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urbanrealtor
ParticipantWhat about the 2buck chuck?
Participant[quote=infoseeker]Thanks a lot for the nomeclature clarification. One of our shortlisted buyer agents is offering what I belive is a reasonable commission rebate percentage in addition to having good recos from recent homebuyers. I am planning to see if he is open for a fixed dollar amount commission and give remaining buyer (coop) commission as rebate to us. The fixed commission I plan to negotiate will be based on our home price range and his quoted effective commission percentage. I believe fixed dollar amount commision will be the least conflict of interest scenario. Are there any downsides with this approach? [/quote]
The only problem here is that if the awarded cbb is less than your fixed number, then you are liable for the difference (at least that is how these generally work). Also, since the seller is the one awarding the commission (including your rebate) they have the right to veto the entire arrangement. If your agent does not disclose your arrangement, he could be in violation of respa(the federal statute governing transactions (though that is not super-clear)). This info is based on several conversations I have had with CAR attorneys and independent RE attorneys here in town.
Participant[quote=infoseeker]Thanks a lot for the nomeclature clarification. One of our shortlisted buyer agents is offering what I belive is a reasonable commission rebate percentage in addition to having good recos from recent homebuyers. I am planning to see if he is open for a fixed dollar amount commission and give remaining buyer (coop) commission as rebate to us. The fixed commission I plan to negotiate will be based on our home price range and his quoted effective commission percentage. I believe fixed dollar amount commision will be the least conflict of interest scenario. Are there any downsides with this approach? [/quote]
The only problem here is that if the awarded cbb is less than your fixed number, then you are liable for the difference (at least that is how these generally work). Also, since the seller is the one awarding the commission (including your rebate) they have the right to veto the entire arrangement. If your agent does not disclose your arrangement, he could be in violation of respa(the federal statute governing transactions (though that is not super-clear)). This info is based on several conversations I have had with CAR attorneys and independent RE attorneys here in town.
Participant[quote=infoseeker]Thanks a lot for the nomeclature clarification. One of our shortlisted buyer agents is offering what I belive is a reasonable commission rebate percentage in addition to having good recos from recent homebuyers. I am planning to see if he is open for a fixed dollar amount commission and give remaining buyer (coop) commission as rebate to us. The fixed commission I plan to negotiate will be based on our home price range and his quoted effective commission percentage. I believe fixed dollar amount commision will be the least conflict of interest scenario. Are there any downsides with this approach? [/quote]
The only problem here is that if the awarded cbb is less than your fixed number, then you are liable for the difference (at least that is how these generally work). Also, since the seller is the one awarding the commission (including your rebate) they have the right to veto the entire arrangement. If your agent does not disclose your arrangement, he could be in violation of respa(the federal statute governing transactions (though that is not super-clear)). This info is based on several conversations I have had with CAR attorneys and independent RE attorneys here in town.
Participant[quote=infoseeker]Thanks a lot for the nomeclature clarification. One of our shortlisted buyer agents is offering what I belive is a reasonable commission rebate percentage in addition to having good recos from recent homebuyers. I am planning to see if he is open for a fixed dollar amount commission and give remaining buyer (coop) commission as rebate to us. The fixed commission I plan to negotiate will be based on our home price range and his quoted effective commission percentage. I believe fixed dollar amount commision will be the least conflict of interest scenario. Are there any downsides with this approach? [/quote]
The only problem here is that if the awarded cbb is less than your fixed number, then you are liable for the difference (at least that is how these generally work). Also, since the seller is the one awarding the commission (including your rebate) they have the right to veto the entire arrangement. If your agent does not disclose your arrangement, he could be in violation of respa(the federal statute governing transactions (though that is not super-clear)). This info is based on several conversations I have had with CAR attorneys and independent RE attorneys here in town.
