jmac's Discussions

Although all the talking heads employed by the NAR continue to preach that the sky has not fallen, their membership is left to find umbrellas for the visible market falling rain. It is disappointing when the association charged with representing you apparently couldn't find the truth if it were tatooed to their rear end.Whether or not it is a good time to buy can not be answered on a wholesale basis. Everyone facing that question is an individual and deserves to have their situation analyzed individually.This penchant that the bobble heads have for lumping everyone together in the same boat is self serving and very short sighted. One has to wonder about the intelligence behind the data offered by the NAR when it has consistently been proven to be incorrect. Using bits of data to portray the entire story and backing up the story with sound bites that appear innocuous on the surface but are quite empty when examined is a dis-service to the public at large and the membership in general.If anyone wants to know about their situation, they need only sit with two or three people. The truth will rise to the top. Those offering "everything is beautiful" information will soon be asking "would you like fries with that."

There is not one bubble. The real estate market bubble sounds like a large boil when in reality it was more like a sporadic acne outbreak. Your personal market just feels like that prom night pimple that showed up when your date was at the door.

I feel badly that I was just made aware of this thread. To those that are outside the industry - the NAR does not represent anyone other that those that are working within their organization. Membership is required in most states if a real estate agent wishes to have access to their multiple listing service. If that requirement were dropped, the NAR building would be the next short sale on the market.They do little for the agents. The most recent benefit was a discount on the "Entertainment Book". They have been able to lay claim to the term "Realtor" as if the general public really perceives any difference between realtor and agent.Agents are self employed contractors. Some are good and some are bad. The Realtor designation only means they are paying dues. If anyone thinks that signing a pledge card when joining a group you have to join to be able to do business has any merit......they are mistaken.Most good agents spend most of their time with clients attempting to correct the misinformation that is spewed from the NAR. Their current spokesperson is moving close to the level of spin that was performed by Sadaam Husseins minister of information during the intial invasion of Bhagdad.Don't hold NAR membership against us, just be very wary of anyone that is in concert or agreement with them.

well, truth be told....i am a member because it is the only way that i can have access to the mls. they don't speak for me and lately they don't speak to me. i can work with that.

When each act of the play features performers that believe it is their time to shine, there is no star. In most cases, the production is shut down, leaving those starry eyed thespians to seek new venues.So it has been in the real estate market. Initially, Greenspan thought he would boost the economy by taking the prime to 1%. Lenders had plenty of money to lend and investors stood at the ready to supply more if needed. Programs were created to facillitate the easy distribution of the wealth. Down payments, once the norm, were replaced by "HELOC's" as a second trust (didn't anyone else think it strange that a borrower could get an equity line on property they did not own?). There were not enough entry points, so we saw a rise in the mortgage broker. Many of these folks only had a laptop for underwriting (?) and a burning desire to strike it rich. The demand for homes began to outpace the supply. Homeowners began to dream of a payday that would rival the lottery and put their home on the market. Agents ignored the rising cost of gas because it was profitable to take those buyers out and about. It was easy to spot the naive and greedy agents. They used things like escalation clauses and told buyers that they wouldn't be able to buy a home if they demanded that it be inspected. Prices rose and lenders had to find a way to make sure the homes appraised for the amount of the new 100% loan. They took the easy way...they let the appraisors know what the sale price was and if the appraisor couldn't find value...they blackballed them. The surplus money problem continued. Subprime products and Alt-A programs came to the rescue. The new breed of mortgage broker only required a pulse and wink-wink promise that you could pay the loan. They offered teaser rates for the initial period of the loans. Interestingly enough, the low payment terms always extended beyond the period in which the loan originator would have to buy back the loan.Then the ride ended

This is a fascinating journey through perception. The original question only referenced the perceived disadvantage that now exists within most listing agreements.It has been mentioned that this is an agreement between the seller and the selling broker. The subject of compensation for the sale of the home is part of this agreement. The contract used by most agents has been approved by their state organization. I would imagine this occurs so that all areas needed are covered. Any aberattion has to be added to the "boiler plate" form. Herein lies part of the problem. Agents are counseled at every turn that they are not capable of writing addendums. It is not true. It is very simple to address the possibilities that may come up in the sale of the home. The amount offered as co-op is for inclusion in the MLS. It is but one possible scenario.The same agents that shy away from addressing a reduction should a non-represented buyer show up are very versed in writing exclusive right to represent that mentions compensation if a FSBO or New construction home is purchased.