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Ask HN: How to make the home buying/selling process suck less?

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Re: Ask HN: How to make the home buying/selling process suck less?

#21

Post by landemva »

incomingpain wrote: post #4

>This whole process is sucky for seemingly no reason. We found our own home we want and put a single offer and it got accepted and yet our realtor is taking a 2.5% cut. Industry collusion in a free market can be countered by entering the market to compete. Offer 0.5% and people should flock to you right? >Our mortgage officer only seems knowledgeable because they uses terms I can't understand but it seems like most o…

>>> Any attempt to fix this broken system will mean an economic depression.

That summarized it. In the meantime, I minimize what I contribute in taxes and am going to stand back and observe the chaos.

Re: Ask HN: How to make the home buying/selling process suck less?

#22

Post by frankbreetz »

maxmorlocke wrote: post #20
frankbreetz wrote: post #13

Idk, why real estate agents can't be completely automated away. Lockbox with a changeable code and an app where people can anonymously schedule tours. Make an off though another app and get the documents signed off by a notary. If you need an inspection or appraisal that can all be handle either by an app or by the buyer, or hire a real estate agent if you want. It seem ridiculous that you have to have a two real est…

I think this is a really naive idea, I think you're seriously underestimating the level of complexity in a real estate transaction. You're dealing with what is for many people is the most impactful and expensive purchase of their life. In that transaction, they have imperfect, limited knowledge of the market and acquisition process. Further, there are varying levels of dishonest actors within the process - with an ex…

These are all edge case, for more complicated cases you could still hire an agent. Think of it like the current tax situation in the US. 90% of people use turbo tax and H&R Block, but the rest have to hire an accountant.

If I know how much houses go for in my neighborhood, and know what I want, I should be make an offer on a house without an agent. If you are getting a mortgage it is going to have to be appraised anyway, so no one is going to get terribly screwed over. You could also get an inspection to point any red flags.

The current situation you basically have to have two agents involved which is silly, especially if the buyer and seller can reach an agreement by themselves.

Re: Ask HN: How to make the home buying/selling process suck less?

#23

Post by incomingpain »

landemva wrote: post #21
incomingpain wrote: post #4

>This whole process is sucky for seemingly no reason. We found our own home we want and put a single offer and it got accepted and yet our realtor is taking a 2.5% cut. Industry collusion in a free market can be countered by entering the market to compete. Offer 0.5% and people should flock to you right? >Our mortgage officer only seems knowledgeable because they uses terms I can't understand but it seems like most o…

>>> Any attempt to fix this broken system will mean an economic depression. That summarized it. In the meantime, I minimize what I contribute in taxes and am going to stand back and observe the chaos.

>That summarized it. In the meantime, I minimize what I contribute in taxes and am going to stand back and observe the chaos.

The better way to go about this. Invest in production. Invest in what you don't expect to blow up.

Work in a field or entrpreneur in a way that will help your society/community when things do blow up.

Re: Ask HN: How to make the home buying/selling process suck less?

#25

Post by solenoidalslide »

frankbreetz wrote: post #13

Idk, why real estate agents can't be completely automated away. Lockbox with a changeable code and an app where people can anonymously schedule tours. Make an off though another app and get the documents signed off by a notary. If you need an inspection or appraisal that can all be handle either by an app or by the buyer, or hire a real estate agent if you want. It seem ridiculous that you have to have a two real est…

> Idk, why real estate agents can't be completely automated away.

There are startups working on this very problem.

Re: Ask HN: How to make the home buying/selling process suck less?

#26

Post by johnsbrayton »

maxmorlocke wrote: post #20
frankbreetz wrote: post #13

Idk, why real estate agents can't be completely automated away. Lockbox with a changeable code and an app where people can anonymously schedule tours. Make an off though another app and get the documents signed off by a notary. If you need an inspection or appraisal that can all be handle either by an app or by the buyer, or hire a real estate agent if you want. It seem ridiculous that you have to have a two real est…

I think this is a really naive idea, I think you're seriously underestimating the level of complexity in a real estate transaction. You're dealing with what is for many people is the most impactful and expensive purchase of their life. In that transaction, they have imperfect, limited knowledge of the market and acquisition process. Further, there are varying levels of dishonest actors within the process - with an ex…

Most also only ever go through a small number of real estate transactions in a lifetime. If it’s your first or second purchase or sale, the agent is worth it. On your third or fourth maybe not — but how many buy more than two or three properties in a lifetime?
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