re: Real Estate Etiquette

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Well, care to expound why would I hire someone to find a house for me? (The only case I can think of if I am moving out of state or country).

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Sure,

If you're in a high demand area, say like mine, houses are on the market in many cases less than 24 hours. Our MLS does not affiliate with any feeder home sites (Zillow, Trulia, Realtor.com, etc...) so not knowing could be paramount, whereas a realtor can setup an alert thru our MLS and the second the property hits sends a notification via email.

Have a job in sales or a high level position (MD, CEO, etc...) and the amount of time spent to find a property yourself is simply not worth your time.

You are new to an area but simply don't want to rent. And for numerous reasons do not feel comfortable taking on a new housing market by yourself.

You've been burned in the past. For every post here where the realtor has been dr evil there are 2 stories where a buyer who didn't know everything got screwed and will not do it again.

Again every market is different. If I lived in Port Allen would I hire a realtor? Of course not.

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roperty owners typically sign about a 6 month listing agreement with the realtor. Unless the owner has cause to fire the realtor, they have to wait out the contract. Even if the owner could wait out the contract and sell it, they may still owe a commission to the realtor if they sell the property to anyone that the realtor engaged.

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Bingo.. If the realtor is smart enough to keep an accounting of all there listed properties and prospective buyers the Realtor has a case.

Also the Property owner would need a damn good reason to fire a realtor right away.

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So I don't get royally ripped off during the process?

I don't know shite about real estate nor do I have the time to figure it all out well enough to trust that I'll get everything done correctly.

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I know quite a few girls that are currently realtors, all very good looking but dumb as shite. If people are leaning on their wealth of knowledg, they're probably fricked

I would promptly tell both of them that I wasn't doing business with either of them.

Also, 6% might have been good before the internet because the Real Estate agents had a monopoly on information and controlled all aspects of the deal. Now most folks find their own property and tell the agent they want to see it.

Then the buyers get all the data for closing together , give them to the real estate agent who provides them to the closing atty.

In essence, the buyers do all the work and turn it over to the RE agent. The sellers do to.

Is it worth 6%? I don't think so.

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There is literally nothing a realtor will do for you that your lender can't. Your lender will not let you get screwed over. Realtors are fricking scam artists of the highest order.

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and the stupidest comment award goes to..... Please educate yourself. Lender=Loans. Realtors=Real Estate. two different worlds but one cant do without the other one.

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For every post here where the realtor has been dr evil there are 2 stories where a buyer who didn't know everything got screwed and will not do it again

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This has been my experience. I had a realtor through my company to find a home. She was wonderful. Took time to show us many different homes. Was willing to take time after work to go back and look at places we'd already seen. Was truthful about why she wouldn't care for some places. All in all a very good experience.

The realtor who sold our home was terrible. Sounds like not a big deal, but the house had a buyer before she even got it online or a sign in the yard. Problem was, she was asking us to lower the price. Seems to me if you can get a buyer in 3 days, you didn't need to budge on price. Plus we found out later that the buyer was a friend of her son's. Just a whole lot of shady things and I think we could have gotten more if we had someone really advertising our house. I didn't have to pay her fees since it was a company move, but if I did, there would have been a scene.

And when I bought my first home, it was FSBO. I have to say, it's not that difficult to go through. I could see where a problem could come up and we may have gotten lucky. But, with a home inspection, a good loan officer, and some research, we got through the process rather easily.

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That 3% is for a participating licensed realtor bringing in an buyer with a representation agreement in place. But if your perception is you saved 3%, then it is definitely reality.

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The seller may save 3% but the buyer is not going to get a price drop or anything. Buyer will just get no representation on their side.

Most of the time in this case the realtor will act as an agent for both parties and collect the full 6%. This is negotiable of course but would you do double the amount of work at your job for half the price??

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The lender/buyers determine market value, not realtors. The lender will schedule appraisals, not the realtor.

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Completely wrong. Market value is determined by sales that are negotiated by the realtor. Realtors set the price of the house by providing comps from recent sales of houses with the same square footage and amenities. And Realtors not lenders schedule appraisals and inspections.

They are called lenders because they get you approved for mortgage companies that lend you the money. They are making sure you can afford the house.

bullshite. You're a realtor and obviously are going to defend your profession. Realtors can set the price of a property but it is the buyer and lenders/appraisers that ultimately decide the value. Don't come into this thread and be dishonest regarding your profession. I'll continue to do business without realtors and the OP should too.