THIS NEW CONTRACT Will Change Real Estate FOREVER!
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- Опубліковано 23 чер 2024
- Starting August 17, 2024 you will no longer able to just call any random real estate agent and go look at properties on a whim. No, no, no, you will need to sign a buyers agent agent agreement, this will be mandatory after this date if you want to look at properties. And even though it does sound like a hassle, there actually could be some benefits to both the buyers and real estate agents moving forward. It's definitely gonna have an impact on the housing market.
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The Lazy EPIDEMIC IS MAKING EVERYONE BROKE! ua-cam.com/video/pfodWz1OwAE/v-deo.html
I have to disagree with you. I stopped working for a paycheck when Biden tried to force all workers to be vaccinated. I will not go back to work until Biden is out of office and gone. I refuse to fund a communist regime
Michael, you didn’t address the VA buyers.
Many cant afford to work. Transportation, clothing daycare etc. Sad
Please do a real estate debate with Ricky Carruth, I think the community needs this. Ricky is telling people the exactly opposite what you’re preaching.
So what's to stop a buyer choosing which agent they want to deal with? Or if they don't like the look of the buyer's agent saying "well actually i don't like this agent, i'm using a different agent instead", and providing this property address to them? Like if it was me i'd tabulate a list of prefered buyer's agent find the property and approach the agent and say i want to view this property... Is there anything to stop me doing that ?
I sold my house on Zillow myself. Went to a law firm I know, closing costs 1500.00. No commission. Saved the buyer money and i made more. During the listing I had multiple realtors call berate me for not using them. The entire real estate industry is a scam.
I know at least 5 people that have sold their houses FSBO. It is the way to go. I hate realtors.
Did same thing save my self 1000s of dollars 👍🏻
Interesting. I never knew that you could do that.
@@KrisGerhardtwhat is FSBO?
Get regular calls from realtors trying to get some of my property. Not interested in selling and it's really annoying.
When I sold my house, I just told my neighbor. I had people from all over the neighborhood knocking on my door. I sold it to the daughter of the woman living across the street. She works in Boston but plans to retire here in Florida. Best of all, she's a native who grew up in the area.
Never used a realtor.
My relative’s girlfriend skipped town with her boss and my relative was stuck with an expensive home that he didn’t want. He ended up selling the home to a woman down the street for a quick cash sale.
Not signing a contract to see a house. How stupid
You can put in the contract that it can expire in an hour. There are all sorts of ways to protect yourself.
@@GabrielDoesThings- bought several houses - no agent. The title company or realestate attorney( and if financed) the mortgage company does most of the technical legal protection. The rest is common sense like for example yea get a home inspection check comparable listings etc etc
@@Horatio1886build Depends on the circumstances. If the house has a lock box, you are not getting in unless an agent or the owner lets you in.
There has always been a buyers agency agreement.
It's gonna be the law, however, there is expirations on all contracts. You can sign a 1 day if you want to see a certain home and are not looking aggressively.. Hope this helps
As an agent myself i can tell you this will get rid of 70 percent of most agents. Building trusted relationships is essential and you cant be greedy. It sucks but the agents have done this to themselves. I pride myself on not trying to get big bucks out of my clients and not put their interest first.
The realtor who sold my mother her current house later admitted that she didn’t really negotiate or double check information because she wanted to make the sale and move on to the next sale as soon as possible.
Your good karma will make you money!
You are a rare one!
Well, to be brutally honest, there's what; over a million real-estate agents. Most of which sell 0 or 1 property per year?
Maybe it's too easy for people to get into this practice and it certainly inflates the push to buy homes, which have in turn pushed prices upward further.
@@meglukeswell if that agent actually said those words, then she's one foolish person. If she really did that then she should not be admitting that. She just set herself up to be sued.
She should have her license revoked
I see a lot of Realtors quitting because in the future most people are just going to do sell by owner and leave everybody else out of it.
I've sold all my houses this way... Just find a buyer and the title company will do the rest.
@@jkmarshall3553 YEP I sold my property in 1 week FSBO in April 2020. Saved $40K. Just put a sign on the busy street and had an Open House every day. Who better to show the house--ME!! Interestingly my signs were routinely stolen. I wonder who by?? RE Agents maybe. It's easy especially in new build areas/newer developments. The builders drive in all kinds of potential buyers.😁😁😁
Yes, lets take our power back and stick to the man
@@GigiEmbrechts you mean " stick it"..
We will.
Sold my own house on Zillow. Agents hated me. Didn’t care.
I think currently and for the past years, most real estates agents got paid unreasonable too high commission than they deserved😂
Amen! for turning a key? if that? I remember before the internet there was some work involved.They have never had it easier. I fired three of them after having to sell my house. They were lazy, arrogant and most of all insensitive.
In July of 2013 I wasted $9,500 of my hard earned money on deceptive, lazy, game playing realtors who did very little to pretty much nothing to help sell my own home. In August of 2022 I wasted even more (about $21,000) to more realtor scum who extorted, disrespected and took advantage of me so I could sell my home which they had absolutely nothing to take credit for besides simply listing on the MLS. (I tried FSBO and was blacklisted & targeted). I've been looking forward to a day where their gravy train would come to an end and they would have to get real jobs.
