Comments on: It’s your fault I’m in this pickle!

By: Victoria

Victoria — Wed, 23 Jan 2008 02:36:37 +0000

Lama, I couldn’t agree with you more!!!!

By: llama

llama — Wed, 23 Jan 2008 02:32:57 +0000

You can sum it up in two words. Buyer beware.

Or you can sum it up in one sentence. A fool is easily separated from his money.

No matter how you sum it up, you cannot give responsibility for you buying something to someone else and make them responsible in the least unless you have given them your proxy to do so. Otherwise you are responsible for what you do – or buy.

Every new and used car salesman would be in jail for selling cars over what they usually sell them for to savvy buyers.

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By: Victoria

Victoria — Wed, 23 Jan 2008 01:33:19 +0000

Kiyoshi

It sounds to me like the property probably appraised for the selling price. Everyone gets a copy of the APPRAISAL, so the buyer knew how much it was worth at THE TIME OF SALE.

Whatever happened after the sale, is not the realtors fault. Maybe the buyer should contact the Appraser, that’s the person who put a dollar amount of the homes worth on paper.

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By: Kim

Kim — Wed, 23 Jan 2008 01:29:26 +0000

Actually Make It Man I hate it. It is it’s own little soap opera. But the good news is I have a job interview Thursday and it is in the printing industry which I know a little about and can bluff my way the rest. I am really excited about it.
Kiyoshi, look at my example above as to how I was paid and my understanding is that in the markets where the house prices had soared they had driven down the realtors commissions. I thing in 2005 which was the height of the boom the rate in California was pressed down to 4%. At least that is what one of the investors I worked with told me.

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By: Kiyoshi

Kiyoshi — Wed, 23 Jan 2008 01:08:17 +0000

Victoria & Co.,

It’s the buyer’s responsibility to research prices when the buyer is shopping on his own. But when the buyer establishes a fiduciary relationship with a realtor, the realtor has a legal responsibility to represent the buyer’s best interest. That’s why we refer to them as “AGENTS.”

Even buyer’s agents collect half of the commission. If a typical suburban house is $600k and the realtor commission is 7%, the buyer’s agent is walking away with $21,000 in her pocket. She’s collecting that money for her representation of the buyer.

If the realtor breached her duty of loyalty to her client, then she should be sued. If she was reckless in doing so, then she should have to pay exemplary damages of up to 9X her client’s loss.

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By: Make it Man

Make it Man — Tue, 22 Jan 2008 23:26:37 +0000

“I am now working in a car dealership.’

Ooooooo…. out of the pan into the fire…

Sorry girl. I worked years for a dealership as a mechanic. Can’t say I enjoyed much of it myself… Perhaps your experience will be different.

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By: Victoria

Victoria — Tue, 22 Jan 2008 23:14:05 +0000

Lester,

It’s YOUR RESPONSIBILITY to know what you are buying, blaming someone else is lazy. If you’re smart enough to make the money, then use the same intelligence to spend it wisely. Checking out the facts. A home is a large investment.

Strange how people who make a huge profit from their home investment, (much more than was expected) never go back and ‘tip’ the realtor! I have friends in the business, they sure haven’t mentioned a big TIP.

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By: NJLawyer

NJLawyer — Tue, 22 Jan 2008 22:40:47 +0000

We don’t have all the facts here; that will happen during trial, so I can’t guess what will happen here. Kim’s statement: “I assume there was an appraisal, survey, and mortgage and that this was not a cash deal.” I’m wondering if Ms. Ummel read the appraisal. Appraisals I have seen have at least 3 comps. Just because Ummel says the broker didn’t tell her that other houses were selling for less doesn’t mean the broker did that. This is only her side of the story. People often expect a return on an investment but fail to remember that they are not guaranteed a profit. Kim is also right that Ms. Ummel hasn’t lost anything. What I learned working in residential lending is that many people read absolutely nothing and sign anything. I was surprised by how many people did that. Some people just look for trouble, and Ms. Ummel gives me that feeling.

My initial reaction when I read this was to say: gee, I hope she held onto the receipt and the original box it came in.

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By: Kim

Kim — Tue, 22 Jan 2008 22:17:39 +0000

OK let’s take a 300,000 house. The buyers agent gets 2.4% commission. That is $6,120 Now I was on a team so that meant I split my commission 50/50 so that is $3000 then I had to pay my desk fees $788. MLS fees, gas, etc. Maybe I walked away with $1500. Realtors don’t make the money the rest of you think they do. It is one of those businesses where you can definately spend more than you make. Just ask me. I am now working in a car dealership.

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By: Lester

Lester — Tue, 22 Jan 2008 21:57:12 +0000

Victoria – if I’m paying a realtor, then I’m making him do the work. That’s his job and he’s making a good commission.

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