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Message
re: Ways to skirt a realator when buying?
Posted on 8/3/18 at 9:46 am to ItNeverRains
Posted on 8/3/18 at 9:46 am to ItNeverRains
quote:
In your opinion, are commissions built into comps appraisers use to determine value?
They are a factor is the selling price of a property, which is the value used to determines comps. So indirectly, yes.
2
Posted on 8/3/18 at 9:47 am to ItNeverRains
quote:
if you want to believe a seller is willing to take less money by foregoing representation
Your historical data shows a >6% disparity in price between equivalent houses listed with realtors vs without?
Posted on 8/3/18 at 9:48 am to LNCHBOX
Posted on 8/3/18 at 9:50 am to Jake88
quote:
The buyer does in a way pay for the realtor because the seller raises the price of the home based upon the projected commission.
They can raise their asking price all they want...but if the appraisal doesn't justify it, they aren't going to get that higher asking price.
If I want to net $350k out of selling my house, so I list it at $375k so that I'll walk away with $350k after realtors get their cut. Get an offer accepted for $375k asking price, but then the appraisal comes in at only $350k. Either I have to agree to drop the sale price or the buyer has to come up with the entire $25k difference between appraisal and sale price (in addition to the down payment they were planning on), otherwise the loan isn't going through and the deal is dead. In all likelihood, the seller is coming down on price or the buyer is going to walk.
Posted on 8/3/18 at 9:51 am to LNCHBOX
quote:
They are a factor is the selling price of a property, which is the value used to determines comps. So indirectly, yes.
Then having or not having representation of two identical properties will be assigned different value. +/- will be directly shown on the appraisers evaluation, just like having/not having garages, extra bathrooms, bedrooms, etc...
If you are aware of an appraiser doing this, report him. Hell you won't have to, the underwriter will see it and do it himself.
Posted on 8/3/18 at 9:52 am to Thorny
quote:
Needless to say, the most important trait a Realtor has is to be a good negotiator. This isn't just getting people to split their differences on a house bid. It's understanding the market for the house well enough to know if the price either the buyer or seller is starting at is reasonable.
Case in point: Not long before I quit, I was listing a house for a client. My comparables research told me that the proper price for the house was $165K, but the owner insisted I list it at $180. Then, the owner was pissed off because it was not getting showings. Well, no crap it isn't getting showings: it's over-priced. Eventually, the owner fired me and went to another Realtor. The house was eventually put under contract for, you guessed it, $164,900. And, I got stuck with the costs to market the house during the time I was listing it and no way to get reimbursement.
I've been on the other side of this. When my mom passed we had to sell her house. We did a ton of work to get it in good selling shape and had the realtor over. She told us to list it at like $160k. We called bullshite and insisted listing at $190. It sold for full asking within 2 weeks.
That's $30k this realtor, who we paid x% to maximize our sale, was going to cost us because of her incompetence. We need a Yelp for real estate agents.
Posted on 8/3/18 at 9:52 am to ItNeverRains
quote:
Then having or not having representation of two identical properties will be assigned different value.
Says who?
quote:
+/- will be directly shown on the appraisers evaluation, just like having/not having garages, extra bathrooms, bedrooms, etc...
If you are aware of an appraiser doing this, report him. Hell you won't have to, the underwriter will see it and do it himself.
I still have never said this happens. You may as well claim I'm saying the sky is pink.
Posted on 8/3/18 at 10:01 am to LNCHBOX
Yeah you are arguing just to argue or have no idea what a comp is. I'm going to go out on a limb and say you've never lost an argument on TD in your mind. I've drawn my line in sand as well.
Got a tee time in 30 and i'm pulling everything left. Good luck
Got a tee time in 30 and i'm pulling everything left. Good luck
Posted on 8/3/18 at 10:02 am to Tiger Prawn
They appraise significantly based on similar properties sold nearby, correct? Those prices include the commissions going to the realtor. The buyer's price is influenced in part by that.
Posted on 8/3/18 at 10:02 am to CptRusty
quote:
Your historical data shows a >6% disparity in price between equivalent houses listed with realtors vs without?
Google is your friend, don't take my word for it
Posted on 8/3/18 at 10:03 am to ItNeverRains
quote:
Yeah you are arguing just to argue or have no idea what a comp is.
