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Thread: Real Estate Question
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08-28-2019, 04:24 PM #151skier
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08-28-2019, 08:02 PM #152Registered User
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my buddy who was a top producer in spite of having a grade 10 education told me 15 % of the agents write 80 % of the deals,
from every house he sold after all expenses/dividing commision/ office fees/ advertising when all was said & done he netted about 1/8th of the commision ... not sure why he was talking fractions
if they have no use RE agents would be not survive/would not exist
but they do
I think the idea that RE agents make RE transactions complicated as oposed to RE transactions being complicated all on their own is reaching for excusesLee Lau - xxx-er is the laziest Asian canuck I know
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08-28-2019, 08:15 PM #153Funky But Chic
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Yeah we're straight down River Rd from Bethesda, like 20-couple minutes off rush times or ~45 during. We probably could've sold the house pretty easily for the zillow estimate, we were asking a bit more and stuck to our guns on the price, the house is worth it to the right person. DC suburbs in the upper brackets have been flat since Trump, pretty much. Too much uncertainty for people it seems.
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08-29-2019, 12:03 AM #154
I’m not saying you don’t have value. But do you solve issues worth 2% + of the transactions you do? I doubt it even approaches 1% on average. Could a real estate attorney or someone else not solve most of those on an as needed basis? In states like Mass the attorneys conduct the whole sale after offer acceptance for $1,500-$2500. How much more efficient could you be if you were brought in primarily for those problems and didn’t spend so much time walking clients through houses? If your value is solving problems why do you spend so many hours on finding listings and buyers?
If buyers agents were paid by the buyer, how many buyers would hire agents? Not many.
I’m not hating the player, but I do hate the game. I hope you sell the shit out of some expensive houses, but if I have the choice I’ll take my chances to save 6%.
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08-29-2019, 06:14 AM #155
I've recently listed a home in FL with a realtor. Thought I could sell FSBO but I didn't get much action.
Realtors have connections that I don't. Especially in a place like FL.
That's typical of most sales jobs.
Zestimate is a joke. My Zestimate was 870k ish when I listed it myself for 1.2m.
I had a realtor list and its magically changed to 1.175m...
I read somewhere that the CEO/Owner of Zillow had his own zestimate that was 40% below market.Last edited by Bobby Stainless; 08-29-2019 at 06:49 AM.
"I don't pretend to have all the answers, and I think there's something to be said for that" -One For The Road
Brain dead and made of money.
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08-29-2019, 07:59 AM #156
You absolutely have that choice, and I respect people who do it themselves. That said, many who choose to go without a broker in a transaction reflect later that they would have been well served by having one.
The value of something is, of course, a matter of the perspective of the consumer. Is that new car "worth" $85,000? Well, maybe, or maybe not, but that's how much it costs. Is a lawyer "worth" $500 an hour? Dunno, but that's what a good one will cost you. Is that house "worth" a million $? I can guarantee you I care much more about you than the new car does.
When I work with buyers I don't just 'find' or 'walk them through' places, I provide insight on what the pros and cons of those properties are, condition, repairs needed, even my thoughts on appropriateness for their circumstances. I know how to navigate the offer process to increase their likelihood of getting the best deal. With sellers I know how to maximize their net proceeds in a given market and navigate complex offer situations and equations.
I don't offer these insights unless asked, and I usually am. I have those insights because I've helped so many people on both sides of the table with so many transactions. That's my value. Over the years I've probably had an equal-ish number of transactions where I earned very little by the hour, and others where I did very well. In any job sometimes things are easier than other times. You probably don't get paid less when you have an easy day vs. a hard one.
I've never 'sold' anyone a house, but I have guided people into homes that they love. I'm best known among my buyer clients for talking people out of buying houses until the really right one comes along, and incredibly grateful that so many of my past clients are still my friends.
So, yeah there's value there somewhere.
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08-29-2019, 08:19 AM #157
Legal Zoom made getting standard legal stuff done SOOOOOO much cheaper and easier. Again, STANDARD stuff barring major complications where you'd wanna lawyer up for sure.
I don't see why the real estate world isn't about to get the tech treatment as well. So sure, lots of deals will still merit a good agent for. Sometimes there are lots of tricky waters to navigate. But for a routine sale, especially cash based, it ain't rocket science. Personally, my work has consisted lately of purchasing properties for my client. I have been doing the negotiations, the title work, drafting the deeds, the payments, everything from top to bottom. It's not that hard.
The biggest value I see in having a good (keyword there) agent is having an advocate who will really go to bat for you. Not the "You should take this lousy low-ball offer so I can make a quick buck and move on" agent.
