patrick.net

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.

HeadSet says

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.

There's so much to a RE contract and listing agreement to weasel your way out of it. And no chance the realtor would waste the attorney fees to try and get money out of it. Gabbar is right, it's all bluster. Going to court doesn't get you more listings or buyers. It sucks time.

The only time someone gets money generally, is on disclosure lies by the seller. Move after closing and there's a heavy rain and the place floods. Talk to the neighbor and they're like yeah, the previous owner was always bitching about the flooding.

The other thing is 99% of realtors don't fill out listing agreements properly. Yes, they're that stupid. All it takes is one blank they F up on and you don't owe shit to anyone.

Miami Real Estate Broker gets 3.5 years for Covid relief fraud

https://people.com/real-estate-broker-who-misused-covid-relief-funds-jailed-for-3-5-years-7724766

Article worth reading just for the pics.

zzyzzx says

Miami Real Estate Broker gets 3.5 years for Covid relief fraud

https://people.com/real-estate-broker-who-misused-covid-relief-funds-jailed-for-3-5-years-7724766

Article worth reading just for the pics.

What, onlyfans didn't work for her?

Just happened to stumble across this:

https://abc7ny.com/harrahs-casino-fight-video-atlantic-city-nj-ac-police-caesars-entertainment/11335398/

No charges filed after brawl inside Atlantic City, NJ casino

ATLANTIC CITY, New Jersey -- No charges have been filed after video captured a massive brawl inside Harrah's Casino in Atlantic City.

According to one witness, the incident happened late Tuesday night while a realtors convention was being held in town.

https://www.reddit.com/r/realtors/comments/16xb04m/my_realtor_lied_to_me_and_i_lost_my_earnest_money/

My realtor lied to me and I lost my earnest money deposit

zzyzzx says

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.

Yet the system doesn't change. Why? Oops, I asked another question. 😬

zzyzzx says

This is funny. We have a Realtor client who's been using us for a very long time. I've known her for 15+ years. She told me about her trip to Denver to visit her son. They got snowed in and smoked pot and did shrooms all weekend. This is a successful 60+ year old Realtor.

zzyzzx says

I would go to the girl in the middle if I wanted to get any work done.

zzyzzx says

https://www.reddit.com/r/realtors/comments/16xb04m/my_realtor_lied_to_me_and_i_lost_my_earnest_money/

My realtor lied to me and I lost my earnest money deposit

It all depends on what is stated in the purchase agreement regarding earnest money, which trumps anything and everything the agent 'said.' After the home inspection, the buyer could have made a contingency that stated that the seller was to make all of the repairs that were found in the inspection, and then enumerate each and every repair. If the seller does not agree to do all that the buyer requested, the buyer has the option to counter offer, accept, or, reject the seller's counter. At that point, if the buyer refuses the seller's counter offer on the repairs, the buyer can legally walk away and the earnest money would be returned.

The lesson to be learned is this; READ THE CONTRACT! Never trust any verbal promises or statements in any real estate transaction.

PS: I sincerely doubt that the buyer is telling the entire story, and doing so without self-serving embellishments.

RayAmerica says

I sincerely doubt that the buyer is telling the entire story,

This.

https://finance.yahoo.com/news/real-estate-groups-implore-the-fed-to-stop-rate-hikes-as-housing-activity-deteriorates-161206466.html

Real estate groups implore the Fed to stop rate hikes

zzyzzx says

Real estate groups implore the Fed to stop rate hikes

Another reason to raise rates.

zzyzzx says

https://finance.yahoo.com/news/real-estate-groups-implore-the-fed-to-stop-rate-hikes-as-housing-activity-deteriorates-161206466.html

Real estate groups implore the Fed to stop rate hikes

But the Housing Experts on PatNet...

PedoIwog says

zzyzzx says

https://finance.yahoo.com/news/real-estate-groups-implore-the-fed-to-stop-rate-hikes-as-housing-activity-deteriorates-161206466.html

Real estate groups implore the Fed to stop rate hikes

But the Housing Experts on PatNet...

Has raising rates worked for anything? Prices are still higher. We have low unemployment. Inflation is still a bitch. What have higher interest rates actually done? Serious question.

Raising rates to 15% won't change a damn thing. The people 5-6% and under won't move. Inventory stays high. Nothing new can be built because of high rates. What the hell do people think is going to happen? We raised rates too fast in anticipation of a ghost financial crash. It didn't happen. Get the market rate back down to 4-5% and the market will balance out. Builders will build. We gotta stop doing thing too fast or too slow.

If people can't build you've put a ceiling on inventory levels maybe for decades because of high interest rates. Housing prices have no where to go. They'll go up even if it's minimal. They're not gonna go down in any meaningful manner anytime soon.

wookiee it has. it stopped housing inflation here in Idaho.

WookieMan says

Has raising rates worked for anything? Prices are still higher. We have low unemployment. Inflation is still a bitch. What have higher interest rates actually done? Serious question.

