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Yeah holy gently caress dude, that realtor is the worst.
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Mar 18, 2020 07:51
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Veni Vidi Ameche! posted:My realtor is fed up with me. We’ve looked at like forty houses. I’ve had two under contract. One fell apart because of a collapsing garage, and one appraised for like 8% under asking and the owner, who thinks she’s sitting on a diamond, figures she’ll just wait for someone else to come along and overpay. That’s funny, because she’s asking nearly 250% of the median home value in that area, and it is not an area where anyone is coming in with a cash offer for that amount. The entire city has like three or four houses that have sold in that range in the past year, and those were all bigger and/or included commercial space. That house has since been pulled off the market and put back on twice. I’m going to guess it’s appraising too low. I’ve made offers on three others which were all snatched up by other buyers with five+ backup offers on day one or two, including one where I offered well over asking. I made a couple of other offers that were countered, but I wasn’t interested in their counters. It’s gotten real bad since the weather got nicer. I feel like I’ve been acting in good faith, but he’s pissed, lol. Every relationship is different, but if you're working with a buyer's agent you should have a good working vibe and trust. Forty houses is a lot--even with a few pulling in the driveways and nope-ing out--that's five plus days in the car. After forty houses, your realtor should know exactly what you want. At this point in your relationship, you should be getting calls for surgical strikes: A new home comes on the market that matches your criteria and you get a call about visiting that day. Your Realtor after all needs to be doing the work--they will be making 1.5% to 2.5% after their firm takes a cut. In our state, at first substantial contact, the real estate agent is supposed to explain agency. Based on this thread--no one understands agency, so no one seems able to explain it without making folks fall asleep or go cross-eyed. After the agency explanation, there often comes an Agency Agreement. If you signed an agreement there are few things you need to check: 1) When does your agreement expire? 2) And how long after being shown a property is your agent due a commission. Easy to cancel an agency agreement, especially when it is a buyer's agency agreement. We have a "TERMINATION OF AGENCY AGREEMENT AND RELEASE" form in our state. Check if your state has one, print it out, fill it out, and both sign. But realize that if you do decide to buy a house that the 1st realtor was involved with--depending on how long after the Termination agreement they might still be due a commission. This can get ugly if you signed an agreement with a new realtor indicating they were due a commission on the sale. i.e. you don't want to be in the position where the seller pay's one agent like normal, but you have to reach in your pocket and pay the other. tl:dr Don't just ghost the bad agent and find a new one. Make sure the Agency Agreement is terminated.
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Mar 18, 2020 16:08
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quote:In our state, at first substantial contact, the real estate agent is supposed to explain agency. Based on this thread--no one understands agency, so no one seems able to explain it without making folks fall asleep or go cross-eyed. After the agency explanation, there often comes an Agency Agreement. If you signed an agreement there are few things you need to check: 1) When does your agreement expire? 2) And how long after being shown a property is your agent due a commission. In Texas I've never had the agency talk with an agent. About 10 years ago when I kicked the tires on a few houses my agent requested that I sign an agency agreement which I declined and we subsequently stopped working together. (Edit - we declined because it specified that if we didn't purchase a home resulting in a commission we would owe her a portion of rent from our next rental whether or not we used her). Since then I've bought a house through a major broker and recently shopped and put an offer in using a Redfin agent and neither asked me to sign an agency agreement. Also, re: Veni Vidi Ameche!: It's difficult for me to understand why you need to be looking at 40+ houses. I know historically people lean on agents to show them a lot of properties, but everything is listed on Redfin/Zillow at this point. I can understand wanting to see variety in your first few weekends of shopping, but after that you should be spending enough time browsing listings to have a set of criteria that filter most houses out and only visiting the ones that have a lot of potential. I will also typically drive by houses that I'm interested in to see whether the location and neighborhood are a fit before I even engage the agent. Andy Dufresne fucked around with this message at 18:46 on Mar 18, 2020 |
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Mar 18, 2020 16:41
