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Re: Redfin real estate- ready to kick the agents out?
Old 05-15-2007, 07:01 PM   #61
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Re: Redfin real estate- ready to kick the agents out?

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Originally Posted by lloyds
I once had a house in a less than ideal area in salem oregon. I listed it with one of the more popular brokers. It went on MLS. For the one year it was on the market, the only people that ever came to view it were the realtors on their weekly walk-throughs. I put up with that crap for a year. I was young and didn't know any better. Just a bad location was what I was told. So the friday after the last listing expired I took out a small ad in the local paper. It came out on sunday, had two lookers that day, sold it to another on monday. Did all the paperwork myself, took it to the title company to finish. Easy as that. No more realtors. Bad location or not, they could have done better. I sold it for what it was listed at with the broker. A good broker can sell a lean to if they really want to.
Felony Flats in Salem? We're getting close to peddling our big ol' yaller place on the corner of 19th and Mill - I'm thinking to give Craigslist a try - an agent suggested a starting price that I'd want to buy it for - and I'm not shopping! I've had agents earnestly tell me that a large portion of their (percieved) job is to get a seller to list a place at a low enough price that it sells FAST! And while FAST sounds good, I could wait a month or two to pick an extra $10-50K up off the table.
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Re: Redfin real estate- ready to kick the agents out?
Old 05-15-2007, 10:37 PM   #62
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Re: Redfin real estate- ready to kick the agents out?

Real estate costs in other english speaking countries with similar economic and legal systems is about half of ours (e.g. Britain, Australia).
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Re: Redfin real estate- ready to kick the agents out?
Old 05-15-2007, 10:38 PM   #63
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Re: Redfin real estate- ready to kick the agents out?

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Real estate costs in other english speaking countries with similar economic and legal systems is about half of ours (e.g. Britain, Australia).
Really? I didnt know that. Man why is our real estate market so jacked.
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Re: Redfin real estate- ready to kick the agents out?
Old 05-15-2007, 10:43 PM   #64
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Re: Redfin real estate- ready to kick the agents out?

Mws: Speculation in The Economist (my source for this information) is basically price-collusion among realtors to keep commissions up. (By costs, I meant primarily broker commissions.)
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Re: Redfin real estate- ready to kick the agents out?
Old 05-16-2007, 07:04 AM   #65
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Re: Redfin real estate- ready to kick the agents out?

FREE4NOW:
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In several places they say that the broker "Shall not be responsible for providing legal or tax advice regarding any aspect of a transaction entered into by Buyer or Seller".
The contracts had better say that, and the agents better abide by it. Realtors are not qualified to give legal or tax advice, if thats what the client wants the agent can suggest a good lawyer or CPA. If a Realtor gives legal or tax advice and something bad happens because of that advice, he will be sued and he will lose. Also like my broker says "never give advice or answer a question that you don't know to be 100% correct. just say I will find the answer and then go find the answer"
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Re: Redfin real estate- ready to kick the agents out?
Old 05-16-2007, 08:50 AM   #66
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Re: Redfin real estate- ready to kick the agents out?

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After each of these dozens of items it says "Brokers do not have expertise in this area".
They also dont tell you that all lockbox keys have a built-in taser.
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Re: Redfin real estate- ready to kick the agents out?
Old 05-16-2007, 10:55 AM   #67
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Re: Redfin real estate- ready to kick the agents out?

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Originally Posted by nnkrealtor
FREE4NOW:
The contracts had better say that, and the agents better abide by it. Realtors are not qualified to give legal or tax advice, if thats what the client wants the agent can suggest a good lawyer or CPA.
Realtors almost always tell buyers, especially young/new buyers, that they'll save a lot in taxes. Sometimes they'll even give them a handy sheet or an article from a magazine that points this out. In the discussions I've personally had, the realtor(c) never pointed out that the only real benefit was the portion of interest payments above the amount of the standard deduction. 20 years ago in some lower-cost housing areas and in moderately-priced homes, this meant sometimes almost zero benefit. Funny how they didn't point that out.

