Real Estate Crash thread

[Ted Striker]

I don't see the point. That money is baked in unless the market has tanked. If your (buyer's) agent doesn't get it, the listing agent will. There won't be any discount over and above what you could have gotten with an agent. The notion that there will be is the actual myth.

[El Chupacabra]

You guys in the RE industry? If house has been on the market a while why would selling agent press for higher commission

Been practicing law here for 20 years, including real estate. I doubt any seller or developer is going to knock off 3% (or half the commission) because you're unrepresented.

[Toadman]

It is a problem that some realtors won't work with unrepresented clients. MLS mafia and all that.

Keep us posted. My aunt and uncle had a friend who wanted to build a home. Their friend was really tight on cash, and suggested they talk to a realtor friend of theirs. She ended up assisting with the process of selling their home on a FSBO, and also the purchase of the land to build on. Just took a small fee, and not a percentage of the transactions.

[RootSkier]

I don't see the point. That money is baked in unless the market has tanked. If your (buyer's) agent doesn't get it, the listing agent will. There won't be any discount over and above what you could have gotten with an agent. The notion that there will be is the actual myth.

The only way it will ever work is (a) on a FSBO where the seller is offering cash to a buyer's agent, and you tell them you don't need it or (b) if the seller is desperate and the agent willingly agrees to just take the seller agent's half, ceding the other half to the buyer. But (b) is not going to work in a hot market. That is not what their contract says. And beyond that, I sincerely doubt you can impose commission terms as part of a buy/sell or purchase agreement. But good luck.

[liv2ski]

Been practicing law here for 20 years, including real estate. I doubt any seller or developer is going to knock off 3% (or half the commission) because you're unrepresented.

This, as the listing agreement will specify the listing agent gets both sides of the commission split if they have to deal with a know it all unrepresented buyer.

[RootSkier]

Doesn't seem that difficult:
https://www.quickenloans.com/learn/s...t%20of%20money.

From that website:

When You Should Consider Purchasing a Home Without a Real Estate Agent
Purchasing a new home doesn’t require the assistance of a real estate agent. You can complete the purchase without the help of a realtor. You will be able to view homes and attend open houses without the company of a realtor. Forgoing a partnership with a realtor can save you a significant amount of money. You can expect to save at least 6% of the purchase price of your home between buyer and seller agent’s commissions.

This is probably the dumbest thing I've read all week.

[liv2ski]

This, as the listing agreement will specify the listing agent gets both sides of the commission split if they have to deal with a know it all unrepresented buyer.

Thinking about that comment, I have had a few realtors tell me "the clients" reject the offer when the buyer is not represented and looking for a deal. The agents don't want to deal with that buyer.

[Toadman]

Latest RE summary from Redfin;

Pending sales were down 8% from a year earlier during the week ending June 28, although the decline was only 3% after adjusting for seasonal effects.
New listings are now down 8% from a year ago, a slight improvement from a week earlier.
Weekly average mortgage rates hit a new low at 3.07%, but mortgage purchase applications declined 2% from a week earlier.
New cases of COVID-19 are up 411% month-over-month in the Phoenix area and 452% in Las Vegas, while year-over-year pending sales are down 15% and 17% respectively (two weeks earlier pending sales were up 27% and down just 5%, respectively), but it’s too soon to say if these trends are related.

[Benny Profane]

Don't matter until the $600 UE bonus expires.

[4matic]

This, as the listing agreement will specify the listing agent gets both sides of the commission split if they have to deal with a know it all unrepresented buyer.

Mine didn’t. No extra commission if he found a buyer.

I’ve done two purchases and one sale unrepresented. I feel like I saved on all three.

[4matic]

Thinking about that comment, I have had a few realtors tell me "the clients" reject the offer when the buyer is not represented and looking for a deal. The agents don't want to deal with that buyer.

Mafia

[4matic]

I looked at a house thats two months old today. No offers. It needs lots of work If agent wants to get the deal done he can kick some from his double commission back to the seller.

