patrick.net

I have to answer this "What is worse then a Realtor?"

A government employee is worse. Every. Single. One.

From the Department of Motor Vehicles, right up to an intelligence officer from any of the Alphabet agencies.

These are all NPC robots and they are dangerous and insane. I think ultimately, it's the Federal Reserve central bank that controls them, but they have no convictions or principles, they just follow orders. From teaching children critical race theory, to overthrowing elections.

https://www.yahoo.com/news/guess-gets-blamed-home-buyers-103000469.html

Guess who gets blamed when home buyers believe they’ve paid too much?

Buyer’s remorse is likely to take on a more sinister turn in the coming months, as people who purchased their houses at the top of the market take out their frustrations on their real estate agents.

zzyzzx says

Buyer’s remorse is likely to take on a more sinister turn in the coming months, as people who purchased their houses at the top of the market take out their frustrations on their real estate agents.

The realtors could not care less about disgruntled fools once the commission check is cashed. Those same buyers will call a realtor when they want to sell those same houses in the future.

https://www.reddit.com/r/RealEstate/comments/10epbfu/what_are_some_ways_real_estate_agents_screw_with/

What are some ways real estate agents screw with you?

zzyzzx says

https://www.yahoo.com/news/guess-gets-blamed-home-buyers-103000469.html

Guess who gets blamed when home buyers believe they’ve paid too much?

Buyer’s remorse is likely to take on a more sinister turn in the coming months, as people who purchased their houses at the top of the market take out their frustrations on their real estate agents.

This is not as black and white situation. Buyers lost equity on their purchase. At the same time, they’ve likely locked 2.5-3.5% mortgage rates vs. 6.5% now. Their mortgage payments are probably lower compared to buying now with the higher mortgage rates. Not all is lost at the moment.

HeadSet says

The realtors could not care less about disgruntled fools once the commission check is cashed.

Couldn't this same thing be said about most salesmen?

Government is to blame for almost everything you can think of. In the case of real estate, a very good argument can be made that the NAR is a monopoly. Also, it's regulations that have made real estate so expensive and out of sight for more and more people. Well, regulations and government fiscal policy.

https://www.reddit.com/r/RealEstate/comments/112d02h/my_real_estate_agent_competed_with_me_while/

My Real estate agent competed with me while representing me

My agent competed with me while representing me and submitted a higher offer, purchased the house and living in it. I just found out about it 6 months after it has happened. What can I do about it?

Do I have enough grounds to sue him?

It gets interesting, I was already in contract with the seller. After my agent submitted the higher offer, the seller cancelled my contract stating change in circumstances and delisted the house on mls. My agent bought the house and I confirmed it on public records page. The seller agent is fully aware of this. I basically had a crook for a buyer and seller agent. Both are crooks.

https://old.reddit.com/r/RealEstate/comments/111tzje/why_do_people_not_like_real_estate_agents/

Why do people not like real estate agents?

Ours did literally nothing except sit in on the signing of the paperwork. The commission for the labor just didn't add up. Other buyers may have them going to multiple showings, but our simple deal should not have cost the same. yeah yeah.. the buyer paid, but we all know that money could have and should gone to the buyer/seller, not someone who just happened to be in the room.

zzyzzx says

My Real estate agent competed with me while representing me

I'm not an attorney, but I can tell you this; if what you are saying is true, your agent violated his fiduciary agency relationship with you. You could potentially have a huge law suit against that agent. Get all of your paperwork that documents your agency relationship (you should have had a signed agency disclosure form) and find a good attorney that is very familiar with real estate law.

Also, you can file a complaint with the 'Real Estate Commission' in your state. The key to all of this is that you must have documentation.

RayAmerica says

My Real estate agent competed with me while representing me

That is what they all do, to some extent. This is business. No morals. No fiduciary duty. Their goal is to undermine and screw the buyer and seller so that they can get their commission after the sale. No court will help anyone in this. Real estate industry is worse than the drug cartel.

https://www.reddit.com/r/PersonalFinanceCanada/comments/11buhml/buried_in_debt_evaluating_options/

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!