From Mr. Diamond at the APP…
“M.I.K.E. to the D. You come and see me and you pay a fee. Do what I do professionally. To tell the truth, I am exactly what I want to be.”
New real estate commission rules kicking in: What should buyers, sellers do to save money?
The real estate industry is rolling out new rules for paying buyers’ and sellers’ agents beginning Aug. 17 in a move that advocates say could lower overall commissions, but also put pressure on consumers to shop for skilled real estate agents and read the fine print.
The rules change a decades-long financial arrangement between the two sides. Sellers, for example, will no longer be required to pay buyers’ agents, while buyers will need to sign contracts with their agents that lay out their compensation terms.
“The new rules provide both opportunities and risks for consumers,” said Stephen Brobeck, a senior fellow with the Consumer Federation of America. “Knowledgeable home buyers and sellers will be able to take advantage of the opportunities and avoid the risks.”
…
As part of the National Association of Realtors settlement, sellers are no longer required to compensate buyers’ agents, and buyers need to sign agreements with their agents spelling out the compensation terms.
Sellers’ agents still can share their commission with buyers’ agents, but they can’t disclose the agreement on the MLS.
“I think the best way (to find out if the commission is being shared) is for the buyer’s agent to call the seller’s agent and just ask,” Traverso said.
…
“Buyers should take the opportunity to (negotiate), setting a goal in dollar terms of 2% of the home sale price, or less,” the Consumer Federation of America said. “And so should sellers, who have had the same opportunity but frequently have decided not to pursue it.”
Sounds like buyers agents are going to get seriously f*cked.
As part of the National Association of Realtors settlement, sellers are no longer required to compensate buyers’ agents…
If I’m selling my house, how am I compensating a buyer’s agent? I agree to price, you pay me. How am I giving money to a buyer’s agent?
Oh, never mind, I get it.
IMHO – while this is being positioned as putting the smackdown on real estate commissions, the reality is the new model seems highly influenced by the brokerages. The approach being proposed will likely skew transactions to shift to dual agency. The concept of a buyers agent is going to basically disappear. Am I wrong here?
Sub-agency
Agents who bring buyers for house tours will get a commission from the selling agent.
What is old is new again..
Ed – They will try and get you to agree in a contract in the fine print, if the seller balks on paying the commission you will have to.
Zillow is now offering a “7 day touring agreement”, you agree to go on tours with the expectation it will cost you nothing.
Here is a good write up.
https://www.nerdwallet.com/article/mortgages/property-line-buyer-agent-contracts#:~:text=You'll%20sign%20an%20agreement%20when%20the%20search%20gets%20serious&text=You'll%20sign%20a%20wordier,or%20a%20buyer%20representation%20agreement.
From the article…Oh, the horror….investing time and gray matter to better position oneself? Downright un-American I say!
“…in a move that…put pressure on consumers to shop…and read the fine print.”
“Knowledgeable [people] will be able to take advantage of the opportunities and avoid the risks.”
“Sounds like buyers agents are going to get seriously f*cked.”
As they should at current rates.
Some of the most wasted time of my life was spent with these idiots…
Juice,
A lot to unpack and consider. We’ll need a lawyer to intervene well before the process even begins. As if the whole thing wasn’t a smash and grab to begin with.
Some of the most wasted time of my life was spent with these idiots…
Years ago, a friend’s girlfriend wanted to become a realtor. I got enlisted (yet again… that’s another story) to help her with the math portion on the study guide. One of the questions had an “L” shaped property example with dimensions. She had no idea how to approach it. I asked her if she knew how to find the area of a rectangle. She said yes. I let her look at it again. She didn’t see it. I drew a dotted line to separate the rectangles. She still didn’t see it. You know the rest. I explained it all. She still looked dumbfounded.
Gary, you see a house online and you’re interested, with no open house listed?
Just go directly to the seller’s agent for a showing.
Why involve some 50 year old housewife and pay her $12k to decode a lockbox?
Big question for me for which I have no answer nor time to pursue is how is a buyer agent’s fee treated on HUD and for mortgage purposes?
