I think my buyers agent hustled me and did not act in my best interest.

[Anonymous]

Anonymous wrote:Here are some things she did:

-tried for a year to sell me a house that was above my budget and that she knew needed $50K septic system replaced (didn’t tell me that part until after it was sold to someone else)
-told me I’m the first person who has ever actually read the entire offer contract
-told me things missing from sellers disclosure (incl age of water heater and whether ac was working) were nbd
-told me basement moisture evidence was nbd.
-told me loose stair pavers were nbd
-scheduled walkthrough an hour before closing
-did not recommend an escrow for these and other things wrong I noticed that weren’t in the disclosure or inspection
-told me if I didn’t close over these things I’d lose my whole deposit

I found the house myself and she was in it for ten minutes without me once and then only at the walkthrough. On her advice I bid $100K over ask with $50k deposit, no inspection or contingencies and 30d close.

She shouldn't have omitted things or made judgments about what's NBD.
Scheduling a walk-thru an hour before closing is standard - you go straight there.
You can lose your whole deposit for not closing over things if you have no contingencies.

Do you just have regret?

[Anonymous]

Anonymous wrote:No fiduciary standard. Sorry.

Try. To. Keep. Up. You. Effing. Stupid. Dumbass: Kickbacks are *illegal.*

To the degree they have a financial interest in title companies, etc. those are all disclosed and since our anally retentive OP reads the entire document, he would have been able to see that.

But this cynical, baseless assertion that they get "kickbacks" is just pure fantasy. They recommend people they have a history of working with and getting the deal done. Because, guess what? That's in the client's best interest, right? The client wouldn't enter into the transaction if they didn't want the deal done, right?

You really should refrain from ever posting in this forum again. You're a brainless nincompoop.

[Anonymous]

Before the age of Internet real-estate, Buyers' Agents provided a true value-add service in getting to know their clients, knowing the MLS listed properties in their region, and finding potential matches.

With the Internet, a Buyer's Agent simply automates this process. They don't have to really get to know their clients as well, or put anywhere near as much effort into finding suitable matches. This labor has been shifted to the client.

What does the Buyer's Agent do then? They meet you at the property to let you in, and they handle the paperwork. They have relationships with title companies, mortgage lenders, and inspectors that you can leverage if you're willing to risk they are not in cahoots together, or you can find your own. Since everything is subjective in real estate, they can and will say whatever they want to convince their client that things are NBDs.

I've been burned by a Buyer's Agent as well. I was in a hurry and used their inspector. He didn't do a thorough inspection and missed big ticket items, including a broken/leaking roof, foundation damage, and more. I always get my own inspectors now.

Real estate is the closest thing we have nowadays to an enforced mafia. They still take 5 or 6% of the transaction like the old days when they provided real value, but don't put anywhere near the amount of work in anymore. When their costs and labor go down, you'd expect to see that reflected in lower commissions, but nope -- their lobby is exceptionally strong and hasn't let that happened. Look no further than how they reacted against discount online brokers like redfin to see that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:No fiduciary standard. Sorry.

Try. To. Keep. Up. You. Effing. Stupid. Dumbass: Kickbacks are *illegal.*

To the degree they have a financial interest in title companies, etc. those are all disclosed and since our anally retentive OP reads the entire document, he would have been able to see that.

But this cynical, baseless assertion that they get "kickbacks" is just pure fantasy. They recommend people they have a history of working with and getting the deal done. Because, guess what? That's in the client's best interest, right? The client wouldn't enter into the transaction if they didn't want the deal done, right?

You really should refrain from ever posting in this forum again. You're a brainless nincompoop.

Cleint's best interest is getting the deal done if deal is a decent one otherwise it's not client's best interest.

Realtor's best interest is getting the deal done no matter what the deal is.

[Anonymous]

Agent's only interest is to close the deal. No agent will watch for you. They may pretend that they are watching for you, but they simly want to close the deal and get commision.

[Anonymous]

Anonymous wrote:Agent's only interest is to close the deal. No agent will watch for you. They may pretend that they are watching for you, but they simly want to close the deal and get commision.

