Pissed at realtor am I wrong here?

[dennis in se pa]

"bad experiences with realtors"

I am a realtor.

Sorry to say that most that I interact with are less than professional and completely self serving.

But we are not all that way.

The guy in this transaction appears as a snake to me. HE NEEDS TO BE STEPPED ON.

[911Rob]

Jim,
You did the right thing imo.
I am a Realtor too; I also own my own real estate company.

They say the two most important characteristics of a good real estate agent is honesty and integrity. This guy lost out. He brings you a low ball offer, well then you can negotiate your fees.

I offer 100% of my clients a zero day cancellation for any reason.
I also offer the most commission to selling agents than anyone in my Region (wonder why I'm no.1) and its on EVERY listing or I don't take it. If I bring a lower offer other than the list price, out comes the wallet; that's part of the deal. If I bring you close to full price, then you pay up. I seldom take out my wallet.

In the future you may want to consider being more prepared for a buyer with no representation. Most people don't know what they're doing and its very intimidating for them. Have a copy of the contract to purchase already drawn up and in a blank form by a local notary/lawyer. Explain to them that "when" they write their offer, you will provide your legal council at no extra cost to them, so that they can insure the contract properly suits them. Briefly explain that you have done this to avoid the costs of real estate commissions, however realtors are welcome, but only at full price.

Most Realtor don't know a hill of beans about marketing a property; so f 'em Jim. Doe's probably called them outa the blue.

Note:
Buyers Agent Contracts
They are trying vigourously to bring this into BC, and I have been opposed to it all along. Many issues with this, and the Realtors are gonna really screw it up if it comes into play. I don't bind anyone to a contract, ever! I earn my commission and my clients gladly pay me for the work I do.
I now have a team of 7 Realtors, trying to teach these dogs new tricks is impossible. I'm so frustrated with the Realtor mentality! I did 3 hours work, so pay me $10,000. Idiots.

Rant over, good luck Jim!
Don't spend it all in one place.

[911Rob]

^PS: my a$$ really isnt that big. I just have my wallet in my back pocket.

[Jims5543]

Thanks Rob!

Spend it all in one place?

About 48 hours after I close I can declare myself 100% debt free again. No mortgage, no CC debt, no car loans, and some of the leftover money put into savings.

I will be sleeping like a baby at night.

Thanks for the info guys.

Dennis - I meant nothing towards you, I am sure there are good realtors too. I have just had the bad luck of catching 3 bad ones these last 2 years. I agree 100% with you thins guy needs to be squashed but I do not have the time to deal with him, once this closing is over I will never think of him again. He is a chump that has to resort to trickery to make a buck, he will not last as he will tarnish his name in a very quaint market.


BTW - The house was sold to a local couple that are looking to raise their family there. I cannot think of a better neighborhood to do so. I hope it works out well for them, they seemed really nice.

[Jims5543]

Originally Posted by 911Rob

^PS: my a$$ really isnt that big. I just have my wallet in my back pocket.

My..... thats a huge wallet. You must be rich or somethin'.

[Jims5543]

Oh and I enjoyed the house for 3 years years with priceless memories and flipped it out for a nice profit.

[einreb]

Last house we sold (via a REALTOR TM), turns out the buyer herself was an 'agent'. She got to pocket the %2.5 percent to the 'buyers agent'. I flipped my lid when I found out about it at the closing. Smart for her, but that 'our agent' knew it and didn't mention it during the negotiating phase was ridiculous.

I've met a couple good agents and a lot of screwballs. Its a peculiar industry to say the least.

Congrats on the sale.

[onewhippedpuppy]

IF I meet a good realtor, I'll be their customer for life. I've worked with 4 different ones now, all were absolutely worthless. They sure were paid well to open a few houses for me and do some paperwork.

[Shadetree930]

Jim,

Reject the deal.

Keep the mountain house.

Schedule a weekend of mountain road running with the Bill boyz!



Just kidding. My RE advice .... always make the 1st offer work. It will be the best one you get.

