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Post by ferris1248 on Mar 16, 2024 8:24:07 GMT -5
Really upends the RE scene for the last 40 or 50 years. "A powerful real estate trade group has agreed to do away with policies that for decades helped set agent commissions, moving to resolve lawsuits that claim the rules have forced people to pay artificially inflated costs to sell their homes." "Under the terms of the agreement announced Friday, the National Association of Realtors also agreed to pay $418 million to help compensate home sellers across the U.S." "Home sellers behind multiple lawsuits against the NAR and several major brokerages argued that the trade group’s rules governing homes listed for sale on its affiliated Multiple Listing Services unfairly propped up agent commissions. The rules also incentivized agents representing buyers to avoid showing their clients listings where the seller’s broker was offering a lower commission to the buyer’s agent, they argued." "As part of the settlement, the NAR agreed to no longer require a broker advertising a home for sale on MLS to offer any upfront compensation to a buyer’s agent. The rule change leaves it open for individual home sellers to negotiate such offers with a buyer’s agent outside of the MLS platforms, though the home seller’s broker has to disclose any such compensation arrangements." "As part of the settlement, the NAR agreed to no longer require a broker advertising a home for sale on MLS to offer any upfront compensation to a buyer’s agent. The rule change leaves it open for individual home sellers to negotiate such offers with a buyer’s agent outside of the MLS platforms, though the home seller’s broker has to disclose any such compensation arrangements." apnews.com/article/national-association-of-realtors-agent-commissions-lawsuits-d62a66cb80639be3c4c3b429053a22c5 |
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Post by cadman on Mar 16, 2024 15:42:10 GMT -5
I saw that. Keller Williams which sold my last house was one of the Realtors sued in the original lawsuit and agreed to a $70 million settlement. I keep waiting for my share.
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Post by pinman on Mar 16, 2024 19:22:39 GMT -5
I saw that. Keller Williams which sold my last house was one of the Realtors sued in the original lawsuit and agreed to a $70 million settlement. I keep waiting for my share. Are you happy with the house and the price you paid? |
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Post by pinman on Mar 16, 2024 19:28:50 GMT -5
Real Estate commissions have always been, ahem, "negotiable". But it was understood that there was a 5-6% range. Going forward I can see buyers having to deal with either; A. The sellers agent who represents the best interests of the sellers in which the commission is already built into the price of the property, or B. hiring their own buyers agent in which an upfront fee may be charged with a commission paid upon successful closing of a suitable property. I dont really see how this lawsuit benefits buyers or sellers but it does benefit attorneys....
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Post by cadman on Mar 16, 2024 19:51:11 GMT -5
I saw that. Keller Williams which sold my last house was one of the Realtors sued in the original lawsuit and agreed to a $70 million settlement. I keep waiting for my share. Are you happy with the house and the price you paid? I was the seller and thought the Keller Williams guy sucked. |
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Post by PolarsStepdad on Mar 16, 2024 20:07:42 GMT -5
Is It possible to bypass all that bullshit and just putchase/sell between two parties?
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Post by whitebacon on Mar 16, 2024 20:09:08 GMT -5
Is It possible to bypass all that bullshit and just putchase/sell between two parties? Absofuckinglutely |
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Post by bswiv on Mar 16, 2024 20:09:38 GMT -5
Real Estate commissions have always been, ahem, "negotiable". But it was understood that there was a 5-6% range. Going forward I can see buyers having to deal with either; A. The sellers agent who represents the best interests of the sellers in which the commission is already built into the price of the property, or B. hiring their own buyers agent in which an upfront fee may be charged with a commission paid upon successful closing of a suitable property. I dont really see how this lawsuit benefits buyers or sellers but it does benefit attorneys.... The presumption is that we NEED agents to transact real estate transactions. Yes.....some folks do. And yes......in some instances a seller or a buyer may be better off by having one. But......regulatory capture and the difficulty of selling a piece of property have something to do with the power of the lobby. We could run this one around and around.......and truth be there are examples on both ends of the spectrum that can be used to either argue for against a course of action. But....when it's all said and done......the embedded nature of the current system, where the cost of the house INCLUDES the commission to sell or buy it is needs to change. Sadly, both because of the power of the lobby and because of the extra taxes collected, and the extra dollars the mortgage company makes because the commission gets folded into the finance charges.....lots of folks benefit from the current racket......buyers and sellers being lower on the pole that is proper. |
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Post by TRTerror on Mar 16, 2024 20:17:20 GMT -5
It's Always the 2nd Listing Agent that Sells the House...Cause the First Listing Agent had to list it at the Inflated price the Seller thought it was worth just to get the Listing..