In my experience, most agents do give carefully worded tax "advice"--and it is designed to help agents sell houses, not to help buyers..
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Re: Redfin real estate- ready to kick the agents out?
Old 05-16-2007, 11:16 AM   #68
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Re: Redfin real estate- ready to kick the agents out?

19th and Mill in Salem "felony flats". Pretty funny. Those used to be really nice areas. I was right on mission street. When we bought it the highway department was supposed to come through and buy up all those properties within the year. They surprised everyone and just built a soundwall instead.
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Re: Redfin real estate- ready to kick the agents out?
Old 05-16-2007, 11:19 AM   #69
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Re: Redfin real estate- ready to kick the agents out?

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Originally Posted by samclem
In the discussions I've personally had, the realtor(c) never pointed out that the only real benefit was the portion of interest payments above the amount of the standard deduction.
Around here, with $400K mortgages not that uncommon, the standard deduction is a small fraction of the mortgage interest. I can see why it might be "forgotten".

Quote:
Originally Posted by samclem
In my experience, most agents do give carefully worded tax "advice"--and it is designed to help agents sell houses, not to help buyers..
Always!
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Re: Redfin real estate- ready to kick the agents out?
Old 05-16-2007, 11:58 AM   #70
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Re: Redfin real estate- ready to kick the agents out?

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Originally Posted by lloyds
19th and Mill in Salem "felony flats". Pretty funny. Those used to be really nice areas. I was right on mission street. When we bought it the highway department was supposed to come through and buy up all those properties within the year. They surprised everyone and just built a soundwall instead.
Ya - I remember when they moved a number of the houses for that overpass - It SHOULD be a nice area - there are a scattering of great old houses. The felony flats moniker is something I've heard for the last 20 years from potential tenants calling to answer an ad. Makes me grit my teeth - it requires extra care on the yards and exterior because it can backslide into low rent scumdoggy digs too easily. I'm tiring of fighting it from 15 miles away.
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Re: Redfin real estate- ready to kick the agents out?
Old 05-16-2007, 01:42 PM   #71
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Re: Redfin real estate- ready to kick the agents out?

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Originally Posted by free4now


Realtors never say "buyer beware" while marketing themselves, but they sure say it in their contracts. I've been filling out the listing forms for my condo, forms designed by the California Association of Realtors. In several places they say that the broker "Shall not be responsible for providing legal or tax advice regarding any aspect of a transaction entered into by Buyer or Seller".

The funniest form is the SBSA, a 10 page form warning of dozens of issues that arise in sales, from earthquake retrofit issues to the possibility that bad guys could see the property on the internet. After each of these dozens of items it says "Brokers do not have expertise in this area".

They say that because the LEGALLY can not give tax advice nor legal advice as that is not their profession...

And they are NOT experts in the other items listed... they are SALESMEN... nothing more..
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Old 06-01-2007, 12:13 AM   #72
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So, how is the sale of your condo going?

If it has sold how good was the advise... listing price, negotiations? Give us the scoop!!
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Old 06-01-2007, 11:30 AM   #73
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The condo sale is going slow. I've had it on the market 10 days now and it has only had a few buyer visits, and less than a dozen realtor visits.

While I like the redfin business model, I'm disappointed with the level of service. My redfin agent just seems too busy; he almost never does things as quickly as he says he will, so I find myself having to double and triple check up on him all the time. Maybe that 60 minutes story kicked them over their capacity to serve.

I wanted to have my place all ready when it hit the market with the disclosures filled out and all the paperwork ready to make an offer, since several units in my complex have recently sold in about a week. But Redfin assumes you want to list your property on MLS on the day you submit your $3000 payment to engage their services. It ended up taking two weeks of constant prodding on my part before redfin could give me and turn around the disclosures, even though I turned them around in just 1 day. And it was almost two weeks after I hired them that they got me comparables, and pretty pathetic comparables (only three units with minimal information, whereas most other agents had given me a dozen or so comps).

But I am happy to deal with that kind of hassle to save five figures.

What is annoying is that something is preventing me from getting many agent visits, and I suspect it's just that agents are not interested in working with Redfin. Ive had lots of neighbors stop by at open homes and they always comment about how my price seems a bit low and how clean and inviting the place is, and I've done web marketing fairly well I think, getting good photos.