[Danny_Ocean]

Don't forget to pay the 20% capital gains tax. THEN you'll be debt free.

Originally Posted by Jim Cesiro

Thanks Rob!

Spend it all in one place?

About 48 hours after I close I can declare myself 100% debt free again. No mortgage, no CC debt, no car loans, and some of the leftover money put into savings.

I will be sleeping like a baby at night.

Thanks for the info guys.

Dennis - I meant nothing towards you, I am sure there are good realtors too. I have just had the bad luck of catching 3 bad ones these last 2 years. I agree 100% with you thins guy needs to be squashed but I do not have the time to deal with him, once this closing is over I will never think of him again. He is a chump that has to resort to trickery to make a buck, he will not last as he will tarnish his name in a very quaint market.


BTW - The house was sold to a local couple that are looking to raise their family there. I cannot think of a better neighborhood to do so. I hope it works out well for them, they seemed really nice.

[Jims5543]

Originally Posted by prials

Jim,

Reject the deal.

Keep the mountain house.

Schedule a weekend of mountain road running with the Bill boyz!



Just kidding. My RE advice .... always make the 1st offer work. It will be the best one you get.

This actually frees me up for more tips up to play car. Its for the better.

I agree 100% I am not letting this deal go away, we are signing the contracts this weekend for the sale. I think the closing is set for June 27th due to something with the buyer having a closing on his property prior to my closing.

so I have time to empty the place.



Danny, I have been taking huge losses in my business these last 2 years, with the profit from this sale I "might" break even this year.

[cgarr]

Originally Posted by einreb

Last house we sold (via a REALTOR TM), turns out the buyer herself was an 'agent'. She got to pocket the %2.5 percent to the 'buyers agent'. I flipped my lid when I found out about it at the closing. Smart for her, but that 'our agent' knew it and didn't mention it during the negotiating phase was ridiculous.

So what made you assume "your" agent had to work in your best interest?

[Porsche-O-Phile]

Have to agree with what's been said - my personal feelings (whatever those are worth) are that realtors are among the most overpaid people in our society relative to the value of the service they provide. They do very little, carry virtually no liability and demand HUGE commissions for their "service". I suppose in some ways it's a sweet gig to get into, but add to the problem the fact that so many opportunistic scumbags were drawn to the field in the last few years like flies to a pile of dung. PRECISELY for this reason - short hours, little work and easy $$$. Not to mention the overt lies, disinformation and misleading tactics used to "pump product" the last few years.

I'm sure there are a few good ones out there, but they're a rare and dying breed, unfortunately. Maybe when the industry purges itself of the fly-by-night scam-artist types that have saturated it recently it'll improve, but right now it's pretty sad.

If it were me, I would NEVER leave 6% on the table unless I absolutely, positively needed it sold NOW (and I don't plan on ever getting myself in that situation). FSBO is the way of the future - I really believe this.

[Jims5543]

Originally Posted by Porsche-O-Phile

If it were me, I would NEVER leave 6% on the table unless I absolutely, positively needed it sold NOW (and I don't plan on ever getting myself in that situation). FSBO is the way of the future - I really believe this.

I agree with you, I am not in a dire need to sell position but I am not about to chase off a buyer because a realtor was a lying jerk.

I made a nice little profit on this house and while I could have held out and relisted, I can end this right now and get what I wanted out of the house.

I opinion of the buyers and the realtor are moot at this point, I am getting my money and thats all that matters.

I cut his commission down to a flat $3K from $5k and he did not flinch. I am not an expert, someone want to tell me what percentage the selling agent gets?

2 or 3% of the sale?

He lost a little money but not a lot.

[onewhippedpuppy]

I looked at a few FSBO homes, and typically saw them show up later on the MLS listed with a realtor. Person down the street from me had their home listed FSBO for 6 mo or so, now it's with a realtor. I think FSBO is a bit more challenging than people assume. Maybe not in a housing boom, but in a stardard (non-bubble) market such as Wichita.