This

[Anonymous]

Agents are awful, but I'm also amazed how the highly educated people in this area act like such helpless idiots when it comes to the largest purchase in their lives.

[Anonymous]

Anonymous wrote:Is there any recourse?

You can call their broker for complaint. May be BBB can help. If too bad, sue them. If there is a way to review, give critical review.

[Anonymous]

Anonymous wrote:Agent's only interest is to close the deal. No agent will watch for you. They may pretend that they are watching for you, but they simly want to close the deal and get commision.

THIS^ 1000%

[Anonymous]

Anonymous wrote:Honestly, it's nearly impossible to decipher all that paperwork and fees and taxes and everything else you're forced to sign at closing. It's very common for a realtor to push you toward a certain title insurance company, home inspector, etc. and even try to lead you to a specific lender and homeowners insurance company. They may get commissions (kickbacks) from those companies for leading customers to them. It's all a racket but remember that the homebuyer is the only real source of money in the transaction so they are the ones who get jerked around the most.

The first time we bought a house, the agent we used was completely useless but we were lucky because it was a buyer's market and we got a good deal with the seller paying closing costs. We obviously did not use her the 2nd time around. This time around we were much more informed, so we knew to shop around - we interviewed several agents, we talked to several lenders, several insurance companies, several title companies, got quotes from several contractors, etc (and our agent gave us recs but also encouraged us to reach out to other people - we didn't use any of her recommendations in the end except the title company b/c they were the lowest price). We also [GASP!] read all the paperwork before we signed it and asked questions about anything we felt was unclear. Our agent walked us through the contract before we signed it, and her office corrected things on the fly. Our agent recommended we waived contingencies, but also gave us some options (e.g. you don't have to waive the appraisal contingency, you sign some sort of addendum that says you will cover the first $X thousand dollars if the appraisal is less than what you offered) and we didn't waive anything we didn't feel comfortable waiving (like financing). We were really pleased and happy that we had done the research and talked to a lot of people.

I think a lot of people just go with whatever random realtor that sends them a flyer or that is related to a friend or whose sign they saw on a cute house, and that is NOT the way to spend hundreds of thousands of dollars.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Honestly, it's nearly impossible to decipher all that paperwork and fees and taxes and everything else you're forced to sign at closing. It's very common for a realtor to push you toward a certain title insurance company, home inspector, etc. and even try to lead you to a specific lender and homeowners insurance company. They may get commissions (kickbacks) from those companies for leading customers to them. It's all a racket but remember that the homebuyer is the only real source of money in the transaction so they are the ones who get jerked around the most.

No, they don't. That's a baldfaced lie.

They will steer clients to people they have experience with to ensure the deal closes without any hiccups.

DP here. Realtors DO get kickbacks! Quit trying to cover for your corrupt practices.

No they don't. If they use a title company that is affiliated with their brokerage, the brokerage benefits financially but the agent does not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Honestly, it's nearly impossible to decipher all that paperwork and fees and taxes and everything else you're forced to sign at closing. It's very common for a realtor to push you toward a certain title insurance company, home inspector, etc. and even try to lead you to a specific lender and homeowners insurance company. They may get commissions (kickbacks) from those companies for leading customers to them. It's all a racket but remember that the homebuyer is the only real source of money in the transaction so they are the ones who get jerked around the most.

No, they don't. That's a baldfaced lie.

They will steer clients to people they have experience with to ensure the deal closes without any hiccups.

DP here. Realtors DO get kickbacks! Quit trying to cover for your corrupt practices.

No they don't, you stupid dumbass. And, I'm not an agent.

Jesus, you stupid people with your rabid imaginations.

+ 1. I was an agent for 10 years on a top team. The only kickback I got was lunch at Matchbox. We had fancy dinners from lenders and "classes" from title companies. No home inspector is giving a kickback.

So, you admit to receiving "kickbacks", just not from home inspectors. And yes, what you describe are kickbacks - favors granted with the expectation of a return, unless you believe there is such thing as a free lunch, free "fancy" dinners, free education... Nothing is free but nobody needs to be reminded of this.

