patrick.net

The broker contract thoroughly protects the broker. Around here, many agents allow the seller to terminate the listing at any time, while others (who I call "profession listers" who have no interest in trying to sell any of their listings and spend all their time hustling new listings) want to tie you up for as long as a year. Get one of those who let you terminate if you are not happy, since those agents are more interesting in actually working to make a sale.

Assuming that you were working with a 'buyer's agent,' and, that the property was listed by another brokerage, the buyer's agent is a fiduciary, and must provide 'due
diligence' while representing your best interests at all times. (Search fiduciary to find out the legal meaning and what it covers ... it is the highest form of legal representation)

Find an attorney that is familiar with REAL ESTATE LAW and ask for a free consultation. If you have a strong case, he/she will take it on a 'contingency,' if not, expect that
you will pay for EVERY service provided, including all phone calls, research, depositions, etc. Often, your legal fees will end up being more than what you think your damages are.

One more item; if a lawsuit is filed against the agent, the brokerage will also be named in the suit (along with everyone else within breathing distance of the contract). Agents are independent contractors who must hold their license with a broker. Legally, the broker is responsible for the actions of his/her agents.

Again, get the advice from a real estate attorney and go from there.

Which agent? The question is confusing.
gabbar says

If a real estate agent doesn't represent the interest of the principal (the home buyer) or causes damage to the interest of the home buyer

If you're talking about the listing agent and you're the buyer, they have no interest in you. Their goal is to get the seller the most. If the seller say lied on the disclosures about the property, that's on the seller, unless the seller says they were coached or told to do it X way by the listing agent.

If a buyer agent lies or does something wrong, then you go after them.

There's little you can do as a buyer if you discover there's a lie or misrepresentation. You're better off bringing it up with your RE attorney and settling. 99 out of 100 times it's not worth the money for attorneys to deal with petty RE transaction bull shit. They'll tell you the same. Basically it's a figure it out scenario. You generally don't sign an agreement/contract with an attorney in a RE transaction, even though there is legal wording in a boilerplate contract saying X has to pay Y if Z happened.

Basically if you were to somehow get $100k in damages, the attorney is not walking with the classic 30% off the top. So they give zero shits. That is real estate. Closing day comes, give me my check. Attorneys, brokers and lenders. No one really actually cares and you are lied to 100% of the time by all of them. This is the case if you're the buyer or seller. The 3 major parties to a transaction literally give zero shits about you unless you're family. They will screw over friends and even sometimes the scum baggery seeps into screwing family over to get a commission or fee.

If you don't have definitive evidence, you're probably wasting your time. With regards to brokers they're always planning on how to cover their tracks. And planning how to screw you over and get a deal done.

WookieMan says

Closing day comes, give me my check. Attorneys, brokers and lenders. No one really actually cares and you are lied to 100% of the time by all of them. This is the case if you're the buyer or seller. The 3 major parties to a transaction literally give zero shits about you unless you're family. They will screw over friends and even sometimes the scum baggery seeps into screwing family over to get a commission or fee.

If you don't have definitive evidence, you're probably wasting your time. With regards to brokers they're always planning on how to cover their tracks. And planning how to screw you over and get a deal done.

I want to say that this is troubling but this should be scary as fuck to all buyers and sellers. I met a buyer's agent today for the first time. Just talked with him, he advised me to be patient and wait until second half of 2023. And I edited the first post and clarified what I was asking.

gabbar says

Just talked with him, he advised me to be patient and wait until second half of 2023

That's just advice. You nor I can predict the future. Neither can a buyer's broker. If you can afford to buy and are confident in job security go ahead and buy. Rates will come back down at some point. Now if job security and employment location are of concern, I'd actually agree about waiting until 2023 if not 2024. Doesn't mean the situation is all that dire though.

I got my ass handed to me in 2008-10 in real estate. Bought in 2006. Worse possible time. Guess what? I'm not dead. I'm thriving. I learned. Not you specifically, but people need to stop fearing debt. Is it smart to overdo it, hell no. But at the end of the day you don't have to pay it. I get morally that bothers people. No one on this planet is going to become fuck you money wealthy without risk and debt though.

