patrick.net

gabbar says

Real estate industry is worse than the drug cartel.

Wow! I didn't know that. How many people has the 'real estate industry' murdered in the last 18 months?

The last house I bought out of state, the realtor didn't even show up for the home inspection. I emailed him a week in advance that I wouldn't be able to make it because of last minute work, and his response was why would I be there?

He had the guts to text me after closing to sell me on his lawn care business but I blocked his number.

https://www.reddit.com/r/realestateinvesting/comments/11lfw55/agent_took_my_deal_and_sent_it_to_his_other/

RedStar says

I emailed him a week in advance that I wouldn't be able to make it because of last minute work, and his response was why would I be there?

Not defending realtors at all having been one. Do you really think you wanted him there? Realtors are not inspectors. 9 out of 10 times they just end up in an argument if both inspector and buyer broker are there. 90% of realtors probably haven't picked up a hammer. Everyone acts like a tough guy. Inspectors act like they're fucking structural engineers, when they took a shit class and have no experience in construction. Same for the broker.

Get the warranty on a new build. Resale, you're going to have to fucking fix stuff. Don't own a home if you can't handle it. Simple as that. The second the power goes out and a pipe breaks in the winter, you have to fix it. The furnace will go on you. The water heater. So you fix it. There's no value add to the broker being there. It only causes more drama. And 99% of them LIE about their knowledge of housing. They're sales people. Not builders or tradesmen.

https://www.reddit.com/r/RidiculousRealEstate/comments/11mxg7s/realtors_cost_1trillion_every_10_years/

Realtors cost $1Trillion every 10 years

Americans pay the highest fees in the developed world. The 6% commission hasn’t come down since it’s inception in the 1920s, despite internet, networks, software, etc. It’s price-fixing. Class action law suits are targeting the national association of realtors over the fact that homeowners have to pay their buyer’s agent. New legislation may require the buyer agents fee be sourced by the buyer, not the seller, as this would of course stop buyer agents from being able to hold the buyer hostage for their 2.5%. Even though buyers find property on their own, the realtor puts the buyer behind a paywall.

The very concept of a fixed commission, a 5 or 6 percentage, is going to mean you inevitably overcharge people. There is not twice the work involved in selling a $500k homes than a $250k home, but the fee doubles.

https://www.reddit.com/r/FirstTimeHomeBuyer/comments/11pvpum/i_accidentally_bought_into_a_55_community/

I accidentally bought into a 55+ community??

Your realtor failed you horribly and is useless.

zzyzzx says

https://www.reddit.com/r/FirstTimeHomeBuyer/comments/11pvpum/i_accidentally_bought_into_a_55_community/

I accidentally bought into a 55+ community??

Your realtor failed you horribly and is useless.

I had to read this one. This is a flat out lie. Brokers are dumb but YOU read the paperwork. The lender and attorney are the fucking idiots in a situation like this and so is the buyer. Read your contracts. Read the HOA minutes, covenants, bylaws etc. People cannot blame others for their own laziness like they're 4 years old and their parents do the laundry. This guy should fall down a cliff on a hike....

The comments are all bullshit that I read too. 55+ communities are regulated by HUD not counties or municipalities. It's not a state by state thing, but federal law. HUD sets the floor so to speak. Theoretically a developer could create a 70+ community. But everything was in writing when that dude or gal got the HOA info. That's also required.

Brokers are not attorneys or lenders. Can't act as one, just facilitate the transfer of information, which is legally required of an HOA/community type property before you get a loan or if cash your attorney reviews that. Townhome, condo or single family. Ultimately this scenario falls on the lender and attorney. As I've mentioned I'm out of the game and don't care for brokers, but the guy making that post is a simple dip shit moron if it's even true.

zzyzzx says

I accidentally bought into a 55+ community??

Around here, any house/home/condo that has an HOA MUST have the buyer be given and sign for a copy of the HOA bylaws and rules. Then the buyer has several days to read the bylaws and can legally back out of the purchase during that time. This rule is precisely so one can stop the purchase if something like "55 or better" shows up, or $400/mo condo dues. The selling agent knows that this rule is in place and thus makes sure the buyer gets a copy of the bylaws right away along with a dated signature. Buyer's agent goes along with this as well, as he/she wants the clock to start right away and not have the sale fall through.

WookieMan says

zzyzzx says

https://www.reddit.com/r/FirstTimeHomeBuyer/comments/11pvpum/i_accidentally_bought_into_a_55_community/

I accidentally bought into a 55+ community??

Your realtor failed you horribly and is useless.

