[BrianL99]

Originally Posted by Sierrahh

The law was passed federally. It will be interesting to see how it all plays out. Agents who are good at representing their clients, may not be so willing to reduce their fee.

I am not a residential real estate agent.

Please, show me where I can find the new "Federal Law"?

[candacev]

Originally Posted by retiredguy123

I don't agree. Here is the Florida law on transaction agents:

FLORIDA LAW ALLOWS REAL ESTATE LICENSEES WHO REPRESENT A BUYER OR SELLER AS A SINGLE AGENT TO CHANGE FROM A SINGLE AGENT RELATIONSHIP TO A TRANSACTION BROKERAGE RELATIONSHIP IN ORDER FOR THE LICENSEE TO ASSIST BOTH PARTIES IN A REAL ESTATE TRANSACTION BY PROVIDING A LIMITED FORM OF REPRESENTATION TO BOTH THE BUYER AND THE SELLER. THIS CHANGE IN RELATIONSHIP CANNOT OCCUR WITHOUT YOUR PRIOR WRITTEN CONSENT.

It clearly states that the agent needs written consent to change to a transaction broker. There is no automatic assumption. As a seller, I would not provide the consent. What am I missing?

We are presumed transaction brokers in Florida

[BrianL99]

Originally Posted by candacev

We are presumed transaction brokers in Florida

Please don't correct posters by using facts. This is TOTV, facts don't matter.

[retiredguy123]

Originally Posted by BrianL99

Please don't correct posters by using facts. This is TOTV, facts don't matter.

I'm confused by your post. The law is clear that, to be a transaction agent, the agent needs to have prior written consent to change to a transaction agent. You can presume anything you want, but if you don't have the prior written consent of the seller, you are not a transaction agent. That is a fact stated in the law.

[Bonanza]

Originally Posted by retiredguy123

It's about representation. Under Florida law, an agent cannot represent both the buyer and the seller. When I sign a listing agreement, it is clear that any licensed agent who shows my house is representing me, the seller. If an agent has a written agreement to represent the buyer, they cannot show my house because they are acting as an illegal dual agent. At closing, the entire commission is paid by me on the seller's side of the closing statement. If it turns out that an agent showing my house has a buyer's agent agreement, they are violating both the listing contract and Florida law. I am willing to pay an agent to represent me in selling a house, but, I will not agree to pay any commission to a buyer's agent. I expect agents to treat buyers and sellers fairly, but, I expect them to act in my best interest to get the best price, since they are representing me, the seller.

In my 40 years in real estate, I have NEVER known any Realtor who was strictly/only a buyer's agent. As with most Realtors, I have always been a transaction broker and I assume you know that means I have to treat (both) a buyer and seller fairly. So, am I to understand that you would not let someone in a like (my) position show/sell your house and get paid by you?

[retiredguy123]

Originally Posted by Bonanza

In my 40 years in real estate, I have NEVER known any Realtor who was strictly/only a buyer's agent. As with most Realtors, I have always been a transaction broker and I assume you know that means I have to treat (both) a buyer and seller fairly. So, am I to understand that you would not let someone in a like (my) position show/sell your house and get paid by you?

No, I wouldn't. I am willing to pay a selling agent to market and to sell my house. But, I would never pay an agent, who represents a buyer, any money at all. I would rather sell my house as a FSBO. But, I agree that all agents should treat buyers and sellers fairly. I think that is their duty as a licensed agent. But, under Florida law, an agent cannot act as a transaction broker without the prior written consent of the seller.

[Bonanza]

Originally Posted by retiredguy123

I would prefer to pay a seller/listing agent to represent me only because I think they are better qualified to market a house than I am. But, if they force me to pay a buyer's agent commission, I will do a FSBO.

You can't "do" a FSBO once you are contracted with a Realtor!

[Bonanza]

Originally Posted by retiredguy123

As I understand it, the buyer's and seller's agents don't get paid to do anything but to negotiate and execute a sales contract. Everything after that is the responsibility of the title company. They have lawyers on staff to make sure the title is clean and is transferred legally. When you sell a house as a FSBO, the title company will provide a FSBO package that has all of the forms needed to execute a sales contract, and they will take over from there.