My aunt is a realtor and she posted on Facebook the other day that every single client she has had this year has decided to either wait until after the election, went with a cheaper realtor, couldn’t get approved for the house or ‘couldn’t make the numbers work’. Everyone in RE is starving right now.
Good Stave they deserve it.
Good. Hope they can find a honest productive job.
Depends on the market, NJ is still hot since covid and hotter now than before the 2008 housing crash.
they aren't starving, they just have to actually work harder for their money now .
@@silkscreenart5515there’s always OnlyFans!
Maybe if we stopped electing lawyers to represent us, they’ll stop making it increasingly more difficult to do anything without hiring a lawyer.
Maybe it’s just me.
We also have a general trust problem in this country too.
Perhaps. I had a medical procedure a couple weeks back that landed me in the hospital the next day....Its so complicated, no lawyer will take the case. I just want the darn bill to be paid.
I hired a lawyer one time over 20 years ago. All he did was type up a paper for me. So guess what now I just type up my own papers and put whatever letterhead I want on it.
No it's not! You hit the nail right on the head. If you elect lawyers to represent you and write laws that make you work for them instead of the opposite, you get what you ask for. Great post.
As if voting has ever mattered
3% to a buyer agent, just to look at a house? When I do all the searching online to locate what I want? Nope. I will look for an open house and deal with the selling agent and my real estate attorney at closing. That'll save me $10k+
that is not to look at the house, the buyer agent does more than show you a house. The listing agent represents the owner.
@@altheacbarnes2522..yes but you don't need to have a Buyers agent, you can deal with the owner or the listing agent directly.
@@altheacbarnes2522 I have bought property many times before, including investment properties. Buyer's agent has NEVER added any value to my deals. They are negative-value middle-men. Internationally, one agent deals with everything. The US is the exception.
You will save nothing. The listing agent just takes all the money at 6%. The listing agent has a fiduciary responsibility to the seller. Not you as the buyer. So you will have zero representation. An attorney is fine but most do not hire one. Funny how all of you do not understand the obstacles involved when the inspector finds mold. Or basement walls are leaking. The list goes on and on. That is why buyers agents are a necessity. This NAR decision is a very bad move for buyers going forward.
That is my plan open houses and you can find the listing agent. Its not all hidden. I do all my research why should I pay you to open a door.
Nobody's going to sign a contract with buyers agents. Therefore, sellers won't be selling
I would think that would make sales happen even more…if a buyer has no agent, that means the sellers agent would get the whole commission!
@p.granger8824 what commission? Agents are switching to fees after the NAR lawsuit
@@J.James-Bowkey2830 GTK, I thought they were referring to buyers agents not getting a hidden C split. Sellers agents are strictly fees as well??
There should be a flat fee for selling a house, no more than 5K for everything.
thats what i did . Paid flat fee to a broker to list and 2% on the buyer side
I tried to schedule an appointment to see a listing on Zillow. The next day, I was contacted by someone I didn't know, who claimed to be assigned to me as a buyer agent by Zillow. I explained that I wasn't currently looking for an agent, and she became upset, saying she would report me to Zillow. 😮😅😊
I would never contact a realtor online. That's asking for trouble. Some things should only be done in person. Common sense 101.
@Oldeagle66 Well, it was a learning experience, and I wasn't looking for an agent 🙈🙉🙊
@@sleeplessinflorida
I can imagine. I made the mistake of just calling one and they bugged me for weeks.... lol.
She is reporting you to mother 😂😂😂.
@@Oldeagle66 😁🤣😄
as an attorney who has closed 1000s of deals; most buyers agents get contract signed and basically wait for commission ... less useful as time has gone by and technology enabled buyers to figure out home values, etc. Hire a lawyer for the contract review drafting ( realtors can't even draft custom provisions), good inspector and mortgage lender. Save the commission. Looks like NAR is trying the get buyers to hire buyer's agents through the back door. I hope buyers figure this out and that this spells the end of this monopoly.
Sell your own house, third parties are a problem.
Yes, thank you very much. That is what I have explained many times to my family and now others. I am trying to sell my house through a real estate broker since end of November. I noticed that they choose which houses they will show their clients - those who pay more commission, or because the value of the house is higher than mine. The realtors open the door, let the buyers go around and don't say a thing about the house. Outside I have security cameras and hear the most outrages wrong things about the house that are not even correct. I am going to sell my house by myself and get a lawyer to do the papers. I hope they will regret and go hungry or even have to take another job.
As if there wasn't already enough paperwork in real estate. It's insane.
Go through a title company when you buy or sell. When I bought my last house I was in their office for maybe 10 minutes.
Who's going to sign a contract just to view a property? Insane is correct.
All you need to buy a house is a real estate lawyer and find the house yourself. The lawyer may charge $1,000 or less. They do the title search and everything.
I have never put a down payment on a house or vehicle. Your job and excellent credit gets you there.
How do you gain access to the properties? Unless an agent or (rarely) an owner lets you in, the chances are slim.
@@georgeklimes7604 True
I think new construction will give better results. At least you can look without a commitment.
As for selling you can sell it yourself ( not buy owner ) thereby reverting 3% to yourself. I throw in a small incentive for the buyer but never closing costs. Something like leaving the appliances or $1,500 to use as they like. Sell the home AS IS. if you kept it in good shape the buyer will notice.
