Bloody US realtors
May 22nd 2006, 9:31 am
#91
SUPER MODERATOR
Joined: Dec 2005
Posts: 88,108
Re: Bloody US realtors
Originally Posted by dunroving
News flash: The cash buyer who flew up from Florida offered me the full asking price! We sat down at my kitchen table and wrote onto a blank contract, discussing each part as we went through. We then went to a real estate attorney to talk us through a couple of questions we had, we signed the contract/offer, and we will be closing in 3 weeks!
Yee - flippin' - haw! I can't tell you how relieved I am, at a lot of different levels. Obviously, because my house sold, but also because I trust this person, and she trusts me. She will be a good neighbor, and won't rent the house out to students.
Not only that, but she is letting me stay on, rent free, until I leave the US (a month later)! She won't be moving up here until August, and in fact she is happy to have someone take care of the place rather than have it sit empty.
Thank you Lawdy!
Yee - flippin' - haw! I can't tell you how relieved I am, at a lot of different levels. Obviously, because my house sold, but also because I trust this person, and she trusts me. She will be a good neighbor, and won't rent the house out to students.
Not only that, but she is letting me stay on, rent free, until I leave the US (a month later)! She won't be moving up here until August, and in fact she is happy to have someone take care of the place rather than have it sit empty.
Thank you Lawdy!
May 22nd 2006, 9:32 am
#92
Lost in BE Cyberspace
Joined: Jul 2004
Location: 30°16'29" North 097°44'26" West
Posts: 22,151
Re: Bloody US realtors
Originally Posted by dunroving
News flash: The cash buyer who flew up from Florida offered me the full asking price! We sat down at my kitchen table and wrote onto a blank contract, discussing each part as we went through. We then went to a real estate attorney to talk us through a couple of questions we had, we signed the contract/offer, and we will be closing in 3 weeks!
Yee - flippin' - haw! I can't tell you how relieved I am, at a lot of different levels. Obviously, because my house sold, but also because I trust this person, and she trusts me. She will be a good neighbor, and won't rent the house out to students.
Not only that, but she is letting me stay on, rent free, until I leave the US (a month later)! She won't be moving up here until August, and in fact she is happy to have someone take care of the place rather than have it sit empty.
Thank you Lawdy!
Yee - flippin' - haw! I can't tell you how relieved I am, at a lot of different levels. Obviously, because my house sold, but also because I trust this person, and she trusts me. She will be a good neighbor, and won't rent the house out to students.
Not only that, but she is letting me stay on, rent free, until I leave the US (a month later)! She won't be moving up here until August, and in fact she is happy to have someone take care of the place rather than have it sit empty.
Thank you Lawdy!
May 22nd 2006, 9:33 am
#93
Pass me the Marmite..
Joined: Feb 2004
Location: Atlanta, GA.
Posts: 864
Re: Bloody US realtors
Originally Posted by dunroving
He said that he meant after selling his house (in August), he would have cash.
I should have also called him on the "I can't get an inspection done within 3 weeks" BS too - we managed to set up an inspection for THIS WEDNESDAY! And two other companies I called said they could do it by NEXT TUESDAY!
I should have also called him on the "I can't get an inspection done within 3 weeks" BS too - we managed to set up an inspection for THIS WEDNESDAY! And two other companies I called said they could do it by NEXT TUESDAY!
Congrats on your sale.
My wife is a Brit, she's a realtor. She mainly only sells for friends, gives a great deal (4%-5%) or if she's the buying and selling agent - 1%-3%. (The buyers agent gets 3% and won't show people round unless they get 3% !!!).
WHAT A LOT OF PEOPLE HERE DO NOT REALISE ABOUT THE 6% THING is that a realtor could end up showing a buyer around 100's of homes before the buyer finds one they like *OR* the since they as "selling" agent often have to be there for "buyers" (wasters), a LOT of time can be consumed before an agent earns their money. There are some REAL quick deals out there for agents and the agents luck out BUT in most instances, my wife does a LOT of hard graft -
Contracts (often 10 or more backwards and frowing)
Negotiating around inspectors
Sales comparisons
Marketing (flyer generations)
marketing (advertising at own costs)
Closing attorneys (making sure all T's and I's)
Dealing with the other (often) dorky agents (not always, some are easy to work with).
