patrick.net

The worst abuses of dual agency i have seen are when the loan owner is out of state. The listing agents literally control everything since the owner isnt even there to observe lack of a sign/mls listing/ or foot traffic to the home. whatasweetdeal for an agent.

This is the only reason agents go into property management. when those people sell they normally get the listing and can double dip the pocket listing. $weet!

All the news stories now talke about banks doing WAY MORE short sales due to forecloure backlog/legal issues. So we can expect way way more dual agent BS pocket listing for the next 5 years as short sales are prime target for this (loan owner gets zero proceeds from sale, proably only can get illegal kickback from buyer/agent).
Someway somehow the feds have managed to put MORE fraud in the housing market (vastly increased short sales are gonna make a fraud tsunami)

How to stop this? LET THE BANK HOLDING FIRST MORTGAGE PICK THE LISTING AGENT. but that cant happen since the under water loan owner picks the crook to list the home since the bank 'doesnt own the home' whatamess.

Malkovich, why not Google: Get your real estate online. After you finish the course, you can then take a state test, and if you pass - wallah - you are now in the position to be a greedy, dual agent whore all on your own!!

Honest Abe says

Malkovich, why not Google: Get your real estate online. After you finish the course, you can then take a state test, and if you pass - wallah - you are now in the position to be a greedy, dual agent whore all on your own!!

Is that so? I think I am missing something here... how do I represent the seller of a house I want to buy? Sounds tricky... forgive my noob question. Also, the business I currently run requires a significant amount of my time. How exactly, do you propose I find the exact property I want to buy and then somehow magically get to be the listing realt-whore? And, profit?

Or are you really just bothered by the fact that I and most others on this forum are calling it the way it is and your (completely fucking nonsensical) reply is "get your real estate license?"

First you list the property for sale. If you think its worth buying, you would present the seller with a purchase agreement offering to purchase the property, disclosing that you are licensed, and that you are purchasing it with the expectation of making a profit. There may be other appropriate disclosures to make.

You can also paint your house yourself and save the money...or, pay someone to do it for you. Kinda like being a realtor - or not. If you want to be the realtor you save the money, if you don't want to be the realtor you save the money too. There is no fee to the buyer AND you'd get paid if you were the listing agent - SWEET!

One quick question for novice buyer like me. Is there anything except contract where you might need help from buyer's agent ? I mean during escrow or loan process ? What is hud 1 ?

EBGuy says

You don't need an agent, but you should familiarize yourself with practices in that region. That way, if you decide to flaunt the customs, you can do so without looking silly or insulting anyone (unintentionally). In my area, three things I can think of that may not apply in other municipalities are local transfer tax, sewer lateral inspection, and RECO. Not a huge deal (well, a 1.5% local transfer tax is a non-trivial amount), but you had better be prepared if you don't want any surprises.

A couple years ago I sold a house on Craigslist and it was the first time I ever sold real estate. The title company knew all about the local customs and whatnot and the buyers loan agent helped him out with all the purchase stuff. Any questions I had were answered with a quick phone call. The sale went through without any big pitfalls. It really was not that complicated and I would do it again in a heartbeat. If you use a standard purchase offer everything is spelled out on who pays what and any contingencies. I don't see a reason for a buyers or sellers agent. Because most properties are available through a sellers agent you pretty much have to play the game. Hopefully someday real estate agents are phased out.

Urgent ---

Can the seller's agent represent more than one buyer ?
I really liked one house and I want to buy it. I am trying
to use seller's agent to buy the house but it seems that
few other buyers approached him. He didn't mention it
but he is trying to show he is all ethical (bullshit). He is also
not offering any cash back. HE wants to keep all 6 percent.
Bast****. ALSO not willing to negotiate the price. I am just
wondering if he is just trying to represent more than one
buyer and trying to squeeze the money.

Ah, the Nigerians. I once misspent a whole day at work laughing while reading this site:

http://www.419eater.com/html/hall_of_shame.htm

No, I take it back. That was one of the best spent days of my entire life.

APOCALYPSEFUCK is Tony Manero says

Here's the way it works.

Buyer's agent called seller's agent.

BA: Hey, what you got?

SA: Typical asshole. Think they're owed 10x the bubble price because they got in before Christmas 2006.

BA: The wife blow you?

SA: Twice. Then the husband shows up with a jar of Vaseline. I called the cops. Wife's kinda nuts. Lotta teeth.

BA: I know.

Please no stupid comments. I need serious advice.

APOCALYPSEFUCK is Tony Manero says

BA: Hey, what you got?

SA: Typical asshole. Think they're owed 10x the bubble price because they got in before Christmas 2006.

BA: The wife blow you?

SA: Twice. Then the husband shows up with a jar of Vaseline. I called the cops. Wife's kinda nuts. Lotta teeth.

Nice. Fucking comedy gold! Tony, are you familiar with the Redfin forums? They really, really need your commentary. Way too sleepy over there.

If you can carve out any time in your busy schedule, please pop on over there and make a few comments. :)

APOCALYPSEFUCK is Tony Manero says

Posted a couple of items. Seems really earnest over there.

Do Realtors® run the show at Redfin Forums?

Not sure. Not much action on those forums so the only time I head over there is after absorbing every word of Patnet, Reddit, SFgate, and my work emails many times over. Things definitely need to be shaken up in that yawnfest.

leo9 says

He is also
not offering any cash back. HE wants to keep all 6 percent.

Remember he has to give a portion of what he makes to the broker too. Also are you sure he's the listing agent? Often times, the listing agent company sends another agent -- who will be a buyer agent representing you in the transaction :). you may not want a buyer agent, but still you may get one.

leo9 says

ALSO not willing to negotiate the price. I am just
wondering if he is just trying to represent more than one
buyer and trying to squeeze the money.

I think he's playing hard ball because more than likely -- he does have other legit buyers who are also interested.

APOCALYPSEFUCK is Tony Manero says

Do Realtors® run the show at Redfin Forums?

Redfin runs the Redfin forums. And they are are real estate brokerage.

LASVEGASWINNER says

May I suggest you read Donald Trump's "Art of the Deal" and tell me4 how well he has treated others in his climb to the top. I don't think he is bothered by what is coming around.

PROFEESIONAL BUYERS AGENT - INVESTOR - SALES ASSOCIATE - PROPERTY MANAGER 35 years experience

You mean the guy who managed to bankrupt a casino?

He was born with a silver spoon in his mouth, cash stuffed into his pockets and filled his first diaper with diamond studded meconium.

Yeah, that was a really difficult "climb" to the top.

Then there is also this:
http://www.salon.com/2011/04/18/donald_trump_net_worth/