All Forum Posts by: Eric James

correct, and since everything is negotiable now, the game would even changing from buyer agent selection. Some broker may be ok to accept less buying commision but decline.

I typically negotiate my buyer commision too but to be extremely honest, only "Asian-born" is typically acceptng less buying agent negotiation, so if they're getting 2.5% and I would get 0.5%, but I mentioned to them I don't ask them to drive me around, I only want disclosure report and I would visit property myself.

The problem with very high hefty buyer agent while buyer agent almost do nothing is very real issue in bay area at least, most buyer agent is just trying to force buyer to submit their bid (and their life) with zero contingency and submit 100k above listing LOL LOL

this regulation would change these mentality for sure, the seller could be more greedy by now lol.

Now because buyer agent and buyer is determined upfront and then seller would have their own metric, these thing would be interesting. I can't wait to see  ReMAX only accepting 2.5% minimum and EXP can afford to live 1.5% ; some brokerage would face foreclosure in long term for sure LOL 

Now wait til one team EXPI is offering give me $10K flat fee or ala carte service, woooshhh, all commision rate is going to the bottom LOL

Too many people are just reading the headlines. For starters, NAR has zero control over what non affiliated MLS's do. The major one in our area, for example (major metropolitan city) will still plan on requiring commissions to be posted in the MLS. NAR isn't the end all be all police for the entire real estate industry, which everyone needs to realize, although they have lots of influence. They can't make paying a buyer's commission illegal on a national scale. It's ridiculous that some people are even saying or thinking that. That would get NAR in even more legal trouble if they tried to do that. All NAR is agreeing to is to not have "affiliated NAR MLS's publish "publicly" the coop commission. Several MLS's have already stated that listing agent can simply post the coop in private remarks, in affiliated disclosures in the MLS or through the showing confirmation. Many listing agents will be doing business as usual if they want to draw the largest pool of buyers, like FHA or
VA. The settlement isn't even a done deal. It's a proposal.

 I was thinking that the banks might cover a first time buyer 3% fee but it makes even more sense that the government would do it too.  The government needs money to keep moving to help stimulate the economy and tax revenue.  

 Then that buyer doesn't buy the house. If you can't come up with enough cash to pay 2-3% more you probably shouldn't be buying at that price point. Too many buyers in America now, I'm not worried about demand rn if someone cannot perform under contract. 

 If you want to sell now, sell it. If you brought it up to me and said Pete I don't want to pay the buyer commission I'd say no problem. Let's list at 3-4% and let me get to work. That's it. if the house is priced right a buyer will pay their commission OR you will get like 50k over asking and in the contract it will say seller pays 2-3% of buyers commission, which you would obviously do. 

@James Wise

Hey, I just want to say I was told in another forum post I am mean and it was irresponsible for telling a potential homebuyer who did not have earnest money deposit that if you don’t have the money for earnest money deposit that should not be buying a house

Because a 23 year old living with mommy and daddy’s mansion says they buy all the time with no money down….

So why you trying to kill their dreams -

Lightbulb moment!!!

- when will the gator guru start a new lending program - crocodile lending - you lend to people so they can pay their buyers agent

Ok no one go steal this idea.

 how does the first time home buyer who only has a minimum down and cant afford to pay a buyers broker going to navigate this..  So the buyer looking at 10 houses has no money to hire a buyers agent will end up having to call 10 listing brokers to look at the props they may want to buy .. then the listing brokers are too busy to show them.. ?   Just trying to think through the mechanics of how this will actually play out.  

I am all for the situation we face as builders/owners.. someone comes to my community i spend an hour with them showing them houses.. then 3 hours later their relative who happens to have a license calls and says she/he is writing it up.. that piss's us off..  now we can handle all our own buyers since our product is all in one place. but how are you going to do it with scattered inventory listed all over Cleveland and all these buyers calling you directly that want to view the homes .. I guess you could have your own team and they could go show the homes.. no way you personally are going to be able to do this time management wise.. other wise you wont be able to post on BP you simply wont have the time with all the deals your doing.   Talking to my wife she is not worried as her business is all listings by referrals which is the benefit of a 30 year career and one that is going to wind down in the next few years. 

boy I wish ours went like that..  thats a great outcome.. and back to what I always say this stuff is state specific. did you also have to put the agreed amount of the purchase price into escrow on the closing date or could you just hold your money and prosecute the action ?