In case you missed it, MSNBC’s front page linked to their RedTape blog which ran a little piece on bogus Admin fees. My 2007 admin fee post fueled part of the article. So far there are 515 comments over there, and 5,000 unique visitors over here.
I hate admin fees. Never charged them, never (more…)
Below is my quote in today’s Dec 7th 07 The Washington Post story, “Those Who Avoided Risk Call Plan a Raw Deal”
(photo disclaimer: I borrowed that jacket, since I don’t have one, and I was wearing shorts)
Ok, I know this is a little overkill, even for me. Maybe give me some humility points for holding off on reposting this for a week? Sorry, ultimately I just couldn’t contain myself. What is Frank shy about? Well, I was called “An American Hero” by a reporter who felt mislead into a real estate transaction and is sick of Realtors constantly using propaganda saying how the market is always flawless. So his blog was titled “An American Hero” for being a Realtor that tells it like it is, even if it is ugly (most of the blog highlights the ugly, I figure you can get the positive balance elsewhere).
J0NATHAN V. LAST the Online editor at The Weekly Standard (also writes for the Post, WSJ, Washington Times)
Some Galley Friends are aware of my slight misgivings about Realtors. But now I’ve found Frank Borges Llosa–a D.C. area anti-Realtor.
How great is Frank? If you go by his blog, he seems to know his stuff. And his mission statement seems to be along the lines of Are you sure you really want to buy that place?
But it gets even hotter–like this long post taking on the National Association of Realtors for their “It’s a great time to buy or sell a home” campaign. (Only Realtors could figure out how to work the square root of -1 into market economics.)
Go read it all.
Sometimes I wonder if anybody is out there reading this. This will help motivate me. And if you all like the message, make sure to post comments (50 so far) and sign up using Feedblitz (right-hand side of screen) to get daily email summarizes of my postings. No spam, just blogs.
Also, Dear Billy (my best friend, a marine who has been to Iraq twice)
Thanks for your service, I appreciate it. You really are An American Hero (I’m just a dumb Realtor after all).
– Written by Frank Borges LL0SA– Broker/Owner FranklyRealty.com
Videos at YouTube.FranklyRealty.com
Keywords: Housing bubble? Arlington, Alexandria, mls, homes, Real estate, Virginia, DC Realty, Realtor
CNBC STREET SIGNS: Homebuyer Beware
Do you know what your Realtor is making? You should.
Now that the market is slowing down, the incentives offered Buyer agents has
increased. Not across the board, but occasionally. I have recently seen incentives as high as 10% in Miami! And I saw one ad where they are offering a vacation to the Realtor. But the WORST I have seen is “$5,000 bonus for a full price offer.” This should be banned (it might be). The Buyer agent (even though paid by the seller) is supposed to be working for the buyer, not the seller. An agent that takes a $5,000 bribe instead of working to get their client, $5k or $10k is an embarrassment.
Buyers should know exactly what their Realtor is making?
How do you do this? You can start with an “Exclusive Buyer Agency Agreement.” I know what some of you are thinking “Oh, I don’t sign those, I would rather work 4 agents to help me find a home.” Ok, I can see how that initially would sound reasonable. But put yourself in the shoes of the agents. How likely is that agent going to be to help you try and fight for an extra $5,000 or $10,000 off? Human nature would kick in and say “why should I be aggressive on this offer if they might just go elsewhere if this deal doesn’t happen.”
Watch CNBC interview Frank Borges LLosa from FranklyRealty.com on the issue of extra bonuses. This interview pulled from the article “Do Real-Estate Agents Have a Secret Agenda?” in the And in article: “Home Buyer, Beware”.
At FranklyRealty.com we don’t believe in bribes and kickbacks. We agree up front for what we will be paid and anything extra is given back to you at closing. That way you know we aren’t showing you something just because of a bonus.
– Written by Frank Borges LL0SA- Broker/Owner FranklyRealty.com
Videos at YouTube.FranklyRealty.com
Keywords: Housing bubble? Arlington, Alexandria,
Homes, Real estate, Virginia, Alexandria, 22201, 22314, Fairfax Va, DC Realty, Realtor