If the fee can still effectively be rolled into total purchase price and the mortgage, it’s amortized and buried and easier for John Q Public to swallow….or not even notice.
Inflation Holds Steady in July
Translation: The populace is tapped out. The only thing left is to light a match.
Not according to Pravda.
Headlines….
Live Updates: Inflation Falls Below 3% for First Time Since 2021
Easing inflation has Democrats tasting victory
https://www.nytimes.com/live/2024/08/14/business/cpi-inflation-fed#inflation-biden-harris-democrats
Juice: Market watch has an article on how Fed rate cuts coming in September are coming in the nick of time to help consumers manage their credit card and other debt with lower rates. It’s all good!!
I realize most buyers agents are trash, and we canned our first one. But the agent that I used was worth his weight in gold. We had a specific criteria and he found houses that matched it as they came up and mailed them to us. He didn’t waste our time, never pushed us. We found our house, it was on the market for 5 days, literally, the last nice home and it’s September. There were dozens of people in the open house. We told him, this is the one. We had him put in an offer, 425k, it was listed 450k. He called back and said he could wrap it up at 435k.
Now none of that sounds fancy, but what happened was the listing agent was in Germany on vacation. He called her and said he could handle all the paperwork and get the deal done before she gets back. Meanwhile, unbeknown to us, there were 5 other offers that came in at just below 435k. He closed the deal for us and squeezed out the competition before a bidding war erupted.
The reality is, there was never a home as good as ours that ever appeared in town for this good of a price. He probably saved us 100k as the market turned around the next season.
But then you have the poor buyer’s agent driving Karen around all day complaining that the house isn’t perfect because she doesn’t like the color of the front door…
Gary, you see a house online and you’re interested, with no open house listed?
Just go directly to the seller’s agent for a showing.
Why involve some 50 year old housewife and pay her $12k to decode a lockbox?
Looking more and more like Kamala gaining momentum. Orange man gonna get mopped up by Cackling Queen.
Smoke ’em if you got ’em.
Ten 382
I figured out why Donnie can’t pronounce Kamala’s name.
He’s brain damaged (probably a stroke) and now has a lisp.
Trump unveiled his speech impediment at his train wreck Elon Mollusk interview on “X”.
Phoenix: Orange man or cackling queen, I guess that’s all we deserve. Harris has been rehabilitated by the party commissars . She is an excellent candidate for President. That is the narrative now, accept it or be silent.
Credit card APR s are at their highest rate ever since the data started to be collected in 1994. Rates in the last 12 years have doubled. Macys credit card APR effective August 15, is increasing to 34.49 percent. Thank goodness the Fed is going to cut rates starting in September, so consumers can better manage their credit card debt.
What’s the odds that Trumps replaces Vance?
If you watched WWE in the 90s, you can’t pronounce her name.
King Kong Kamala, who died penniless. I suffer from the wrong pronunciation due to his popularity. He was probably more qualified for the position as well. At least he could speak publicly. Three weeks and not one word uttered by KAMala off the cuff. The cave strategy is working.
Grim: I would not be surprised.
The Democrats get mad if you questions why she is silent. They say she is really, really busy. She has been VP for 3 plus years, we are (now) told she is more than qualified and well versed in all policy areas. You would think based on all of this she could carve out one half or so for a chat. Just saying.
DJT: 23.90
DNA .2390
It’s gonna be a photo finish for these two losers.
After Trump Proposes Presidential Control Over Fed’s Interest Rate Decisions
Wha?
Grim – there is allot of PAC money involved here. Andreessen, Theil, Musk and others, hence Trump now becoming a Crypto Bro with Vance.
FEC Data from July says about $200 million in new PAC dollars pro GOP. That will ramp up as we get closer to the election there is allot more pledged than that.
CRYPTO BROS FAIRSHAKE PAC supposedly has $200 million now.
https://www.opensecrets.org/political-action-committees-pacs/fairshake-pac/C00835959/donors/2024
What’s the odds that Trumps replaces Vance?
Nope, he has to carry him to term. No Aborting allowed.
Axios reports the war on inflation is over. I guess we just have really high prices now.