I firmly believe a GOOD realtor can be a real asset. Someone that knows the city and it's neighborhood has the knowledge to know a good deal when they see it, and the connections to find your house before it's even officially on the market. Not to mention, a realtor that actually knows homes can help you find issues that might not be obvious. Unfortunately, most realtors do not know any of this. They simply try to push buyers into the most expensive home they can afford, as quickly as possible. I've always felt that realtors are trying to SELL me a home, as opposed to helping me buy one. Not to mention, I typically knew more about the home values, neighborhoods, and the homes themselves than they ever did. I would love to find a good one, I think they would be a valuable partner in the real estate investment I would like to do some day.

[einreb]

Originally Posted by cgarr

So what made you assume "your" agent had to work in your best interest?

Nothing. I fuched up.

Oddly enough, the buyers agent we worked with when we purchased the next house was a riot. Absolutely ruthless and helpful in the negotiating phase. There was only one thing he could do that would spoil the experience and he went and did it... he died the week before the closing the poor fat fuch.

The call I got from his office that was priceless. One sentence that he was dead, the next sentence that his office held the rights to the buyers percentage and that I shouldn't try anything sneaky.

Again... what a weird industry. I'll likely leave this house feet first just to not have to deal with that crap again.

[Shadetree930]

Traditionally the listing agent gets 3% and the buying agent gets 3%.

These are not traditional times. In this market, the rate is often 'under the table" in the form of rebate/s to the seller/buyer (so the other RE's don't know a special deal was cut).

You guy is making out just fine at 3% if this closes. He had to show one house and show up for the close. Easy money.

In the end, YOU are free of the house. Focus on that, not the scumbag.

Take the profit, buy another P-car and get yourself up here with Bill!

[Porsche-O-Phile]

6% off a $200k sale is $12k. That'll buy a lot of stocks, or suspension upgrades, or whatever. . .

[KFC911]

Originally Posted by onewhippedpuppy

I looked at a few FSBO homes, and typically saw them show up later on the MLS listed with a realtor. Person down the street from me had their home listed FSBO for 6 mo or so, now it's with a realtor. I think FSBO is a bit more challenging than people assume. Maybe not in a housing boom, but in a stardard (non-bubble) market such as Wichita.....

I think that's true around here too. I don't know if the FSBOs get "blacklisted" by the realtors showing houses (protecting their industry), or what, but the ones in my 'hood have virtually NO traffic whatsoever until they are listed with a realtor.

[911Rob]

Originally Posted by prials

My RE advice .... always make the 1st offer work. It will be the best one you get.

Ding, Ding, Ding
Someone knows what they're talkin' 'bout! So true!

Originally Posted by Porsche-O-Phile

Have to agree with what's been said - my personal feelings (whatever those are worth) are that realtors are among the most ...snip......I really believe this.

Let's see; I've owned over 50 homes personally, some I bought and sold with Realtors and some FSBO'd. Then I became a Realtor a couple years ago. Hmmm? Alot tougher gig than YOU could ever imagine.

People who buy/sell alot MUST have a good Realtor. If you don't, then you're an idiot. People who use lousy Realtors are the problem, doesn't cost anymore for a good one? In my immediate region there are 300 Realtors and less than 10 that I would recommend.

Originally Posted by onewhippedpuppy

I firmly believe a GOOD realtor can be a real asset. Someone that knows ....snip.... they would be a valuable partner in the real estate investment I would like to do some day.

Thank-you for that post Matt! I agree.

Originally Posted by prials

Traditionally the listing agent gets 3% and the buying agent gets 3%.

In my Region its typically closer to 3% across the board with a 1.5%/1.5% split, fyi. Come to BC

I've dedicated my whole life to the Real Estate business, from taking a cow pasture and turning it into a residential sub-division to building schools, shopping centers and apartments.

Study the inception of RE laws and you'll quickly learn how we got here; as in anything, once we forget the lesson, history will repeat itself. FSBO can save you money; but you better know what you're doing, cuz I'll guarantee that a FSBO before and after opinion are way different!

Have a great day boyz.... Cheers!