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re: Anyone know of a "how to" guide for residential real estate transactions
Posted on 4/8/24 at 10:19 pm to Thundercles
Posted on 4/8/24 at 10:19 pm to Thundercles
quote:
They can still pay a buyers agent.
Can, but will they? The entire reason of the lawsuit is because people wanted to stop paying it. The onus will eventually fall on the buyer.
No, it's not. The sellers claimed they didn't know it was split. Which is odd because every home I've sold with an agent lists out the commissions and where it goes.
1
Posted on 4/8/24 at 10:21 pm to Thundercles
quote:
That's what they do.
Sure, but if I don't value that work at $20,000 and they're expecting me to pay it, I can do it on my own.
You don't have the slightest clue what you're doing based on your post.
Posted on 4/8/24 at 10:24 pm to Thundercles
quote:
Why would a seller agree to pay 20k to a buyer’s agent in a market with any kind of a pulse when they can just pocket that?
You really think a seller is going to automatically give the buyer (you) a dime on their sale?
This post was edited on 4/8/24 at 10:43 pm
Posted on 4/8/24 at 10:45 pm to Thundercles
Here's my advice. Get with an agent who sells a lot of houses, has rental property/flips. They likely will have some off market opportunities and make your transaction smooth.
Posted on 4/8/24 at 10:47 pm to Billy Blanks
Let's consolidate this. I think you are dead wrong on the lawsuit and I think you have no clue what you're talking about. The lawsuit was brought by sellers against the NAR which required sellers to include commission for the buyer's agent paid by the seller. Homesellers sued to have this requirement removed, which they won. It's reasonable to assume sellers will start taking advantage of this requirement being dropped.
The buyer's agents still expect to be paid commission and are now entering into agreements with the buyers that their commission is 2-3% of the purchase price, and if the seller doesn't pay that then the requirement will be on the buyer. If you buy a house that costs around 600,000, that buyer's agent is expecting to be paid 18,000 dollars by the buyer.
I do not believe the value of a buyer's agent is 18,000 dollars and I can do as good of a job with some local services for about 25% of that at most.
^^ Nothing above is untrue so I have no clue why you're attacking me.
As a potential homebuyer, I am completely confident I can do the work that a realtor does. I am wondering if there is an easy reference on the process of this, and you went off on some weird tangent.
The buyer's agents still expect to be paid commission and are now entering into agreements with the buyers that their commission is 2-3% of the purchase price, and if the seller doesn't pay that then the requirement will be on the buyer. If you buy a house that costs around 600,000, that buyer's agent is expecting to be paid 18,000 dollars by the buyer.
I do not believe the value of a buyer's agent is 18,000 dollars and I can do as good of a job with some local services for about 25% of that at most.
^^ Nothing above is untrue so I have no clue why you're attacking me.
As a potential homebuyer, I am completely confident I can do the work that a realtor does. I am wondering if there is an easy reference on the process of this, and you went off on some weird tangent.
Posted on 4/8/24 at 10:52 pm to Thundercles
quote:
Let's consolidate this. I think you are dead wrong on the lawsuit and I think you have no clue what you're talking about.
No.
quote:
Homesellers sued to have this requirement removed, which they won. It's reasonable to assume sellers will start taking advantage of this requirement being dropped.
It's being removed from MLS. It's not being removed in reality, it's just being done off mls.
quote:
The buyer's agents still expect to be paid commission and are now entering into agreements with the buyers that their commission is 2-3% of the purchase price, and if the seller doesn't pay that then the requirement will be on the buyer.
90-95% of sellers will pay commission, about the same as it is today with the market and by owner sellers. Do you work for free? Are you surprised an agent would be expected to be compensated for work?
quote:
I do not believe the value of a buyer's agent is 18,000 dollars and I can do as good of a job with some local services for about 25% of that at most.
You don't know the basics of buying property, as you have admitted. It's comical.
quote:
^^ Nothing above is untrue so I have no clue why you're attacking me.
You don't even understand the suit. I'm not attacking you. I'm trying to help you, as others are in this thread.
quote:
As a potential homebuyer, I am completely confident I can do the work that a realtor does. I am wondering if there is an easy reference on the process of this, and you went off on some weird tangent.
