Ray

Attempted scam by Realtors made me that way ...

David Richardson

[QUOTE=NC Penguin;5156937] Is OP the Original Poster or Other Party? Not familiar with the lingo.....pls enlighten me. Ta

Kaffy Mintcake

Our neighbor who is a realtor told us that Zillow is at best, misleading most of the time.

David Richardson

Hang on, I've got tears running down my face.

Ray

If he shakes your hand ..count your fingers

Ray

LOL.. It cost them more ....

Giantaxe

Remember that services such as zillow are a threat to realtors' precious 6% commission, which they go to lengths to defend (as we've seen recently on this thread). Having said that, I'm not a big zillow fan, particularly for the changing market conditions that many areas are now seeing.

scrubbedexpat099

Zillow is just another source, to rely on any one source would be foolish.

In CO the split of 6% is 3.2% to Sellors realtor, 2.8% to Buyers.

How it gets shared around is a seperate issue, my guess is that the IRS get a chunk. Still a significant cost to the Buyer.

BritGuyTN

dude, you're missing the point the guy from GA made - I can say that in 99.9% of circumstances a realtor will not make 6% from a deal. 5% in extreme cases (before income tax), but in the majority of cases its more like 1.8-2% before income taxes.

this is something i realised after the first day of licensee training, and felt sorry for the poor sops who thought that getting that license was a way to a good income...

needless to say I just use my license to get a discount on properties I buy for myself...

Giantaxe

Dude, I'm not... I am very well aware that the 6% commissions doesn't translate into 6% for the realtor(s) involved in the transaction. But from the selller's and buyer's perspective, that is not the issue. More to the point is whether a total charge of 6% of the selling price is economically justified. Personally, I don't think it is. The way the commission is split between brokerage(s) and agent(s) is a big clue as to the inefficiencies of the system, as are actions taken by NAR and state realtor boards to stifle competition by getting legislators to impose anti-competitive laws such as "minimum service" laws.

Here are some examples:

http://www.usdoj.gov/atr/public/comments/212656.htm

http://rerclaw.blogspot.com/2007/06/...-michigan.html

http://www.inmanwiki.com/Real-Estate...ce_Legislation

scrubbedexpat099

The issue is how much it costs me - or anybody else.

What they get net is not my concern or interest.

Sally

Nobody gets everything they "make" for their company or organisation.

6% to calculate into your price is a good whack compared to 1% in Britain.

angelman

Like so many things here the whole process seems to be grossly inefficient and geared to getting as much money out of the beaurocracy for as many people as possible. Estate agents in the UK are no better than realtors here for sure, they probably have to do less work (almost certainly) but apart from selling the house they dont seem to be as involved in the process as they do here. In London as a buyer i found my flat on the web, got an inspection done when I was sure I wanted it, got the money sorted by comparing products on charcol online, then called up a lawyer and that was it. Simple.
I think people are amazed that such a process can be so simple. Of course I realise there are plenty of pitfalls and horror stories on both sides of the pond. The realtor system here though seems so antiquated and 'mom and pop'ish. In some ways it's quaint and cute in others just stupid. So many middleman trying to get their share.
In UK as a buyer my lawyer would do everything I need, the only thing I need organise is money and inspection. I am sure that when you cut the bull*** out here its the same.
I just cant trust any realtors here, even a good friend of mine who is one suddenly whipped out a contract and asked me to sign on the line for a 3% fee!

Sally

Bloody Ada

David Richardson

[I just cant trust any realtors here, even a good friend of mine who is one suddenly whipped out a contract and asked me to sign on the line for a 3% fee![/QUOTE]

If you were a Seller he/she would need a contract with you to list your property and thus a 3% fee. But you're a Buyer.....he/she should get the 3% from the Seller not you.