Participant[quote=infoseeker]Thanks a lot for the nomeclature clarification. One of our shortlisted buyer agents is offering what I belive is a reasonable commission rebate percentage in addition to having good recos from recent homebuyers. I am planning to see if he is open for a fixed dollar amount commission and give remaining buyer (coop) commission as rebate to us. The fixed commission I plan to negotiate will be based on our home price range and his quoted effective commission percentage. I believe fixed dollar amount commision will be the least conflict of interest scenario. Are there any downsides with this approach? [/quote]
The only problem here is that if the awarded cbb is less than your fixed number, then you are liable for the difference (at least that is how these generally work). Also, since the seller is the one awarding the commission (including your rebate) they have the right to veto the entire arrangement. If your agent does not disclose your arrangement, he could be in violation of respa(the federal statute governing transactions (though that is not super-clear)). This info is based on several conversations I have had with CAR attorneys and independent RE attorneys here in town.
Participant[quote=sdrealtor]Thats funny. I have neither.[/quote]
Dude I was drinking the 2buck chuck when reading your post.Snob.
Participant[quote=sdrealtor]Thats funny. I have neither.[/quote]
Dude I was drinking the 2buck chuck when reading your post.Snob.
Participant[quote=sdrealtor]Thats funny. I have neither.[/quote]
Dude I was drinking the 2buck chuck when reading your post.Snob.
Participant[quote=sdrealtor]Thats funny. I have neither.[/quote]
Dude I was drinking the 2buck chuck when reading your post.Snob.
Participant[quote=sdrealtor]Thats funny. I have neither.[/quote]
Dude I was drinking the 2buck chuck when reading your post.Snob.
January 19, 2009 at 10:35 PM in reply to: Help for young couple buying a first-time condo with FHA? #331441ParticipantI would check out Normal Heights north of Adams.
I just showed a house on Mansfield there (about 1300 sqft) and about 250-300k asking.
Thats pretty much the price of a 2br apt in central Hillcrest.
I host open houses there (Hillcrest) constantly.
As an alternative, I would look at North Park east of 30th (probably north of Upas).
Finally, I would have a peak at some of the places in South Park (basically greater North Park South of Juniper). I have seen several places there (especially those with the 92102 zip code) that really make a lot of sense.
Okay and one other area to check out.
Sorry, I am a geek about this.
This is more for those who don’t have kids and are more interested in really gorgeous historic neighborhoods. Its a touch sketchy but Sherman Heights (east of the ballpark and south of 94) has lots of buildings that are more than 100 years old and can be bought for cheap. Again a sketchy neighborhood but truly incredible homes.January 19, 2009 at 10:35 PM in reply to: Help for young couple buying a first-time condo with FHA? #331779ParticipantI would check out Normal Heights north of Adams.
I just showed a house on Mansfield there (about 1300 sqft) and about 250-300k asking.
Thats pretty much the price of a 2br apt in central Hillcrest.
I host open houses there (Hillcrest) constantly.
As an alternative, I would look at North Park east of 30th (probably north of Upas).
Finally, I would have a peak at some of the places in South Park (basically greater North Park South of Juniper). I have seen several places there (especially those with the 92102 zip code) that really make a lot of sense.
Okay and one other area to check out.
Sorry, I am a geek about this.
This is more for those who don’t have kids and are more interested in really gorgeous historic neighborhoods. Its a touch sketchy but Sherman Heights (east of the ballpark and south of 94) has lots of buildings that are more than 100 years old and can be bought for cheap. Again a sketchy neighborhood but truly incredible homes.January 19, 2009 at 10:35 PM in reply to: Help for young couple buying a first-time condo with FHA? #331855ParticipantI would check out Normal Heights north of Adams.
I just showed a house on Mansfield there (about 1300 sqft) and about 250-300k asking.
Thats pretty much the price of a 2br apt in central Hillcrest.
I host open houses there (Hillcrest) constantly.
As an alternative, I would look at North Park east of 30th (probably north of Upas).
Finally, I would have a peak at some of the places in South Park (basically greater North Park South of Juniper). I have seen several places there (especially those with the 92102 zip code) that really make a lot of sense.
Okay and one other area to check out.
Sorry, I am a geek about this.
This is more for those who don’t have kids and are more interested in really gorgeous historic neighborhoods. Its a touch sketchy but Sherman Heights (east of the ballpark and south of 94) has lots of buildings that are more than 100 years old and can be bought for cheap. Again a sketchy neighborhood but truly incredible homes. -
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