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Message
re: The home selling realtor setup is unfair to sellers and buyers
Posted on 4/17/23 at 4:22 am to llfshoals
Posted on 4/17/23 at 4:22 am to llfshoals
quote:
Interview your prospective realtor rather than pick one out of a hat and pray.
I interviewed 4 before I picked the second to Hotest one.
One of them couldn't believe I was interviewing realtors for a 160,000 price tag.
0
Posted on 4/17/23 at 4:48 am to Koach K
quote:
The problem with FSBO is the realtors will boycott you
Yup, my brother and sis-in-law just went through that with FSBO. They were told by multiple agents that unless they offered 3% to buying agent, they were going to essentially be black listed by agents.
They eventually sold through Falaya and settled paying buying agent 2%.
Posted on 4/17/23 at 6:01 am to Gee Grenouille
FSBO...A lot of agents will list a house on the MLS for a couple of hundred bucks. The problem with most FSBO sells is the owner has unrealistic expectations of what their home is worth...priced right a realtor brings NOTHING to the table other than a premium that ain't cheap....
We have done it both ways and neither is superior, in my experience, but going through a realtor is EXPENSIVE.
We have done it both ways and neither is superior, in my experience, but going through a realtor is EXPENSIVE.
Posted on 4/17/23 at 6:06 am to Sput
quote:
FSBO
It’s not though. You would have to get a large portion of the sellers using FSBO. But if you’re the 1/10 or 1/20 homes on FSBO, then all the realtors ignore your house when giving listings to their clients
Posted on 4/17/23 at 6:11 am to tadman
quote:
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.
They also work with appraisers...surprisingly homes are always appraised almost exactly what the offer is. I have seen this in action twice...appraiser met the realtor in our presence. Appraiser asks realtor what the offer was and both times says something along the lines of "what do you know....exactly what the appraisal is" after being in the house maybe 10 minutes and only making small talk.
Have had the opposite happen with FSBO homes we have sold. Had one with a 3000 square foot shot with 18 foot ceilings and a three phase service on a major road with a private entrance with commercial properties on either side. I was renting the shop to an oil field service company for $5000 a month. Had an offer from an individual for $785K for the house and the shop. The appraisal came back at less than $600K and had no value for the shop whatsoever. Appraiser claimed the shop had no value because it was on the same 6 acre parcel that the house was on but allowed $15K for it. Buyer was all in at $785K. Buyer tried to come up with a proper appraisal to no avail. Got a cash offer from the oil field company for the entire property for $900k and sold it to them...had we been stuck with realtors we would have most likely left more than $300K on the table...
Posted on 4/17/23 at 6:17 am to Gee Grenouille
We live next door to a broker. Dude has about 30 agents under him. He puts in an offer on just about every house that is listed on the MLS in a 100 mile radius. Has 4 or 5 agents who do nothing but put in offers as soon as they hit the MLS. If the offer is accepted he will then list the house at about 10% more than he offered. They often do 2 closings on the same house in the same office at the same time with the seller and the second buyer present. If our neighbor listed the house and sold it to another buyer...and he does....he makes a commission on the original listing, the sell to himself and the sell to the new buyer. You'd think it would be illegal but if it is no one has been able to make the case...he is doing it several times a month.
Posted on 4/17/23 at 6:20 am to Upperdecker
quote:
It’s not though. You would have to get a large portion of the sellers using FSBO. But if you’re the 1/10 or 1/20 homes on FSBO, then all the realtors ignore your house when giving listings to their clients
Have they not heard of the internet?
Posted on 4/17/23 at 6:22 am to SulphursFinest
quote:
You’re likely going to still end up paying 2-3% to the buyers realtor. Selling by owner can save you a little bit but it’s really not as much as you think
Buyer can pay their agent out of pocket or not buy the house. If the house is priced appropriately (seldom the case with FSBO homes because owners have unrealistic expectations all too often) there is room for the buyer's agent's commission out of the buyer's pocket.