Okay, have at it then. You have it down. You made the thread, bud. You listed off every aspect and are seeking advice about each part.
This post was edited on 4/8/24 at 10:56 pm
Posted on 4/8/24 at 10:58 pm to Thundercles
quote:
Things like what the contract looks like
If you're not wanting an agent, hire an attorney to explain these parts.
quote:
titles
This costs money too, are you willing to do your own title search?
quote:
inspection,
You're well versed in this. You should have a good inspector lined up.
quote:
finding a mortgage lender
Easy enough.
quote:
closing timelines
Adhere to the contract you write.
quote:
All that.
This post was edited on 4/8/24 at 10:59 pm
Posted on 4/8/24 at 11:11 pm to Thundercles
quote:
That's what they do.
Sure, but if I don't value that work at $20,000 and they're expecting me to pay it, I can do it on my own.
Sounds good, then do it.
Posted on 4/8/24 at 11:21 pm to Thundercles
quote:
The buyer's agents still expect to be paid commission and are now entering into agreements with the buyers
This is a required aspect of the suit, to have a buyer rep agreement. Not an expectation but a requirement.
Yes, agents do expect to get paid for work performed. These agreements have already been around for decades. If you have bought any houses prior to now, you would have signed one.
Posted on 4/9/24 at 12:03 am to Billy Blanks
quote:
Billy Blanks
I have no clue why you're an argumentative dick especially when you're this egregiously wrong but I regret the time I spent responding to your unintelligent posts. Good luck out there man.
Posted on 4/9/24 at 5:24 am to Thundercles
This is Money Talk, multiple people have given you sound advice and you’re not liking the advice they’ve/I have given you.
I’ve not resorted to calling you names.
Where am I “egregiously wrong?”
The DOJ will make a determination on the suit in July.
The changes have 2 main points- 1. That commission be removed from mls. This does not mean it’s illegal for a seller to negotiate commission to be paid to a buyers agent.
2. Buyers agents required to get buyer agency agreements on the front end prior to viewing anything. This is commonly done today but will now be a requirement.
It remains to be seen if the DOJ will sign off on the settlement proposals in July. It’s not a given they will.
If you change course, vet who you choose to work with. I wouldn’t use an inexperienced agent. It’s odd to hear how confident you are regarding real estate transactions despite having zero experience in buying/investing in real estate. Are you Gen Z?
I’ve not resorted to calling you names.
Where am I “egregiously wrong?”
The DOJ will make a determination on the suit in July.
The changes have 2 main points- 1. That commission be removed from mls. This does not mean it’s illegal for a seller to negotiate commission to be paid to a buyers agent.
2. Buyers agents required to get buyer agency agreements on the front end prior to viewing anything. This is commonly done today but will now be a requirement.
It remains to be seen if the DOJ will sign off on the settlement proposals in July. It’s not a given they will.
If you change course, vet who you choose to work with. I wouldn’t use an inexperienced agent. It’s odd to hear how confident you are regarding real estate transactions despite having zero experience in buying/investing in real estate. Are you Gen Z?
Posted on 4/9/24 at 6:34 am to Thundercles
quote:
will be buying well after July once the new rule goes into effect that no longer requires sellers to pay the buyer's agent. In the intermediate term the buyers' agent will still want to get 3% of the purchase price, from me in this instance.
This and the promise of a rate drop are what is keeping a damper on sales right now.
People are just going to sit back and wait.
Posted on 4/9/24 at 7:05 am to SlidellCajun
Billy Blanks seems to have the most knowledge of the suit even if y’all don’t like how he’s presenting it. Buyers agent will still get paid after July. And if I had a choice on whether to pay a buyers agent 2.5 % or a listing agent 2.5%, I would do the buyers agent all day. They do way more work in the transaction.
Posted on 4/9/24 at 9:54 am to LSU1018
Sellers agent has to pay for marketing and stands the chance of losing money. They host open houses and broker tours that take time. Often times they have food and drink at their expense for these.
Buyers agent drives around showing properties which is time consuming but doesn’t usually cost as much.