I had to read this one. This is a flat out lie. Brokers are dumb but YOU read the paperwork. The lender and attorney are the fucking idiots in a situation like this and so is the buyer. Read your contracts. Read the HOA minutes, covenants, bylaws etc. People cannot blame others for their own laziness like they're 4 years old and their parents do the laundry. This guy should fall down a cliff on a hike....

The comments are all bullshit that I read too. 55+ communities are regulated by HUD not counties or ...

How are these things enforced anyway? What if the guy dyes his hair gray and pretends he's indeed a youthful-looking geezer?

Eric Holder says

How are these things enforced anyway? What if the guy dyes his hair gray and pretends he's indeed a youthful-looking geezer?

Never been part of an HOA I assume? They have legal authority to verify the age of the buyer in those communities. IF this story is true this was a massive fuck up by the attorney first and then lender. Broker might be an idiot, wouldn't doubt that, but probably wouldn't be held liable without intent via a subpoena of emails and crap like that. It's all legal shit and trust me you don't want a pretend lawyer that's a broker handling your deal. Their job is to open doors and give you an idea of price. That's literally the job.

Disclosures is the only grey area they get in trouble for the most part. Telling clients to lie that the basement never floods as they sign the listing agreement standing in 2' of water in the basement. Disclosures are where most brokers get sued. Everyone passes the buck and accountability in real estate on the service side. It's a fucked up industry. I know this site despises brokers, but all the hands in the cookie jar are guilty. I've seen my fair share of illegal activity.

WookieMan says

Eric Holder says

How are these things enforced anyway? What if the guy dyes his hair gray and pretends he's indeed a youthful-looking geezer?

Never been part of an HOA I assume? They have legal authority to verify the age of the buyer in those communities.

Right. But what would trigger that if the guy doesn't bring undue attention to himself?

Eric Holder says

How are these things enforced anyway? What if the guy dyes his hair gray and pretends he's indeed a youthful-looking geezer?

No. The buyer signs a statement that he/she is at least 55 years old (or the co-owning spouse is). Do that hair dye bit and you will be sued for fraud.

HeadSet says

Eric Holder says

How are these things enforced anyway? What if the guy dyes his hair gray and pretends he's indeed a youthful-looking geezer?

No. The buyer signs a statement that he/she is at least 55 years old (or the co-owning spouse is). Do that hair dye bit and you will be sued for fraud.

I thought he has already bought the place. How did that happen w/o him signing anything about him being 55?

Eric Holder says

I thought he has already bought the place. How did that happen w/o him signing anything about him being 55?

This is why the whole story sounds bogus.

https://finance.yahoo.com/news/u-real-estate-brokerages-must-213318183.html

U.S. real estate brokerages must face home sellers’ class action over commissions

https://www.businessinsider.com/real-estate-junk-fees-home-buying-house-prices-more-expensive-2023-5

Real estate agents are tacking ludicrous 'junk fees' on to every home purchase

https://montreal.ctvnews.ca/two-real-estate-brokers-under-investigation-for-submitting-bogus-bids-on-homes-1.6405329

Two Quebec real estate brokers under investigation for submitting bogus bids on homes

A pair of real estate brokers have had their contracts terminated by RE/MAX and are also under investigation by their professional order.

The realtors are Christine Girouard and Jonathan Dauphinais-Fortin.

A La Presse investigation revealed they allegedly had friends and family members submit bogus offers on homes they were selling to create a sense of competition among legitimate buyers to drive up prices.

The problem is people use Realtors to sell homes when they should sell by owner. It's so less stressful buy owner and the big lie is they can sell it for more money. Since everyone lists properties with these jerk bags you are stuck dealing with it. Realtors cut themselves into your deal. You can get buy a multiple listing for $175 that's all you need escrow does 95% of the work.

beershrine says

You can get buy a multiple listing for $175

This is new. In your area, you can list without using a Realtor?

beershrine says

It's so less stressful buy owner and the big lie is they can sell it for more money.

I hate realtors having dealt with them for 15 years. This is unequivocally false though. Most owners have ZERO clue. We have what 60-65% home ownership historically. 80% of those people shouldn't own a home.

Try managing getting 10 calls to show your home, work your normal job, keep the house clean, follow up with everyone that saw it, raise your kids, etc. It's why FSBO has never stuck. And 9 out of 10 times you'll end up paying a buyers broker either way. Time is money and I don't think some people value that enough. Trust me, you'll get 5-10 calls a day in a hot market. These are chatty people. You can easily burn two hours on the phone and the have to do follow up as the owner. Oh and don't forget no shows. I easily wasted 1,000 hours waiting for other brokers to show up. Time. Gas.

I hate brokers personally as humans. Sellers AND buyers need to negotiate the pay structure better. They'll have their prepared sales pitch lines, but just be like "I'm the customer, fuck you and the potential sale you'll miss out on and the 2-3 buyers you could get from it dip shit." I'm nice to 99% of people, but being a dick that 1% can save you a lot.

beershrine says

Realtors cut themselves into your deal.

