4spdragtop
Well-Known Member
Anyone on here a real estate agent? Laws vary obviously country-country and possibly province to province...
Real Estate agents
- Thread starter 4spdragtop
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I’m not a realtor but, out here in the Lower Mainland, a trained monkey could sell homes! It’s an easy way to make $ for doing very little.
The average price of a detached house here is $2M so the selling realtor makes $29k and the buying realtor makes $25k on that sale.
The average price of a detached house here is $2M so the selling realtor makes $29k and the buying realtor makes $25k on that sale.
4spdragtop
Well-Known Member
Yes, real estate WAS hot, but has cooled drastically thankfully.
So here is the scenario/rant I have.
A house on our street is for sale. Owner has been put in a "home".
As soon as I see the for sale sign, I try to get in touch with listing agent....no return email, no return phone call.
Turns out there is an offer on the house. NOT surprised as its reasonably priced.
Heres the kicker and my frustration. The offer is conditional upon inspection and financing. But they wont show us the house?? If the offers conditional, why the wait? Soooo the house sits empty with no showings until the 16th and they start the BS all over again. WTF?
Of course with OREA everything is done behind the scenes and agents double dip on commissions.
Sorry for the rant.
So here is the scenario/rant I have.
A house on our street is for sale. Owner has been put in a "home".
As soon as I see the for sale sign, I try to get in touch with listing agent....no return email, no return phone call.
Turns out there is an offer on the house. NOT surprised as its reasonably priced.
Heres the kicker and my frustration. The offer is conditional upon inspection and financing. But they wont show us the house?? If the offers conditional, why the wait? Soooo the house sits empty with no showings until the 16th and they start the BS all over again. WTF?
Of course with OREA everything is done behind the scenes and agents double dip on commissions.
Sorry for the rant.
Ironracer
Gearhead
I'm In the Game, but only to the "Hands On" hit man problem solving aspect. I work with, and have a good rapport with a few of them. Met some slimy one along the way also.... That being said, that's some BS there, if You were in Florida, I Could make some calls and help Ya....
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4spdragtop
Well-Known Member
Thanks, it's been a "scam" for a VERY long time.
The listing agent isnt doing her client any justice. What it does is to insure that(in my opinion) the listing agent gets both selling and listing commissions.
Also the way its setup, if you and I both are "bidding" on a house. Neither one of us knows what the other is bidding. So if you max out at 350k let's say, well with it being underhanded, I have no idea and bid 425k, leaving 70-ish on the table....total scam. In Australia it's done like a true auction at the house.
The listing agent isnt doing her client any justice. What it does is to insure that(in my opinion) the listing agent gets both selling and listing commissions.
Also the way its setup, if you and I both are "bidding" on a house. Neither one of us knows what the other is bidding. So if you max out at 350k let's say, well with it being underhanded, I have no idea and bid 425k, leaving 70-ish on the table....total scam. In Australia it's done like a true auction at the house.
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Steve,
You should call the Broker at the real estate office. What you are seeing is illegal activity. A listing with a Conditional Offer remains For Sale and you and anyone else should have an opportunity. A firm offer forces the buyer with the conditional offer to FIRM UP their offer immediately. Failing that they are out. Something fishy is going on.
I think a lot of the times the realtor either wants it , or has buddy investors that do .
You clearly don't know how this market works. Ever see a house list for 500K and sell for 550+. Same as selling a car. If you are looking at a car and say I'll take it for asking and another buyer next to you says I'll do asking +500, until your offer is accepted buy the seller, you have no claim to a transaction. PERIOD
Maybe your 500K offer isn't the first offer nor the best offer.
I agree with the poster that thinks the agent or a lackey wants the property, especially if the listing agent is the only agent involved doing both sides.
I agree with @HiPoVALIANT , call or go visit the broker. The listing agent has a duty to the seller. My wife and I were both agents and Realtors in Virginia. Our Broker would have kicked us out of his firm for doing what she is doing.
In some markets "asking prices" are just really opening bids. My son and his wife offered over asking but had to increase the offer considerably to get their place a year ago.
diymirage
HP@idle > hondaHP@redline
If I am in negotiations with a seller and I offer asking price, that seller has a moral obligation to sell me the item at asking price
If he wants to auction it off, that is fine, he has a right to do so
But if he lists an asking price, that should be it
Moral obligation? Please. It's a business transaction and if someone offers more than asking, sellers have no moral obligation to accept an inferior offer. PERIOD!
