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urbanrealtor
Participant[quote=SD Realtor]zk if you can learn as much as possible about the trustee sale process I believe this is where the true value will lie for those who can use cash for purchases. I am hearing more isolated cases of trustee sales where the winning bid is BELOW the default amount of the first mortgage. As the depreciation cycle continues I would expect more and more of this to happen. Not saying it happens all the time but there certainly are cases of it happening and we will see more of them.[/quote]
Yoda is on to something here.
I have been hearing the same things actually.
Don’t really know how accurate any of it is of course.The one caution I would give is that buying for “less than default” is not a good (or bad) thing unless it is also substantially less than market.
Trustee sales do not permit any contingencies or inspection so you should get a pretty sizable discount (from market comps) for buying what is essentially site unseen. Just saying.
Participantsomebody talk about Akira Kurosawa please.
Or Gary Larson.
Whichever
…Participantsomebody talk about Akira Kurosawa please.
Or Gary Larson.
Whichever
…Participantsomebody talk about Akira Kurosawa please.
Or Gary Larson.
Whichever
…Participantsomebody talk about Akira Kurosawa please.
Or Gary Larson.
Whichever
…Participantsomebody talk about Akira Kurosawa please.
Or Gary Larson.
Whichever
…Participant[quote=XBoxBoy][quote=Rustico]Wow, this thread has really exposed the predicament a diy unlicensed buyer, who wants to see some value rewarded for his efforts, faces.The cartel lives on.[/quote]
Isn’t that the truth! I’m sure there are ways around it at times, but only if the listing agent is agreeable.
[quote=Rustico]It seems like a reasonable compromise could be reached easily,on a case by case basis.
So where does that put you Now xBoxBoy?[/quote]
Well, honestly getting a license just to simplify my own purchase doesn’t seem worthwhile. I don’t think it would bring that much to the table, unless I was with a broker. And somehow I figure that he’d want some part of the commission.
I figure the best strategy is to start by approaching the seller’s agent before you make an offer. See what they are agreeable to regarding commission, etc. If they don’t seem receptive to passing the commission back to the seller, then just go with someone like redfin. (Or potentially approach someone else telling them as you suggest that I would be a low maintenance client)
But I must say I’ve really learned a lot from this thread.
XBoxBoy
[/quote]
Not a bad idea but I would probably approach the buyer agent first and not bother with the listing agent. Were it me, as the listing agent, I think it would start on the wrong foot to be asked to be the only pro and give up the cbb. However, I think that I would be less irritated if as a buyer agent, a buyer came to me and asked for some percentage of my cut in exchange for giving me easy business.
I have a 70% split currently and if I got half that for just doing offers and escrow that might not be so bad. I mean there would have to be some ground rules set beforehand but it would not be the worst thing.
Again I don’t mean to say that approaching the listing agent is terrible idea, just that the incentive structure does not favor you.Participant[quote=XBoxBoy][quote=Rustico]Wow, this thread has really exposed the predicament a diy unlicensed buyer, who wants to see some value rewarded for his efforts, faces.The cartel lives on.[/quote]
Isn’t that the truth! I’m sure there are ways around it at times, but only if the listing agent is agreeable.
[quote=Rustico]It seems like a reasonable compromise could be reached easily,on a case by case basis.
So where does that put you Now xBoxBoy?[/quote]
Well, honestly getting a license just to simplify my own purchase doesn’t seem worthwhile. I don’t think it would bring that much to the table, unless I was with a broker. And somehow I figure that he’d want some part of the commission.
I figure the best strategy is to start by approaching the seller’s agent before you make an offer. See what they are agreeable to regarding commission, etc. If they don’t seem receptive to passing the commission back to the seller, then just go with someone like redfin. (Or potentially approach someone else telling them as you suggest that I would be a low maintenance client)
But I must say I’ve really learned a lot from this thread.
XBoxBoy
[/quote]
Not a bad idea but I would probably approach the buyer agent first and not bother with the listing agent. Were it me, as the listing agent, I think it would start on the wrong foot to be asked to be the only pro and give up the cbb. However, I think that I would be less irritated if as a buyer agent, a buyer came to me and asked for some percentage of my cut in exchange for giving me easy business.