When buying you can also be your own agent and the builder usually has awesome incentives.
I bought a new home and had a voucher to select the appliances I liked to include washer/ dryer stove refrigerator microwave and dishwasher. All the wooden blinds, ceiling fans, alarm and garage door openers. Also $5,000 for closing.
We just have to be patient and not buy unless it makes sense.
Imagine someone is being taken to court on a serious crime and they decide to not hire a lawyer and represent themselves? Insane right? Even real estate attorneys hire real estate brokers to help them.
I've used title companies.
I plan to retire at 62 in another country outside the US that is free, safe and very cheap with a high quality of life. I could fully just rely on only my SS if I wanted to when that times arrives but I'll also have at least one pension, a 403 (b) and a very prolific lnvestment account with my Abby Joseph Cohen my FA. Retiring comfortably in the US these days is almost impossible. I honestly don't understand why people don't move to another country when they get older in retirement. It seems everybody has excuses for almost anything to not take action to better their situation.
Which country do you recommend?
I have a sister in Sri Lanka, should be easy for me to settle in
I know this lady you just mentioned. Abby Joseph Cohen Services is a portfolio manager and investment advisor. She gained recognition as a former employee at Goldman Sachs; a renowned investor she is. Abby Joseph Cohen has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
How can i reach her, if you don't mind me asking?
Well her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
It seems in the US you're paying way over the odds for these so called professionals. Here's how it works in the UK. Seller contacts real estate agent to market house. Buyer sees advert and has a look. Makes an offer, seller accepts offer. Offers are subject to contract and buyer not legally on the hook until a)pays a 10% deposit and then must complete or b) pays the full amount on completion date. In the interim the buyer can organise a survey to check whatever they want. The buyers lawyer does various searches and the seller ordinarily fills out a standard questionnaire.
I'm not exactly sure what sellers pay their estate agent, but generally its about 2% on completion. The buyer just pays for any surveys and searches. Both parties pay their own legal costs
What I see going on in the US seems like a massive waste of money.
Like most things here...they get turned into ponzi style money making opps for the club members
Yes and they drive around in bmws and Mercedes dressed to the nines. I know someone who had a $10 million listing that was under contract in 24 hrs. She listed and sold $600000 commission. Insane
@@taffyalusa4642 it's all who you know....most agents never get to this level
@@taffyalusa4642 The thing is with the internet marketing a house and buyers locating houses has never been easier or cheaper. In the old days pre internet photographs of houses for sale were put in physical mailer adverts even property magazines... Now it's just some digital photos uploaded onto property sites.
Real estate agents in the UK invariably say nothing so they don't get sued under 'property misdescriptions act'. Hence, they effectively only list facts given by vendors and open doors while you walk around inspecting the house.
Anyone can be an estate agent, so why people pay them anything over 1 or 2% is beyond me.
It’s called job creation out of no where that’s why US is where they suppose to be. Here everything has a meaning, you will not understand unless you live here. Call it waste of money is not correct. I would say there is an opportunity for People to cash in some of the sells. People with some knowledge does not need an agent just a title company and lender for legal stuff but most people don’t have bandwidth to deal with it so they choose to go with agent route
How did we get here in this age of unaffordable homes? Don't forget greedy sellers. We own a house in another city where we lived for 30 years, and we could sell it in a day if we priced it 20% below the average comps in the neighborhood. Since we bought it way back in 1983, we'd still get 3X what we paid for it while not being greedy, less than 5% annual rate increase. A relative is currently living in it but will not be there forever, and then we'll sell without expecting to "make a killing".
These people obscenely doubling house prices in three years which you have shown SO many times are greedy SOBs. Flippers are some of the worst, because every short-term sale means the house price shoots up without any real increase in value. This ALSO feeds the inflation beast currently devouring the nation.
I believe that one of the reasons is that people put a lot of effort and money to fix a house and then zillow and realtors are greedy and tell the sellers to sell for more , and also sellers want to have a profit to be able to buy another house. The commission is absurdly high. The highest in the world and they are a mafia who make all efforts to talk bad about your house if you don't sign their contract.
@@sophiahuber4756 Well, how many "absurdly high commissions" does it take to justify a doubling or tripling of home prices within three years? Few of these are "fixer-uppers", either; tax assessments tell the real story.
It's more greed than anything - sellers look at comps, and price accordingly. The degree of turnover in a neighborhood is directly correlated to a surge in prices. Of course, the agents who get percentages (and NO RE agents are getting 60% commissions!) tell them to "go ahead, jack that price up!! The market can bear it!!"
Until it can't which is what we are seeing. Without entry-level buyers, the whole move-up seller market will collapse, justifiably.
Bought my last house fsbo. Paid $500 for a lawyer. Couldn’t be easier. When I sell, it’ll be fsbo.
I have bought and sold real estate my entire life. I have never used a Agent to buy or sell.
Just call the listing agent and go see the property. Easy peasy no messy buyer's agent contract to sign.
Many listing agents won’t do this, and it may be illegal in some cases, as per my RE agent wife
@@YuenanCao how is that illegal, if shes an agent she should open the door for the "customer"
You are wrong. I’m an agent. Listing agents are getting way too many calls on a property. They will not even call you back most likely. Without a buyers agent, your chances of getting a contract looked at by a seller isn’t so easy peasy.