I agree with this.

I’ve encountered both types. Some of them are absolute scumbags while some of them, I absolutely love. At the end of the day, they’re in the sales biz. They’re self-employed. They have to put food on the table for their family. It’s our job to find the good ones to work with.

WookieMan says

Sellers AND buyers need to negotiate the pay structure better.

When I was in England, I noticed that the "Estate Agents" did the job for 1%. They did not multi-list, when a buyer goes to the Estate Agent office, he sees the catalogue of available houses and is driven to the ones he/she chooses.

WookieMan says

And 9 out of 10 times you'll end up paying a buyers broker either way.

Correct, because the overwhelming amount of buyers reflexively call a Realtor when they are serious about buying. If you FSBO, you will get a ton of calls from Realtors trying to get you to list, plus calls from half serious bargain hunters who will not buy without deep discounts. Of the 10 or so houses I have sold, I was only able to sell one FSBO, and that was to a couple with a medical bankruptcy that I spent about a month convincing the bank to give them the loan. On other homes, however, I was able to get the Realtor fee down to 4% (1% to the lister, 3% to selling agent).

Back to the OP:

"Some person about age 30 with Dreadlocks with bad skin and wrinkles like they're about 50, giving you health and supplement advice"

HeadSet says

Correct, because the overwhelming amount of buyers reflexively call a Realtor when they are serious about buying.

That's the real problem!

https://www.reddit.com/r/findapath/comments/14sboaf/wtf_do_i_do_exiting_sales/

Wtf do I do? Exiting sales.

I'm 33yo and have worked in sales (realtor) for the past 7 years making $100-120k the past four years. Recently the market shifted and last year I made almost no money ($20k). I can’t keep living without a base pay or benefits. COVID and high interest rates have completely wiped out all of my business twice and I can’t keep living like this.

I’ve been applying for 20-30 jobs a day (sometimes way more) for almost a year and have gotten two interviews (both with a referal from someone at the company) and one with out a referral/completely random.

I have gotten through 4 interviews at one company. Ended up going with other candidate.

Through two interviews at two other companies. Ended up going another direction.

Idk what to do or why I can’t get jobs for literally 50% of what I was making. I wear a suit and prepare by knowing my resume/situational questions, read the whole website any info I can find on the companies I’m interviewing at. I’m interviewing for jobs for $55k not $100k. I’d love to be around $70k but that seems like a pipe dream. I feel like a fucking loser from going $120k to not even being able to make $60k.

I feel like it’s a doubled edged sword and people don’t see realtors as having a real job but I worked all day everyday to get where I was to the point it was ruining my relationships because all I’d do is work. But I think employers see realtors as “anyone can do it”.

So I started putting in my cover letter my stats and how I made over $100k four years in a row and was top 20% of agents nationally four years in a row with one of those years being in the top 5%. I knew it seemed “cocky” but I have no other way to show I was good at what I did and being modest/not having that in there wasn’t working either. After three months still no replies and just countless rejection emails.

I’m out of ideas and feeling lost, pathetic and hopeless.

I’m applying for recruiting jobs, project management, logistics, sales, business development, account management, operations. Can’t get nothing.

Any advice of any other industries I’m not thinking of to target? Words of encouragement are strongly welcomed.

zzyzzx says

So I started putting in my cover letter my stats and how I made over $100k four years in a row and was top 20% of agents nationally four years in a row with one of those years being in the top 5%. I knew it seemed “cocky” but I have no other way to show I was good at what I did and being modest/not having that in there wasn’t working either. After three months still no replies and just countless rejection emails.

I can give him some advice - an employer won't hire somebody that thinks will bail when there's a better opportunity.

I, for example, can do any job doing grunt work, but I wouldn't tout my engineering experience or my previous salary if I left the field to do something else.

Has he tried DoorDash??

From the old days....he's a Ramen Eater.

zzyzzx says

I'm 33yo and have worked in sales (realtor) for the past 7 years making $100-120k the past four years. Recently the market shifted and last year I made almost no money ($20k).

This guy is full of shit. You don't go from selling probably $6-7M gross to under $1-1.5M gross once you factor in the brokerage cut. I wasn't sales, but worked in the industry during the worst housing crisis of anyone living right now (Great Depression they would have been kids). He clearly sucks at his job and maybe got lucky for 5-6 years and tapped out his network and family.

Also, you can get a $50-60k job tomorrow at the post office if you've got a clean record. Pension, good healthcare, etc. There's really no excuse to not be able to get a job. Businesses are desperate in the midwest for employees. Or maybe the dude needs to move. A 33 year old should be smarter than that in my opinion.