I have a 70% split currently and if I got half that for just doing offers and escrow that might not be so bad. I mean there would have to be some ground rules set beforehand but it would not be the worst thing.
Again I don’t mean to say that approaching the listing agent is terrible idea, just that the incentive structure does not favor you.Participant[quote=XBoxBoy][quote=Rustico]Wow, this thread has really exposed the predicament a diy unlicensed buyer, who wants to see some value rewarded for his efforts, faces.The cartel lives on.[/quote]
Isn’t that the truth! I’m sure there are ways around it at times, but only if the listing agent is agreeable.
[quote=Rustico]It seems like a reasonable compromise could be reached easily,on a case by case basis.
So where does that put you Now xBoxBoy?[/quote]
Well, honestly getting a license just to simplify my own purchase doesn’t seem worthwhile. I don’t think it would bring that much to the table, unless I was with a broker. And somehow I figure that he’d want some part of the commission.
I figure the best strategy is to start by approaching the seller’s agent before you make an offer. See what they are agreeable to regarding commission, etc. If they don’t seem receptive to passing the commission back to the seller, then just go with someone like redfin. (Or potentially approach someone else telling them as you suggest that I would be a low maintenance client)
But I must say I’ve really learned a lot from this thread.
XBoxBoy
[/quote]
Not a bad idea but I would probably approach the buyer agent first and not bother with the listing agent. Were it me, as the listing agent, I think it would start on the wrong foot to be asked to be the only pro and give up the cbb. However, I think that I would be less irritated if as a buyer agent, a buyer came to me and asked for some percentage of my cut in exchange for giving me easy business.
I have a 70% split currently and if I got half that for just doing offers and escrow that might not be so bad. I mean there would have to be some ground rules set beforehand but it would not be the worst thing.
Again I don’t mean to say that approaching the listing agent is terrible idea, just that the incentive structure does not favor you.Participant[quote=XBoxBoy][quote=Rustico]Wow, this thread has really exposed the predicament a diy unlicensed buyer, who wants to see some value rewarded for his efforts, faces.The cartel lives on.[/quote]
Isn’t that the truth! I’m sure there are ways around it at times, but only if the listing agent is agreeable.
[quote=Rustico]It seems like a reasonable compromise could be reached easily,on a case by case basis.
So where does that put you Now xBoxBoy?[/quote]
Well, honestly getting a license just to simplify my own purchase doesn’t seem worthwhile. I don’t think it would bring that much to the table, unless I was with a broker. And somehow I figure that he’d want some part of the commission.
I figure the best strategy is to start by approaching the seller’s agent before you make an offer. See what they are agreeable to regarding commission, etc. If they don’t seem receptive to passing the commission back to the seller, then just go with someone like redfin. (Or potentially approach someone else telling them as you suggest that I would be a low maintenance client)
But I must say I’ve really learned a lot from this thread.
XBoxBoy
[/quote]
Not a bad idea but I would probably approach the buyer agent first and not bother with the listing agent. Were it me, as the listing agent, I think it would start on the wrong foot to be asked to be the only pro and give up the cbb. However, I think that I would be less irritated if as a buyer agent, a buyer came to me and asked for some percentage of my cut in exchange for giving me easy business.
I have a 70% split currently and if I got half that for just doing offers and escrow that might not be so bad. I mean there would have to be some ground rules set beforehand but it would not be the worst thing.
Again I don’t mean to say that approaching the listing agent is terrible idea, just that the incentive structure does not favor you.Participant[quote=XBoxBoy][quote=Rustico]Wow, this thread has really exposed the predicament a diy unlicensed buyer, who wants to see some value rewarded for his efforts, faces.The cartel lives on.[/quote]
Isn’t that the truth! I’m sure there are ways around it at times, but only if the listing agent is agreeable.
[quote=Rustico]It seems like a reasonable compromise could be reached easily,on a case by case basis.
