tag:blogger.com,1999:blog-4797432599663441966.post6105378961368095586..comments2008-07-10T23:34:24.854-04:00FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comBlogger40125tag:blogger.com,1999:blog-4797432599663441966.post-29989050837430427272008-05-17T14:15:00.000-04:002008-05-17T14:15:00.000-04:00

When negotiating on behalf of my buyer-clients, I delve into certain data to assess how a particular home builder is negotiating with other buyers. When I'm armed with this data, it's merely a starting point to get a better deal for my buyer. By extrapolating the details of a new home transaction, there is potentially thousands to be saved.One can research the home buying process to a great

Home Buyer's Agent - Atlanta, Georgia GAhttp://www.georgia-new-homes.net/Buyers_Agent_Atlanta_Georgia_GA_New_Homes/page_1737006.htmlnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-79236074297346675722008-05-08T20:02:00.000-04:002008-05-08T20:02:00.000-04:00

As a 1st-time home buyer, my husband and I were lucky enough to run across an ethically questionable buyer's agent. We certainly realize the value in having one, if they are actually working FOR you! I used Frank's "live chat" and he was TREMENDOUSLY helpful. As we have not yet received a copy of our "agreement" we are going to try to notify the brokerage that as a result of not receiving it,

andeegal26http://openid.aol.com/andeegal26noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-2652543404507671132008-03-08T21:21:00.000-05:002008-03-08T21:21:00.000-05:00

My agent ref me to a loan broker who was his father, I live in cali & he removed contigencies knowing we didn't have a loan and we thought we did. we had to put 5% down for loan, Then our loan guys calls us 10 days before close asking us for 3% more & with an outrages APR or else I will lose my 10,000 in escrow. We had to leave work and try to get another loan from Bof A which we got with out

Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-72286436350202015552008-02-29T13:27:00.000-05:002008-02-29T13:27:00.000-05:00

Hey Anonymous, Can you use a fake name? Or your first name? So I know who is who.As for getting out of the buyer agent contract. I didn't follow your question. On the one hand you said you got out of a contract, on the other hand you want to know how to get out of one?You can try talking to the broker or an attorney.More often then not, the reason the buyer wants out of the contract is not

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-53712776083571925742008-02-29T12:42:00.000-05:002008-02-29T12:42:00.000-05:00

Still no response on how to get out of a contract!!! I found myself as a first time homebuyer in such a predicament where I knew the realtor did not have my best interest and kept telling me lies....including all loans have a prepayment penalties!! I did use that to get out of a contract. But how does a buyer protect themselves when an agreement is not working????

Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-61203787880293249722007-09-06T10:00:00.000-04:002007-09-06T10:00:00.000-04:00

Dear Anonymous,I'd rather have a client pay $5,000 OVER list price on a place that is under priced vs "saving" them $75,000 on a place that is $100,000 overpriced and getting some huge bonus. In your scenario, the agent would be incentivized to steer them toward the one that gave the bonus and not the one that was a better deal.And don't think that this doesn't happen. In my building at Clarendon

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-41981989760660967582007-09-06T08:06:00.000-04:002007-09-06T08:06:00.000-04:00

I am all for protecting everyone's rights in an agreement. However, as the standard EBAA clause reads, the buyer can never be certain that the agent is TRULY working for them. Basing the reward, (the commission), on the sales price is not incentive for the agent to negotiate a lower price. A buyer's agent agreement should indicate that 1) the buyer pays the buyer's agent directly and; 2) the

Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-21565998681209785182007-07-23T23:40:00.000-04:002007-07-23T23:40:00.000-04:00

Great article! I'm really happy to see that another Realtor is questioning the system in place for years that has done nothing to help the consumer. Its designed by Realtors, for Realtors. If you have the opportunity, stop by my blog at http://blog.developersagent.com/

Jesse Kayehttp://www.blogger.com/profile/05248234170889894204noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-66529915353039293122007-05-11T21:10:00.000-04:002007-05-11T21:10:00.000-04:00

Hi Frank,Regarding anonymous' question (getting out of the agreement), what if you are unhappy with the agent that you have been working with and want to go with a different agent in the same brokerage firm? If the EBAA is with the brokerage, are you on the hook for paying 3% to the old agent and the new agent? Or is the 3% just to the borkerage? Thanks for the great blogging!

Fencenoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-88858439432602982292007-03-24T16:13:00.000-04:002007-03-24T16:13:00.000-04:00

How does the price of the home relate to the value of services spent on buying that home? Couldn't a Realtor spend more time with a picky family trying to buy a $300,000 home than a non-picky family trying to buy a $600,000 home? Yet the Realtor charges more to the non-picky family. Frank, you and other Realtors talk about your earnings per hour of work, yet you charge a percentage of a

Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-84667846449012706472007-03-18T09:35:00.000-04:002007-03-18T09:35:00.000-04:00

It amazes me that even some real estate attorneys think a rebate of commission to a principle is fraud - on or off the HUD.

Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-26845427948157160762007-03-12T00:08:00.000-04:002007-03-12T00:08:00.000-04:00

Wow, the first few paragraphs made me furious, way to suck us in and turn it around. Those are some great points you make. Personally as an agent I wouldn't hold someone's feet to the fire. If they have a legitimate reason for not working with me chances are I feel the same way. That goes for sellers and buyers.