And, bizarrely, you "+1" the statement that people who say agents get kickbacks are "stupid people". Really? Your response amounts to calling yourself stupid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Honestly, it's nearly impossible to decipher all that paperwork and fees and taxes and everything else you're forced to sign at closing. It's very common for a realtor to push you toward a certain title insurance company, home inspector, etc. and even try to lead you to a specific lender and homeowners insurance company. They may get commissions (kickbacks) from those companies for leading customers to them. It's all a racket but remember that the homebuyer is the only real source of money in the transaction so they are the ones who get jerked around the most.

No, they don't. That's a baldfaced lie.

They will steer clients to people they have experience with to ensure the deal closes without any hiccups.

DP here. Realtors DO get kickbacks! Quit trying to cover for your corrupt practices.

No they don't, you stupid dumbass. And, I'm not an agent.

Jesus, you stupid people with your rabid imaginations.

+ 1. I was an agent for 10 years on a top team. The only kickback I got was lunch at Matchbox. We had fancy dinners from lenders and "classes" from title companies. No home inspector is giving a kickback.

So, you admit to receiving "kickbacks", just not from home inspectors. And yes, what you describe are kickbacks - favors granted with the expectation of a return, unless you believe there is such thing as a free lunch, free "fancy" dinners, free education... Nothing is free but nobody needs to be reminded of this.

And, bizarrely, you "+1" the statement that people who say agents get kickbacks are "stupid people". Really? Your response amounts to calling yourself stupid.

What is described above is not an automatic kickback. Certainly the provider who gives the lunch and info session HOPES for more business because of it, but there's no obligation for the serviced to provide one.

Not any different than when doctors attend info sessions with drug reps during which a meal is provided (often enough at Ruth's Chris or they get nice takeout to bring to the hospital to serve to staff while they listen, etc.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Honestly, it's nearly impossible to decipher all that paperwork and fees and taxes and everything else you're forced to sign at closing. It's very common for a realtor to push you toward a certain title insurance company, home inspector, etc. and even try to lead you to a specific lender and homeowners insurance company. They may get commissions (kickbacks) from those companies for leading customers to them. It's all a racket but remember that the homebuyer is the only real source of money in the transaction so they are the ones who get jerked around the most.

No, they don't. That's a baldfaced lie.

They will steer clients to people they have experience with to ensure the deal closes without any hiccups.

DP here. Realtors DO get kickbacks! Quit trying to cover for your corrupt practices.

No they don't. If they use a title company that is affiliated with their brokerage, the brokerage benefits financially but the agent does not.

The kickback doesn't need to take the form of money. If I provide you with training or education that would otherwise cost you money, that's the same as giving you money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Honestly, it's nearly impossible to decipher all that paperwork and fees and taxes and everything else you're forced to sign at closing. It's very common for a realtor to push you toward a certain title insurance company, home inspector, etc. and even try to lead you to a specific lender and homeowners insurance company. They may get commissions (kickbacks) from those companies for leading customers to them. It's all a racket but remember that the homebuyer is the only real source of money in the transaction so they are the ones who get jerked around the most.

No, they don't. That's a baldfaced lie.

They will steer clients to people they have experience with to ensure the deal closes without any hiccups.

DP here. Realtors DO get kickbacks! Quit trying to cover for your corrupt practices.

No they don't, you stupid dumbass. And, I'm not an agent.

Jesus, you stupid people with your rabid imaginations.

+ 1. I was an agent for 10 years on a top team. The only kickback I got was lunch at Matchbox. We had fancy dinners from lenders and "classes" from title companies. No home inspector is giving a kickback.

So, you admit to receiving "kickbacks", just not from home inspectors. And yes, what you describe are kickbacks - favors granted with the expectation of a return, unless you believe there is such thing as a free lunch, free "fancy" dinners, free education... Nothing is free but nobody needs to be reminded of this.

And, bizarrely, you "+1" the statement that people who say agents get kickbacks are "stupid people". Really? Your response amounts to calling yourself stupid.

NP but this is pretty standard in a LOT of industries. I work for a software company, we take potential clients out to lunch because we hope that they will buy our product. We take sales people at consulting firms out to dinner because we hope they will recommend our products to their clients. It's not a "kickback", it's good business.