[4matic]

Been practicing law here for 20 years, including real estate. I doubt any seller or developer is going to knock off 3% (or half the commission) because you're unrepresented.

I never mentioned new construction. I know that. How did you get that from my post?

[El Chupacabra]

I never mentioned new construction. I know that. How did you get that from my post?

I assumed that the link to Pinehaven was a new development by that name, as I'd not heard of it before.

[4matic]

I assumed that the link to Pinehaven was a new development by that name, as I'd not heard of it before.

I’m interested at $100k lower. Needs a lot of work.


Check out this home at Realtor.com
$770,000
2beds · 3 baths
4950 Mountainshyre Rd, Reno

https://b1iw.app.link/EF7fEsArX7

https://www.realtor.com/realestatean...hares_core_ldp

[Jen]

Fuck off, twat. It's abundantly clear that you are not "master of your domain."

Ooh so clever! Did your mom you that?


Sent from my iPhone using TGR Forums

[plugboots]

Did your mom you that?

Show us your tits, then post.

[Jax]

Did your mom you that?

Ooh not so clever reply. <cue sad trombone>

[Jen]

Ooh not so clever reply. <cue sad trombone>

Sorry to hear about your encephalitis.


Sent from my iPhone using TGR Forums

[glademaster]

I’m interested at $100k lower. Needs a lot of work.


Check out this home at Realtor.com
$770,000
2beds · 3 baths
4950 Mountainshyre Rd, Reno

https://b1iw.app.link/EF7fEsArX7

https://www.realtor.com/realestatean...hares_core_ldp

Woah, that's a textbook North Jersey Guido house if I've ever seen one. The sort of work that place needs is some Jewish Lightning.

[El Chupacabra]

I’m interested at $100k lower. Needs a lot of work.


Check out this home at Realtor.com
$770,000
2beds · 3 baths
4950 Mountainshyre Rd, Reno

https://b1iw.app.link/EF7fEsArX7

https://www.realtor.com/realestatean...hares_core_ldp

Other than the yard needing attention, hard to tell that from the pics - looks nice to me. Looks like a nice large closet and master bath arrangement.

That upper area of Caughlin is a bit higher in elevation, so expect a little more snow in winter.

Forgot to mention - near that area is access to the Steamboat ditch trail - a flattish trail that goes alongside an old (but still in use) long irrigation ditch. Some nice views along it. Popular with walkers / runners, easy bike ride. You can also access some steeper trails in the Hunter Lake area - starts off with rough 4WD road, gets better higher up.

[liv2ski]

I’m interested at $100k lower. Needs a lot of work.


Check out this home at Realtor.com
$770,000
2beds · 3 baths
4950 Mountainshyre Rd, Reno

https://b1iw.app.link/EF7fEsArX7

https://www.realtor.com/realestatean...hares_core_ldp

Really a beige/sand colored home, so paint for sure. Everything looks in good shape and functional, but not up my ally, so that likely is covered bu your needs work comment. Big place for a 2 bdrm and it would be nice to pay less if the comps support it.

[Benny Profane]

I wonder how cheap that thing was in '09.

[glademaster]

I wonder how cheap that thing was in '09.

$279,500.

[4matic]

Other than the yard needing attention, hard to tell that from the pics - looks nice to me. Looks like a nice large closet and master bath arrangement.

That upper area of Caughlin is a bit higher in elevation, so expect a little more snow in winter.

Forgot to mention - near that area is access to the Steamboat ditch trail - a flattish trail that goes alongside an old (but still in use) long irrigation ditch. Some nice views along it. Popular with walkers / runners, easy bike ride. You can also access some steeper trails in the Hunter Lake area - starts off with rough 4WD road, gets better higher up.

Landscape is $25k minimum. Flooring, lighting, and countertops. I’m estimating $100k to get it acceptable. Problem is it’s priced. Full value now. You can dirtbIke out the garage.

My deal going sour. Haven’t marked it pending yet. He wants permits that don’t exist.