- 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: The home selling realtor setup is unfair to sellers and buyers
Posted on 4/17/23 at 10:25 am to TJG210
Posted on 4/17/23 at 10:25 am to TJG210
quote:
They also work with appraisers...surprisingly homes are always appraised almost exactly what the offer is
My extent of dealing with appraisers as a listing agent is this, I meet them at the house to open it up for them. The bank that hires them usually gives them a copy of the purchase contract. Y’all are so crazy with your conspiracy theories.
An appraisers job is to make sure the bank isn’t entering into poor business deals, are some not good? I’m sure, but like anything they have good and bad and I’m sure the ones that cost banks money don’t get much repeat business
Not a conspiracy when you witness it happening first hand, not once but twice, with two different listing agents and two different appraisers in 2 different markets. It was also part and parcel of new regulations after the housing bubble burst in 2006(?). Appraising real estate is at best a guess based on homes in the area which may or may not be remotely similar to the home being appraised outside of them having 4 walls on the exterior, more or less, and some sort of roof. An appraisers job may well be to make sure a bank isn't entering into poor business deals but they are human and will, just like loan officers, enter into deals on behalf of the bank they work for which are advantageous to themselves.
Most mortgage companies are going to sell a mortgage, some mortgages are sold several times. They don't give a rip if the appraisal is accurate...they all make money until the system breaks then the taxpayer bails them out.
0
Posted on 4/17/23 at 10:31 am to ShermanTxTiger
quote:
It is a totally unfair game for buyers and sellers. These realtors are all work friends and play "get along, go along" . They are more concerned with not making their fellow realtors upset than fighting for their clients. They deal with these people on a daily basis sometimes. A random client (John) stands no chance in the loyalty test.
They will ALWAYS gravitate to making their friends in the business happy first.
NEVER EVER tell your realtor your limits or true intentions. They are tools to be used and not our trusted fiduciaries.
If a broker and their agents are representing a builder in tract housing everyone involved has an interest in moving those houses first...the builder, the broker, the lender...all have a vested interest in moving those houses first. If you list a home with that broker you will never have the leverage a builder has to move those crappy houses that are closed in 90 days after the first shovel of dirt is turned over...you are already on the hook for the industry, no one in the industry is going to be as active selling your existing home with a mortgage than they are a new home, with a construction loan waiting to be converted, in a tract where they spend an inordinate amount of money marketing....
Posted on 4/17/23 at 10:32 am to Gee Grenouille
The commission structure needs to be changed as far as the “buyers agent”goes.
As it stands, they have very little incentive to get a lower price for their client.
As it stands, they have very little incentive to get a lower price for their client.
Posted on 4/17/23 at 10:34 am to tadman
quote:
Slimey all the way. I distrust realtors tremendously and for good reason.
Lawyers may get a bad rap, but realtors are the worst. How can a realtor represent both the seller (who is trying to sell the home for as much as possible) and the buyer (who is trying to buy the home for a little as possible.)? Makes zero sense to me. Total conflict of interest.
Posted on 4/17/23 at 10:39 am to TJG210
quote:
An appraisers job is to make sure the bank isn’t entering into poor business deals, are some not good? I’m sure, but like anything they have good and bad and I’m sure the ones that cost banks money don’t get much repeat business.
that's one part of it. It's also the banks job to make sure the person they are lending to is going to pay them back.
The jobs that cost them money are the ones that don't pay their loan back, and that seems to fall more on the lender giving loans out to people that don't deserve them as the root cause of why they lost money.
It makes no difference to the lender if the value of a home goes down after a few years, as long as the lendee keeps paying their loan, and if they sell their house, they pay back the loan in full. It's the buyer that loses out there, not the lender.
Your house is worth what people are willing to buy it for. that's how every sale in this country works. Is a Louis Vitton purse worth $2,500? to me, absolutely not, but some idiot pays that much, so that's its worth. And i get it, it's the bank buying the house, not the buyer, but that's where handing out loans to people that don't deserve them come into play much more so than an appraisal coming in 5% less than the offer on a $400k house.
Posted on 4/17/23 at 10:40 am to MyRockstarComplex
quote:
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
What do you mean? We are selling a house right now and certainly aren't driving over there when people want to see it. Realtor does that.
