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Misstrial
@
2009 Jul 7, 5:27pm
hah! Bap33: "Verbal" legally means written. "Oral" legally means spoken. So, the RE Agent actually, whether she realized it or not, orally agreed to give you a written response.
Politically, it wouldn't surprise me if NOTHING is done re the real estate cartel. The profession provides a way for certain politically connected groups to advance economically without much education, as a re-entry career for newly-divorced women, or as a post-profession for retired persons. Change will n.e.v.e.r happen.
"No realtor is EVER going to get you a deal"
Its a shame that some of you were not here in California living in San Diego, LA or SF Bay Area when we saw prices decline 15-40%... I guess realtors didnt give out deals back then either.
But now the bubble is far bigger! They cannot control gravity you kow!
Agents have to deal with both sides essentially. At this point sellers have been hurt pretty badly already (I agree, more to come). If one party needs to change their views to make a sale happen, which is more likely to do that? The one already in pain, or the one who is in a position to buy and has already seen some seller concessions just from year over year valuations going down?
I would say, the agent has a better chance of convincing the buyer to change their expectations, than to get further concessions from the seller.
They have three options when they start talking to you:
Commission on $0
Commission on $100K (Obvious place to start)
Commission on $50K
If you point out that you aren't budging, then the seller is the only one who can budge. Right off the bat you're changing the commission structure to two options.
Commission on $0
Commission on $50K
They now have a choice between a sale or not. Before even presenting you to a potential customer, they know you aren't moving, and the only way to get a sale will be in moving the sellers price. It might be more work, but when the options are 0 or something, something usually wins.
pkennedy I agree with you but for some reason they choose $0 rather than put in a little effort to make something. The whole NAR is built this way. For a year they chose to tell people to wait out the downturn, next year will be better. That took a bunch of sellers off the market which resulted in less sales meaning less money for the agents. They aren't a logical bunch.
sfbubblebuyer
@
2009 Jul 8, 7:51am
Yah, Realiartors aren't known for saying "Get out while the gettin's good!"
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So I started interviewing agents to buy a place in the east bay area of Lafayette or Alamo. Here is an email chain of corrospondence I had w/ an agent about a lease/option in Lafayette who seems to be the most realistic of anyone I have spoken to so far:
From: DeAnn Simpson [mailto:dsimpson@SecurityPacific.com]
Sent: Wednesday, July 01, 2009 8:18 PM
Subject: RE: 3781 Highland Rd.LAFAYETTECA94549-3530Well, if it were me and I really wanted it, I would make them an offer like $100-500,000 under asking and buy it now! What do you say? Would you like to go see it and buy it? I just closed on four deals that were all over $100K under asking the the list price was only $400K each.I can make it happen for you!
Lease option have never been a win win situation in my business anyway, prices flucuate too much especially in CA. Just know, the 2-3 yr ARM are in foreclosure now, we still have the 5 & 7 yrs ARMs going down in the next few years. Anyone who says this is over, does not know what they are talking about!Â
So, if you love something you see, let's steal it now, because its going to keep going down. Let me know!
Sent: Wed 7/1/2009 8:52 PM
To: DeAnn Simpson
Subject: RE: 3781 Highland Rd.LAFAYETTECA94549-3530
Wow. You think you can get us that good of a deal? 500k off asking? Im thinking the end of the summer/early fall might be a good time to buy a place. Where were those houses you got 25% off list price? Concord? We want to most likely live in Lafayette or Alamo. The prices still seem high in those areas.
Agent Response:Â
They were in Danville & San Ramon, and yes times are tough and there are some that want desperately to sell!
You are correct though Lamorinda to Plesanton usually do hold their values more.Â
I just entered contract on a home that started at $8,2000,000 and we bought for $3,700,000 in Danville. And I still don't think we got a great deal in my opinion however its a beauty!
Most realtors who Ive been meeting with lately are still talking about bidding wars. I really dont want to work w/ an agent who talks about bidding wars in the first meeting. This one actually seems like she is on the side of the buyer.
#housing