Brian Brumpton: Brian Brumpton Boise Realtorhttp://activerain.com/brianbrumptonnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-23109530053759743812007-03-12T00:00:00.000-04:002007-03-12T00:00:00.000-04:00

The days of "I won't list a house and that proves I'm a more dedicated buyer's agent." Huh? I don't think any of us ever say that. What we DO say is that we DON'T list houses because that eliminates any potential for comflict of interest, and that we SPECIALIZE in serving the best interests of buyers. When you work only with buyers as a fiduciary you become a specialist and an expert on

Judith Clausen- Denver Realtorhttp://activerain.com/revclausnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-19239576543618405082007-02-24T21:43:00.000-05:002007-02-24T21:43:00.000-05:00

Dear Million!Great question. Blog coming soon on that topic.Frank

FRANK LL0SA Brokerhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-56246416782634307732007-02-23T14:34:00.000-05:002007-02-23T14:34:00.000-05:00

Frank, Joule has switched over to rentals... do you foresee any other new condo developments making the jump due to cancellations and/or lower than expected sales?Yes, I realize Joule is wrapped around a gas station (which clearly justifies the rents they are listing) and thus not indicative of the overall condo market in Arlington. But still, if you had to pick one other??Thanks.

millionnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-40114401319313809572007-02-21T12:23:00.000-05:002007-02-21T12:23:00.000-05:00

Assuming an agent does NOT work for a broker - how does the $ made from a sale break down? Lets say for example a sale of $600,000 house. What happens to the $30,000?

Geoffhttp://www.blogger.com/profile/12340048966558939193noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-64144509333245501892007-02-21T11:18:00.000-05:002007-02-21T11:18:00.000-05:00

Hey Baxter,Thanks for your comment.Did you know the average Realtor in the US makes $17,000 per year?

FRANK LL0SA Brokerhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-31712523989044060032007-02-21T11:12:00.000-05:002007-02-21T11:12:00.000-05:00

All this is simply irrelevant - the question is not about whether agents - buyers or sellers side - should get paid. They should get paid.The real question is that 3% of the price has simply no relation to the work being executed. The 3% was set to cover fixed costs for selling a house when prices were low. The 3% is $10,0000 for a house at $333,000, but 20,0000 for something that sells for

baxternoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-61484731692267076622007-02-15T09:11:00.000-05:002007-02-15T09:11:00.000-05:00

Sorry if I wasn't clear, but "tchaka" should know that I referenced the statement as warning to brokers in general.That statement, along with "6% is standard", and "don't list with a discount broker, no one will show your house" are red flags.

Formfillernoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-35998272972783887322007-02-15T00:31:00.000-05:002007-02-15T00:31:00.000-05:00

Does "Formfiller" not realize that the "the standard" comment is actually you pointing out the bad elements in the business?-Tchakahttp://tchakaowen.blogspot.com/

tchaka owenhttp://www.blogger.com/profile/01854363105662976449noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-55001341178426276842007-02-15T00:25:00.000-05:002007-02-15T00:25:00.000-05:00

Hahaha....I know you so I already knew where you were going. I also remember the very deal you pointed out where you were "fired".I'm going to bookmark this blog and share it with clients. You're timing's great - I just showed 2 houses to a couple and was explaining the advantages of signing with an agent.-Tchakahttp://tchakaowen.blogspot.com/

tchaka owenhttp://www.blogger.com/profile/01854363105662976449noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-5272231090064083642007-02-14T09:56:00.000-05:002007-02-14T09:56:00.000-05:00

at post!I also let my buyers who sign rep agreements know that if at any point during the process they feel that I am not doing my job, they "fire" me with valid reason.Being in the NVAR arbitration committee, I see that while a buyer rep agreement can help, it isn't the end all, be all to determining procuring cause. Your point about new construction is good as well. After working with a

D'Annnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-78598040541327206722007-02-13T12:39:00.000-05:002007-02-13T12:39:00.000-05:00

Currently, I am on the other side of the horn on BAs. I know I know, I am probably going to get hammered for this considering the forum I am presenting to, but hear it out.We signed one with a realtor after seeing a few homes with him. We felt like it was the right thing to do considering he showed enthusiasm and knowledge that we didn't possess. Now after 5 (FIVE) failed attempts at putting

Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-86627629497971958222007-02-13T10:41:00.000-05:002007-02-13T10:41:00.000-05:00

Hello NE buyer,As for #2, I disagree. I don't try to hide anything. My contract is VERY clear, and my clients are ok with the concept of their paying the Realtor fees one way or another.Oftentimes if it is a FSBO, a net is reached and then an addendum is created to add back in the fees by increasing the price. And yes "the standard" comment could be a DOJ issue. But I don't say that, so no

FRANK LL0SA Brokerhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-1478214931785963662007-02-13T08:53:00.000-05:002007-02-13T08:53:00.000-05:00

Let me give you the perspective from the other side:1. Nothing in the BA (a) changes the underlying dynamic of the RE transaction; i.e., no commission is paid unless a deal is done, and the higher the price the higher the commission, or (b) that a dual agency exists. Unless it is a true BA, where the buyer's agent receives 100% of his/her compensation from the client under an agreed-upon

formfillernoreply@blogger.com