below asking.
Posted on 4/16/23 at 2:52 pm to Gee Grenouille
For all the FSBO answers, I have a question...
Is MLS not important?
Do you realize even apps like Zillow seperate the MLS from the FSBO and most people dont even realize they are separated and the FSBO exists? I find it dirty and they didnt do this until last year.
How do you do FSBO and get views?
Is MLS not important?
Do you realize even apps like Zillow seperate the MLS from the FSBO and most people dont even realize they are separated and the FSBO exists? I find it dirty and they didnt do this until last year.
How do you do FSBO and get views?
Posted on 4/16/23 at 3:10 pm to Gee Grenouille
quote:
The home selling realtor setup is unfair to sellers and buyers
There is a massive lawsuit against NAR that will potentially change the way Realtors operate
quote:
Overview 1. What is this lawsuit about? NAR has promulgated a series of rules, policies, and practices that have been widely adopted by its members which have resulted in a lessening competition among real estate brokers to the detriment of American home buyers. These rules, policies, and practices include:
Prohibiting multiple listing services (“MLSs”) from disclosing to prospective buyers the amount of commission that the buyer broker will earn if the buyer purchases a home listed on the MLS (“NAR’s Commission Concealment Rules”);
Allowing buyer brokers to mislead buyers into thinking that buyer broker services are free (“NAR’s Free-Service Rule”);
Enabling buyer brokers to filter MLS listings based on the level of buyer broker commissions offered and to exclude homes with lower commissions from consideration by potential home buyers (“NAR’s Commission-Filter Rules and Practices”); and
Limiting access to lockboxes that provide licensed brokers physical access to a home that is for sale to only those real estate brokers who are members of a NAR-affiliated MLS (“NAR’s Lockbox Policy”).
LINK
Monumental NAR lawsuit snags class action status
quote:
The lawsuit claims a requirement for sellers to make “blanket unilateral offers of compensation” to buyer brokers when a home is placed for sale on a multiple listing service violates the law. The plaintiffs said the system pressures sellers to offer high commissions to bring in buyers’ brokers.
Posted on 4/16/23 at 3:19 pm to Gee Grenouille
quote:
This realtor charade really is a racket where you’re at the mercy of intermediaries who spend more time protecting their roles than looking out for their customers.
This has been my experience.
Our last sale was FSBO. The buyers agent said she would need to represent both sides.
I raised my price to fit in their fees, and at that point the agent kissed my arse because she didn't want to jeopardize the commission.
They had an inspection by a moron who advised several repairs. We did none of them (half of them were idiotic). And we closed. The realtor really was a moron and she would stab her buyer in the back for $100.
Posted on 4/16/23 at 3:38 pm to Gee Grenouille
Now give your thoughts about attorneys.
Posted on 4/16/23 at 3:42 pm to Gee Grenouille
When we sold our first house we had a couple look at it and give us a low-ball offer. We declined because we weren't forced to move. The same couple bought the house a year later for somewhere in the middle of list and what they offered. We'd have probably sold it to them at the time for that price too
Posted on 4/16/23 at 4:09 pm to Gee Grenouille
The problem with FSBO is the realtors will boycott you. Most people need their hand held to buy a house. Have you seen how many low-functioning people are out there? Additionally people like affirmation.
Posted on 4/16/23 at 4:17 pm to Gee Grenouille
All realtors are the scum of the earth. I had to deal with them daily for almost 10 years and they are all the exact same. I can’t fricking stand them and if you are a realtor then kiss my arse
This post was edited on 4/16/23 at 4:18 pm
Posted on 4/16/23 at 4:24 pm to Gee Grenouille
It's worse than car dealers.
If more people took the time to learn the system and the specifics they would save that 6%.
If more people took the time to learn the system and the specifics they would save that 6%.
Posted on 4/16/23 at 4:33 pm to Gee Grenouille
That’s the way when an agent is involved - this is actually normal
Posted on 4/16/23 at 4:56 pm to Gee Grenouille
I sold my last house myself. Luckily my aunt is a realtor & really helped me with a lot of nuances you don't think about until you're in the middle of the sale. I felt awful for my buyer though. He didn't know anything. Realtors can be slimy AF but the good ones will help you CYA going thru the process.
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