This is soft socialism 1. A Chinese native, who was with the federal reserve Chicago &.now works for the federal reserve in Virginia wrote a thesis on a new commission structure in 2018 2. The first lawsuit came out of Chicago land It's all a sherade
I’m buying a house for $90k in Texas right now and I’ll be paying my agent 2% and closing costs are looking to be 7-9k just to give people an idea. I’m having seller pay 3% of that closing. This doesn’t include down payment so make sure you have a healthy savings!
Great info! I am literally doing the final touches before stagers come next week. I haven’t talked fees with my realtor, i just verbally committed to her because our dogs are best friends It’s a condo and she lives in the building
@@obedcalixteRE correct so after I put them under contract I’ll charge a showing fee and if all realtors get on board with is it will stop the lookie loos and people wasting your time trying to see houses they can’t afford
That's definitely what it felt like though. My mom and myself are completely new to buying a home. Never even thought it would be possible in our lifetime because we came from poverty. But recently we've been in a much better financial situation and my mom was looking for the very first time ever at homes on Zillow and set up an appointment with a realtor to look at one mind you. It's her first time ever even entering this world looking at a home or talking to a real estate agent etc. And before we're even there for 30 minutes. This lady pulled out this whole contract and tried to get my mom who is a complete noob and doesn't know anything about this world or this contract and try to get her to sign it and lock her in. And I think that's completely unfair for someone who has never done any of this before to uphold them to a legally binding contract that they know nothing about. She didn't even offer for her to take it home and read it over. She wanted her to sign it on the spot with barely having read anything in it nonetheless understanding what was in it. And all the real estate agent kept reiterating was I don't work for free. I don't work for free. I don't work for free.... And I'm thinking like duh-ho nobody does. But you're not about to pressure us into signing a full contract when this is our first even encounter with this whole entire process. And we know nothing about it and you're trying to take advantage of that clearly. Very much a bully. If she hadn't been so pushy about it, maybe we would have read it over and signed something then and there. But now she probably feels like we wasted her time and that's her fault for being so damn pushy and rude.
One word “Steering”.. Agents got greedy, plain and simple. The buyers agent only cares about the commission. Your dream home could be in front of your face but the MLS shows 1.5% commission. So they’ll just show you homes that have higher commissions. This might not be true with all agents but ask your self, Why did this law come to pass then?
Strange thing is “steering” in this context is super new. I have some ideas how this lawsuit came to pass but will keep them to myself. Great agents won’t go anywhere. Greedy and unskilled ones will likely perish.
I think steering is less common. I found the house I wanted and just found an agent to do the paperwork. They never showed me any houses. I chose. I've done it like this every time I purchased a house.
🌴🌴🌴 You have an awesome way of explaining things in layman’s terms. Thank you for what you do. It’s going to be a very strange next couple of years regarding buying and selling homes. I wonder if this new way will change when we see many people giving up and not being able to sell or buy homes. (I hope this makes sense). Blessings,Carlos ✝️🙏❤️😊🇺🇸
What I never understood was why as a seller would I have to cover the buyers agent I didn’t hire them
Essentially a finders fee. Also helps the buyer afford the house. Also leaves less room for lawsuits in the future.
@@realestatesteph again wtf am I paying for that didn’t the buyer sign an agreement with them why wouldn’t they pay the “finders fee”
I've been doing buyer brokerage agreements forever
Each state has different laws though
* im licensed indiana & michigan
This is soft socialism
1. A Chinese native, who was with the federal reserve Chicago &.now works for the federal reserve in Virginia wrote a thesis on a new commission structure in 2018
2. The first lawsuit came out of Chicago land
It's all a sherade
Would love to read that
I’m buying a house for $90k in Texas right now and I’ll be paying my agent 2% and closing costs are looking to be 7-9k just to give people an idea. I’m having seller pay 3% of that closing. This doesn’t include down payment so make sure you have a healthy savings!
Buying a house for $90k sounds amazing though! Yes have some savings for sure. I think a great realtor will work with whatever budget
Great info! I am literally doing the final touches before stagers come next week. I haven’t talked fees with my realtor, i just verbally committed to her because our dogs are best friends
It’s a condo and she lives in the building
Best of luck!
it's not confusing, people are making it that way... Michelle Harris, Ridgewood NJ
Agreed
@@realestatesteph there are people in my marketcenter that charge 6%... actual more work, longer consultations
I’m thinking about charging for showings now 🤔$25-$40 per house 💰
Have at it
Honestly that will keep the lookie lous out. Either that you can still force them to sign an exclusivity contract to represent them.
Why? You need an exclusive buyer agreement prior to showing the house
If you can negotiate it Put in a retainer fee
@@obedcalixteRE correct so after I put them under contract I’ll charge a showing fee and if all realtors get on board with is it will stop the lookie loos and people wasting your time trying to see houses they can’t afford
@@jonas000111 exactly
So basically The Realtors have come up with bullying tactics.
Maybe a little bit of a reach
That's definitely what it felt like though. My mom and myself are completely new to buying a home. Never even thought it would be possible in our lifetime because we came from poverty. But recently we've been in a much better financial situation and my mom was looking for the very first time ever at homes on Zillow and set up an appointment with a realtor to look at one mind you. It's her first time ever even entering this world looking at a home or talking to a real estate agent etc. And before we're even there for 30 minutes. This lady pulled out this whole contract and tried to get my mom who is a complete noob and doesn't know anything about this world or this contract and try to get her to sign it and lock her in. And I think that's completely unfair for someone who has never done any of this before to uphold them to a legally binding contract that they know nothing about. She didn't even offer for her to take it home and read it over. She wanted her to sign it on the spot with barely having read anything in it nonetheless understanding what was in it. And all the real estate agent kept reiterating was I don't work for free. I don't work for free. I don't work for free.... And I'm thinking like duh-ho nobody does. But you're not about to pressure us into signing a full contract when this is our first even encounter with this whole entire process. And we know nothing about it and you're trying to take advantage of that clearly. Very much a bully. If she hadn't been so pushy about it, maybe we would have read it over and signed something then and there. But now she probably feels like we wasted her time and that's her fault for being so damn pushy and rude.
One word “Steering”..
Agents got greedy, plain and simple. The buyers agent only cares about the commission. Your dream home could be in front of your face but the MLS shows 1.5% commission. So they’ll just show you homes that have higher commissions. This might not be true with all agents but ask your self, Why did this law come to pass then?
Strange thing is “steering” in this context is super new. I have some ideas how this lawsuit
came to pass but will keep them to myself. Great agents won’t go anywhere. Greedy and unskilled ones will likely perish.
I think steering is less common. I found the house I wanted and just found an agent to do the paperwork. They never showed me any houses. I chose. I've done it like this every time I purchased a house.
And last thing here, let’s find a buyer with extra cash 😂
True indeed
🌴🌴🌴 You have an awesome way of explaining things in layman’s terms. Thank you for what you do.
It’s going to be a very strange next couple of years regarding buying and selling homes.
I wonder if this new way will change when we see many people giving up and not being able to sell or buy homes. (I hope this makes sense).
Blessings,Carlos ✝️🙏❤️😊🇺🇸
I appreciate that!