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HycoCam posted:Being "house poor" is a thing. And it is a thing many DINK's do with their first house. The quickest way to shutdown the spend more talk is to say your willing to look, if they are willing to submit offers at your current offer amounts. House poor isn’t for me. I have an agency agreement, which he just sort of threw onto the pile of documents I e-signed on my first offer. It expires early/mid next month. It’s immaterial, though, because I’ve decided I’m not buying a house until some of this uncertainty shakes out. Andy Dufresne posted:Also, re: Veni Vidi Ameche!: It's difficult for me to understand why you need to be looking at 40+ houses. The photographs are often not representative of what you see once you get inside, and those “approximate” measurements of bedrooms don’t seem to be related to reality as we know it. Also, as soon as the weather starting warming up, houses were disappearing so fast that there was no time to weed lists and do a lot of recon. I made two offers on houses the day they came on the market, one of which was significantly above asking price, and they were gone the following morning with 5-10 backup offers each. That meant I had to go and visit more homes. I know what I’m looking for in the houses, so my realtor had us on 15-minute slots. He put in a lot of time and work, but it was a total of maybe five trips out, plus he met me once or twice for second looks at places. Maybe I was a nightmare client and I just don’t know it, but I’m not making a purchasing decision equivalent to several years of my salary based on what’s convenient for my realtor.
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Mar 18, 2020 17:46
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Appraisal came in. The condo we're under contract appraised at 360k. We got it for 345 and 5k in help in closing costs. Not the best timing, given all the uncertainty, and the wife and I will probably decide to wait a few months before we do some of the changes we wanted (wife is concerned about the lack of closet space so we were considering doing a custom reach in closet in the main bedroom, for example). But given the location, the metro area, and the condo itself, we're sure that long term this will have been a great deal, even if we are initially under water given the current mess. Andy Dufresne posted:In Texas I've never had the agency talk with an agent. About 10 years ago when I kicked the tires on a few houses my agent requested me to sign an agency agreement, which I declined and we stopped working with her. (Edit - we declined because it specified that if we didn't purchase a home resulting in a commission we would owe her a portion of rent from our next rental whether or not we used her). Since then I've bought a house through a major broker and recently shopped and put an offer in using a Redfin agent and neither asked me to sign an agency agreement. 2 under contract, plus 3 other offers. Doesn't seem unreasonable to have looked at 40 houses given all of that. And I'd add that the agent doesn't seem to be doing a good job in terms of advising the client on offers and other things to consider if putting offers on 5 places led to 0 closed deals.
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Mar 18, 2020 17:59
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You're not a nightmare client. But your market sure does sound like one! You've been doing what you're supposed to be doing--putting in offers. As for signing agreements--in North Carolina, the real estate commission requires a signed agency document. With a seller--you've got to have the agreement before putting a property on MLS. With dual-agency or designated dual-agency, you need a signed agreement from both buyer and seller. When you are representing a buyer you need it before closing. Imho, the best and my prefered buyer's agents will leave the agency document signing document as the first document that gets signed at closing--in essence if you don't like your buyer's agent you just walk away and find some else.
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Mar 18, 2020 18:11
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Reading stories here I feel like I lucked out with my realtor. I looked at only like 3 places before he sent me an unlisted property just a text description with no pictures of a place that seemed to fit my criteria and I ended up buying it.
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Mar 18, 2020 18:31
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Veni Vidi Ameche! posted:House poor isn’t for me. I have an agency agreement, which he just sort of threw onto the pile of documents I e-signed on my first offer. It expires early/mid next month. It’s immaterial, though, because I’ve decided I’m not buying a house until some of this uncertainty shakes out. I glossed over the amount of offers you've put in, so I don't think you've been doing anything wrong in retrospect. I'll echo what others have said though: your agent crossed a line. Pressuring a client to buy outside of their comfort zone or rush a decision is an immediate red flag, and the fact that he kept pressing would have made me stop working with them full stop.