We have bought and sold a bunch of houses. FSBO and through agents. I can say without reserve that the experience is the same either way. We don't make repairs...if you want the house the way it is buy it, if not do not. If you want to pay an agent to show you the house do it, I could care less. When I walk away from a closing I walk away with exactly the amount of money I knew I would walk away with when we made the deal. Pricing a home correctly is what sells them, not agents, not fresh baked cookie smell, price is all that matters. If anything other than price sells a home someone is doing something wrong.
Posted on 4/17/23 at 6:46 am to Gee Grenouille
Going through this now. We’re buying a house in another state and our realtor there has been worth her weight in gold.
The selling realtor in this market hasn’t has to do much of anything other than not screw up. We’ll report back on that later.
The selling realtor in this market hasn’t has to do much of anything other than not screw up. We’ll report back on that later.
Posted on 4/17/23 at 6:54 am to Gee Grenouille
I just went through the buy and now about to sell one. My issue is time. I don’t have time to deal with all the crap that goes into selling- the showings, the inspections, the certifications, the documents, etc. it’s worth it to me to have someone else deal with it and let me know when we have a deal.
Posted on 4/17/23 at 7:12 am to DevilDagNS
1) you still have to deal with showings. Your realtor will never be present for anything other than an open house, which they use to rope in new clients
2) closing attorney handles paperwork.
3) your realtor doesn’t care if you list for too little. They just want to turn the property as quickly as possible to make their cut.
2) closing attorney handles paperwork.
3) your realtor doesn’t care if you list for too little. They just want to turn the property as quickly as possible to make their cut.
This post was edited on 4/17/23 at 7:13 am
Posted on 4/17/23 at 7:27 am to tadman
quote:
give the seller closing fees, don't take the price down
There are lots of reasons to dislike realtors, but this shouldn't be one. Keeping the price higher is good for property value and allows the buyer to keep cash in their pocket. On $5000, we're talking about $100 worth of commission
Posted on 4/17/23 at 7:32 am to llfshoals
quote:
The top 10% of the agents sell about 90% of the real estate. They work hard and long hours
Agreed. Most of the realtors aren't worth a damn. Congrats on your success.
Posted on 4/17/23 at 7:36 am to Gee Grenouille
The problem with residential agents is that they've all come up in the same shady business environment, so they know no other way than to do shady shite. There's no real training for them other than observing the ones before them. There's no business building in mind and the only interest is securing the commission and moving on to the next deal.
Shadiest dealing I had with one was the realtor convinced a family member to lower the price after a few months. The realtor sold it to her brother, who's a contractor. Total bullshite move, but that particular realtor has done shady dealings like that in the past.
Shadiest dealing I had with one was the realtor convinced a family member to lower the price after a few months. The realtor sold it to her brother, who's a contractor. Total bullshite move, but that particular realtor has done shady dealings like that in the past.
Posted on 4/17/23 at 7:44 am to AwgustaDawg
quote:
Appraiser claimed the shop had no value because it was on the same 6 acre parcel that the house was on but allowed $15K for it.
15k for a 3,000 sq ft shop? Wtf? Where can I buy a shop for that? Stupid appraiser.
Posted on 4/17/23 at 8:00 am to Gee Grenouille
quote:
Let us know if you get an offer or another interested party”.
frick that. You want some kind of preference or right of refusal then make an offer Jack.
Posted on 4/17/23 at 8:12 am to Piebald Panther
quote:You’re quite correct. We have required ethics and risk management classes to keep our license on a regular basis. The problem ith that is if you don’t have an ethical foundation, it does no good as the agents simply aren’t paying attention.
The problem with residential agents is that they've all come up in the same shady business environment, so they know no other way than to do shady shite. There's no real training for them other than observing the ones before them. There's no business building in mind and the only interest is securing the commission and moving on to the next deal.
Posted on 4/17/23 at 8:14 am to TigerDoug
Thanks.
Posted on 4/17/23 at 8:20 am to AwgustaDawg
quote:Our MLS has strict rules on this. Appraisers and realtors virtually never meet here. The only time I’ve had one call me in years was because they were having trouble getting into the property.
They also work with appraisers...surprisingly homes are always appraised almost exactly what the offer is.
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