Simon Posted March 24, 2006 Author Posted March 24, 2006 Your own common sense and the input from others who have bought and sold houses should be all you need to make the right decision I've bought and sold houses too, but not near as many as a realtor. I value the experience of others and was just looking for some additional input.
eball Posted March 24, 2006 Posted March 24, 2006 I've bought and sold houses too, but not near as many as a realtor.I value the experience of others and was just looking for some additional input. 640917[/snapback] Exactly; that's my point. Solicit the experience of others, but just because someone has paid his membership dues and "earned" the title of realtor doesn't mean that person has any experience or real knowledge. I could tell you so many horror stories of what I've seen these supposed "experts" do (and the advice they give) in the context of home buying and selling that it would make your head spin.
plenzmd1 Posted March 24, 2006 Posted March 24, 2006 Exactly; that's my point. Solicit the experience of others, but just because someone has paid his membership dues and "earned" the title of realtor doesn't mean that person has any experience or real knowledge. I could tell you so many horror stories of what I've seen these supposed "experts" do (and the advice they give) in the context of home buying and selling that it would make your head spin. 641033[/snapback] Dead on the money eball!!!!!!!!! In my opinion, second only to boiler room penny stock brokers in lack of ethics and morals. (sorry if i am offending any realtors on board). These are independant contractors who not getting pd one red cent unless they sell a house, whether they are representing the buyer or seller. Just remeber that their money and their family are way more imporatnt to them than your money and your family.
Taro T Posted March 24, 2006 Posted March 24, 2006 First of all...don't be impressed or awed by the term "realtor." They act as if it is some sort of special designation, when all it really is, is a title given to those who take a 2-hour course and pay the membership $$. There's a commercial on national TV these days about realtors and their "code of ethics." Makes me and my wife (who has been in real estate for 10+ years) laugh our asses off. What a scam. Your own common sense and the input from others who have bought and sold houses should be all you need to make the right decision. Get a lawyer to represent your interests at the closing, and there should never be a need for a "realtor." 640891[/snapback] Eball, I saw that "code of ethics" commercial just before I switched to hockey after my wife was watching the LSU game. Was there some particular scandal regarding unethical realtors that I missed? I just thought it was strange that they were using "ethics" as their pitch, unless they had something occur recently which caused their "ethical rating" to drop recently.
Chef Jim Posted March 24, 2006 Posted March 24, 2006 Eball, I saw that "code of ethics" commercial just before I switched to hockey after my wife was watching the LSU game. Was there some particular scandal regarding unethical realtors that I missed? I just thought it was strange that they were using "ethics" as their pitch, unless they had something occur recently which caused their "ethical rating" to drop recently. 641247[/snapback] I work in the securities industry and they have really cracked down on us lately. We now have our clients sign a form that basically states "Your advisor will be getting paid for assisting you with this transaction. Is that ok? And if it's not, we have no problem with you insisting he do it for free." The real estate/mortgage industry is next in line. Get ready to get the signing of the closing documents being held in a hotel, because the notary is going to have to spend the night to get it all done.
eball Posted March 24, 2006 Posted March 24, 2006 Eball, I saw that "code of ethics" commercial just before I switched to hockey after my wife was watching the LSU game. Was there some particular scandal regarding unethical realtors that I missed? I just thought it was strange that they were using "ethics" as their pitch, unless they had something occur recently which caused their "ethical rating" to drop recently. 641247[/snapback] There's no particular scandal I'm aware of, but anyone who has ever dealt with a real estate agent or "realtor" knows that far too many of them can't even spell ethics, much less practice them. Ever see a realtor start scratching out terms and editing a home purchase agreement? Well, that's called practicing law without a license. And it's only the beginning. There are reputable, knowledgeable realtors, of course. But becoming a real estate agent or realtor is such an easy process that to make it seem as though the title itself means anything is a joke.
eball Posted March 24, 2006 Posted March 24, 2006 I work in the securities industry and they have really cracked down on us lately. We now have our clients sign a form that basically states "Your advisor will be getting paid for assisting you with this transaction. Is that ok? And if it's not, we have no problem with you insisting he do it for free." The real estate/mortgage industry is next in line. Get ready to get the signing of the closing documents being held in a hotel, because the notary is going to have to spend the night to get it all done. 641301[/snapback] The reason there are so many closing documents is because of the lenders. Hell, the majority of real estate agents and realtors don't even know what half of them mean. They come to closing for one reason only -- "where's my check?"