They haven't raised the rates high enough and / or long enough. We have historically average interest rates. The rates aren't high unless they get much higher than they are now. Plus you have to figure that the official inflation rate is maybe only half the real inflation rate, and one needs interest rates higher than the actual inflation rate for it to work, and this hasn't been done yet.

WookieMan says

Has raising rates worked for anything? Prices are still higher. We have low unemployment. Inflation is still a bitch. What have higher interest rates actually done? Serious question.

Then they will raise rates until they cause a recession, like Volker did. At one point prime was 21%, I think

Reagan had an economics degree and knew it had to be done, so he agreed to it. The 1981 - 82 recession was quite harsh but short lived.

Today, various fundamentals - some of which you covered - makes it difficult for that to work this time. And they overlap. They would have to jack prime to 30% or more to crash the economy like they did in '81. But the result will not necessarily be the same. Labor shortages won't go away for a decade at least. Supply chain issues, about 3 - 5 more years but will be fixed.

Housing: at some point ppl who need to sell houses will have to sell them. .or lose them.

PumpingRedheads says

Then they will raise rates until they cause a recession, like Volker did. At one point prime was 21%, I think

In 1981-82, we didn't have 100%+ of GDP in Debt or $35T in Debt.

PumpingRedheads says

hey would have to jack prime to 30% or more to crash the economy like they did in '81. But the result will not necessarily be the same. Labor shortages won't go away for a decade at least. Supply chain issues, about 3 - 5 more years but will be fixed.

Lets see how CPI and PCE fare. We could have +3% annual growth with only annual inflation less than 3%.

No need to raise the Fed Funds rate if inflation continues to trend lower relative to last 2 years.

.

PumpingRedheads says

Housing: at some point ppl who need to sell houses will have to sell them. .or lose them.

https://patrick.net/post/1344883/2022-04-30-housing-prices-peak-2?start=3679#comment-2001017

See above link. Housing already well below 20% of peak prices set in early 2022.

And rents are holding steady at 2022 rates ($2100 to $2200) for the same type of luxurious townhome within 2 miles of the best beach in the world.

The above link is like feeding red meat to a lion for the Logan M's at HousingWire and Wolfman's at WolfStreet.

Higher rates are finally having an affect, and notice the S&P 500 has barely gained about 5% (in inflation adjusted terms) since February 2020 ?

/

The Economist for Realtors.

Talking about you, Yun.

Is lying common practice in negotiations?

https://www.reddit.com/r/RealEstate/comments/17oa29o/is_lying_common_practice_in_negotiations/

I received an offer on my home after the first round of open houses that was over asking with a waived inspection & solid financing. It was the only offer I received.

My agent wanted to lie to the folks who made an offer and tell them we received multiple offers and to please submit best and final. I rejected that strategy & my agent insisted that it was common practice at his realty group.

I feel comfortable in my decision to not go through with that plan but was wondering if that strategy really is common place. It feels slimy to me.

Best response:
I was trying to buy a few years ago and had 2 different selling agents do this to me. I knew they were full of shit and didnt have other offers. Told my agent to tell them, congrats and the other ppl will love the house. Both agents begged my agent for another offer about a week later. Too late, I was pissed. Both homes sold for less than my original offer.

Delusional realtor:
https://www.reddit.com/r/realtors/comments/17vwn3q/paid_posters_on_reddit_against_realtors/

Paid Posters On Reddit Against Realtors

So I’ve been on Reddit about 90 days and I was initially baffled on how much negativity there was towards realtors and the work they put in. Then I started noticing a trend. Similar posts from different ID’s being posted all over. Deletes on comments that failed to sway opinion. People posting 1/2 stories that will sway public opinion against agents. My take..

There is an all out attack on realtors right now and it’s similar to the vaccine push that was happening during that chaos. Most of those people were paid by govt to post on social media, as we later found out in some good journalism articles. Seems they have moved their attention to NAR and Realtors these days and the NAR and Realtors aren’t ready for it. Someone is going after long standing industries and it seems govt or some heavy $$ is behind it. Thoughts??

I know a real estate agent well. Her quote: "I don't do anything, I turn on the lights and turn them off".
Another quote from a real estate agent: "I didn't invent the system, so don't blame me for it. It is what it is"

As I understand it, a seller/buyer has 3 options...1. Sell/buy without a Realtor 2. Sell/buy with a Realtor or 3. Sell/buy with a real estate agent. A Realtor is a real estate agent but a real estate agent IS NOT ALWAYS a Realtor.

There needs to be more competition between those 3 options.

gabbar says

I would go to the girl in the middle if I wanted to get any work done.

The other two look like they could do the job.

zzyzzx says

one needs interest rates higher than the actual inflation rate for it to work

Fiat money eventually fails.

Like I have said before, this system can't possibly last more than a couple hundred more years.

https://www.realestatenews.com/2023/12/11/nar-membership-falls-by-nearly-6-000-in-november

NAR membership falls by nearly 6,000 in November

The nation's largest trade organization is headed for its first yearly drop in over a decade.