- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Is this issue going to pop up on basically every residential real estate transaction now?
Posted on 7/20/24 at 8:27 pm to LSU1018
Posted on 7/20/24 at 8:27 pm to LSU1018
Eh, not really at least for major population centers. $5M homes…yeah, it’s a smaller pool. The buyer pool for a $600K home vs a $1M home isn’t that different.
0
Posted on 7/20/24 at 9:09 pm to Sao
quote:
Sell FSBO if you like. Knock on doors as a buyer after looking at realtor.com and negotiate away.
Did it and negotiated 3% off of sale price due to not using an agent (on top of other negotiations)
Posted on 7/20/24 at 9:27 pm to hikingfan
I've never paid more than 1.5% to my listing agent and 2.5% to selling agent. And I still think 4% of my home's value it criminal, the MLS with RE is a racket!!!!
Posted on 7/20/24 at 10:09 pm to hikingfan
I sold my house using a broker. I only offered 1.75% to the buyer agent and we had to sign an addendum saying the buyer would cover the additional 0.75% "required" by the buyer agent. Insane, but I wasn't going to pay that.
Posted on 7/20/24 at 10:16 pm to chRxis
quote:
Is this issue going to pop up on basically every residential real estate transaction now?
quote:
again, if they lowball the initial, the agent could always go back to the buyer and ask them to sign it again, for the higher co-op percentage, and being they buyer isn't the actual person coming up with the money at closing for it, they'd likely sign it, as it's no consequence to them
I'm lost...why would this contract be lower than 3% in the first place if the buyer won't care either way?
What's the highest % going to be with the new rules?
Posted on 7/20/24 at 11:13 pm to hikingfan
I have bought and sold 5 homes in my lifetime, all in Louisiana. In every transaction the realtor fee was 6% paid by seller. In all cases the selling agent worked for a different broker than the buying agent. The broker for the selling agent getting the 6% commission split commission 50/50 with the broker for the buyers agent. Not sure what percentage each of the respective brokers paid to their agents.
Posted on 7/21/24 at 9:40 am to georgia
this is just paperwork and not something that buyers should be concerned with
______________
100% false. These are legal documents and fully enforceable.
______________
100% false. These are legal documents and fully enforceable.
Posted on 7/21/24 at 9:42 am to hikingfan
Not standard at all. Get a better realtor/company to represent you.
Posted on 7/21/24 at 9:45 am to Sao
quote:
FSBO
I bought my last house this way and it was the easiest transaction ever.
Just use a reputable notary service experienced in real estate transactions.
Posted on 7/21/24 at 9:48 am to TCO
Yep, sold my last 2 homes FSBO. Paid 2% to buyers agent each time. Just tell them upfront that is what you will pay. No issues.
Posted on 7/21/24 at 11:00 am to hikingfan
Any time I can’t figure out a process within an hour I feel like it’s designed for me to be the financial victim. I’ve bought(185k) and sold(350k) in the last year and have no idea what happened to about $30,000 of my money. I paid about 4k for movers and my sons friends for moving help, and tipped my agent 1k, and every penny of that was worth it.
This post was edited on 7/21/24 at 11:02 am
Posted on 7/21/24 at 11:11 am to kywildcatfanone
I know plenty of people can say they sold their house FSBO but you wouldn’t know if you would have come out better with a realtor bc you didn’t have one. Would you have got 10k more if you had a realtor, possibly? Would you have received the same price, possibly?
I think the negotiations for buyer representation will be very interesting going forward. If I was a realtor, I would be open to doing something where the buyer pays me per house shown then a lesser percent for the closing. Buyers will waste realtor’s time by making them go show them 30 houses knowing they not ready to buy.
I think the negotiations for buyer representation will be very interesting going forward. If I was a realtor, I would be open to doing something where the buyer pays me per house shown then a lesser percent for the closing. Buyers will waste realtor’s time by making them go show them 30 houses knowing they not ready to buy.
Posted on 7/21/24 at 11:16 am to hikingfan
My last two home processes have caused me to question why TF I even had a buyer agent. All of the information they pulled for comps was readily available and they avoided giving advice bc they didn’t want to be held accountable.