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Mar 18, 2020 18:49
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Andy Dufresne posted:I know historically people lean on agents to show them a lot of properties, but everything is listed on Redfin/Zillow at this point. I can understand wanting to see variety in your first few weekends of shopping, but after that you should be spending enough time browsing listings to have a set of criteria that filter most houses out and only visiting the ones that have a lot of potential. Looking at a listing online is fine and all but it's extremely difficult to actually get a feel for a place without a physical walk through, either with your agent or at an open house. People use filters on photos to hide poo poo, distort the size of rooms to make them look bigger, etc. Cheap flips are obvious in person but sometimes invisible in listings. Assuming it has a basement and they included photos of it (tons of houses I looked at didn't), it is probably impossible to see cracks in a foundation wall at those resolutions. Not to mention you can't smell a house through your computer.
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Mar 18, 2020 19:33
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Andy Dufresne posted:I glossed over the amount of offers you've put in, so I don't think you've been doing anything wrong in retrospect. I'll echo what others have said though: your agent crossed a line. Pressuring a client to buy outside of their comfort zone or rush a decision is an immediate red flag, and the fact that he kept pressing would have made me stop working with them full stop. Those texts only came in yesterday. I wanted to be done with him, anyway. With the virus and this, I am. I am done looking, period, for the time being. He calls women "bitches" a lot, like right down to consistently referring to Siri on his phone that way. The last house we looked at, I asked about the status of another house, and he said, "Let me call this bitch and find it what's going on." I think he might be kind of a dick.
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Mar 18, 2020 19:45
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Veni Vidi Ameche! posted:Those texts only came in yesterday. I wanted to be done with him, anyway. With the virus and this, I am. I am done looking, period, for the time being. Uhhhhhh
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Mar 18, 2020 19:47
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I had a really good realtor who was super patient as we looked at 40+ houses - foreclosures - back in 2009. He was based in Piedmont which is a pretty fancy expensive enclave city within the city of Oakland (seriously look it up, it's bizarre), we were shopping way below his typical client's price (max $250k was our budget), he didn't care. Was just friendly and joked with us and shared stories and helped us out constantly and made time for our dumb questions. We started shopping for real in ~june, made one offer in early november, and made a second offer on another house in december that was accepted, so he put in six months of occasional work for us for what must have been one of his smallest commissions the entire year. He sent out annual christmas song mixed CDs to all his former clients every year. Custom ones he made himself, with a custom card. He died this past winter of brain cancer.  Pour one out for Doug Fuller, he was a real one. https://dougfuller.net/
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Mar 18, 2020 20:02
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Veni Vidi Ameche! posted:Those texts only came in yesterday. I wanted to be done with him, anyway. With the virus and this, I am. I am done looking, period, for the time being. Dude, wtf. That is extremely unprofessional - good riddance. Don't let him sour you of all realtors. Most of them are actual professionals who are respectful. I'm confident that when you feel comfortable buying again you will have a far better experience.
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Mar 18, 2020 20:11
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Jordan7hm posted:Uhhhhhh It’s cool, he’s just “taking it back”.
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Mar 18, 2020 20:36
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Andy Dufresne posted:Pressuring a client to buy outside of their comfort zone or rush a decision is an immediate red flag, and the fact that he kept pressing would have made me stop working with them full stop. If any realtor tried to tell me that I "deserve" a nice house that I can sell in a few years, I would tell them to go gently caress themselves and report them ASAP. Veni Vidi Ameche! posted:Those texts only came in yesterday. I wanted to be done with him, anyway. With the virus and this, I am. I am done looking, period, for the time being. Tell him that you deserve a realtor who actually knows what they're doing and wants to do their job instead of chasing a commission.