EMotional blackmail - houses are funny things
If a house doesn't sell, sitting at an open house all day Sunday!!
They don't make LOADS of sales a month...
Last minute deals (agents cut / eat into margin to close deal)
50%-75% goes to broker and insurance and office space
taxes!!
Unlike a UK agent that sits in a shop window
Last edited by franc11s; May 22nd 2006 at 9:41 am.
May 22nd 2006, 9:50 am
#94
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,891
Re: Bloody US realtors
Originally Posted by franc11s
WHAT A LOT OF PEOPLE HERE DO NOT REALISE ABOUT THE 6% THING is that a realtor could end up showing a buyer around 100's of homes before the buyer finds one they like *OR* the since they as "selling" agent often have to be there for "buyers" (wasters), a LOT of time can be consumer before an agent earns their money. There are some REAL quick deals out there for agents and the agents luck out BUT in most instances, my wife does a LOT of hard graft -
Contracts (often 10 or more backwards and frowing)
Negotiating around inspectors
Sales comparisons
Marketing (flyer generations)
marketing (advertising at own costs)
Closing attorneys (making sure all T's and I's)
Dealing with the other (often) dorky agents (not always, some are easy to work with).
EMotional blackmail - houses are funny things
If a house doesn't sell, sitting at an open house all day Sunday!!
They don't make LOADS of sales a month...
Unlike a UK agent that sits in a shop window
Contracts (often 10 or more backwards and frowing)
Negotiating around inspectors
Sales comparisons
Marketing (flyer generations)
marketing (advertising at own costs)
Closing attorneys (making sure all T's and I's)
Dealing with the other (often) dorky agents (not always, some are easy to work with).
EMotional blackmail - houses are funny things
If a house doesn't sell, sitting at an open house all day Sunday!!
They don't make LOADS of sales a month...
Unlike a UK agent that sits in a shop window
Last edited by Giantaxe; May 22nd 2006 at 9:53 am.
May 22nd 2006, 10:08 am
#95
Forum Regular
Joined: Apr 2006
Posts: 40
Re: Bloody US realtors
Originally Posted by dunroving
News flash: The cash buyer who flew up from Florida offered me the full asking price! We sat down at my kitchen table and wrote onto a blank contract, discussing each part as we went through. We then went to a real estate attorney to talk us through a couple of questions we had, we signed the contract/offer, and we will be closing in 3 weeks!
Yee - flippin' - haw! I can't tell you how relieved I am, at a lot of different levels. Obviously, because my house sold, but also because I trust this person, and she trusts me. She will be a good neighbor, and won't rent the house out to students.
Not only that, but she is letting me stay on, rent free, until I leave the US (a month later)! She won't be moving up here until August, and in fact she is happy to have someone take care of the place rather than have it sit empty.
Thank you Lawdy!
Yee - flippin' - haw! I can't tell you how relieved I am, at a lot of different levels. Obviously, because my house sold, but also because I trust this person, and she trusts me. She will be a good neighbor, and won't rent the house out to students.
Not only that, but she is letting me stay on, rent free, until I leave the US (a month later)! She won't be moving up here until August, and in fact she is happy to have someone take care of the place rather than have it sit empty.
Thank you Lawdy!
)
May 22nd 2006, 10:20 am
#96
UK & US Citizen
Joined: Jul 2003
Location: New Orleans
Posts: 1,276
Re: Bloody US realtors
I'm sorry, but the biggest rip-off has to be the closing costs.
