[Glowing Horizon]

Originally Posted by MightyDog

I don't know about all that and it doesn't interest me.

Unless it's an out-of-town real estate buy, in which case I will find my own buyers agent (BA) to assist, I don't use agents on the buy side and marvel that people still do. Unless they're inexperienced, then, I get it.

If you know what you're doing, don't use any buy side agent. It will save you thousands because you can negotiate the purchase price down by part or most of the fee that the seller would have had to pay if you did have a BA. I've done it twice. Ka-ching for me.

People should just contact the listing agent to see a house. They'll also know more about the house and seller than a BA will.

Seller’s agents legally represent the seller ONLY. Any seller’s agent who shows property to a buyer & goes on to a sale with no buyer’s representative has a conflict of interest. Your Ka-ching would be an expensive lawsuit waiting to happen for that seller’s agent.

[retiredguy123]

Originally Posted by Glowing Horizon

Seller’s agents legally represent the seller ONLY. Any seller’s agent who shows property to a buyer & goes on to a sale with no buyer’s representative has a conflict of interest. Your Ka-ching would be an expensive lawsuit waiting to happen for that seller’s agent.

Huh? Whenever I have bought a house, I have never been represented by an agent. As a buyer, I can represent myself.

[frayedends]

Originally Posted by melpetezrinski

Whenever you show interest in a property listed on realtor.com or zillow.com, a buyer realtor usually contacts you in hopes of representing you as the buyers agent. These buyer agents pay a fee to the MLS websites to get these leads. These agents also get kickbacks from mortgage companies if the eventual buyer needs their funding. So, it's all about paying and getting paid for leads.

Regarding kickbacks from mortgage company that is untrue. They recommend local companies they know have a robust prequalification process. Deals fall apart all the time because places like Quicken and BOA give prequals to everyone without doing all the right credit checks.

[Glowing Horizon]

Originally Posted by retiredguy123

Huh? Whenever I have bought a house, I have never been represented by an agent. As a buyer, I can represent myself.

Look like those days are over as of July 1 ,2024

Florida'''s real estate agents could see changes in their pay | WUSF

[TeresaE]

Originally Posted by melpetezrinski

Whenever you show interest in a property listed on realtor.com or zillow.com, a buyer realtor usually contacts you in hopes of representing you as the buyers agent. These buyer agents pay a fee to the MLS websites to get these leads. These agents also get kickbacks from mortgage companies if the eventual buyer needs their funding. So, it's all about paying and getting paid for leads.

Kickbacks from mortgage companies to real estate agents is illegal. Look up RESPA No brokerage gets anything from a mortgage company. Buyers agent may refer a mortgage company in order to help the buyer qualify for a purchase. But no money is ever exchanged. BTY. The average income for a real estate agent is $30k a year. And they work very hard for that money.

[TeresaE]

Originally Posted by Lynnesail

Can I sell my own house without an agent?

Yes. But typically you will end up with less than if you hired an agent. Especially in today’s market which is becoming a buyer’s market

[retiredguy123]

Originally Posted by Glowing Horizon

Look like those days are over as of July 1 ,2024

Florida'''s real estate agents could see changes in their pay | WUSF

I don't fully understand the new law, but, if I, as a seller, needs to share the commission with a buyer's agent, I will not list my house. I will sell it myself and offer a 3 percent commission to agents who bring me a buyer. If I hire an agent, the agent must represent me only, not the buyer.

[massachusettskid]

Originally Posted by retiredguy123

I may pay an agent for their sales and marketing skills to represent me when selling a house. But, I would never pay an agent to represent me when buying a house. I know how to buy a house.

The only problem the public needs to realize is because of this lawsuit an agent will not be able to show you a listing if a buyer's agreement is not signed. It is the law going forward. That agreement can be for just that house or a period of time but will need to be signed

[melpetezrinski]

Originally Posted by TeresaE

Kickbacks from mortgage companies to real estate agents is illegal. Look up RESPA No brokerage gets anything from a mortgage company. Buyers agent may refer a mortgage company in order to help the buyer qualify for a purchase. But no money is ever exchanged. BTY. The average income for a real estate agent is $30k a year. And they work very hard for that money.

Yes, everyone plays by the rules and abides by all the laws in thier applicable industry. Kickbacks, tickets to the Yankees game, free dinners, call it what you like but there ARE "agreements" in place. However, that's not how every single realtor operates and I commend the ones that act ethically and in the best interest of their clients.

[CoachKandSportsguy]

Originally Posted by massachusettskid

The only problem the public needs to realize is because of this lawsuit an agent will not be able to show you a listing if a buyer's agreement is not signed. It is the law going forward. That agreement can be for just that house or a period of time but will need to be signed

Ah, that is what I was looking for when starting this thread. . . that is why I am seeing / hearing what is now different about the new law going forward. .

thanks to another mass man for explanation. . there were a lot of plain process answers which just repeated what happened.

sportsguy

[MightyDog]

Originally Posted by Glowing Horizon

Seller’s agents legally represent the seller ONLY. Any seller’s agent who shows property to a buyer & goes on to a sale with no buyer’s representative has a conflict of interest. Your Ka-ching would be an expensive lawsuit waiting to happen for that seller’s agent.

Nope. Not an issue, I've done it. It's not complicated just more work and due diligence

I've also transacted directly (no agents) as a seller and as a buyer. Those transactions were dramatically less stressful and more above-board than when agents are involved.

[MightyDog]

Originally Posted by CoachKandSportsguy

Ah, that is what I was looking for when starting this thread. . . that is why I am seeing / hearing what is now different about the new law going forward. .

thanks to another mass man for explanation. . there were a lot of plain process answers which just repeated what happened.

sportsguy

Well, I don't know that Mass Kid has it right. I read that linked article and, according to it (I haven't searched further), nothing seems to be concrete yet.

There is plenty of vagueness in the article so, things don't seem to be finalized yet or implemented.

[CoachKandSportsguy]

Originally Posted by MightyDog

Well, I don't know that Mass Kid has it right. I read that linked article and, according to it (I haven't searched further), nothing seems to be concrete yet.

There is plenty of vagueness in the article so, things don't seem to be finalized yet or implemented.

I didn't see a link, must go to find it. . .

However, if there are rules changes, laws, whatever, a lot of past process experiences may be irrelevant, maybe. . . . . people don't like change and the adoption takes a bit of time. .