These "realtors" set up their scam like the courts. If you aren't "represented" by another "agent/attorney", you don't exist.
@kellylowery3089 a bad agent lol.. every call should be answered and every door should be opened if you are a "high performer" you have newbie that can easily open the door in your brokerage. We both know BY LAW all contracts need to be presented UPON receiving in the inbox.
You can contact the listing agent for a showing. The Buyers agent is unnecessary, middle man
We've done a lot of hard work to be like Brazil. And now here we are.
😂
??????
People need to realize that if they have time to show the house, they don't need a realtor to sell their house. All they need is a contract from the state where the property exists, and a title company to draw up the contract, do a title search, close the deal.
That is true but most p pole don’t know how to navigate a sale. The inspection, disclosures ( which could get you into a legal issue).
@@traceysweeney6965 When you pick up a state form, most of the information is included with it.
I got an agent through Zillow but she worked a full time job, besides being a real estate agent. It was horrible....I could only see homes after 5:30. I never signed anything, and after seeing 2 homes I never contacted her again!
Realtors can kick mudd I'll sell my home as sale by owner before i let them make money for nothing
Golly gee willikers We are gonna quit now!
Scary times. I’m ready to move out of the USA to live somewhere more affordable.
Find someplace that’ll take you you’ll be surprised how hard that is.
It's definitely alarming to hear about a default cycle, especially in the context of the housing market. Defaults can lead to foreclosures, and that has a cascading effect on the overall real estate landscape.
While it's concerning, it's important to look at the broader economic context. A default cycle doesn't necessarily mean the housing market is completely finished; it might signal challenges, but markets are dynamic, and they can recover.
But if more people are defaulting on their mortgages, doesn't that mean home values could plummet?
Yes, that's a possibility. An increase in foreclosures can lead to an oversupply of homes in the market, putting downward pressure on prices. It's the basic principle of supply and demand.
How can people address concerns about their property values?❤❤❤
Now might be an ideal moment to reevaluate your financial status. If you're worried about your home's value, consulting a real estate professional or financial advisor could be beneficial.
The "REAL" way of buying a House in any State:
1) Buy cheap/reasonably priced land
2) Install Well
3) Build the House anyway "You" like
4) Put a Fence Around it
5) Grow your own Veggies'n'Fruits
6) Harvest any Deer, Quails etc etc that steop on your land
Live Happily Ever After
You Wrote:
"The "REAL" way of buying a House in any State:
1) Buy cheap/reasonably priced land
2) Install Well
3) Build the House anyway "You" like
4) Put a Fence Around it
5) Grow your own Veggies'n'Fruits
6) Harvest any Deer, Quails etc etc that steop on your land
Live Happily Ever After"
Is that how your parents bought their house?
What state do you live in?
Can you explain why most areas will not let you do what you describe?
property tax the enemy
@@ihos501 How much in property taxes do you pay?
That sounds like a dream. It is hard to find the financial security to make that happen, particularly with a possible employment gap while setting set up, when your cost of living is so high just to be miserable near the city that you are barely making ends meet
NC will let me do that.@@cabot100
For anyone claiming “yay ill be a fsbo now!” I want yall to know i sell about $20,000,000 in real estate annually and the majority of my listings come from converting fsbo’s who learned the hard way selling your house isnt just posting pictures to zillow.
LOL this whole thing eventually goes up in flames. People think it's so easy (I'm not a residential agent BTW). Most people will be way over their heads and it has been easy the past half decade...it will not be going forward. I'm wanting some crazy amount as a buyer's agent in that environment. I also see lots of lawsuits.
That's exactly right! It's almost like saying I don't need to go to a physical therapist. I can go online and find stretching exercises to do. Same with FSBO. I don't need a real estate professional. I can go on Zillow and see what the Zestimate says.
"You've sold" LoL. You mean listed or shown homes, right. What's your closing line. "What's it going to take to get you into this home today?" Listing isn't selling, nor is showing.
@@jpmiller99 I think the intent from @kingoftampa was to show the value proposition of a real estate agent. This is our full-time job, crunching numbers, marketing property, and negotiating deals. You have every right as a homeowner to pay a professional photographer (I would at least hope so), make sure you disclose all material facts, determine whether your property is in a flood zone or not so that buyers are aware, if it's built before 1978, to follow the law and make sure to have a lead-based paint disclosure available, if you are in an HOA community, to make sure the buyers know if there are any pending assessments, what the current fees are, reach out to local lenders who can pre-approve the buyer, and make sure to connect with a title company or attorney to get from contract to closing.
Basically, the point is to show homeowners that there is a reason people have a license to sell real estate: it's complicated and tedious. And the fact that you believe just showing a home is all there is and we make certain statements such as: "What's it going to take to get you into this home today?" shows that you may not be familiar with the logistics of a sale in terms of correct documentation and communicating thoroughly so that a potential lawsuit doesn't come up down the road later FSBO. If you don't want to pay a buyer agent to do all of that for you at around 2 or 2.5 or even 3%, then best of luck to you!
@@jpmiller99 Oh... and what does it mean sell to you? Bcse all the agents coming thru my house don't do a thing. They do not know anything about a house to sell it, and look to rush out to get their clients to a more expensive house. I hope that all buyers agents have to beg really soon to sell a house for much less.