Posted on 4/17/23 at 10:44 am to LouisianaLady
Your realtor is going to every showing? My last realtor didn't go to any besides the open house. Lock box on the front door so the buyers agent and their client could just let themselves in. If they wanted to make an offer they called my agent after they were done.
Posted on 4/17/23 at 10:46 am to blueboxer1119
quote:Use one of those services where you pay a fee to get the house listed in the MLS. Once its in the MLS, it’ll show up on Zillow, Realtor.com, and all the other real estate websites. Most people in the market to buy are searching those websites, whether or not they have a buyer’s agent
So how do you advertise and get eyeballs without involving an agent?
If I wanted maximum exposure without involving any agent, there has to be something better than FSBO.
Posted on 4/17/23 at 10:50 am to Miglez
My point was moreso in response to him saying "you're still dealing with showings" (as the seller). He implied that the seller would be dealing with it (has to schedule showings, be there, manage the lock box, etc.) but the seller shouldn't be involved in any of that if they have a realtor.
Well, I guess unless you're living there and have to vacate each time.
Well, I guess unless you're living there and have to vacate each time.
This post was edited on 4/17/23 at 10:51 am
Posted on 4/17/23 at 10:55 am to LouisianaLady
there is no incentive for a realtor to help drive down the price of a home you're trying to buy. It's in the best interest of both realtors to keep the price higher so they make more money. realtors are a scam.
a lot of closing companies will even refuse to work with you if you don't have a realtor. Realtors bring them business so they don't want to leave them out of deals or realtors might stop bringing them clients. It's all a scam.
a lot of closing companies will even refuse to work with you if you don't have a realtor. Realtors bring them business so they don't want to leave them out of deals or realtors might stop bringing them clients. It's all a scam.
Posted on 4/17/23 at 11:11 am to Forever
Note - I have bought 7 homes and will never use an agent again (unless my company will pay the fees as they had done twice) because....When I transferred to town I hired a realtor to look for a new house while we started the process to sell our home in Houston. I told her exactly what we wanted and we could be patient looking for the new home because I already had a 6 month lease on an apt here .
We literally drove by a FSBO house many times while I focused in on a great neighborhood I wanted to be in.
One day when driving around the neighborhood trying to decide if I wanted to put an offer on a particular home I stopped at the FSBO home and knocked on the door. The owner was there and I toured the home and then me and him sat on the back porch and talked. Because it was a direct deal with no buyer or sell agent fees we both could move $10-15K and we closed the deal on the spot with a handshake.
When the broker called I said I made on a offer on the house you refused to show me because it was FSBO. She had ignored it even thought it was exactly the home I wanted and she even told me that she knew that house had all the features I had asked her to find.
We literally drove by a FSBO house many times while I focused in on a great neighborhood I wanted to be in.
One day when driving around the neighborhood trying to decide if I wanted to put an offer on a particular home I stopped at the FSBO home and knocked on the door. The owner was there and I toured the home and then me and him sat on the back porch and talked. Because it was a direct deal with no buyer or sell agent fees we both could move $10-15K and we closed the deal on the spot with a handshake.
When the broker called I said I made on a offer on the house you refused to show me because it was FSBO. She had ignored it even thought it was exactly the home I wanted and she even told me that she knew that house had all the features I had asked her to find.
Posted on 4/17/23 at 11:17 am to Tiger Prawn
quote:
So how do you advertise and get eyeballs without involving an agent?
If I wanted maximum exposure without involving any agent, there has to be something better than FSBO.
live in a desirable neighborhood.
If the houses in your neighborhood sell within 1-3 days of listing, then it's pointless to have an agent. You probably don't even have to put it on the MLS. If you live in a big enough neighborhood that houses sell extremely quickly, then put it on Facebook and put a sign in your front yard on a Friday. Someone will see it and let their friend who's been wanting to move into the neighborhood know about it.
Posted on 4/17/23 at 11:18 am to puppetmaster
quote:
there is no incentive for a realtor to help drive down the price of a home you're trying to buy. It's in the best interest of both realtors to keep the price higher so they make more money. realtors are a scam.
This is the most ignorant statement I keep seeing pop up. Deal with a piece of shite agent get shite results. Like I mentioned earlier, if you’re looking at a house and you want to offer $10,000 less, on a 3% listing thats $300 before my broker takes their cut. If you’re dealing with an agent where that $300 will make or break them, you need to keep looking.