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Mar 18, 2020 21:00
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Leperflesh posted:I had a really good realtor who was super patient as we looked at 40+ houses - foreclosures - back in 2009. He was based in Piedmont which is a pretty fancy expensive enclave city within the city of Oakland (seriously look it up, it's bizarre), we were shopping way below his typical client's price (max $250k was our budget), he didn't care. Was just friendly and joked with us and shared stories and helped us out constantly and made time for our dumb questions. We started shopping for real in ~june, made one offer in early november, and made a second offer on another house in december that was accepted, so he put in six months of occasional work for us for what must have been one of his smallest commissions the entire year. Sounds like a pretty stellar guy, downloaded his 2019 holiday mix We've come across about three agents out of probably, literally, 500 that did not piss us off. One, the first is pretty junior, gave him a try but had to move on; second is an INTJ type lady but she knows her poo poo and knows what rules to bend to make the deal work, third is some Doug Fuller type person we met at an open house, we have his card I bought one of those $15 business card/rolodex holder things and have been putting every business card I get in it. It's been surprisingly helpful. I take photos on my phone of some cards, but that physical file has been priceless.
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Mar 18, 2020 21:11
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Veni Vidi Ameche! posted:
 Once is perhaps a funny glimpse into their mind or poor taste in jokes. Twice they're fired. That's hilariously unprofessional. I would call his agency and tell the managing partner why you're firing him. I can't believe you put up with someone who objectively sounds like a douchebag.
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Mar 18, 2020 22:29
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Jordan7hm posted:Uhhhhhh Yea that's putting it lightly. Hell Realtor's around here at least are a dime a dozen if you want some that at least put in some work without being a complete douche. Find another one asap. Did this guy have reviews or something? How did you end up going with him? Super sad to hear about Doug.  Ours did something sort of on the same wavelength late last summer that made us stick with him. He had a customer appreciation dinner party that was catered and everything and we met a bunch of his clients that bought houses through him. Everyone had something good to say about their experience and pretty much solidified our choice to go with him. Otherwise before him we usually just contacted the realtor of the houses we were finding online and a few were really good if much younger and evidently less experienced though they looked to have a good future ahead of them, well until now. On the flipside, not all realtors that have been in the business for a long time are good. One we ran into at a house she was showing must have just been really lonely or something because she would not stop talking or leave us alone as we checked out the site. It wouldn't be so bad if it was actually useful information about the house/area, but it wasn't and while I don't mind a little small talk, we weren't looking for a house with a completely unrelated life story.
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Mar 18, 2020 23:05
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EdEddnEddy posted:Otherwise before him we usually just contacted the realtor of the houses we were finding online and a few were really good if much younger and evidently less experienced though they looked to have a good future ahead of them, well until now. This would be the seller's realtor, right? Really don't suggest anyone do this. They work for the seller, not the buyer. My aforementioned realtor didn't have me sign anything. It was one of the first things he said to me - basically people sign stuff blah blah he won't ask but all he asks in return is that I don't screw him over "oh show me 40 houses, thanks, I'll be buying a house with another agent." Didn't do anything like catering or CDs or whatever but I find that kind of stuff weird (not in a bad way). In my mind, this is a one-time business transaction; I'm not looking to make friends. Though I suppose people usually end up selling their house at some point so they're looking for repeat customers, which makes sense. But to me, if my realtor wasn't good enough to re-use the first time around then no amount of catered dinners is going to change my mind. totalnewbie fucked around with this message at 23:24 on Mar 18, 2020 |
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Mar 18, 2020 23:20
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Veni Vidi Ameche! posted:Those texts only came in yesterday. I wanted to be done with him, anyway. With the virus and this, I am. I am done looking, period, for the time being.
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Mar 19, 2020 01:08
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So as someone looking to buy a house in the next year or two, are there any resources to look to as far as when we can expect home prices to bottom out from the coronavirus stuff? Is next winter too soon? Is it impossible to say? I tried looking at the 2009 recession, and it looks like it was 3-4 years post stock market crash before homes actually hit their bottom, but I don't know if that kind of delay is typical in terms of how far the real estate market drags behind the rest of the economy.
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Mar 19, 2020 01:51
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No one knows. Way too many unknowns. Ceteris paribus you might not expect to see a big price collapse after a 2009-style crash because there’s a ton of cash in funds doing investor-owned housing now, but who knows what their model is now; this is much different.