That’s why it’s gonna go back to for sale by owner. I’m never sign a contract with nobody to look at any house. I just won’t buy one.
If I ever sell my home. I will want mostly 1 ounce gold coins with 15 grand cash. No bank or relators will be involved. I will only have attorney with me to make sure the deal goes smooth.
@@NeverTrustGovrnmentOrGlobalist😂No one has gold in America dude. Do you live in china?
"To buy no house" lol.
I agree...No contract! No banks! Just REAl money - Gold! Paper money will be phased out!
@@CapoKabar There are some people around who have one ounce gold coins. It a very small percentage though. But it's the only way I would ever sell my house. Because I can't stand realtors or banks.
How did they come up with this ? And what if no one will go along with this BS ?
BS is exactly what it is. Everyone in RE gets paid and the Buyer gets screwed.
"You will own nothing and be happy"
It came out of a class action suit against the National Association of Realtors. Too long to explain. Settlement was 437Million and buyers wanted to pay their own commission because they felt they had no say in it. Now NAR is combing thru ALL their documents to ensure they will not be sued again. 67 new forms in California.
This guy has jt all wrong
During Robert E. Lee’s invasion of Pennsylvania, rebel soldiers ate tons of unripe cherries from farmers’ trees and developed intestinal distress and diarrhea, which was referred to as “Old Soldiers Disease”. - Killer Angels
This morning I stopped at a roadside stand and bought sweet cherries for the 300 mile drive back from Lake Michigan
thanks for the history!!!👊🏼👊🏽👊🏻👊🏿
I am so tired of corporate lobby groups (NAR) and corporations amd half assed legislation dictating to me how and who I need to pay to represent me. If I want a buyers agent, I will hire one but in Florida, I feel comfortable representing myself, thank you very much!
I'm from Rockford, IL and left in 2020. I saw th state going downhill for a long time before that. When anywhere you went there were tolls. I spent more on my commute than I did on groceries. Moved to Greenville, sc. Starting to see the cracks here too for other reasons. Nice seeing you in cherry valley. Keep up the great content.
Curious - what are the cracks youre seeing Greenville SC - curious in Duncan ?
What cracks in Greenville? Greenville is literally the reddest spot in SC. All of you have gone there and ruined the place. 😂
Democrat controlled city’s remind me of Warsaw pack countries in the 1960’s. Everyone is minding your business.
Greenville began going downhill long before the Covid wave began moving there from the Midwest.
The lots are TINY, the traffic is ridiculous, and it's being taken over by corporate interests.
If you want to move to a city with a strip-mall full of corporate leases and 2500sqft homes on 0.1 lots; then move to Greenville.
My wife and I prospected that place back in 2022 and it was already being over-run with drama from Atlanta. It will most likely be the first place outside of Florida to have a massive foreclosure problem come 2025/2026.
Real-estate prices are ridiculous (even compared to Florida), groceries prices are insane, and wages/contracts are 20% under national averages; completely unsustainable.
@@cynthiawylie3584 Greenville is republican
My aunt is a realtor and I took her with us to look at a house that we pretty much knew we wanted. My aunt got half of the listing agents 6% commission and got us one hell of a house warming gift!
@@Rich-lu6pd the cost that went to her was included in the price of the house. You bought yourself that gift by adding that cost to your mortgage.
😂😂😂😂 oh sh**
@@nonyabiz9340 lol of his lack of understanding.
@@nonyabiz9340 Commissions are always included in the price of the house. It was better getting half back than not.
@@nonyabiz9340 that came from the seller silly not the buyer.
Weak agents need a contract. One agent wanted a 6 month buyer contract. Even if they never had shown me the house i bought. I walked out, found an agent who didn't need a contract, she worked hard and found the house that fit my needs.
How did she get paid????
@@Girlslikeus89 Seller paid all transaction expenses in that state
This contract thing has been going on for years. More than once, in the past, when I was house shopping realtors would try to force me to sign a contract agreeing to 6 month commitment to them. I always refused. Most of the time they gave in and would still act as my realtor.
I'm a Realtor and never forced anyone to sign an agreement. The greedy Realtors have ruined it for all of us honest ones. I am already looking at other sources or income. This is ridiculous.
The agents you have spoken with have probably been burned several times by people wasting their time. I tend to find this to be the case with most realtors who ask for six months. I know Realtors who will not show a home to a buyer without a pre-qualification or pre-approval letter in order to show the seller that they’re not wasting their time.
It’s a moot point now because a buyers representation agreement will be required by law. The length of contract will still be negotiable. You will still have Realtors asking for prequalification and preapproval letters, though to ensure that nobody’s time is wasted by people who were just “looking”.
@@tsormmh3590 People have gotten lazy, and don't want to work for their money anymore. Showing houses to people who might not buy is just part of the job. It's always been a part of the job. Don't be an agent if you don't like it.
FSBO looking sweeter and sweeter all the time
The house around the corner was FSBO, didn't sell. So, they jacked up the price, got a local realtor and it sold in less than a week. The final selling price is not up on the major sites yet; I'm curious what they got.