Posted on 7/21/24 at 11:42 am to hikingfan
I’ve bought and sold houses, have several rental properties, and a few airbnbs. Most I’ve sold with agents, some I’ve bought/sold FSBO. The FSBO transactions were total and complete shite shows and enough to dissuade me from going that route again.
It sounds to me like the big real estate firms (KW, Century 21, ReMax, Coldwell Banker, etc) need to dump the NAR as a whole - completely disassociate from them - and then create a new MLS. Would that remedy the situation?
Also from what I’ve gathered, the industry is completely leaving their agents in the dark. Nobody knows what is going to happen. These firms have given their agents no outline on what to do in the future. I’ve never seen anything comparable.
It sounds to me like the big real estate firms (KW, Century 21, ReMax, Coldwell Banker, etc) need to dump the NAR as a whole - completely disassociate from them - and then create a new MLS. Would that remedy the situation?
Also from what I’ve gathered, the industry is completely leaving their agents in the dark. Nobody knows what is going to happen. These firms have given their agents no outline on what to do in the future. I’ve never seen anything comparable.
Posted on 7/21/24 at 12:23 pm to hikingfan
All these new rules seem to further reduce the usefulness of realtors.
Posted on 7/21/24 at 12:28 pm to LSU1018
quote:
Would you have got 10k more if you had a realtor, possibly?
What does this matter when it would have just gone to the realtor? You might sell for $10k less but you have less fees.
Posted on 7/21/24 at 2:11 pm to hikingfan
Sold my last house using a $350 flat fee listing. Paid buyers agent 2%.
On the house I bought, I did all the leg work finding the house and my “agent” did the negotiations. He gave me a rebate on his buyer’s agent 3%. I got 2/3 (2%). 2% cash discount on the new house was nice.
On the house I bought, I did all the leg work finding the house and my “agent” did the negotiations. He gave me a rebate on his buyer’s agent 3%. I got 2/3 (2%). 2% cash discount on the new house was nice.
Posted on 7/21/24 at 3:14 pm to Tasseo
quote:
I'm lost...why would this contract be lower than 3% in the first place if the buyer won't care either way?
In the past, buyers’ agents didn’t have to agree to a fee up front. The MLS listing would show the fee that the seller was willing to pay. This created a conflict of interest, because the buyer’s agent is supposed to work for the buyer but their compensation was being determined by the seller. This incentivizes buyers’ agents to push buyers toward listings that offer higher fees, which may or may not be in the buyers’ best interests.
Now the buyer’s agent has to agree to a fee up front, and the fee that sellers are willing to pay will no longer be listed on the MLS. If the buyer signs a contract for a 3% fee but the seller is only offering 2%, then the buyer is on the hook for the remaining 1%.
The post you’re responding to is saying that theoretically, a buyer’s agent could renegotiate their contract if they find out the opposite is true (say the contract says 2% but the seller is actually offering 3%). In that case, the buyer may not care since the extra money is coming from the seller.
Posted on 7/21/24 at 3:22 pm to BigBinBR
quote:
What does this matter when it would have just gone to the realtor? You might sell for $10k less but you have less fees.
I just threw that number out. I’m not saying people can’t sell their house FSBO, I’m just saying for everyone that comes on here and says I sold mine fsbo and it was so easy, you could have sold it thousands under what it’s worth.
If you’re willing to do the legwork and research your own comps, negotiate, etc., then it definitely can be done.
My prediction for the future of real estate is Zillow will start offering certain packages to fsbo. One will be with comps, not the dumb Z estimate but legit comps.
It would easy for Zillow to do but they are still sucking realtors dry on leads first.
Posted on 7/21/24 at 4:01 pm to lostinbr
quote:
Now the buyer’s agent has to agree to a fee up front, and the fee that sellers are willing to pay will no longer be listed on the MLS. If the buyer signs a contract for a 3% fee but the seller is only offering 2%, then the buyer is on the hook for the remaining 1%.
I would call the selling agent to show the house and pay no buyers fee if I choose to buy the house.
Page 2 of 3
Back to top
Follow TigerDroppings for LSU Football News