We have a friend that's been bouncing around like 7 jobs in the last 5 years. He wants to do sales. He sucks at it. He's unlikable in that realm. He thinks he's a big deal and he's just not. Don't know if the dude even makes $20k/yr. Lives with his parents. 33. Sounds like this guy. Had 1 or 2 good years and thinks he's king shit of fuck mountain.

richwicks says

I can give him some advice - an employer won't hire somebody that thinks will bail when there's a better opportunity.

So, they won't hire anyone??? What moron doesn't bail when a better opportunity presents itself?

https://www.reddit.com/r/RealEstate/comments/14wbkes/sellers_agent_scheming/

Seller's agent scheming?

We are currently selling our home. We bought 5 years ago at $435k and put in at least $80k towards major upgrades. Prior to signing with an agent, we met with 4 different ones who looked at comps and stated asking price would be in the $475-500 range. We signed with one who seemed the most in line with our vibes (easy to talk to, generally pleasant). She gave us a list of things to complete (repainting home, resurfacing pool, etc.) in order to list at our "ideal price" (which we did).When it came time to list, she waited until the day she was going "live" to give us an exact price but kept stating price range of $465-485. Day of listing (3 weeks ago) she tells us it's $450 because the market has slowed and insurance/interest rates are high and our roof is aging. We agreed to $454 bc we trusted her judgment and don't have insight into other info. The house went under contract within 48 hours. It meets the asking price and agrees to beat any offer up to $465 by $1000. Although they state this, our agent cancels all other showings that were arranged. During inspection, buyer asked for a check at closing for $34k for new roof (although agent didnt give us any inspection reports or the buyers response to inspection) . Our agent has been pressuring us to agree and "wash our hands of it." If we did go through with that, our total would come out at $410 for a house we paid $435 for 5 years ago and invested alot into. Also, there are no issues with the roof, its just old. We started reaching out to everyone we could to ask about the situation bc it felt really off for us that she was pressuring this when we were losing so much. We find out that the buyers agent is working for same broker as ours and they are definitely bffs. In talking to other agents/contractors/a different broker, we were given comps and told that the $454k is insanely low for our home that is in incredibly valuable location and is completely updated (most said $485k would be appropriate. We were told by multiple knowledgeable people that something seems fishy and we should try to back out. She didn't continue showings after the offer, she didn't fully inform us of price until last minute, and is seeming to not act in our best interest at all. Based on the info, we told her no to all concessions and she flipped out on us. We just feel really weird about all of this. Sorry it's been such a lengthy post, but we're hoping to get feedback on if this warrants further investigation and if so, how would we go about it. I guess it is too late to back out from contract if buyers agree to no concessions, but if they walk, we feel it's best for us to cut ties and work with a realtor who is working in our best interest. I feel like she won't honor that request so is there a way around that?

https://www.reddit.com/r/RealEstate/comments/149flse/can_a_realtor_force_you_to_choose_offer/

Can a realtor force you to choose offer

Girlfriends mom had to list her house due to a divorce. She wanted to list the house for 950k but the realtor listed it for 850k saying that there will be a bidding war. There are now offers for 850k and 855k but the mom wants to hold off for 950k. The realtor is now upset saying this is not how this works and that she has to pick an offer or she will sue for fees.

What are gf’s moms options? This is in NJ and none of us very familiar with the buying/selling process. Thanks for any advice.

zzyzzx says

The realtor is now upset saying this is not how this works and that she has to pick an offer or she will sue for fees.

The real estate agent is fear mongering. Buy time and then don't renew with her. IMO

zzyzzx says

I guess it is too late to back out from contract if buyers agree to no concessions

Yes, if the broker bought in a buyer who was "ready, willing and able" to buy under the terms of the contract then you owe the commission. You do not owe if the broker brings a buyer that wants extras such as that new roof as a contingency. Hopefully you have a short listing period so you can dump this realtor if she does not bring in a buyer under the terms of the listing agreement.

zzyzzx says

Girlfriends mom had to list her house due to a divorce. She wanted to list the house for 950k but the realtor listed it for 850k saying that there will be a bidding war. There are now offers for 850k and 855k but the mom wants to hold off for 950k. The realtor is now upset saying this is not how this works and that she has to pick an offer or she will sue for fees.

The realtor will win in court. If you listed for $850k and the realtor brought in a buyer "ready willing and able" to buy at $855k without other contingencies, you owe the commission. What matters is what is written in the listing contract, as written beats oral in contracts.

Booger says

So, they won't hire anyone??? What moron doesn't bail when a better opportunity presents itself?

I'm an engineer. If I went to work at a Pizza Shop, I would NOT include my engineering experience on a resume.