Fsbo can backfire on the seller for many reasons. I'm not going to get into the reasons why but it's long and it's not necessarily about negotiating with the potential buyer
FSBOs are not for most. And even if it works for a person, it has been shown that the sellers generally get less profit than if they used an agent. But if you are comfortable with the pros and cons, go for it.
@@georgeklimes7604 Can you please provide a link to your supporting documentation for this? Everywhere I have found suggests the opposite :"Ohio FSBO sellers typically save an average of $7,008 by not paying a listing agent realtor commission. FSBO sellers in the state can save up to $13,630 on total realtor commission if they also don't pay the buyer's agent commission." . This seems consistent across all of the research I have done. The only contradictory information I have found comes from entities trying to sell me their services, such as realtors , etc. I am a bit skeptical of someone with a vested interest arguing as an appeal to ethos, rather than empirical data. Any unbiased data sources you may be referencing would be appreciated.
What a BEAUTIFUL PLACE, MICHAEL. And what horrible government in Illinois
It really is a shame - Illinois could and should be a great place to live, but due to decades of financial and political mismanagement, its the California or New York of the Midwest, but with worse roads. (Although Minnesota and Wisconsin are not too far behind).
Tax and spend. I’d be concerned about moving there. They are in such shoddy shape financially that you never know what type of tax hikes are coming next. All you would know is that the bill is coming due someday, just like the great way D.C. is mismanaged.
These are MLS 'rules', not law. I can find a buyers broker that will work with me directly without these contracts. It's really no different than a stores' 'policy'. It doesn't mean crap unless you agree to it.
You can sign a buyer's agency agreement for that single property. Just put the address of the property on the form, not a specific timeframe
I don't see many agents doing this, they will claim it's not worth their time or the amount of paperwork involved do provide short-term service. I do like your suggestion though.
@@Chirita008 Then they will not be in business for too long
I'm a trim carpenter and all the neighborhoods I go to witch is a ton of builders. I've never seen so many house's for sale. And these are gated communities. Now isn't the time to buy any thing. 😮
If I ever sell mine it will be just like I bought it. AS IS! What you see is what you get. Cash only.
No realtor required. Realtors just inflate the price with middleman fees.
I wouldn’t be surprised if the real estate industry makes confusing contracts that list a bunch of junk fees you’re unaware of. Just to squeeze a few extra bucks from you. Buyer beware.
BINGO - it's a mafia style syndicate
Dude that's just so juvenile... OMG :)
@@marvinphillips1326 my friend is an agent. She said that the agents will get around all the new rules and make the same amount of money just in different ways. That’s scary!
they also list the seller agent. I just call them. it’s there in plain sight
I’ll walk right up to the sellers house and say I want to buy your house. I’m not paying an agent a dime to buy.
Am in Hawaii and bought in 2016. 3.5% down at 3.25% interest. Things have definitely got out of hand. Work 2 jobs and can't move , or upsize for my growing family! I count my blessings, but wtf!
We totally experienced this. So annoying. We just wanted to see a house and so contacted the listing, assuming we’d get the listing agent. Then we were contacted by a buyers agent. We told them we didn’t want them and they were annoyed like we should have known we were being connected to a buying agent. It doesn’t say that on the website!
These websites now hire their OWN agents to out-compete other real estate agencies like ReMaxx. 😢
Call a local trusted real estate agency and talk/interview a few agents… select one and develop a working relationship with them… you will have to sign a buyer agency agreement. Agents don’t work for free. They only get paid after closing.
Stay away from online sites. Okay to look at for inventory but go to local agency with history in the community.
I think you are missing the point of the post. They literally just wanted to see the house. They may not be ready to buy right now or make an offer. What I'm getting from a lot of these posts is that you shouldn't have to sign a contract with an agent just to see the house. @@CabinGirl57
Should have cussed them out for posing as the listing agent and threatened to sue for deceptive practices.
There's no reason to get a buyer's agent. Just pay a lawyer $1000 to write a contract and help with getting inspection , title insurance etc. Why do you need a buyer's agent to find a house? Just go look at houses. No other country has buyer's agents. Why is there a secret MLS? All houses for sale should be available to all buyers.None should be hidden listings. Total commission in most countries is 2%. If you buy a small $3,000,000 house in Los Angeles the buyers agent's 3% commission is $90,000. Ditch your buyer's agent.
Facts, that's what I just said as well. You're not gonna talk to the owners anymore. Or the owners of the rental apartment either you gotta talk directly to the realtors. They're taking hold over and hanging everything now. Which means if a rent is 1500, you gotta pay them like 1500. Basically just to call the number. How weird is that? Thank God I live alike. Alternatively, it makes me appreciate living my alternative lifestyle. I really, really appreciate. The way I live now hell. No, I'm not paying that realtor fee just to move into someone's apartment or by house, no way.
I don't see the purpose real estate agents serve anymore. Before the internet sure it made sense but now why people can just for sale by owner, post on facebook, or manually on Zillow, and then using attorney for closing and/or let the buyer pay for an agent to handle their closing for them.
True. And, when homes are recorded on the blockchain through companies like Ubitquity this will make complete sense.
Thats how is usually being done in Europe
Because America is built on capitalism. If someone is making money, 5 other people need to get there hands in there too. Usually big banks or 3 letter government agencies.
If you ever get blackballed like me you will learn what real estate racketeers can do or not do. The problem is most buyers won't contact fsbo and zero agents will EVER show a buyer your fsbo.