You are all wet! The buyer and selling agent do much more than negotiate an offer and execute a contract for sale. They are also responsible for making mortgage arrangements, making inspection arrangements and being there, double checking on insurance, getting repairs taken care of, and the final walk-through. These are a few things agents do! Most homeowners don't know how to do these things and if you place a call to find out any information, as the homeowner, they won't talk to you!

[retiredguy123]

Originally Posted by Bonanza

You can't "do" a FSBO once you are contracted with a Realtor!

False premise. Whenever I have discussed a listing contract with a broker, I have made it clear that the broker would be representing me, and that there would be no commission paid to a buyer's agent. This had to be written into the listing contract. If they didn't agree to it, then I would not sign a listing contract. I would hire another broker.

[Bonanza]

Originally Posted by C. C. Rider

If you do a FSBO, then you'll have to handle both the buying and the selling agents' jobs by yourself. You'll have to do your own advertising, handle all phone calls, scheduling of appointments, showing the house, dealing/negotiating with any possible interested parties, arranging for a lawyer to write up the deal if you are successful in your negotiations, help the uninformed buyer find/locate financing, arrange for all the inspections, negotiate again with the buyer if any problems crop up, and hopefully jump through all these hoops successfully in order to arrive at a closing date.

Meanwhile, you'll need to be a salesman and negotiator to soothe the buyer's nerves if/when problems/situations come up regarding the inspections, the contract, or the financing involved. It's not rocket science, but if you haven't done this type of stuff before, you'll likely be pulling your hair out and begging for help from someone long before you get to the closing.

Thank you, C.C. Rider. I responded to Retired Guy and similarly said what you've said here, but did not see your post here first.
After reading some of the things he's said, I'd kill myself if I had to work with him!

[retiredguy123]

Originally Posted by Bonanza

You are all wet! The buyer and selling agent do much more than negotiate an offer and execute a contract for sale. They are also responsible for making mortgage arrangements, making inspection arrangements and being there, double checking on insurance, getting repairs taken care of, and the final walk-through. These are a few things agents do! Most homeowners don't know how to do these things and if you place a call to find out any information, as the homeowner, they won't talk to you!

Hogwash. None of those things are part of the listing contract. I know how to do all of them anyway. The only reason for me to hire an agent is for their sales and marketing skills. Otherwise, I have no reason to hire a broker. I have bought and sold many houses without using a broker.

[Bonanza]

Originally Posted by vintageogauge

But they sure sell a lot more re-sales than the MLS agents do.

That's false because the MLS Realtors cannot sell Villages' listed homes. The Villages will not cooperate with MLS Realtors, i.e., they will not pay them!

Years ago that was not the case. The Villages were MLS Realtors and then they got greedy and wanted the entire commission for themselves. They withdrew from the NAR (National Assn. of Realtors) and subsequently, do not have to abide by their Code of Ethics.

[BrianL99]

Originally Posted by Bonanza

In my 40 years in real estate, I have NEVER known any Realtor who was strictly/only a buyer's agent.

You've apparently lead a very sheltered life in the real estate business, as many states and situations, mandate a fiduciary relationship with one party or the other.

[Snakster66]

Originally Posted by retiredguy123

False premise. Whenever I have discussed a listing contract with a broker, I have made it clear that the broker would be representing me, and that there would be no commission paid to a buyer's agent. This had to be written into the listing contract. If they didn't agree to it, then I would not sign a listing contract. I would hire another broker.

Since the new rule removes the requirement to pay anything to a buyer agent (as a seller), then you should be all for it. Not really sure what your beef is.

I don't use a buyer agent. I call the listing agent and use an inspector. A buyer agent in most cases is just a middle man. If you know how to read a contract and sign on a dotted line you are fine. The buyer agent works for the buyer so beware. My first purchase in 1990 taught me the process. 8 houses later who needs a buyers agent to show them a house? I have had some horrible selling agents which is the flip side and ****es me off that they made a dime for no effort. The need for any agent to be listed on the mls is the scam of selling a home in the first place. A necessary evil for at least 3 houses of the 7 I have sold. When they are great selling agents they deserve their pay. My last one did zero to sell my house. She vacationed and the buyer found the house.