Real Estate Crash thread

[Benny Profane]

Thats fucked up. There is a code of ethics they must follow. Given the seller has insider knowledge of what your offer is and also what the sellers are willing to take makes this a total clusterfuck from a code of ethics standpoint. Not sure on the legal side but I don't know how they could make an offer when they are signed up to represent the seller.

Haha. Ethics.

[Kinnikinnick]

Thats fucked up. There is a code of ethics they must follow. Given the seller has insider knowledge of what your offer is and also what the sellers are willing to take makes this a total clusterfuck from a code of ethics standpoint. Not sure on the legal side but I don't know how they could make an offer when they are signed up to represent the seller.

Depending on your states laws on agency its probably neither illegal nor unethical.

The Sellers agent represents the Seller. Ie they have no agency relationship with you. They dont owe you anything other than treating you fairly. If they represent a buyer as well then their obligation is dual to those people. Likely they had to change their legal agreement with both Buyer and Seller to represent both in a transaction. Transaction Broker(no longer agency) is what they call it here, although some places allow dual agency.

So if the seller and buyer agree to this then AOK.

What’s the supposed greivance? That they didnt give you some preference? You dont have a legal agreement with any of those three partys, so unless someone actively deceived you or you can prove that your offer was not presented to the seller, what is the issue?

It just seems unfair?


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[Timberridge]

It's asymmetric for the seller and realtor, so the realtor will always push you to accept a bid to make the sale even if there's a good chance to sell for higher in a strong market.

A $50K higher sale nets ~$3000 to realtor which they split with buyer agent and whatever the firm take is on that. Meanwhile you're out $47K.

Realize that when you engage a realtor, and don't settle for their bullshit.

[Kinnikinnick]

It's asymmetric for the seller and realtor, so the realtor will always push you to accept a bid to make the sale even if there's a good chance to sell for higher in a strong market.

A $50K higher sale nets ~$3000 to realtor which they split with buyer agent and whatever the firm take is on that. Meanwhile you're out $47K.

Realize that when you engage a realtor, and don't settle for their bullshit.

So you’re IMAGINING a scenario where the Agent talks the seller into accepting the low offer because they represent the buyer? So wait, are we concerned about the buyer who didnt get the deal (Telee) or the seller?

But yeah if the agent talks the seller into a suboptimal deal, then they could have violates their obligation to the seller.

But there is no evidence of that in “they represented both the seller and buyer and I as another prospective buyer didnt get the deal.”



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[concretejungle]

You sound like a realtor.

[Kinnikinnick]

You sound like a realtor.

Nope just a broker, but there goes the ignorant public conflating the two.

A Realtor is not a legal thing. Its a club and the fact that people think that its the legal thing shows how effective the Realtor Association propaganda had been and how gullible the public is.

Stop saying realtor if you want to sound smart.




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[schuss]

Speaking of NH as a hot market - wife is getting texts from realtors now looking to see if we're willing to sell our house for Massachusetts buyers. Should be an interesting summer...

[MontuckyFried]

Depending on your states laws on agency its probably neither illegal nor unethical.
...
So if the seller and buyer agree to this then AOK.

Is it illegal? Prolly not, HOWEVER, that is what some of us refer to as a "dick move." Quite uncool.

[teleee]

Is it illegal? Prolly not, HOWEVER, that is what some of us refer to as a "dick move." Quite uncool.

Yep, thats pretty much where I fall in this. Total dick move, realtor (fuck broker, they are a realtor, use whatever word you want to make yourself feel better). The REALTOR, assisted the seller in collecting the offers and then at the end called the seller and said they would like to submit a higher offer and buy it himself. I am sure it is legal, fucking no where near ethical in my book.

[concretejungle]

Nope just a broker, but there goes the ignorant public conflating the two.

A Realtor is not a legal thing. Its a club and the fact that people think that its the legal thing shows how effective the Realtor Association propaganda had been and how gullible the public is.

Stop saying realtor if you want to sound smart.

How about dirt pimp?

[Meadow Skipper]

How about dirt pimp?

<snork>

[babybear]

Nope just a broker, but there goes the ignorant public conflating the two.

A Realtor is not a legal thing. Its a club and the fact that people think that its the legal thing shows how effective the Realtor Association propaganda had been and how gullible the public is.

Stop saying realtor if you want to sound smart.



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damn, calling everyone ignorant for not knowing the nuances of an industry where they maybe interact 1 to a small handful of times in their lives?
You sound like a really helpful whateverthefuckyouare

[Timberridge]

Realtor/broker/agent/dirtpimp, aka RBAD should cover all the nuances?

[fastfred]

sometimes I think I"m in the lowest shittiest least respected profession
then I meet a realtor
the clerk at the 7-11 has more brains and morals

[Timberridge]

sometimes I think I"m in the lowest shittiest least respected profession
then I meet a realtor
the clerk at the 7-11 has more brains and morals

Are you sure they weren't just a real estate agent? Realtors are subject to higher standards...according to the TV commercial.

[MontuckyFried]

sometimes I think I"m in the lowest shittiest least respected profession
then I meet a realtor
the clerk at the 7-11 has more brains and morals

Haha. They've just about supplanted the archetypal used car salesmen in the plaid suits. Same sleaze balls. Just higher stakes.

[4matic]

“The demand boom is over. Charts don’t lie – once supply comes back on stream, the demand downturn will cause inflation to morph into deflation.”

[Dantheman]

You sound like a really helpful whateverthefuckyouare

Mic. Drop.

[Ted Striker]

Realtors

[4matic]

“Tight housing inventory, obstacles to a faster rate of new construction, and rapidly rising home prices continues to hold back purchase activity,” said Joel Kan, an MBA economist. “The government purchase index declined to its lowest level in over a year and has now decreased year over year for five straight weeks.”

[4matic]

My 35 year realtor never claimed any moral high ground. We were both after the same thing.

[Timberridge]

My 35 year realtor never claimed any moral high ground. We were both after the same thing.

Asian pussy?

[4matic]

Asian pussy?

He had Thai wife and is Filipino American. Buyers were Asian.

[Kinnikinnick]

I could never figure out why members of the public get mistreated by real estate agents...

Maybe...

Nah couldnt be as much because the public are assholes as because the average RealtorTM is an asshole. Its BOTH! Maybe people largely get the service that they deserve.


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[schuss]

“The demand boom is over. Charts don’t lie – once supply comes back on stream, the demand downturn will cause inflation to morph into deflation.”

Or the inflation will normalize as supply chains get fixed.
Also, nice graphs with zero context there on what question or item they represent.