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I have sold many of my own homes and find these things to be true. A realtor will tell you anything to list your home. They will parade as many unqualified buyers through your home at the most Inconvienient times to you, and will accept any offer an ignorant buyer wants to submit without trying to educate them on the market value first. They will waste your time by using your home as a comp for a buyer that has no interest in it whatsoever, and all they care about is a sale at any cost. There are far too many part time realtors, and the number grows when unemployment grows, they have no shame. Trust me, try selling your home on your own first, USE a realtor only if you have to!
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"If you ever think about doing home surgery or home dentistry, get back to us on how that worked out." Mike Emery
Excellent response! Your points regarding a Realtor/Mortgage Broker not working in the best interest of the buyer are well taken, and no Realtor should ever wear two hats. In New York State, direct tie-in arrangments are prohibited. To the best of our knowledge, a licensed Real Estate agent and Mortgage Broker cannot be involved in the same transaction when representing a buyer in a sale. However, there may be "referral fees" distributed at closings to agents who have referred a buyer to specific real estate attorneys or mortgage brokers, should that buyer choose to use one of the referrals.We believe it is very bad practice for a Realtor to engage in this behavior, and we strongly discourage it. At closing, a buyer may end up paying higher closing costs (higher interest rates and attorney fees) and may be unaware that the "referral fees" the agent receives represent a portion of the amounts the buyer overpaid. We never engage in any conduct of this sort, nor have we suggested or steered a buyer to a specific mortgage broker or attorney. Only if asked, we would suggest specific attorneys, mortgage brokers and banks from a short list that has been vetted and is based upon their experience, professionalism and reputation. That is how it should be done.Best regards,Bonnie&David
Bonnie&David, how refreshing to have a practical response. Yes "Realtors" are bound by a code of ethics, however I have come across people that only have passed a RE/broker exam and never join the local board or become "Realtor" status. They are not bound by anything. They sometimes "work both ends" they do the loan and the RE transaction. The attraction to some borrower/buyers is that they are promised a low fee to to the loan and a kick back on the commision. Sounds good on paper, however when you work with a person with no experience or training and no ethics code to worry about, the end result is disaster.
A good Realtor, one with integrity who takes his/her clients' needs seriously will not tell you anything simply to list your home, because it will hurt you, and the Realtor's reputation. We've walked away from listings that we knew were priced out of the market value range, and homeowners appreciate our honesty. If they list with another Realtor and their property does not sell, they remember our advice and price recommendations. When the listing expires, it is us they remember and then they contact us. It's a shame that so many excellent Realtors have to respond and defend our profession based upon the actions of a few bad apples. And yes, it is preferable to choose a full-time Realtor (we work full-time) but unfortunately that is still no guarantee of honesty in this or any business.
I would define "vultures" as those who deliberately violate "Do Not Call" and local anti-solicitation" ordinances. As Realtors are only paid when the sale closes, there is little incentive to take listings they have no intention of making a genuine effort to sell. We congratulate FSBO's when they sell on their own, but generally, after 4 - 6 weeks of trying on their own most FSBO's seek the services of Realtors. Also, Realtors are bound by the code of ethics of the National Association of Realtors and must always act in his/her client's best interests.All the best,Bonnie&David
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