Fab – Did you get VIP package including the Beyoncé and Taylor Swift meet and greet at the DNC convention this weekend?
Fab – you made me laugh out loud in public
Juice: I got an invite from Kamala and Tim ( that’s how they introduced themselves in the e mail) to the DNC.
3B -Perhaps no question this weekend either at the DNC Convention. They may even kettle the Media and other blogger/reporters behind fences and barb wire to keep them from asking questions.
Juice: Would not be surprised. It’s amazing to me that Democrats and the media are perfectly fine with this, and in fact are defending it. They have blindly fallen into line just like the Trump supporters they condemn. And , these are supposed to be the adultd vs Trump and the Republicans. These are the people who are supposed to be the educated, sophisticated, knowledgeable people, not the blue collar uneducated or uneducated people who drink beer, and play in bowling leagues. Not one criticism, not one question, not one concern about any of this . Just as blind and delusional as the Republicans.
3b not a big deal. We have a senile president who is MIA, was never in charge anyway. Meanwhile, we are in a proxy war with a major nuclear power. Seems rational there were no debates on the DNC side.
Now we are suing to keep an anti war candidate off the ballot. It’s for democracy bro.
BRT: And the Middle East on the verge of exploding. But hey it’s all good.
Timiraos
As a result, the debate at the Fed’s September meeting would center on whether to cut rates by a traditional quarter point or by a larger half point.
Wednesday’s inflation data won’t resolve that debate, which instead will be shaped by coming indicators of job-market conditions—including weekly filings for unemployment benefits and the August payroll report, which is due on Sept. 6.
3b,
Can’t do nuttin’ cause like everyone else I am just along for the ride. Only two dotards to choose from.
In other news. Hehe:
The Wisconsin teacher charged for ‘making out’ with an 11-year-old student has filed to dismiss her case and asked to be allowed around children again, court documents reveal.
Madison Bergmann, 24, was arrested in May after a pre-teen student at River Crest Elementary School alleged she kissed him and moved his desk out of sight so she could rub his legs during class.
She has been charged with first degree child sexual assault and is banned from being around children while out on bail.
3b says:
August 14, 2024 at 5:20 pm
“It’s amazing to me that Democrats and the media are perfectly fine with this, and in fact are defending it. They have blindly fallen into line just like the Trump supporters…”
Why do you guys feel the need to follow every legitimate criticism of the Dems with a gratuitous, hand-wavy, blanket criticism of the Reps and their supporters — it’s silly at this point. Carmella and the Coward have provided almost no policy proposals and have literally provided zero access to the media (who are supposed to hold politicians to account on behalf of the people), while just in the past week T has done a 90-min press conference and held another unscripted conversation on X, and Vance did three press interviews on the Sunday news shows — allowing ‘journalists’ to ask their own questions (not those scripted by handlers) and allowing the American people to assess their policy proposals. There is no comparison between the modern Dems (incompetent, corrupt, completely dismissive of law-abiding taxpayers) and the Reps.
We chose to emulate the GOP by not having primary debates this year. Our biggest cheerleaders are the guys we hated in the 2000s.
btw, the Taliban held a nice parade with all the stuff we left them. Its almost like we funded a small, I mean very large army. We couldn’t drive those trucks to the nearest border and park them? We couldn’t fly those heli’s out? We couldn’t have just sent them to Ukraine for 50 cents on the dollar? We couldn’t have gone “Hey NATO, I know you could find a use for these, how about you take them?”
Juice,
I couldn’t make the TayTay Zoom call for Harris tonight as I had to drive Mrs Fab to LaGuardia for a flight. Traffic getting was bad as there was a bad crash on the LIE. Traffic around Citi Field was light as the Mats were playing. We drove around two sides of the ballpark on our way to Flushing Mall for some Chinese food before the flight. Parking for food was worse.
On a good note I’m going through the 10th circle of hell with HireRight. Hopefully if I can get this paperwork sorted, I’m coming off the board.
Meanwhile in NJ Buyer disclosures.
https://x.com/InsaneRealitys/status/1823424582260244512