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re: Strategies for buying a house USING the listing agent ....
Posted on 11/29/11 at 5:12 pm to Cold Cous Cous
Posted on 11/29/11 at 5:12 pm to Cold Cous Cous
quote:
So she gets to use the services for free, while someone else who maybe only looks at 3 houses, then buys, has to pay 6% of a $300,000 purchase. That's one person who seriously overpaid and one person who seriously underpaid. Now to the realtor maybe it all evens out in the end but that won't help the customer who gets screwed.
Exactly. Instead of getting paid for exactly whatever it is they do, they are just anchored on getting x% no matter what, no matter the value add, etc.
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Posted on 11/29/11 at 5:18 pm to Cold Cous Cous
The customer of the realtor is the seller not the buyer. You're not getting the way the transaction works.
Posted on 11/29/11 at 5:21 pm to Cold Cous Cous
quote:
So she gets to use the services for free, while someone else who maybe only looks at 3 houses, then buys, has to pay 6% of a $300,000 purchase. That's one person who seriously overpaid and one person who seriously underpaid. Now to the realtor maybe it all evens out in the end but that won't help the customer who gets screwed.
I agree. however that is just how things are in every business. It's no different than the person walking into best buy and checking out TVs then going online to buy it for cheaper. Or the person who test drives 10 cars at a dealership and then leaves the city/state to get a better deal. A co-worker of mine went to varsity sports, got fitted for shoes, then bought them at academy b/c they were $20 cheaper. It happens all the time, not just real estate. The only reason I bring it up is that I've seen many threads about realtor fees on TD.
Posted on 11/29/11 at 5:21 pm to VABuckeye
If you buy a house with a VA loan with no money down and the realtors get 6% who paid the realtors? Who's side of the transaction does it come from? Now look at a closing statement from a purchase with 20% down. Guess what? The realtors money still comes from the sellers proceeds.
Posted on 11/29/11 at 5:22 pm to VABuckeye
quote:
The customer of the realtor is the seller not the buyer.
Not sure if serious. But regardless of who the "customer" is, the selling agent absolutely has a fiduciary duty first and foremost (and only) to the buyer.
Posted on 11/29/11 at 5:24 pm to VABuckeye
quote:
If you buy a house with a VA loan with no money down and the realtors get 6% who paid the realtors? Who's side of the transaction does it come from?
Exactly the buyer. Nothing has changed whatsoever in this new "scenario" of yours.
Posted on 11/29/11 at 5:25 pm to ashy larry
quote:
It happens all the time, not just real estate. The only reason I bring it up is that I've seen many threads about realtor fees on TD.
Right. The difference is you are talking about potentially tens of thousands of dollars.
Posted on 11/29/11 at 5:27 pm to Tiger JJ
Wrong. Direct from the source.
The listing contract will specify that your agent is acting as a "seller’s agent." This means that, in the sale of your house, they are working for you and only you -- and looking out for your best interests.
As I stated. The buyer is not the realtors client.
The listing contract will specify that your agent is acting as a "seller’s agent." This means that, in the sale of your house, they are working for you and only you -- and looking out for your best interests.
As I stated. The buyer is not the realtors client.
Posted on 11/29/11 at 5:29 pm to Tiger JJ
Have you ever seen a HUD1 closing statement?
Posted on 11/29/11 at 5:30 pm to VABuckeye
quote:
Wrong. Direct from the source.
The listing contract will specify that your agent is acting as a "seller’s agent." This means that, in the sale of your house, they are working for you and only you -- and looking out for your best interests.
What "source"? WTF are you even talking about.
Repeat: the selling agent's ONLY fiduciary responsibility is to the buyer that he is representing.
Posted on 11/29/11 at 5:32 pm to Tiger JJ
You understand that real estate transactions are governed by law, correct? What I quoted is the responsibility of the listing agent. Their duty is to the seller, first and foremost.
Posted on 11/29/11 at 5:34 pm to Tiger JJ
I'd you don't understand the law regarding the transaction there is no point in continuing this discussion.
Posted on 11/29/11 at 5:34 pm to VABuckeye
quote:
You understand that real estate transactions are governed by law, correct? What I quoted is the responsibility of the listing agent. Their duty is to the seller, first and foremost.
Right, and as you can clearly see, I NEVER made such a claim about the listing agent. I made it about the selling agent - who represents EXACTLY only the buyer.
Posted on 11/29/11 at 5:35 pm to VABuckeye
quote:
I'd you don't understand the law regarding the transaction there is no point in continuing this discussion.
If you aren't familiar with even the most basic terminology used to label various parties in these transactions, then I agree, it is hopeless to discuss it with you.
Posted on 11/29/11 at 5:43 pm to Tiger JJ
Research the responsibility of the the listing agent to the buyer. Not a buyers agent or dual agent. This thread is about approaching the listing agent. Their duty is tot the selller.
Posted on 11/29/11 at 5:46 pm to Tiger JJ
We've been talking about different agents this entire time. I never spoke about the buyers agent once because the premise of this whole thread was.about approaching the listing agent directly by the buyer. 
This post was edited on 11/29/11 at 5:46 pm
Posted on 11/29/11 at 6:00 pm to VABuckeye
quote:
I never spoke about the buyers agent once because the premise of this whole thread was.about approaching the listing agent directly by the buyer
You commented on CCC's comments on the guy who had the gal who ran the selling agent ragged looking at 30 homes over 6 months. I thought it was quite obvious that he understood he was talking about the selling agent and that he fully understood how it worked.
And you also talked about FSBO, which doesn't have much to do with the premise of the whole thread.
In any event, I still disagree with you on who pays all the fees.
Posted on 11/29/11 at 6:22 pm to VABuckeye
quote:
And more are greedy and just want to cut the agent out of the transaction so they can pocket more money.
They aren't "cutting" anyone out. There is no assumed right that an agent is inherently involved in the sale of real estate.
Posted on 11/29/11 at 6:54 pm to lynxcat
It was just a figure of speech. A real estate seller is going ro test market limits whether a realtor or is involved or not.
Posted on 11/29/11 at 7:06 pm to VABuckeye
quote:
It was just a figure of speech. A real estate seller is going ro test market limits whether a realtor or is involved or not.
Of course, as does practically all business in an effort to find an equliberium point. It just happens that real estate is in bigger $ values. Nonetheless, whether figure of speech or not, the mindset that a seller is cutting out an agent is inherently incorrect.
This post was edited on 11/29/11 at 7:07 pm
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