So where does that put you Now xBoxBoy?[/quote]
Well, honestly getting a license just to simplify my own purchase doesn’t seem worthwhile. I don’t think it would bring that much to the table, unless I was with a broker. And somehow I figure that he’d want some part of the commission.
I figure the best strategy is to start by approaching the seller’s agent before you make an offer. See what they are agreeable to regarding commission, etc. If they don’t seem receptive to passing the commission back to the seller, then just go with someone like redfin. (Or potentially approach someone else telling them as you suggest that I would be a low maintenance client)
But I must say I’ve really learned a lot from this thread.
XBoxBoy
[/quote]
Not a bad idea but I would probably approach the buyer agent first and not bother with the listing agent. Were it me, as the listing agent, I think it would start on the wrong foot to be asked to be the only pro and give up the cbb. However, I think that I would be less irritated if as a buyer agent, a buyer came to me and asked for some percentage of my cut in exchange for giving me easy business.
I have a 70% split currently and if I got half that for just doing offers and escrow that might not be so bad. I mean there would have to be some ground rules set beforehand but it would not be the worst thing.
Again I don’t mean to say that approaching the listing agent is terrible idea, just that the incentive structure does not favor you.Participant[quote=SD Realtor]”As far as the assistant, if they are licensed, then they are permitted to do transactions. Lots of the big-name teams classify their licensees as assistants even though they do much of the work.”
Just to clarify on something UR, if you are an assistant and pay the lower fees as an assistant, it does not matter if you are licensed or not, you will have access to the MLS but you will not be able to have your names on any transactions, buy or sell, on the MLS.
[/quote]
I think we are talking past each other on this one.
I am referring to the DRE designation (the only legal requirement) and you are referring to the board designation (the Realtor category).
The state does not care how SDAR or Sandicor classifies you. I would venture to say that 10% of the listings I deal with and show refer me to a licensed assistant who handles the entire transaction. They are functioning as the agent even though they never put their name on the Winforms or on the MLS. I have seen some of the commission check breakouts actually name them though (as they would with an agent or professional tc). Some of those breakouts have had my name on them when I was a licensed assistant.[quote=SD Realtor]
SDAR is highly compelled to enforce the pricing policy as it is defined. That is, if you are a licensee and you intend to perform transactions for that broker, you are supposed to pay your full MLS dues. Generally assistants are classified and defined as people who assist brokers with more “office work” rather then transactions. While this may include running comps and performing support work for transactions the “INTENT” of the lower pricing structure is defined to be for true assistants.
[/quote]
Lots of licensed assistants show property, negotiate deals or hold open houses. While SDAR may have rules against this (I don’t think they do actually, but I could be wrong), no such rules are generally enforced.Instead they place regulations (which are enforced) regarding names on forms, fee structures on various realtor necessities (MLS, sentrilock cards) and definitions of what membership is required to do certain things.
[quote=SD Realtor]
Yes an assistant may have a license but why would a licensee want to go through the trouble of being licensed to do transactions by getting licensed yet only be an assistant. [/quote]Most professional tc’s are fully licensed. Most office assistants are licensed. I was a licensed assistant for years before being independent. To this day, I will assist another agent if they request it and compensate me. The reason I (and many others) became assistants was that it seemed more secure to get a paycheck than try to drum up my own clientele as a new agent. Honestly getting licensed is not that hard. It really has a low threshold. Currently it is 3 classes and a test. That is more than the 1 class and test 2 years ago. So yeah, lots of licensees would prefer to be assistants. I did it for years after finishing college.
Participant[quote=SD Realtor]”As far as the assistant, if they are licensed, then they are permitted to do transactions. Lots of the big-name teams classify their licensees as assistants even though they do much of the work.”
Just to clarify on something UR, if you are an assistant and pay the lower fees as an assistant, it does not matter if you are licensed or not, you will have access to the MLS but you will not be able to have your names on any transactions, buy or sell, on the MLS.
[/quote]
I think we are talking past each other on this one.
I am referring to the DRE designation (the only legal requirement) and you are referring to the board designation (the Realtor category).