And in rereading your comment 4, it sound like he was trying to protect you. Maybe I'm misreading it. Ultimately it's the payment and your job/financial situation. The fact a broker didn't tell you to buy now is actually a rarity. Markets are different though. My area is booming. Houses don't stay on the market even if there's cat piss and shit all over the place. The agent may be right for your market. That's what sucks about the internet and real estate. LA, Chicago, SFBA could be crashing and other areas are just fine.

WookieMan says

And in rereading your comment 4, it sound like he was trying to protect you. Maybe I'm misreading it. Ultimately it's the payment and your job/financial situation. The fact a broker didn't tell you to buy now is actually a rarity.

You are right. He believes that there will be opportunities to buy in Columbus, Ohio in 2023 if one is patient. I am not in a hurry. I don't think Jerome Powell can bring down inflation without negatively impacting businesses and likely real estate in Ohio. I am going to wait and wait and time the real estate market, this is the only way I can protect myself in my purchase of a small and modest home, in my opinion, irrespective of my financial/job situation. 2023 is not too far away. Meanwhile, I will enjoy the money I have in other ways, I like to go on cruises.

WookieMan says

Not you specifically, but people need to stop fearing debt. Is it smart to overdo it, hell no. But at the end of the day you don't have to pay it. I get morally that bothers people. No one on this planet is going to become fuck you money wealthy without risk and debt though.

I want to learn. Tell me, why people should not be fearful of debt? I can handle the morality aspect of not paying. Why is debt necessary to acquire fuck you money?

gabbar says

WookieMan says

Not you specifically, but people need to stop fearing debt. Is it smart to overdo it, hell no. But at the end of the day you don't have to pay it. I get morally that bothers people. No one on this planet is going to become fuck you money wealthy without risk and debt though.

I want to learn. Tell me, why people should not be fearful of debt? I can handle the morality aspect of not paying. Why is debt necessary to acquire fuck you money?

https://realmoney.thestreet.com/articles/05/04/2012/revisiting-templeton-trade
During our conversation, I told him one of my favorite stock market stories. Sir John Templeton borrowed $10,000 before World War II and bought every stock under $1 on the NYSE. Over the next four years, the portfolio of cheap stocks quadrupled in value. It was the beginning of his fortune and spectacular investing career.

BUY CHEAP ASSETS WITH PRUDENT DEBT = HIGH IRR

1337irr says

BUY CHEAP ASSETS WITH PRUDENT DEBT = HIGH IRR

Let me understand this, the asset has to be cheap and this could mean that it has to be undervalued at the time of purchase, right? If its not undervalued at the time of purchase, you may not end up with high irr?

gabbar says

1337irr says

BUY CHEAP ASSETS WITH PRUDENT DEBT = HIGH IRR

Let me understand this, the asset has to be cheap and this could mean that it has to be undervalued at the time of purchase, right? If its not undervalued at the time of purchase, you may not end up with high irr?

Yes, sorry for the all caps.

1337irr says

Yes, sorry for the all caps.

So, a crude way of putting this is that you have to be a cheapskate; not all the time but at the time of buying asset?. I don't think its a derogatory term at all in this context, specially if your goal is fuck you money. Once you do acquire fuck you money, being a cheapstake may not be necessary.

gabbar says

1337irr says

Yes, sorry for the all caps.

So, a crude way of putting this is that you have to be a cheapskate; not all the time but at the time of buying asset?. I don't think its a derogatory term at all in this context, specially if your goal is fuck you money. Once you do acquire fuck you money, being a cheapstake may not be necessary.

I guess you could put it that way. I don't really have FU money, but it's comfortable enough. About $400K+ which is more than my peers at this point. Also, it's like the parable of the talents Jesus spoke of...creating value is a good thing.

gabbar says

Once you do acquire fuck you money, being a cheapstake may not be necessary.

Yeah but it becomes a habit if that's how you get there. On a relative scale if nothing else haha..

just_passing_through says

gabbar says

Once you do acquire fuck you money, being a cheapstake may not be necessary.

Yeah but it becomes a habit if that's how you get there. On a relative scale if nothing else haha..

You could be right but like a broken clock.

Don't call me Shirley!

just_passing_through says

Don't call me Shirley!

Ok, Shirley!

just_passing_through says

Don't call me Shirley!

Surely, won't call you Shirley