Recently I bought a home, after 3+ years of home hunt. It’s definitely not the dream home, to which I over bid 40k. My realtor from Redfin has big role in the over bidding and also I was tired of the weekend tours. Now my home value shows +8k in Redfin compared to zillow. Seems a scam to me. Companies like these are really culprit pushing up the housing market . These days I see many houses for sale by owners and their adds are not shown in Zillow and Redfin. Is there any other website that caters sale by owners, fore sale etc ? I was speaking to an Indian lady, an ex JP Morgan, now an agent/realtor, She mentioned she doesn’t have to do anything because the sellers agent actually suggests the Inspection, title forward , attorney etc. I think as a buyer we just need to get an attorney and inspection. Saying that, Is it really justified to have, a leach of a buyers agent, claiming 2% of your home value ??
No, certainly not to buy. Selling is a little more difficult but I’ve bought my last 2 homes without a realtor. The realtor association is a “rent seeking” cabal desperate to keep the current closed loop system where they make some pretty outrageous commissions for assuming no legal liability or risk and for very little work. Based on typical days on market and the time it takes to go from “contract” to “settlement”, (I live in a HCOL area), I figure the last realtor I used made about $ 1,000 an hour ($30,000 total commission) to send a few emails and then show up at settlement to “hold my hand”. The settlement company is doing all the paperwork anyway. I use a real estate attorney now to draw up my offers (and amendments if necessary). It has cost me anywhere from $1,500-$2,000 in total from start to finish. I then use the 3% commission the seller was budgeting to spend paying my realtor, and negotiate to lower the price by that much, or get a credit back at settlement for 2% (I typically split the savings with the seller). It is a better experience, significantly cheaper for both parties and I don’t have an annoying twenty something who took a two hour online certification to become a realtor, show up at settlement expecting to be paid $1,000 an hour for nothing.
Thanks for sharing
It’s a rip off yes. Hands down.
Most real estate agents are straight up scammers
These real estates agents business are like a scam. Homes around my area are like millions. Buyer takes 3 percent of a 3 million dollar home for literally 5 hours of work since these homes sell themselves due to high demand. I should have just turned myself into a real estate agent so I can buy my own home.
Building something that aims to replace realtors (most of them), all your initial questions to be answered by chatgpt, will connect you to lawyers, loan, inspection, general contractors. You will have your own offer template, and a suggested price range based on comps. Would really appreciate if you can give us some input, like if there’s one feature you would need, what that would be? Thanks
During my research I always felt where to start the home hunt without an agent. Redfin/Zillow had an edge with the ads, so it was a default choice. May I was not searching enough or may be searching at wrong site Imo - these are few points to start with 1) Open ended business model, that doesn’t need two type of agents. 2) A one stop shop to connect a home buyers with “lawyers, loan, inspection, general contractors, title forward” 3) repository for last 10 years inspection on the home
Are you serious? First of all redfin and zillow price estimates are just that. Estimates. So your whole thought process is nonsensical and wrong. Your whole thought process on market conditions is wrong. You wrongly thing that your realtor caused you to “over pay” Yes real estate agents get too much commission for what they do these days but man….youre in tech and you’re this dumb and uneducated?
The point of a buyer's agent is so you can visit homes outside of open house hours. A buyer's agent will call up the seller's agent and get the door unlocked. But if you don't have an agent and yourself ask to see a house, in my area the seller's agents won't talk to you because (a) they aren't letting randos off the street inside, (b) if you haven't signed a contract with an agent you look like you aren't serious and might just be window shopping, and (c) the seller's agent is looking out for his fellow realtors and trying to maintain their cartel.
Agreed. This process needs bit streamlining. Seems it’s business controlled by the agents whose contributions is make some phone calls and shake hands at the end.
No need, as long as if you have a attorney for $400 fee more than enough. Seller will be more happy too.instead of paying to agent, ask seller to reduce the home price.
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You literally have every part of this process wrong. Your core mistake is hiring a RedFin realtor instead of a trusted one with good reviews that your neighbors or associates recommend. I can’t even with the other misconceptions you have. Zillow/Redfin home value means nothing. Trying to sell a home by yourself… good luck.