Funding Fee
Application Fee
Processing Fee
Commitment Fee
Administration Fee
Recording Fee
Title Search
etc,etc, etc
and what has to be the biggest scam,
Title Insurance
Basically I am paying $1000+ to guarantee that you didn't f uck up when I paid to do the title search. Moneygrabbing b@stards.
Funding Fee
Application Fee
Processing Fee
Commitment Fee
Administration Fee
Recording Fee
Title Search
etc,etc, etc
and what has to be the biggest scam,
Title Insurance
Basically I am paying $1000+ to guarantee that you didn't f uck up when I paid to do the title search. Moneygrabbing b@stards.
May 22nd 2006, 10:29 am
#97
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,891
Re: Bloody US realtors
Originally Posted by ScousePete
and what has to be the biggest scam,
Title Insurance
Basically I am paying $1000+ to guarantee that you didn't f uck up when I paid to do the title search. Moneygrabbing b@stards.
Title Insurance
Basically I am paying $1000+ to guarantee that you didn't f uck up when I paid to do the title search. Moneygrabbing b@stards.
May 22nd 2006, 2:21 pm
#98
BE Enthusiast
Joined: Jul 2003
Location: Back with the hobbits
Posts: 376
Re: Bloody US realtors
Just getting back to FSBOs a minute, isn't it true that realtors wont show people round them, because of the commission, or lack of it? We bought FSBO, but luckily we hadn't signed an agreement with our really crap realtor, so we were able to get rid of her and just sign for the house, no commission to anyone. Normally though am I thinking that the buyer has to pay an extra 3% (for the realtor)?
May 22nd 2006, 2:27 pm
#99
Account Closed
Joined: Mar 2004
Posts: 2
Re: Bloody US realtors
Originally Posted by Lizzi
Just getting back to FSBOs a minute, isn't it true that realtors wont show people round them, because of the commission, or lack of it? We bought FSBO, but luckily we hadn't signed an agreement with our really crap realtor, so we were able to get rid of her and just sign for the house, no commission to anyone. Normally though am I thinking that the buyer has to pay an extra 3% (for the realtor)?
You can offer agents their norm - 2% here, or leave it as an issue between the buyer and their Agent.
Whatever works best in your market.
May 22nd 2006, 2:31 pm
#100
Account Closed
Joined: Sep 2005
Posts: 15,455
Re: Bloody US realtors
Originally Posted by Lizzi
Just getting back to FSBOs a minute, isn't it true that realtors wont show people round them, because of the commission, or lack of it? We bought FSBO, but luckily we hadn't signed an agreement with our really crap realtor, so we were able to get rid of her and just sign for the house, no commission to anyone. Normally though am I thinking that the buyer has to pay an extra 3% (for the realtor)?
May 22nd 2006, 2:33 pm
#101
Account Closed
Joined: Sep 2005
Posts: 8,271
Re: Bloody US realtors
Realtor = Twat.
Wouldn't trust em as far as I could kick em.
Wouldn't trust em as far as I could kick em.
May 22nd 2006, 2:48 pm
#102
Ping-ponger
Thread Starter
Joined: Jul 2002
Location: Dreich Alba
Posts: 12,025
Re: Bloody US realtors
Originally Posted by Sallyanne
The seller's agent splits it with the buyer's agent - hence possible shenanigans if the seller's agent has his/her own client.
Usually, I believe it is left as an issue between the buyer and his/her realtor. As long as the buyer knows the score, he/she knows how much he/she is willing/able to offer for the house and the seller knows how much he/she is willing to accept. An offer of 100k with 3% buyer's agent commission rolled in is the same as a 97k offer with no buyers agent commission rolled in (i.e., seller makes the same in both situations).
When I bought FSBO in TN, I had a buyer's agent working with me (he was only a buyers agent, never represented sellers). Seller was giving me the house at a very reasonable price so buyer broker was left out of the contract and I simply paid him the commission out of my pocket. He really didn't do a great job, and I found the house myself (the lady across the street from where I was renting met me in the street and told me she was selling her house). But I paid him $2k because I had previously agreed to do that for his services.
