Random Thoughts - Part Deux [NO POLITICS]

[Tcoat]

Originally Posted by humfrz

OK, let me recommend plan B.

I suggest you go to this web site.

https://www.coldwellbankerhomes.com/...-city/offices/

Select an office near to where you wish to buy. Call and ask the managing broker to recommend an agent. Contact the agent and tell him/her you are interested in purchasing a property.

If it's a good agent/broker he/she will lead you through the process.

See ...... even easier, one phone call.





humfrz

Not nearly as complex as buying a header or coil overs!

[humfrz]

Originally Posted by Tcoat

Not nearly as complex as buying a header or coil overs!

Nor as hard as it must be moderating a forum ........


humfrz

[Tcoat]

Originally Posted by humfrz

Nor as hard as it must be moderating a forum ........


humfrz

Almost single handed.

[Spuds]

Originally Posted by humfrz

OK, let me recommend plan B.

I suggest you go to this web site.

https://www.coldwellbankerhomes.com/...-city/offices/

Select an office near to where you wish to buy. Call and ask the managing broker to recommend an agent. Contact the agent and tell him/her you are interested in purchasing a property.

If it's a good agent/broker he/she will lead you through the process.

See ...... even easier, one phone call.





humfrz

Going to add to this. Some agents nowadays are pushing to get the deal done quickly. I was lucky getting a fantastic agent, but I know some friends that felt pressured to buy what was available immediately, and less than ideal properties. As I understand it, agents get paid in commission when a property sells so economically, they want you to buy. Not that there is anything wrong with that, but buying a house is probably something that should not be rushed.

[Tcoat]

Originally Posted by Spuds

Going to add to this. Some agents nowadays are pushing to get the deal done quickly. I was lucky getting a fantastic agent, but I know some friends that felt pressured to buy what was available immediately, and less than ideal properties. As I understand it, agents get paid in commission when a property sells so economically, they want you to buy. Not that there is anything wrong with that, but buying a house is probably something that should not be rushed.

If I was ever pressured by one it would be on to the next. The problem may be trying to distinguish good advice from sales pressure.

[krayzie]

Here in Toronto it's the other way around. Buyers with hot Mainland China money are rushing agents to sell them property no matter what the crazy markup is in the 6 digits. Real estate agents are also advertising 0% commissions to buy from them, and if your home doesn't sell then the agent will buy it guaranteed at probably pennies on the dollar, so the agent can remodel it and then flip it. Local peeps like me can never afford to buy at these ridiculous prices.

[p1l0t]

Originally Posted by krayzie

Here in Toronto it's the other way around. Buyers with hot Mainland China money are rushing agents to sell them property no matter what the crazy markup is in the 6 digits. Real estate agents are also advertising 0% commissions to buy from them, and if your home doesn't sell then the agent will buy it guaranteed at probably pennies on the dollar, so the agent can remodel it and then flip it. Local peeps like me can never afford to buy at these ridiculous prices.

Don't worry a thing like this happened down South in a place called the United States. Eventually the inflated prices collapsed and we entered the "great recession" but things are back to normal now. At least on the surface. During the recession at the young age of 28 I was able to move out of my parents house and buy a house for cheap with the cash I saved up and lucky bets in the stock market. I didn't flip it though, I rent it out now.

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[Spuds]

Originally Posted by krayzie

Here in Toronto it's the other way around. Buyers with hot Mainland China money are rushing agents to sell them property no matter what the crazy markup is in the 6 digits. Real estate agents are also advertising 0% commissions to buy from them, and if your home doesn't sell then the agent will buy it guaranteed at probably pennies on the dollar, so the agent can remodel it and then flip it. Local peeps like me can never afford to buy at these ridiculous prices.

That sucks. On the other hand, you'll likely to be able to buy a REAL nice place in 5 years or so.

[cjd]

Our current place was purchased with the help of an agent that refuses to be a seller's agent... So his reputatation is in getting people the deal on the right house so they're happy and share their good opinion. His commission is paid out of the purchase price, officially by the seller. You can look at it as conveniently rolling the fee into the loan if you prefer...

I'm still not sure it was worth it. My property tax is far from the worst in the area but is more than many pay as their mortgage

Then there are the upkeep headaches.

Oh, we're supposed to be helping reduce stress right?

[Ultramaroon]

Originally Posted by Spuds

...buying a house is probably something that should not be rushed.

My mom was also an agent/broker when my brother and I were kids in the late 70s-early 80s. I had zero interest but enough still rubbed off onto me that when I first did a little shopping back in 2004 I was shocked to hear for what the agent said I qualified. He gave me the whole spiel about how most people don't keep their houses longer than 5 years, sub-prime this, balloon payments that...

It made enough of an impression on me that I started putting together the pieces of the unsustainable economy puzzle. I had a conversation about it with a colleague in 2006. We still talk about how we predicted the big crash.

[krayzie]

The thing I've noticed lately is a lot of so-called alternative mortgage lenders advertising everywhere, with storefronts setup by the dozens right in the heart of our downtown financial district (PATH shopping complex).

Months ago I read on the web that one of our subprime mortgage lenders would need a bailout from the gov due to a bank run, long before it was published on MSM.

Amazing how everything is still held together somewhat on the surface since 2008. But retail sector right now at least here looks like a deflationary collapse (just walk around the malls).

Well I hope at least most of us here have had our cars paid off.

[humfrz]

Originally Posted by Spuds

Going to add to this. Some agents nowadays are pushing to get the deal done quickly. I was lucky getting a fantastic agent, but I know some friends that felt pressured to buy what was available immediately, and less than ideal properties. As I understand it, agents get paid in commission when a property sells so economically, they want you to buy. Not that there is anything wrong with that, but buying a house is probably something that should not be rushed.

What you say is true - that most real estate agents get paid on commission. Usually the seller is paying the listing agent to list the property and the seller is offering a SOC (selling office commission) which is paid to the agent who bring a buyer.

So, yes, the more properties you list and sell, the more money an agent makes. HOWEVER, a smart agent, that wants to build a client base for future business transactions (repeat business) will not try to sell a property that the buyer doesn't really want to buy.


humfrz

[humfrz]

Originally Posted by Tcoat

If I was ever pressured by one it would be on to the next. The problem may be trying to distinguish good advice from sales pressure.

This is very true. Especially in a "hot" market.

For example, in the Seattle area, at this time, the number of buyers outnumber the properties for sale (a sellers market). Houses are going on the market one day and receiving multiple full price offers the next day.

So, how does one compete in that kind of market? One must be able to move fast (financially) ..... with as much cash into the deal as possible.

A good agent will know the market, only show you properties that you qualify for and help you set your priorities.


humfrz

[humfrz]

Originally Posted by krayzie

Here in Toronto it's the other way around. Buyers with hot Mainland China money are rushing agents to sell them property no matter what the crazy markup is in the 6 digits. Real estate agents are also advertising 0% commissions to buy from them, and if your home doesn't sell then the agent will buy it guaranteed at probably pennies on the dollar, so the agent can remodel it and then flip it. Local peeps like me can never afford to buy at these ridiculous prices.

Unfortunately, in a cut-throat real estate market like that, the only way to compete is with cash, which most of us do not have enough of to be competitive.


humfrz