Earlier quoted context omitted.
Add mortgage insurance in there too
And title insurance
I feel like we have had electronic databases with backup capability for so long that errors in titles should have long been a thing that does not happen anymore.
After a $1.8B verdict, the clock is ticking on the 6% realtor commission
11–20 of 220 posts
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#12Earlier quoted context omitted.
They'll just have to find a way to do that after they've finished taking 10 photos at 320x240 resolution (of which the last four are of the same room).
I don't know about lo-res, but the HDR images are always a big tell when I look at postings.
Tell of what?
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#13Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#14Earlier quoted context omitted.
And title insurance
I feel like we have had electronic databases with backup capability for so long that errors in titles should have long been a thing that does not happen anymore.
Same thought. You'd think title insurance would only kick in if the last title transfer predates say 1980, or some other relatively-likely-to-have-county-digital-records date
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#15Real estate sales is an industry rife with anti-competitive and corrupt practices. Appraisals, home inspections, lending, and sales are all in it together on this. I absolutely loathe them.
I recall reading a section in the California DRE salesperson training book 20 years back on canvassing for new clients. They actually discussed perusing local obituaries and contacting next of kin, because you know, there's a likely sale to be had. But they cautioned waiting 2-3 days as it could be seen as being insensitive.
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#16Ever since I bought my first house I have always hated the concept of realtors. Maybe before the internet it made sense because it wasn't easy finding houses. But what value does a realtor actually bring in the age of Zillow, Redfin, etc...
Also - the percent structure has never made sense to me. Why should a realtor make more money just because the house is more expensive? Does a realtor really deserve to make 60k on a 2 million dollar home sale? Did they really bring twice as much value as a 1 million dollar home sale?
I'm not saying that realtors don't have _any_ value. Yes if you are unfamiliar with an area it is nice to have someone who is familiar with the area help you look for a home. But with the internet this is nowhere near worth points of a sale of a home.
And yes, they can negotiate for you - this has value too... But is the delta of their negotiation skills worth 6% of the home value??
When I sold my home I was also frustrated. I remember when I looked for a realtor to sell my home they tried to convince me they have additional avenues they would sell beyond what me listing myself could do. "We will get your home on our LinkedIn page! On our monthly magazine!" Really? Have you ever heard of anyone buying a home from a LinkedIn page?
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#17Real estate sales is an industry rife with anti-competitive and corrupt practices. Appraisals, home inspections, lending, and sales are all in it together on this. I absolutely loathe them.
I find that it's very similar to mob tactics. Prospective homeowners just get passed and funneled from person to person that they effectively have no choice but to interact with. And each of those people take a piece of the pie.
And there are a lot of fear tactics used as well. Or FUD, at least.
"Don't skip the inspection, what if something is wrong" sounds sensible but pre-purchase home inspections are quite surface level, will only find visible, obvious problems, and in the fine print they disclaim responsibility if they miss anything.
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#18Some more discussion a few days ago: https://news.ycombinator.com/item?id=38156557
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#19I read the article, but I still don't understand how the National Association of Retailers enforce the 5-6% total commission. Does anyone know?
The incidence question (is the fee "paid" by the buyer or seller) is a semantic one, but if the cartel is able to inflate the total fees, that's something else entirely.
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#20Real estate sales is an industry rife with anti-competitive and corrupt practices. Appraisals, home inspections, lending, and sales are all in it together on this. I absolutely loathe them.
I recall reading a section in the California DRE salesperson training book 20 years back on canvassing for new clients. They actually discussed perusing local obituaries and contacting next of kin, because you know, there's a likely sale to be had. But they cautioned waiting 2-3 days as it could be seen as being insensitive.
What is wrong with that?
It is a fact that many homes are sold when their occupants die, and offering your services to a potential customer when the customer likely needs it does not seem out of bounds.