Chef Jim Posted March 24, 2006 Posted March 24, 2006 The reason there are so many closing documents is because of the lenders. Hell, the majority of real estate agents and realtors don't even know what half of them mean. They come to closing for one reason only -- "where's my check?" 641353[/snapback] Is it their job to know about the loan docs? Not really, they sell you the house. Mortgage cos. finance. I don't want a realtor that gets involved in the loan process. I want them getting me the best house for my money or the best money for my house, not spending time learning a mortgage brokers job.
eball Posted March 24, 2006 Posted March 24, 2006 Is it their job to know about the loan docs? Not really, they sell you the house. Mortgage cos. finance. I don't want a realtor that gets involved in the loan process. I want them getting me the best house for my money or the best money for my house, not spending time learning a mortgage brokers job. 641448[/snapback] Sorry, Chef, I gotta disagree. So you're a realtor, and your customer -- a first-time homebuyer -- asks you about loan rates, origination fees, discount points. You think the right answer is, "that's not my job, but have you seen this master bedroom suite?"
Chef Jim Posted March 24, 2006 Posted March 24, 2006 Sorry, Chef, I gotta disagree. So you're a realtor, and your customer -- a first-time homebuyer -- asks you about loan rates, origination fees, discount points. You think the right answer is, "that's not my job, but have you seen this master bedroom suite?" 641465[/snapback] Absolutely!! Let me put it to you this way. You want your realtor searching for the current lowest rates or the best home for you based on what you told them you want. BTW, if you're looking at home in a hot market and you want that house, best to already have the loan in your back pocket because the person behind you may bid 5% less but already have the loan. The current owner, if they're smart are going with the person preapproved. They sell houses, not loans.
Beerball Posted March 24, 2006 Posted March 24, 2006 Sorry, Chef, I gotta disagree. So you're a realtor, and your customer -- a first-time homebuyer -- asks you about loan rates, origination fees, discount points. You think the right answer is, "that's not my job, but have you seen this master bedroom suite?" 641465[/snapback] If a buyer doesn't do their homework they are in trouble. Today it is too easy to search for the best loan. Ask your realtor and they will send you to their buddy. If the realtor is solid--no problem, if the realtor is getting something from sending business to a particular lender then problem. People have got to know what they are getting into.
Crap Throwing Monkey Posted March 24, 2006 Posted March 24, 2006 Sorry, Chef, I gotta disagree. So you're a realtor, and your customer -- a first-time homebuyer -- asks you about loan rates, origination fees, discount points. You think the right answer is, "that's not my job, but have you seen this master bedroom suite?" 641465[/snapback] Not the way the industry works. Realtor's know about as much about loans as loan officers know about real estate: practically nothing. You ask your realtor about loan rates, origination fees, discount points, and the right answer is absolutely "that's not my job, but have you seen this master bedroom suite?", if only because any other answer's likely to be wrong. Typically, when my wife does a closing (she does real estate settlements at a law firm...about four real estate settlements a day, on average. That's a hell of a lot, by the way), she's dealing with the buyer, seller, their agents, their attorneys, and the loan officer. Seven people, all told, involved in a single sale of a house. Typically, not one knows anyone else's job - literally. The attorneys are about as ignorant about real estate sales as the loan officers are about real estate law as the agents are about real estate loans. "That's not my job" is an entirely valid answer...because that's how the industry works. People specialize in real estate; it's very rare for a single person to know anything outside their specialization.
eball Posted March 24, 2006 Posted March 24, 2006 Absolutely!! Let me put it to you this way. You want your realtor searching for the current lowest rates or the best home for you based on what you told them you want. BTW, if you're looking at home in a hot market and you want that house, best to already have the loan in your back pocket because the person behind you may bid 5% less but already have the loan. The current owner, if they're smart are going with the person preapproved. They sell houses, not loans. 641490[/snapback] You're missing my point if you think I want or expect a real estate agent to search for my mortgage. I absolutely EXPECT a "professional" in real estate to be able to speak intelligently with me about ALL aspects of the transaction.
eball Posted March 24, 2006 Posted March 24, 2006 Not the way the industry works. Realtor's know about as much about loans as loan officers know about real estate: practically nothing. You ask your realtor about loan rates, origination fees, discount points, and the right answer is absolutely "that's not my job, but have you seen this master bedroom suite?", if only because any other answer's likely to be wrong. Typically, when my wife does a closing (she does real estate settlements at a law firm...about four real estate settlements a day, on average. That's a hell of a lot, by the way), she's dealing with the buyer, seller, their agents, their attorneys, and the loan officer. Seven people, all told, involved in a single sale of a house. Typically, not one knows anyone else's job - literally. The attorneys are about as ignorant about real estate sales as the loan officers are about real estate law as the agents are about real estate loans. "That's not my job" is an entirely valid answer...because that's how the industry works. People specialize in real estate; it's very rare for a single person to know anything outside their specialization. 641565[/snapback] Ok, so I realize I've now hijacked this thread into my own personal crusade against real estate agents, but the bottom line is that the industry SUCKS. I have worked in the industry from both the sales side and the legal side, and I was appalled at the level of incompetence on the sales side. That's why when I see the ReMax and Century 21 ads, and the "look at our code of ethics" ads for Realtors, my stomach turns. I obviously expect more from these people than some of you do. I believe that in large part they are self-interested hacks whose only goal is securing their commission check. That mentality is acceptable if you're selling shoes or a set of pots and pans; when you're "coaxing" someone into a colossal investment the standards should be much higher. I'm sorry.