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Mar 19, 2020 02:20
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bullet3 posted:So as someone looking to buy a house in the next year or two, are there any resources to look to as far as when we can expect home prices to bottom out from the coronavirus stuff? If you could accurately time the market with any semblance of certainty, you could make a mint as an analyst.
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Mar 19, 2020 02:21
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bullet3 posted:So as someone looking to buy a house in the next year or two, are there any resources to look to as far as when we can expect home prices to bottom out from the coronavirus stuff? Impossible to know. https://fred.stlouisfed.org/series/USSTHPI Recessions of 80, 91, 2001 saw no decline in home prices. 2008 saw the market reach bottom 4 years after the recession him. If you want something specific to your hometown, google case-shiller index for your metro area.
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Mar 19, 2020 02:38
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bullet3 posted:So as someone looking to buy a house in the next year or two, are there any resources to look to as far as when we can expect home prices to bottom out from the coronavirus stuff? If anyone had this information (they don't) they would give it away on some dead comedy forum. They would be in a position to own most of the world.
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Mar 19, 2020 02:40
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My realtor who is from Ireland sent me a card for St. Patricks Day saying congrats on your 6 month move in anniversary and he included a scratch off ticket. I won $6 on the scratch off, so if I ever sell this place he's definitely getting a call.
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Mar 19, 2020 03:20
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I've literally never thought about my realtor after the sale closed.
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Mar 19, 2020 04:16
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H110Hawk posted:
It was a little bit frog in the pot, a little bit sunk cost fallacy. He didn’t come out of the gate acting like such an rear end. It was the second or third trip when he referred to a seller as a bitch. I thought that was unprofessional, but the lady totally was a bitch, so I chalked it up to frustration. By the time it was clear that he was both kind of a lovely dude and maybe also kind of a lovely realtor, we were thirty-plus houses deep, and I knew I was nearing the end of my search due to some time constraints. I didn’t want to start over with someone else, and lose some of the limited time I had left. Someone asked how I found this realtor. The mortgage guy at my bank recommended him. Then the realtor and the mortgage guy at my bank recommended a mortgage broker friend of theirs. Maybe my bank only wants to deal with half-million-dollar mortgages or something, but the mortgage guy from my bank seemed to be guiding me toward using their friend from the minute I started working with the realtor he recommended. It felt slightly shady. The final nail was the last offer I made, the one where I offered above asking price. We got an email back saying, “We’ll be calling for highest and best tomorrow at 1pm. I’ll assume this is your highest offer unless I hear otherwise.” He asked what I thought about that, and I said I was willing to move a bit, but I didn’t want to bid against myself. I was already well above asking price, so I figured there was a good chance I had put in the best offer. I told him to tell her we want to get the call when she calls around for highest and best if we’re not it. He said absolutely nothing to that. The next day, while taking him to look at a house I’d seen the previous weekend at an open house, I asked him a couple of times about the offer I had in because it was well after 1:00pm, and he finally snapped kind of annoyed, “Look, I hate to be the one to tell you, but that house is gone. It’s going to be snapped up by an investor or a cash buyer.” When he finally called (this is the time he said he was going to call “that bitch” to find out what was going on) it was in fact gone. I asked why we didn’t get a call like I’d requested, and he said, “You can’t play games like that.” I was like, what the gently caress, dude? You did not tell me that. I specifically instructed you to tell her we were interested if we were outbid. I thought that was the whole point, and, if it isn’t, why didn’t you tell me when I gave you that instruction? Also, if you thought my offer was doomed, why the gently caress didn’t you tell me that, instead of waiting until the next day when it was too late to matter? Completely coincidentally, I am sure, that house was the lowest-priced of the ones I’d made an offer on. I let him know I wasn’t happy with the way that went, and that night is when I started getting those texts. Veni Vidi Ameche! fucked around with this message at 06:52 on Mar 19, 2020 |
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Mar 19, 2020 06:49
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Not to say that your realtor wasn't an rear end-hat in general, but most sellers and real estate agents don't want to fart around auctioning a house off. When they say "give us your highest offer" they really want you to say how high you are willing to go, not 5% less high than your personal max. Your guy should have told you that and told you to make your max offer, but it IS playing games when you try to act like buying a house is like an auction where you can hold back and wait for someone to beat your offer.