Business and contract law 101
If you offered asking and they "ACCEPTED", then turn around and accept a higher offer, telling you sorry, cry all you want about being wronged. Until seller ACCEPTS your offer, you are out of luck with any standing.
diymirage
HP@idle > hondaHP@redline
I'm not talking law, I'm talking character, a man a man, a word a word
DonaldMcDuck
New Member
Do I really need a real estate agent to sell my house? I mean, the house is alright, and I think there will be people who would like to buy it, even if I only place an ad somewhere online or in the local newspaper.
I understand that getting an attorney to help with the legislative part of the deal is necessary, but why would I need someone to sell my house for me? It’s not even a difficult case, and I don’t want to pay someone for a service I don’t really need. Especially when the market is in not that pleasant condition, according to https://timthomas.co/signs-оf-a-housing-market-crash/.
What do you think about that?
I understand that getting an attorney to help with the legislative part of the deal is necessary, but why would I need someone to sell my house for me? It’s not even a difficult case, and I don’t want to pay someone for a service I don’t really need. Especially when the market is in not that pleasant condition, according to https://timthomas.co/signs-оf-a-housing-market-crash/.
What do you think about that?
Is that the cheapest home in your area?
Yeah, that's not how real estate works at all.
Most sellers take offers for a set amount of time, especially in the current market. As in, the house is put on the market, the seller takes offers for a week, and at the end of the week the seller considers all the offers they have received. Depending on how the house is priced, the seller may very well receive multiple offers over the listing price in that time.
And not all offers are the same. How the financing is arranged on the offer makes a difference. Some lenders require more inspections, some require certain repairs be made before lending, etc. So you could have two offers at the same exact price, but the "take home" for the seller might be very different depending on the requirements set by the lender. And if a lender requires repairs to be made and an additional inspection it can delay escrow and closing, especially with some materials nowadays, which could play as much or more of a role than the offered price. So the highest offer might not even be the "best" offer, depending on how that offer is financed.
So yeah, if a house goes on the market for $500k and you offer $500k the first day it goes on the market, the lender may very well just say "I'll consider it" while collecting 4 more offers before the end of the week when they consider all of their offers. They'd tell someone that offered $550k the same thing, and depending on how the financing is structured they might take a $530k offer vs the $550k offer while completely ignoring your $500k offer.
diymirage
HP@idle > hondaHP@redline
Maybe not, but thats how decent folks work
Doesnt matter if your selling a house or pictures of your sister
A man a man, a word a word
Back in Time
Well-Known Member
My advice is get a competent Realtor, There is a lot more involved than just agreeing on a price with someone. It's nothing like selling a car. A good Realtor will have a broader network of buyers than an Online ad. Even in a good market like now My opinion you would better off not trying to do it yourself. I tried it myself with no success and The Realtor sold it in 3 weeks.
People who are buying / renting are responsible for the outrageous prices homes are going for. Just a few months ago our insurance agent was selling 2 insurance policies for the same home as people were paying more than they are worth. I don't and will not ever pay asking price for a car or a home
I don’t know how it works where you are, but real estate transactions are heavily regulated here now. We bought and sold a house last year. I think every contract (at least the ones made by smart people) are contingent on inspection & financing.
Once an offer is accepted, the seller may choose to accept backup offers or not. Backup offers can be a good thing if you really need to sell in a set time. However, if the seller is taking backup offers, the “time on market” clock keeps running. Most realtors don’t like that because that makes the house look undesirable, as it has been sitting on the market a long time if the first sale falls through.
The above is just an uneducated opinion of what I have observed. I am not a realtor.
Once an offer is accepted, the seller may choose to accept backup offers or not. Backup offers can be a good thing if you really need to sell in a set time. However, if the seller is taking backup offers, the “time on market” clock keeps running. Most realtors don’t like that because that makes the house look undesirable, as it has been sitting on the market a long time if the first sale falls through.
The above is just an uneducated opinion of what I have observed. I am not a realtor.
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