Chef Jim Posted March 24, 2006 Posted March 24, 2006 You're missing my point if you think I want or expect a real estate agent to search for my mortgage. I absolutely EXPECT a "professional" in real estate to be able to speak intelligently with me about ALL aspects of the transaction. 641661[/snapback] You want the right answer? "That's a great question Mr._________. however that's not my area of exertise. There are too many varibles involved for me to quote you an accurate rate. I can refer you to a quality loan officer who would be more than happy to help you with that. Now let's look at walk in wine cellar." Most realtors (in southern CA anyway) are a bunch of blond bimbos driving and wearing their commissions that I wouldn't ask how much gas is in the area is let alone what their knowledge of the loan rates are.
IDBillzFan Posted March 24, 2006 Posted March 24, 2006 You want the right answer? "That's a great question Mr._________. however that's not my area of exertise. There are too many varibles involved for me to quote you an accurate rate. I can refer you to a quality loan officer who would be more than happy to help you with that. Now let's look at walk in wine cellar." Most realtors (in southern CA anyway) are a bunch of blond bimbos driving and wearing their commissions that I wouldn't ask how much gas is in the area is let alone what their knowledge of the loan rates are. 641680[/snapback] Not sure how it is in other areas, but where I live, there are a handful of realtors who specialize in a particular area. You always see the same four or five realtors listing houses in that area. In our case, we met a guy who had an open house just behind our property, he came by our place to assess it (even though he knew we weren't selling at the time). We had a few beers, got along well, and three years later when we found a house we liked, we called him. We knew enough to ensure we had a pre-approved loan, but he recommended a broker he uses, and it turned out this guy was just awesome. He skipped all the BS and got to the meat of the matter where it was important to us. Even helped us arrange for a home equity line as soon as we were out of escrow. Meanwhile, the realtor put our offer in on the new house, put our house on the market, and the week before our open house, he paid out of his own pocket for: - a six person cleaning crew to scrub my house from head to toe - a decorator to de-personalize and stage my house - a landscaper to rearrange some plants, put mulch down on the entire property, and maintain it until it was sold ' Plus, he gave me back $5000 of his commission because the back and forth negotiating for the house we wanted came down to that amount, and we wouldn't budge. "I'll give you the 5K out of my commission. Let's close this deal." My house sold in a week at a not-so-great time, and we got full asking price. All realtors don't suck. Just most of them. Interviewing and getting the right realtor is something everyone should do. Everyone.
Chef Jim Posted March 24, 2006 Posted March 24, 2006 "I'll give you the 5K out of my commission. Let's close this deal." 641707[/snapback] I'd go to jail for saying that. Like I said, the real estate industry is next.
IDBillzFan Posted March 24, 2006 Posted March 24, 2006 I'd go to jail for saying that. Like I said, the real estate industry is next. 641716[/snapback] I think he would, too. But he's trying to close the deal the way we were all taught: eliminate objections.
Chef Jim Posted March 25, 2006 Posted March 25, 2006 I think he would, too. But he's trying to close the deal the way we were all taught: eliminate objections. 641734[/snapback] Eliminating objections is one thing, but if you're good at it you don't need to risk your license. Because here's the question, did he need to do that? You said you loved him and I don't think it was because of the kick back. The kick back was probably part of his referral gathering process.
plenzmd1 Posted March 27, 2006 Posted March 27, 2006 Im with eball on this argument. My neighbor just got royally screwed by a realtor , evn though I am a firm believer in caveat emptor(is that even close). Many people believe that a realtor is a professional and as such should have their clienys best interest at heart. I believe, however, 90% have only their own best interest at heart. In Richmond, where their is still somewhat of a bull market in higher end housing(due to several factors)but nowhere near the franzy that once was,people are still getting goading into making ridiculous and not well thought offers cause of their agents insistance the house will be gone in a friigen hour if ya don't make the biggest investment of your life after a 20 minute glance at the house, and the owner will evn through in floor mats if you act now!!!!!! Some of this gargabe is coming ho,e to roost in places like DC right now, where housing inventory is up 400% over last year levels. All the people who paid outrageous amounts for houses based on the greater fool theory esposed by thier real estate agents and bought to much house with interest only or ARMs are not seeing that not only are the payments getting way out in front of them, the 1200 sf house they bought for $500K 18 months ago could now sell for $420K. But no worries, you won that bidding war, and as an agent i am proud of the fact i got PAID, and WE WON!!!!!
Recommended Posts