The 3 bedroom condo right next door to my 2br condo was on the market around the same time I listed mine, and they got 41 realtor visits and sold it in 6 days with multiple offers (apparently for $675,000, over the asking price of $645,000). My 2br which is in better condition is listed for $615k. In the past few months 2brs (slightly nicer) have sold for $630k and $640k in less than a week, and 2brs listed at $604k and $610k have received offers quickly, so I think my pricing is pretty good.

It does seem like good local real estate agents are better at building a buzz around their properties. I only got three agents at the tuesday broker tour that I held, while the 3br next to mine got more than 20 visits. I can't figure out exactly how they made that happen, but I do know that they had an offer deadline right from the start. Maybe that somehow motivated the agents.

One thing I think I did wrong was that in my FAQ website I explained that buyers without an agent can get back 2/3 of the 3% commission. I think that might have turned off buyers agents, so I removed that after a few days.
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Old 06-01-2007, 09:44 PM   #74
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BTW you can see my listing here.
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Old 06-02-2007, 12:51 AM   #75
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The 3 bedroom condo right next door to my 2br condo was on the market around the same time I listed mine, and they got 41 realtor visits and sold it in 6 days with multiple offers (apparently for $675,000, over the asking price of $645,000). My 2br which is in better condition is listed for $615k. In the past few months 2brs (slightly nicer) have sold for $630k and $640k in less than a week, and 2brs listed at $604k and $610k have received offers quickly, so I think my pricing is pretty good.
Is it one of those luxury condos or simply it is located in some inflated areas, i.e., CA or Florida.
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Old 06-02-2007, 01:01 AM   #76
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Wow, that's expensive! I guess it might be considered as a bargain in the Bay Area.
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Old 06-02-2007, 09:08 AM   #77
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Just expensive CA (SF Bay Area). While I'm sure it looks pricey to most folks, these condos often show up as the least expensive unit in the town in searches. Another funny thing out here is that I might qualify for "low income" below market rate housing in San Francisco as long as my income is under $63k/yr. And I know someone else who is applying for "low income" housing that has a cap of $105k/yr salary.
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Old 06-02-2007, 11:01 AM   #78
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I think you need a picture of the kitchen.
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Old 06-02-2007, 05:35 PM   #79
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The cost of housing was a prime reason that brother left the Bay Area a month ago. He lost his job with Sun Micro System at Colorado as part of the restructuring by Sun last summer. Fortunately, he landed a job with VmWare in Palo Alto within a month after the layoff. He left his wife in Colorado and moved to Redwood City. He looked at a few townhouses in the area. They were priced in the $600K range and decided not to buy. He had intention to stay in the Bay Area, but the cost of housing was a disappointment. Luckily, VmWare decided to expand its operation to Colorado and asked him if he would relocate. Needless to say, he is now back to Colorado with California's pay in the same way that Sun relocated him 8 years ago from Mountain View, CA to Colorado. He kept his California pay while living in a much cheaper area. It's so funny that life goes in circle. He is now planning to buy a new 2-BR house with mountain view for $250K. His new office is only about 3 blocks away from his old office (at Sun).
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Old 06-02-2007, 06:04 PM   #80
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The cost of housing was a prime reason that brother left the Bay Area a month ago. He lost his job with Sun Micro System at Colorado as part of the restructuring by Sun last summer. Fortunately, he landed a job with VmWare in Palo Alto within a month after the layoff. He left his wife in Colorado and moved to Redwood City. He looked at a few townhouses in the area. They were priced in the $600K range and decided not to buy. He had intention to stay in the Bay Area, but the cost of housing was a disappointment. Luckily, VmWare decided to expand its operation to Colorado and asked him if he would relocate. Needless to say, he is now back to Colorado with California's pay in the same way that Sun relocated him 8 years ago from Mountain View, CA to Colorado. He kept his California pay while living in a much cheaper area. It's so funny that life goes in circle. He is now planning to buy a new 2-BR house with mountain view for $250K. His new office is only about 3 blocks away from his old office (at Sun).
What a great story!! It's nice to hear that things worked out so well for him.
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