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Mar 19, 2020 07:49
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Anonymous Zebra posted:Not to say that your realtor wasn't an rear end-hat in general, but most sellers and real estate agents don't want to fart around auctioning a house off. When they say "give us your highest offer" they really want you to say how high you are willing to go, not 5% less high than your personal max. Your guy should have told you that and told you to make your max offer, but it IS playing games when you try to act like buying a house is like an auction where you can hold back and wait for someone to beat your offer. It seems like a lot more of a game to say, “you’ve made an offer, but why don’t you just go ahead and make a bigger one without any additional information?” If that’s the game, whatever, but my realtor was useless in this situation. If he had just told me, “this property is going to get snatched up for more than you’re offering, and here’s why...” I might have understood what I was up against, but he acted like my offer was a great move on Sunday, and told me it never had a chance on Monday.
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Mar 19, 2020 08:08
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It means that person doesnt know how to value a house properly, or have the correct connections to be worth their price at all.
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Mar 19, 2020 08:31
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Veni Vidi Ameche! posted:It seems like a lot more of a game to say, “you’ve made an offer, but why don’t you just go ahead and make a bigger one without any additional information?” Banks absolutely have 'people' they try to have you work with. The excuse is that they'll be able to fast track anything but it's really just to keep the financing in-house. When my wife started looking, she was given an agent from our bank's affiliated partner. But that person wasn't very communicative and didn't really have any listings that were in the price range so we dumped 'em.
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Mar 19, 2020 15:26
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We has a house.  My parents were excited and since they have nothing to do currently, Mom is doing some cleaning and Dad already starting on the epoxy garage floor while we are at work today. Pics of before and after to come. The garage floor currently looks like utter crap because whoever finished it was terrible at their job + all the paint and other spills over the years. I guess there is a Home Owners thread I need to saunter off to now? EdEddnEddy fucked around with this message at 19:40 on Mar 19, 2020 |
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Mar 19, 2020 18:34
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Nice typo.
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Mar 19, 2020 19:38
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WithoutTheFezOn posted:Nice typo. I thought I caught it with auto correct and didn't look close enough. Whoops, fixed.
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Mar 19, 2020 19:41
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No I meant it. Bought a house. Better sander off. Welcome to  territory.
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Mar 19, 2020 19:49
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WithoutTheFezOn posted:No I meant it. Bought a house. Better sander off. Welcome to Crap you're right. I already am going on about getting the realtor sign off my lawn and making "Get off my lawn" jokes so yep. lol 100% Friggin Psyched overall.
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Mar 19, 2020 21:46
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Well the house I was so uncertain about and ended up not making an offer on just went for 70k over asking so I don’t even loving know.
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Mar 20, 2020 03:50
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Pretty sure the title company got the zip code on the house I'm buying wrong. We're two blocks away from the boundary with the one they put us in, but come on. Our agent said he looked at everything and it was correct. I'm pretty unhappy with him right now. I understand it's not his job, but he shouldn't have said it was good if he can't tell.
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Mar 20, 2020 04:01
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| # ? May 17, 2024 04:13 |
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Anonymous Zebra posted:Not to say that your realtor wasn't an rear end-hat in general, but most sellers and real estate agents don't want to fart around auctioning a house off. When they say "give us your highest offer" they really want you to say how high you are willing to go, not 5% less high than your personal max. Your guy should have told you that and told you to make your max offer, but it IS playing games when you try to act like buying a house is like an auction where you can hold back and wait for someone to beat your offer. That's not negotiating; that's begging for more money. Of course realtors and sellers want you to pay more money. They both get that money. You, as the buyer, are the one paying the money.
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Mar 20, 2020 19:56
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