Buyers agent drives around showing properties which is time consuming but doesn’t usually cost as much.
Posted on 4/9/24 at 6:12 pm to Thundercles
quote:
I do not believe the value of a buyer's agent is 18,000 dollars and I can do as good of a job with some local services for about 25% of that at most.
Do you think the seller is going to say, "This guy does not have a buyer's agent, so I will lower my price $18K to reflect that I don't have to pay a buyer's agent commission (but the buyer will be a PITA trying to handle the deal himself based on info he got online)?"
If so, proceed. If not, why do it yourself?
Posted on 4/9/24 at 7:12 pm to Thundercles
quote:
In the intermediate term the buyers' agent will still want to get 3% of the purchase price, from me in this instance.
You realize that sellers have never been required to offer buyer agents any commission
You can do it now if you want
Posted on 4/9/24 at 10:01 pm to Thundercles
I’d consider myself an exceptional buyers agent. My reviews I’d say back that up, so here’s some advice from a professional.
Shop agents, read their reviews. If they all sound like they’re written by the same person, they probably are. Ask to speak to a few of their previous clients. Find one who talks to you, not AT you, there’s a difference.
Here’s some bad news . As of July 1st, buyer’s agents are supposed to sign a compensation agreement BEFORE they start showing you homes. This means you may be on the hook for their commission.
Not necessarily though, I’m still negotiating it out in contracts payable from seller proceeds, but it’s clearly spelled out in the contract as to who pays what.
Now..why do you want an agent? They (should) know how to structure contracts for your protection. They should be looking at homes with you and pointing out things that are potential issues with the property. If they don’t have LandGlide or something similar, get another agent because you want to know the boundaries of the property while you’re standing on it to get a feel for it.
Good agents know good lenders, which is invaluable. Good lenders can really help. They will know good inspection companies too. They’ll keep you on track through the process which has a lot of moving parts.
Shop agents, read their reviews. If they all sound like they’re written by the same person, they probably are. Ask to speak to a few of their previous clients. Find one who talks to you, not AT you, there’s a difference.
Here’s some bad news . As of July 1st, buyer’s agents are supposed to sign a compensation agreement BEFORE they start showing you homes. This means you may be on the hook for their commission.
Not necessarily though, I’m still negotiating it out in contracts payable from seller proceeds, but it’s clearly spelled out in the contract as to who pays what.
Now..why do you want an agent? They (should) know how to structure contracts for your protection. They should be looking at homes with you and pointing out things that are potential issues with the property. If they don’t have LandGlide or something similar, get another agent because you want to know the boundaries of the property while you’re standing on it to get a feel for it.
Good agents know good lenders, which is invaluable. Good lenders can really help. They will know good inspection companies too. They’ll keep you on track through the process which has a lot of moving parts.
Posted on 4/9/24 at 10:06 pm to SlidellCajun
quote:I show 400-500 properties a year. It costs a lot more than you think, especially when you show one client 30 houses, then they stop by one under construction, and the builder “gives them a deal if they won’t use an agent”.
Buyers agent drives around showing properties which is time consuming but doesn’t usually cost as much.
Then there’s my advertising budget, which is 10x the listing agent’s at least. I’m out 30k a year before I show a single property.
Posted on 4/9/24 at 10:12 pm to Billy Blanks
quote:No it’s not, MLS services I expect will be proactive about that regardless come July.
It remains to be seen if the DOJ will sign off on the settlement proposals in July. It’s not a given they will.
My MLS did so starting January 1st this year. I already paid a fine because I offered a bonus for contact that closed by April 1st on a listing that wanted to move fast as they’d already closed on a new house. (Turns out bonus is still offered compensation), I got 4 showings and 4 offers in 4 hours, so it was worth it.
Posted on 4/9/24 at 10:18 pm to Thundercles
quote:You can absolutely do the work a part-time realtor who really has no clue what they’re doing and might close 2 deals a year.
As a potential homebuyer, I am completely confident I can do the work that a realtor does. I am wondering if there is an easy reference on the process of this, and you went off on some weird tangent.
NOBODY hates the part-time realtors or the ones who think they know how easy it is more than professional realtors. Who do you think ends up cleaning up their messes?
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