Who shows you the houses?
🎉🎉🎉 Finally got a notification on this channel. Thank you Michael. Blessings,Carlos ✝️🙏❤️😊🇺🇸
❤🎉❤
Thank you for going over some of the points in the buyer/realtor contract. We've bought & sold 2 homes over our lifetime with no problem. We will start looking for our forever home after the summer, i didn't know what to expect. But this gives me hope it will work out ok.
I just talked to a real estate agent the other day. She is in a rural small area south of Nashville. She is with KW. I asked how the change would affect them; she was very matter of fact and said ,oh it's the same. It wont change anything. Said she just sold 5 acres south of Nashville for 87k an acre!
Wow to the new rules/coming up between realtors and clients! I get it though. It needs to be beneficial to both parties. (So cute, those two little girls following you single-file in what they thought was stealth mode!)
I bought my first house with zero down. Actually I bought it twice with zero down because of a divorce.
My house now I put $20 K down, but only because I got a settlement that made it possible.
While I have struggled to save, its never enough to give it all to a purchase like a house.
I don’t mind paying a commission to any realtor if i get what i want which is great loan terms,right price,enough sq ft,enough land,no HOA’s,no lot leases/land rent & no repairs needed that fit my “Net Income Budget”!!!!😌😌😌😌
I didn't like any of my 4 BUT I got them Sold and Not sued.I have a FINE lawyer too which I Gladly PAY TOO 5***>
Love your videos, Michael. I grew up in Wisconsin and joined the military in 2006. Still in the military and I now live in Tampa and really love all of your info. Keep it up!
No more realtors. You don't need them to buy or sell a home. I have never used them, your lawyer does all the work.
The lawyers show the houses? Nope. So you either need a FSBO listing, an agent holding an open house, an agent who is willing to let you in with no guarantee of getting paid, or an owner who will let you in (good luck with that, especially in cities).
That looked like a sour cherry tree not the regular cherry. Can do an episode on real estate lawyer, for example in Illinois is a norm to get a real estate lawyer an closing but in Texas they don't have lawyer that do this. I love the paved road.
At the end of the day, 'you' know your home and neighborhood and the positives of the area, better than anyone possibly can. YOU also can see who's coming in and out of your home. IF you can do FSBO, i completely would do so. Know your comps, know what will sell the home quickly. Don't be greedy.
Back in 1999, I bought a foreclosure from HUD. The agents split the commission. This new way seems like more money for the buyer to pay.
We need more deregulation. For example, in Hong Kong you can sign with several agents. Whoever delivers the goods gets the commission.
This is the way it should be. Unfortunately current U.S. standards help the seller and not the buyer.
You can do there here now. There's nothing in the new rules that say that any agreement you sign has to be an exclusive agreement.
Pick your own buyers agent. Let them work with the sellers agent. Not a biggie. Thing that has changed now is that seller does not have to pay buyers agent commission. May trouble you as a buyer but will help you as a seller.
You are still going to have to pay as a seller because buyer agents won't be showing your house if there is a seller who won't pay.
I have a friend who got a lot of help from these programs getting into her house and within one year she has had to apply for payment assistance of which she did not qualify and when her payment jumped up $51 a month she was calling and was very upset because her house was becoming unaffordable based on her income And expenses. They told my friend that the increase was due to her taxes and insurance, therefore she could shop around to try to find cheaper insurance or protest the value of her home is about as much as they offer as far as advice. The bad thing is rent in our area is also so high that regardless as to whether you rent or own your budget is stretched to the max.
Great information for everyone out there
I love the grounded reality of this channel!!!
*Retirement took a toll on my finances, but with my involvement in the digital market, $15,000 weekly returns has been life changing. AWESOME GOD* ❤️
I feel sympathy and empathy for our country, low income earners are suffering to survive, and I appreciate Wayne. You've helped my family with your advice. imagine investing $30,000 and receiving $95,460 after 28 days of trading.
I'm in a similar situation where should I look to increase income? Do you have any advice? What did you do ? Thank you
Well I engage in nice side hustles like inves'ting, and the good thing is I do it with one one of the best(Michael Wayne), he's really good!
Did someone just mention Mr Wayne!? Damn! You just made my day; what a coincidence.. I've worked with him for over 2years and I can tell how good he is
It's great to see you guys talking about
Michael Wayne, This man changed the game for me. Good Man ❤
If you buy some land in a good place like a lake or the beach you can get a shell house for about 75k on payments and finish the inside of the house yourself over time and you have a brand new house for about 150k plus land with a great view! Just an idea! 😊
A real estate agent selling me a home in 2001 made me sign an agreement contract. It turned me off so much, I never bought a property using any agent. 4 years later, I did buy a property from a relative with NO agent !
Brave new old. Thanks for the more of the details on the new rules❤
Real estate agents are a racket. 6% commission between two agents? That's ridiculous. I'd rather pay an attorney $1,500 and the title company $900, and a MLS subscription.
That sounds like a great ideal especially the part about a MLS subscription to anyone.
I ended up paying off my home because no point flipping fixer uppers.
I'm an agent in Canada, we have had buyer agency for a long time. You actually won't have to sign the agreement, but you will create implied agency by taking them out.