The state does not care how SDAR or Sandicor classifies you. I would venture to say that 10% of the listings I deal with and show refer me to a licensed assistant who handles the entire transaction. They are functioning as the agent even though they never put their name on the Winforms or on the MLS. I have seen some of the commission check breakouts actually name them though (as they would with an agent or professional tc). Some of those breakouts have had my name on them when I was a licensed assistant.[quote=SD Realtor]
SDAR is highly compelled to enforce the pricing policy as it is defined. That is, if you are a licensee and you intend to perform transactions for that broker, you are supposed to pay your full MLS dues. Generally assistants are classified and defined as people who assist brokers with more “office work” rather then transactions. While this may include running comps and performing support work for transactions the “INTENT” of the lower pricing structure is defined to be for true assistants.
[/quote]
Lots of licensed assistants show property, negotiate deals or hold open houses. While SDAR may have rules against this (I don’t think they do actually, but I could be wrong), no such rules are generally enforced.Instead they place regulations (which are enforced) regarding names on forms, fee structures on various realtor necessities (MLS, sentrilock cards) and definitions of what membership is required to do certain things.
[quote=SD Realtor]
Yes an assistant may have a license but why would a licensee want to go through the trouble of being licensed to do transactions by getting licensed yet only be an assistant. [/quote]Most professional tc’s are fully licensed. Most office assistants are licensed. I was a licensed assistant for years before being independent. To this day, I will assist another agent if they request it and compensate me. The reason I (and many others) became assistants was that it seemed more secure to get a paycheck than try to drum up my own clientele as a new agent. Honestly getting licensed is not that hard. It really has a low threshold. Currently it is 3 classes and a test. That is more than the 1 class and test 2 years ago. So yeah, lots of licensees would prefer to be assistants. I did it for years after finishing college.
Participant[quote=SD Realtor]”As far as the assistant, if they are licensed, then they are permitted to do transactions. Lots of the big-name teams classify their licensees as assistants even though they do much of the work.”
Just to clarify on something UR, if you are an assistant and pay the lower fees as an assistant, it does not matter if you are licensed or not, you will have access to the MLS but you will not be able to have your names on any transactions, buy or sell, on the MLS.
[/quote]
I think we are talking past each other on this one.
I am referring to the DRE designation (the only legal requirement) and you are referring to the board designation (the Realtor category).
The state does not care how SDAR or Sandicor classifies you. I would venture to say that 10% of the listings I deal with and show refer me to a licensed assistant who handles the entire transaction. They are functioning as the agent even though they never put their name on the Winforms or on the MLS. I have seen some of the commission check breakouts actually name them though (as they would with an agent or professional tc). Some of those breakouts have had my name on them when I was a licensed assistant.[quote=SD Realtor]
SDAR is highly compelled to enforce the pricing policy as it is defined. That is, if you are a licensee and you intend to perform transactions for that broker, you are supposed to pay your full MLS dues. Generally assistants are classified and defined as people who assist brokers with more “office work” rather then transactions. While this may include running comps and performing support work for transactions the “INTENT” of the lower pricing structure is defined to be for true assistants.
[/quote]
Lots of licensed assistants show property, negotiate deals or hold open houses. While SDAR may have rules against this (I don’t think they do actually, but I could be wrong), no such rules are generally enforced.Instead they place regulations (which are enforced) regarding names on forms, fee structures on various realtor necessities (MLS, sentrilock cards) and definitions of what membership is required to do certain things.
[quote=SD Realtor]
Yes an assistant may have a license but why would a licensee want to go through the trouble of being licensed to do transactions by getting licensed yet only be an assistant. [/quote]Most professional tc’s are fully licensed. Most office assistants are licensed. I was a licensed assistant for years before being independent. To this day, I will assist another agent if they request it and compensate me. The reason I (and many others) became assistants was that it seemed more secure to get a paycheck than try to drum up my own clientele as a new agent. Honestly getting licensed is not that hard. It really has a low threshold. Currently it is 3 classes and a test. That is more than the 1 class and test 2 years ago. So yeah, lots of licensees would prefer to be assistants. I did it for years after finishing college.
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