The woman who bought my house today, in between writing up the contract and coming back to visit the attorney, zipped around to a local realtor who had "helped her out" (no contract signed with him, I don't think), and gave him $200 cash for his time. Now THAT illustrates what my house sale was all about - two very reasonable, trustworthy people coming to an amicable agreement, trying to be fair to all concerned (including this realtor, who probably was gobsmacked anyone would be so fair).
May 22nd 2006, 2:52 pm
#103
Account Closed
Joined: Sep 2005
Posts: 15,455
Re: Bloody US realtors
Originally Posted by dunroving
Surely there is no seller's agent with a FSBO?
Usually, I believe it is left as an issue between the buyer and his/her realtor. As long as the buyer knows the score, he/she knows how much he/she is willing/able to offer for the house and the seller knows how much he/she is willing to accept. An offer of 100k with 3% buyer's agent commission rolled in is the same as a 97k offer with no buyers agent commission rolled in (i.e., seller makes the same in both situations).
When I bought FSBO in TN, I had a buyer's agent working with me (he was only a buyers agent, never represented sellers). Seller was giving me the house at a very reasonable price so buyer broker was left out of the contract and I simply paid him the commission out of my pocket. He really didn't do a great job, and I found the house myself (the lady across the street from where I was renting met me in the street and told me she was selling her house). But I paid him $2k because I had previously agreed to do that for his services.
The woman who bought my house today, in between writing up the contract and coming back to visit the attorney, zipped around to a local realtor who had "helped her out" (no contract signed with him, I don't think), and gave him $200 cash for his time. Now THAT illustrates what my house sale was all about - two very reasonable, trustworthy people coming to an amicable agreement, trying to be fair to all concerned (including this realtor, who probably was gobsmacked anyone would be so fair).
Usually, I believe it is left as an issue between the buyer and his/her realtor. As long as the buyer knows the score, he/she knows how much he/she is willing/able to offer for the house and the seller knows how much he/she is willing to accept. An offer of 100k with 3% buyer's agent commission rolled in is the same as a 97k offer with no buyers agent commission rolled in (i.e., seller makes the same in both situations).
When I bought FSBO in TN, I had a buyer's agent working with me (he was only a buyers agent, never represented sellers). Seller was giving me the house at a very reasonable price so buyer broker was left out of the contract and I simply paid him the commission out of my pocket. He really didn't do a great job, and I found the house myself (the lady across the street from where I was renting met me in the street and told me she was selling her house). But I paid him $2k because I had previously agreed to do that for his services.
The woman who bought my house today, in between writing up the contract and coming back to visit the attorney, zipped around to a local realtor who had "helped her out" (no contract signed with him, I don't think), and gave him $200 cash for his time. Now THAT illustrates what my house sale was all about - two very reasonable, trustworthy people coming to an amicable agreement, trying to be fair to all concerned (including this realtor, who probably was gobsmacked anyone would be so fair).
May 22nd 2006, 11:02 pm
#104
Ping-ponger
Thread Starter
Joined: Jul 2002
Location: Dreich Alba
Posts: 12,025
Re: Bloody US realtors
Originally Posted by Sallyanne
Must admit I find it all highly confusing - glad things went so smoothly and turned out well for you dunroving. Are you looking forward to going back?
May 22nd 2006, 11:13 pm
#105
Wind, earth, fire, water
Joined: Aug 2005
Location: DC metro area
Posts: 1,670
Re: Bloody US realtors
Originally Posted by dunroving
I'm starting to ... it's all still a bit of a dream, a figment of my imagination. I know from past experience (this is my 5th international move - and last I hope!) that it doesn't really sink in for me until just before I leave. It's hard to get excited when you are so busy being stressed out about everything (especially for me as I'm doing everything myself - the dog hasn't been much help). But having a buyer for the house has made a HUGE difference just in the past 24 hours. I actually breathed out yesterday afternoon (I think I have been holding my breath for the past few days!)