Long gone are the days of 5%, 6% or more listing (aka selling) fees! The new norm will be 2-3%! In the end, home sellers win!!
If the home prices drop due to the reduced commssion, they won't.
What a mess ....
Thank you to our host for these walk-around outdoor presentations. Your dad is taking a well-deserved day off. Ha!
It will become more important that sellers provide virtual walkthroughs so they can prescreen houses without having to sign any paperwork.
Everyone please know this, you don't have to agree to everything on the documents. You can write in an edit to the document at the end of it. Write, that you can exit out of the agreement at any time. You can do this!
I've given up..bought property down in the DR..that's where I'll retire...
It's all good, if a buyer wants an agent they should have always paid them.
If the seller wants to sell, they will pay the buyers agent or I would walk and let them go to hell!
@@mikemakuch2824 they'll get the same offer from someone not wasting their money on a buyers agent
@@mikemakuch2824 don't know why my comment got deleted.
Another buyer will come with a slightly lower offer and no buyers agent commission. Both the seller and agentless buyer will be better off without your loaded offer.
@@mikemakuch2824 a similar offer will come in that doesn't include a buyers agent commission, the seller will choose the offer that puts more money in their pocket
This has always been like this in Connecticut. If you wanted an agent to show you a house you had to sign a contract for them to represent you for 6 months. So if you want to go look at houses this realtor will take you. Been like this since I started to buy homes in 2014.
Great Info. Thanks for the heads up.
How about this! You go and look at houses on your own, you don't need me(Realtor) for that and once you're ready to buy, I'll help you with all the financing and paperwork.
Most of the time, the house is being sold through a realty that has the key. How would one just “go look on their own”?
@@dawnklein3158 Go to an open house day. It's usually Sunday, if the Realtor selling only has private showings, call them and ask for one.
Their bank can help with financing and a lawyer can handle the paperwork. So a buyers agent is really only good for the negotiating factor, that is if you're not comfortable negotiating yourself. People need to do their own research on the property they want, the internet provides a wealth of information on how to do exactly that.
Buyer should have financing all set before they call an agent. An attorney to do all closing paperwork afterwards is still much, much cheaper than you.
@@Chirita008 I agree you can do that, but using a lawyer to do the paperwork might end up costing more than someone like a Realtor! But at the end of the day, it should be about choice and you should have as many choices as possible.
Love your creativity, it's inspiring!
Anyone can list a house without a realtor. However a buyers agent will weed out the dreck and ensure the buyer is qualified before wasting your time showing the house.
Love those little girls! New fans! .. Having done closings in Charlotte, I know how hard buyers’ agents work. Will be interesting to see how new contracts shake out. Thanks for the update
In Ohio 18 years ago I bought a home with acreage! For the same price a mobile home cost on a half acre of ground in Florida!! .. to day my taxes and insurance are less than 200 bucks a month on a 500 k property…
Buying property abroad is stress free, and cheaper! I bought properties in Costa Rica and Panama that went so smooth, I was shocked.
Selling is much harder.
I’ve been telling things to Michael like this for over a year and a half now and he’s never responded to anything resembling an international mindset. He doesn’t like to acknowledge the fact that there’s other countries out there.
@@nikosolikos I agree. This channel has a provincial mindset. Might be the intended target audience.
@@nikosolikos most people don’t wanna move out of their native country. I wouldn’t either. I think the United States is very easy to live in
@@ihave35cents95 but how do you know if you haven’t done it lol and you don’t have to move. But buying a 50-100k vacation house you can stay at 6 months out of the year for pennies on the dollar is such a good life. Enjoy merica 🤪
Go to an open house. If you want to make a deal, go back the next day and talk to the owner or, if it isn't owner occupied, look up who owns the house and contact them. Write a buyers agent agreement that only lasts 24 hours. Better still, get your own real estate license and BE the agent.
Where I live the sign goes up and an hour later it’s gone . So realtors are in heaven at the moment.
I am a real estate agent and I own a bunch of real estate. I am so happy that when I go to sell any of these properties, I will not have to offer commission to another agent TO SELL MY OWN PROPERTY. I will not be offering closing concessions, either. I am a real estate agent myself, I am fully capable of guiding a buyer for my own property through the process.
Expect my counter offer to be 0.0295%. That's enough to pay for their breakfast for 7 days to prepare to go out and work for a living.
XD lol
Oh what tangled webs we weave!!😁😂👍😝🌭🍻
Twist it till it breaks...
love your channel bro
"i wear my sunglasses tonight..." *singing....*and smiling.....you almost always wear your sunglasses, even it seems to be very cloudy or almost dawn. I totally get it because I wear mine almost every time outside. Kind regards from Vienna/Austria
Michael nothing is going to change. People are fickle. Commission has always been negotiable.
Usually nothing is negotiable when agents refuse to work for less than 3% each ( seller's and buyer's)
@@sophiahuber4756 bullshit…. Plenty of agents will work for less than 3%. I haven’t gotten 6% in 10 years. It’s usually always 2.5% each side.
Sell your home yourself
Already doing this in California. Bought my place in 2022. The buyer pays between 2 and 3 percent or a flat rate. Mine was two thousand . This was in addition to the 4 percent of the total price I sold my home for. Total cost for agents 22 thousand.