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08-29-2019, 10:37 AM #158
As I'm not getting anywhere and I really don't think you understand what makes a 'good' agent actually 'good', I'll just suggest you try to remember that there are plenty of people who don't have the time, skills, or inclination to do things the way you are. So there's that.
Over and out!
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08-29-2019, 11:05 AM #159Registered User
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Are you doing it for free or are you getting paid? If yer getting paid how much, so then aren't you in the RE business and why isnt the guy who is paying you doing it himself if its so easy ?
It might be easy if you know how but its a lot of money and the biggest purchase most people who are not dentists will make in their life, so what if they make a misteak, I remember an agent reading the contract before signing and saying " we have to change that word on the subjects so you don't end up owning 2 properties, the one you are buying and the one you are selling "
In my last life I always said i don't know why these losers are paying me to fix their HW but its always easier when you know how ehLast edited by XXX-er; 08-29-2019 at 02:04 PM.
Lee Lau - xxx-er is the laziest Asian canuck I know
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08-29-2019, 01:49 PM #160
I'm like really wondering what cockpit rocket launchers options are running these days and if they come in colorways on the icestieger
"When the child was a child it waited patiently for the first snow and it still does"- Van "The Man" Morrison
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08-29-2019, 02:08 PM #161
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11-18-2019, 09:25 AM #162
Bump!
Let's talk Refi. What is a good threshold for when you would refinance? We are currently sitting at 4.5% from a cash out we did just a few years ago. Being offered 3.8% APR all in. Would lower monthly payment significantly, allowing us to pay off other higher interest debt (or buy toys like snowmobiles and hot tubs). Not looking to actually live in the house for 30 years, will probably sell in 5-10 anyway.
Any advice? Seems like rates are close to rock bottom, but an impending recession could drive them lower. Who knows?
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11-18-2019, 09:30 AM #163Funky But Chic
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can't see why you wouldn't do it unless you can find a better deal somewhere else. why not save money?
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11-18-2019, 09:37 AM #164
Way too complex to answer based on your data, but with a 5 year timeline minimum, it is likely to be worth it.
Normally, the way to evaluate is to look at the payoff timeline, ie how much the refi costs, and how long it takes to make up for that difference via the lower payment. Then compare that to how long you expect to remain in the house."fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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11-18-2019, 10:07 AM #165
Your re-amortization could increase total interest over the period so what Danno says. Also depends on tax implication. Can you deduct interest or not.
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11-18-2019, 12:59 PM #166
Yeah that’s what I was going off. Closing costs all it are around $2500. Those would be paid off in just over a year. Over the life of the loan, we will be paying significantly less in interest still. Did that math.
We don’t write off interest anymore because of the increased standard deduction.
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11-18-2019, 03:31 PM #167
I do home loans in CA. Depending on many factors a 3.75% to 3.875% rate today paid enough of credit back to you to result in a no cost loan. So if you are paying $2,500 in costs, maybe there is a better deal out there depending on the specifics. Did you shop on Zillow? I always beat those fucks, but they are a good place to start the shopping process Nationally.
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11-18-2019, 04:22 PM #168
I have a killer mortgage guy here in CO (got his name from Cruiser, thanks mang!), but one time when he was out of town and rates were bottoming, his coverage folks were lacking and I shopped on zillow (based on someone's recommendation here, maybe yours). I found an insanely good rate, one that my guy (when he got back into town) said he could only have beaten by a few hundred bucks that day and only that day, so I went ahead with the zillow quote (Northpointe Bank out of Michigan). The process was smooth and flawless.
"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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11-18-2019, 07:38 PM #169
Take a look at your current amortization schedule (where you are now in the payment process) against the proposed amortization schedule and look at the difference in principle payment amounts in the total payment. If your existing mortgage is old it might make a difference in your decision.
Of course, if you're just looking to reduce cash going out each month it may not matter.
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11-18-2019, 07:43 PM #170
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11-18-2019, 07:47 PM #171
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11-18-2019, 07:59 PM #172
Real Estate Question
Take a look at your principal balance prior to your current young loan. And look at what you’re about to choke down. Do you want to keep financing dumb debt into your mortgage over and over - and recast the 360 months?
Not pointed at you but:: If you can get savings on a rate n term, knock yourself out. If you’re spending beyond your means and having to roll debt in order to cash flow and meet your ends - maybe you’re doing it wrong. ‘Merica
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11-18-2019, 09:03 PM #173Registered User
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11-18-2019, 10:07 PM #174
You know it. Wait, never..
You’re in the loan biz. You know what’s up. I put 9 years in back in 2000s. Made a ton of commission of repeat debt magnets. Taught me a lot. When the rates dropped the smart cats were going to 15 yr loans with just a hair higher payment, cutting 10 yrs of payments off. Now that’s winning
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11-18-2019, 11:03 PM #175
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