I give my clients the best comps and let them decide what they want to offer, they’ll usually ask my advice and I shoot them straight. Hell I advised a client last night to offer less than ask on a property.
Good agents are worth their weight in gold, I got a couple their dream home last September beating out 5 other offers, and I didn’t even have the highest, I just knew how to structure and make it as appealing as possible for the seller.
Posted on 4/17/23 at 11:26 am to Gee Grenouille
If you're going to hire someone to work for anything other than raking leaves, you're going to be pay a considerable amount. Competent people don't work for a 12-pack. People are expensive.
If you don't like that then DIY.
Its the reason I do 98% of my own stuff. When I hire something out, it hurts but I pay them an amount to keep them in business and I know that going into it.
If you don't like that then DIY.
Its the reason I do 98% of my own stuff. When I hire something out, it hurts but I pay them an amount to keep them in business and I know that going into it.
Posted on 4/17/23 at 11:30 am to Gee Grenouille
All the down votes are probably from realtors or posters whos wives are realtors.
Fwiw why is every realtor I see the "top salesperson" in the area and why do they always have pictures of themselves with their arms crossed?
I never know if it's a realtor or someone running for political office in people's yards
Fwiw why is every realtor I see the "top salesperson" in the area and why do they always have pictures of themselves with their arms crossed?
I never know if it's a realtor or someone running for political office in people's yards
Posted on 4/17/23 at 11:55 am to puppetmaster
quote::idontbelieveyougif:
a lot of closing companies will even refuse to work with you if you don't have a realtor. Realtors bring them business so they don't want to leave them out of deals or realtors might stop bringing them clients. It's all a scam.
How is the realtor going to know what other closings a title company is handling?
If a title attorney is turning away closings that don’t involve a realtor, its probably because they don’t feel like having to deal with FSBO clients that have no clue what they’re doing instead of having a realtor involved to walk the client through everything.
This post was edited on 4/17/23 at 11:56 am
Posted on 4/17/23 at 11:58 am to maisweh
quote:
Fwiw why is every realtor I see the "top salesperson" in the area and why do they always have pictures of themselves with their arms crossed?
South Park nailed this a couple seasons ago when they had an episode mocking realtors
Posted on 4/17/23 at 12:22 pm to TJG210
quote:That this piece of idiocy keeps popping up just further demonstrates how ignorant most people are when it comes to real estate. If these idiots saw my monthly office expenses they’d faint.
This is the most ignorant statement I keep seeing pop up. Deal with a piece of shite agent get shite results. Like I mentioned earlier, if you’re looking at a house and you want to offer $10,000 less, on a 3% listing thats $300 before my broker takes their cut. If you’re dealing with an agent where that $300 will make or break them, you need to keep looking.
I cut commissions to make deals, for people in bad situations I’ve done no commission deals. Good realtors understand the importance of getting the best deal for their clients, every time.
A professional realtors best source of current buyers and sellers is past clients. I’ve got multiple past clients with listings currently. That doesn’t happen when you do a lousy job.
Posted on 4/17/23 at 12:24 pm to Gee Grenouille
quote:"we had quite a few showings, a couple interested in offering, my client is trying to get out of here fast so any reasonable offer will be considered"
“they like it and are deciding. Let us know if you get an offer or another interested party”.
quote:That is why you say what I typed. If they cant see that you are open to negotiating, while still not giving it away they will be too dumb to get a loan.
Conversely, I’d probably go down on the price or toss in other incentives if that’s what the buyer needed.
Posted on 4/17/23 at 12:28 pm to Fishwater
quote:You hit on one of my personal crusades. Dual agency is absolutely a conflict of interest, which is why I flatly refuse to do it. A lot of agents (most I’d say) disagree with me given how many times I see them on both sides of a transaction.
How can a realtor represent both the seller (who is trying to sell the home for as much as possible) and the buyer (who is trying to buy the home for a little as possible.)? Makes zero sense to me. Total conflict of interest.
I will show a house I have listed to a client, but I’m up front with them that I won’t be their agent if they offer. I’ll recommend some other agents to represent them who feel the same way.
Page 7 of 10
Popular
Back to top
Follow TigerDroppings for LSU Football News