Dude, GTFO.
quote:
I'm going to go out on a limb and say you've never lost an argument on TD in your mind. I've drawn my line in sand as well.
Got a tee time in 30 and i'm pulling everything left. Good luck
Way to bitch out when you got tired of just repeating the same stupidity over and over.
Posted on 8/3/18 at 10:05 am to PortHudsonPlaya
My sister's realtor just took them out to an $500 dinner because they found their own house within two weeks and the realtor had to do pretty much nothing. The realtor said sometimes, they have to do a lot of work.
Posted on 8/3/18 at 10:10 am to ItNeverRains
quote:
Google is your friend, don't take my word for it
LINK
This article says 2%
Google results are going to be absolutely loaded with bias one way or another. I got the impression from your post that you had access to actual data which we could compare for ourselves (apart from the tedious task of combing through the local tax assessors website)
Posted on 8/3/18 at 10:10 am to BamaAlum02
While I do agree that the value of a Realtor slowly diminishes as technology and information progress, I do not think a realtor is comparable to a travel agent.
Home buying/selling is exponentially more complex than booking a hotel. From the search/marketing, to the loan, to the appraisal, to the inspection, to the negotiations, to the closing, there are many complex steps to the process that even the smartest and most affluent of individuals don’t have the time or complete understanding to handle on their own.
I totally disagree that the profession is slowly dying. Actually, I think the profession is probably growing given the population growth.
More appropriately, the profession isn’t necessarily dying, but the overall value that the profession provides to the client is probably decreasing due to availability of information and eventually we will see commissions reflect that and gradually decrease.
Home buying/selling is exponentially more complex than booking a hotel. From the search/marketing, to the loan, to the appraisal, to the inspection, to the negotiations, to the closing, there are many complex steps to the process that even the smartest and most affluent of individuals don’t have the time or complete understanding to handle on their own.
I totally disagree that the profession is slowly dying. Actually, I think the profession is probably growing given the population growth.
More appropriately, the profession isn’t necessarily dying, but the overall value that the profession provides to the client is probably decreasing due to availability of information and eventually we will see commissions reflect that and gradually decrease.
This post was edited on 8/3/18 at 10:14 am
Posted on 8/3/18 at 10:10 am to CptRusty
quote:
LINK
This article says 2%
Google results are going to be absolutely loaded with bias one way or another. I got the impression from your post that you had access to actual data which we could compare for ourselves (apart from the tedious task of combing through the local tax assessors website)
Dude is just talking out of his arse. Pay him no mind.
Posted on 8/3/18 at 10:16 am to LNCHBOX
> If you want to compare listings with/without representation, I'm game
>OK let's do that
>Google it
>OK there's conflicting information, but this article says your wrong
>I have a tee time
>OK let's do that
>Google it
>OK there's conflicting information, but this article says your wrong
>I have a tee time
This post was edited on 8/3/18 at 10:20 am
Posted on 8/3/18 at 10:21 am to PortHudsonPlaya
quote:I don't have time to chat with a ton of potential buyer while waiting at Signature Flight Support
With all the online resources now, why do realators get 6%??? I’m basically finding all the houses I want to look at or would be interested in. What do they do?
How do you bypass that process when buying? Go directly to the bank and title company?
Posted on 8/3/18 at 10:21 am to Upperdecker
quote:
You’re buying, you don’t pay the realtor
It's in the price, obviously. He can negotiate the price of the house down based on the fact that he doesn't have an agent.
Posted on 8/3/18 at 10:24 am to Jp1LSU
quote:
This. Whether you (buyer) has a realtor or not the commission gets paid.
SIAP but...
If the house has been on the market for several months, the seller has a rock bottom number that hasn't been met. The seller-paid commission to the agent absolutely comes into play. A buyer comes in without an agent with a low offer, the seller's agent tells seller they'll drop 3% of their commission to still meet their rock bottom, and seller still gets their 3%, and the buyer gets the house 3% cheaper.
I've done it. As a buyer.
Posted on 8/3/18 at 10:29 am to Volvagia
quote:Keep telling yourself this.
And the buyer isn’t the one paying them.
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