Real Estate
palimpsest
7 years ago
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My3dogs ME zone 5A
7 years agopalimpsest
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Do real estate agents get commission for buying homes for themselves?
Comments (28)I sold my house to an agent and here’s what happened. We went into escrow and she asked for a reduction in the price by 2.5% instead of being paid a commission from my realtor. It was the same out of my pocket so I did it. The realtor then didn’t have to pay a broker fee because she is representing herself in the deal and she didn’t pay taxes on the commission because she didn’t earn one. I could have said no, then she would’ve taken her commission, paid her broker and paid her taxes. In retrospect, I should not have dropped the price the entire 2.5%, only an estimation of what she would net in the deal. So realtor buyers do have an advantage in any deal!!! All these realtors don’t want to admit it on this thread. “Why should her job matter” bc a realtor can manipulate the system. And this is exactly why NAR and Keller Williams lost a class action lawsuit recently - requiring that sellers pay a buyers agent. It inflates home prices and allows realtors to get personal advantages. Things will be changing. https://www.cbsnews.com/amp/news/nar-lawsuit-verdict-real-estate-agent-commissions/...See MoreWhere is the real estate market starting to drop?
Comments (74)Well, I will admit that it's a first world problem, but it still hurts......we've been house hunting for well over a year. Trying to downsize. Housing stock in our area is very tight, and it's a solidly middle class area. We didn't win bidding wars multiple times, so we're still in the market. But, over the past few months, our too big and too fancy home has started to decrease in value at a much quicker rate than our target properties. Meanwhile, interest rates are shooting up, so when we do find a home, the mortgage will be much more expensive if we need one, which, given the declining value of larger homes in our area, we might. Again, first world problem. We have a roof over our heads. We can pay the bills. But it hurts to be stuck in a home we wish we could get out of...and if we can get out of it, it hurts to take a financial hit to do so. Glad we're not too close to retirement....if we were, and downsizing was a big part of the game plan, retirement might be put on hold. I really feel for potential first time buyers too....the craziness of the last two years, and now the interest rate increases mean more people are stuck renting. We were burned during the 2008 crash, so I know renting is not necessarily a bad thing, but so many are having to put off ownership which has a lot of value beyond just building equity....See MoreBathroom and kitchen in real estate.
Comments (10)The space is coming from the back yard or alley. The stairs in this style of house are in an el at the back of the house, slightly narrower than the front of the house, which takes up the entire lot. If the house were larger there may already be a wing with lower ceilings behind the stairwell with rooms opening off (larger) landings. In this case with the stairs at the back of the house, the bathroom could have been "cantilevered" from the landing, projecting out over the yard with a porch or passage below (not a true cantilever, with posts or something) or it could be added on top of a single story kitchen that existed at the back of the house. This house had a single story kitchen at the back and the bath over that. These are at the side of the house because there is a pair of large alleys between these two houses. But those are bathrooms which come off a stair landing. These houses are large enough that they probably come off a full landing not a turn in the steps....See MoreReal estate commissions: This may be the end to them as we know them
Comments (25)Don't confuse terms. It may vary from place to place but an agent/salesperson's licensing requirements are less substantial than what's required to be a broker. A salesperson needs to work for a broker, a broker can work for themself. I knew that. And I believe that set-up is unique among those professions (or if I'm wrong, among MOST professions) that are required to be licensed. As I noted above, lawyers, accountants, architects, doctors, etc., once they get licensed they can immediately hang out their own private shingle like I did as an architect. Realtors HAVE to go work for somebody which of course, reduces their income. And the problem with the two licensing requirements, and the sales person needing to work for a broker, is in most markets that results in just a few large realty companies for Average Joe to choose from. Which from there it's naturally a very small step to "price fixing" where those few all charge the same high fees. Which is exactly what happened, the result being the lawsuit. And of course in that same geographical area, Average Joe, while having a limited choice when it comes to realty companies, has a choice of hundreds if not thousands of lawyers, accountants, architects, doctors and building contractors to choose from. That whole arrangement is very bad for the consumer and very good for the brokers and it's gotta go. And if that means upping the standard to get initially licensed as an agent then so be it. Licensing requirements exist to protect the consumer. Requiring an additional exam for licensed realtors to set up their own shop does nothing for the consumer. It only limits competition and lines the brokers pockets....See MoreUser
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