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hebegb
Junior Member
Posts: 66
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Post by hebegb on Mar 16, 2024 22:00:22 GMT -5
Is It possible to bypass all that bullshit and just putchase/sell between two parties? Every house I sold I did theough assist to sell. Basically they get a flat fee and I want from them is to do the paperwork. I stage the house, show it myself and close it but for the paperwork |
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Post by bswiv on Mar 17, 2024 5:43:57 GMT -5
Is It possible to bypass all that bullshit and just putchase/sell between two parties? Yes. It is not easy, in the sense that just as with operating any piece of equipment with a lot of controls you need to know what those controls do and how to use them is not easy.....but you learn it. But........you've got to both have studied the process and the items involved. Which is not all that hard if you'll get some closing statements and spend some time looking over what is there, what got done. Real statements from real closings. And figure out how to use the property appraiser's & tax collector's on-line tools. We usually start with the property appraiser's site as it links right on through to the tax bill. And it shows prior sales, plus has book & page for looking up titles and the like. It may seem daunting.......but in the time it takes to sit through the mindless, inane, demeaning commercials infused throughout a few professional sports broadcasts you can have a reasonable handle on how to navigate. Public records being on line is a BIG help. And mess with Google Earth or similar so that you know how to use timeline imagery. This can help dispense with the new survey nonsense. The BIG hurdle is more often the cash on hand to be able to play the game. The banks and mortgage companies have no interest in anything beyond making the loan SAFE FOR THEM and profitable. Which is reasonable on their part.....but not to your advantage. You need enough of a down payment to truly shop a mortgage....or enough to pay cash. Which brings up another thought. Get out from under a mortgage obligation ASAP......most of the time. Yes....some of the incredibly low interest rates are worth holding. But.....do not be confused.....the "points" and the origination fee and the PMI and all the rest that got tacked on and folded in......you already got doinked on that one. What you want to do is put yourself in a position to not have to play it that way again. Get out of debt.....pay off the house.......educate yourself about the process WAY AHEAD of the actual doing. Rant over.............. |
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Post by bswiv on Mar 17, 2024 5:48:00 GMT -5
It's Always the 2nd Listing Agent that Sells the House...Cause the First Listing Agent had to list it at the Inflated price the Seller thought it was worth just to get the Listing.. Or......as is often the case.....the realtor who says they can get a inflated price is the one who gets the listing, their plan being that once they have you you'll stick with them as they "explain" later why it's not selling and why you have to lower the price. Or......as they nudge you into all manner of concessions that eat into your side of the ledger at closing so as to make the sale. System is far too opaque and convoluted for true price comparisons for consumers........intentionally...... |
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Post by cadman on Mar 17, 2024 7:30:45 GMT -5
It's Always the 2nd Listing Agent that Sells the House...Cause the First Listing Agent had to list it at the Inflated price the Seller thought it was worth just to get the Listing..
System is far too opaque and convoluted for true price comparisons for consumers........intentionally...... That's Keller Williams! |
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Post by cadman on Mar 17, 2024 7:44:50 GMT -5
Is It possible to bypass all that bullshit and just purchase/sell between two parties? If you are willing to put up with the window shoppers who can't afford your house and those who just like to look at houses. A good Real Estate agent will be sure the guy is qualified before spending time showing the person houses. No sense showing houses they can't qualify to buy. You will need an attorney for the closing though to catch any issues. I tried selling on my own once and gave up after dealing with low ballers and lookie-loos. This was before the fixed fee companies were in business, they may do some of the qualifying for you to eliminate that problem. I even got my real estate license back in my 20s and found out I really did not like selling houses. I always hire a realtor. I had one lady my ex-wife knew who, when I met her was not impressed, that lady sold two houses for me within 30 days of listing and got me the listing price on one and close to on the other. She was damn good. I would have continued to use her, but she retired. |
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Post by ferris1248 on Mar 17, 2024 8:34:11 GMT -5
I've closed with realtors and without realtors. It depended on the purchase, the state it was in and if I knew the seller.
I only closed one without an attorney. I knew the seller well. Did it on a quitclaim deed. I did close at the bank and had the advantage of having the commercial loan officer sit in just to advise me.
bswiv is correct...........
"The BIG hurdle is more often the cash on hand to be able to play the game. The banks and mortgage companies have no interest in anything beyond making the loan SAFE FOR THEM and profitable. Which is reasonable on their part.....but not to your advantage. You need enough of a down payment to truly shop a mortgage....or enough to pay cash. "
"Which brings up another thought. Get out from under a mortgage obligation ASAP......most of the time. Yes....some of the incredibly low interest rates are worth holding. But.....do not be confused.....the "points" and the origination fee and the PMI and all the rest that got tacked on and folded in......you already got doinked on that one. What you want to do is put yourself in a position to not have to play it that way again."
"Get out of debt.....pay off the house.......educate yourself about the process WAY AHEAD of the actual doing."
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