Reply to Biden admin going after realtors!

Forum Index » Real Estate

Reply to "Biden admin going after realtors! "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Can't wait for buyers to have to pay for their own agents. When we get buyers' agents out of the picture (because most buyers won't pay for one), it will be a much more honest system.[/quote]

Services will become a la carte for buyers.

This ruling is really going to make RE attorneys a lot more valuable in the process. Most buyers were relying on their agent to advise on various aspects of the process. When, really, they should've been working with an attorney on the contract and ensuring they were not getting taken for a ride.

The contracts are boilerplate - you fill out the various pieces: price offer, contingencies, lender info, etc. I had to make all those decisions myself - my Redfin agent just filled it out.

My agent then talked to the other agent....and that was it. Contract accepted, here's the dates we are thinking of closing, etc.

Then the closing is all done with a title company in your jurisdiction....there's nothing for your agent to do.

So really the only important thing for a buyers agent is to fill in the blanks on a NAR standardized contract according to your directions. That's about it. And it should probably be a RE attorney doing that for you, not some agent who has no fiduciary duty and can have only a HS diploma.

It's been such a stupid system for a looooooooooong time. [/quote]

I agree that the system has been messed up for a long time, but I don't think that a la carte services or RE attorneys paid for by buyers is the solution. There's just no need for that. There's a standard form and the buyer makes selections. The process would become more transparent for the buyer. Then the title attorney handles the legal aspects and coordinates with the lender.

The best solution is to just have one realtor for each home. The seller selects the realtor and pays 2%. Buyers contact the seller's agent to see the property, and the seller's agent shows it to the buyer. There would be fewer realtors. The realtors left would make 2%, which is close to their current standard of 2-2.5%. They would do a little more work to earn it though.

Some people have a very misguided understanding of what a buyer's agent actually does for you. They don't look out for the buyer or provide any legal support. NRA is banking on the fear and neediness of first-time buyers, but this hand-holding is unnecessary and results in higher costs for the consumer.[/quote]

Am I correct that you’re proposing having a joint buyer/seller agent as the norm?  Wouldn’t this create conflicts of interest and even more ethical problems? [/quote]

You sound like a realtor. The motives of buyers agents are already in direct conflict with the best interest of buyers. Buyers agents want the buyer to pay as much as possible and offer the best terms to close the deal. No joint agent. Just a seller's agent who shows properties to buyers, just like the sales guy at the car dealership, appliance store, clothing boutique, etc. all show their wares to the buyer.

You're towing the NAR party line of pretending to serve in the best interest of the buyers. Realtors never have.[/quote]

Even sellers agents really don't represent the sellers. If you ever read [b]freakonomics[/b], you'd see that they represent themselves, because there is an incredible incentive for them to get you to accept the first offer, because whats the difference to them if you get 1.1M or 1M, 30K vs 33K, their difference is 3K, your difference is 67K. When realtors sell their own homes they hold out longer for higher offers.[/quote]

Ohhhh laudy... that's a dirty word on this forum.[/quote]

Adam Smith is to Freakonomics as Thomaa Jefferson is to Donald Trump. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics