Comments on: Your Realtor is not a Financial Advisor

By: HomeHow

HomeHow — Sat, 09 Nov 2019 18:15:52 +0000

A realtor and a financial advisor are two different people who are not able to give recommendations on the other’s work. This is the reason you should keep them separate.

By: First-Time Homebuyer Tips For Buying A House In Your Twenties

First-Time Homebuyer Tips For Buying A House In Your Twenties — Fri, 21 Dec 2018 21:42:31 +0000

[…] Speaking from experience, looking at properties over budget may only leave you feeling discouraged that you can’t afford a nicer home in a better area. If it’s a financial no-no, do yourself a favor and keep it moving. Regardless of what anyone says, remember, you are on the hook for paying your mortgage, no one else. This goes without saying but your realtor is not a financial advisor. […]

By: June 22, 2018 Latest Personal Finance Finds - Magnificent Scoundrel

June 22, 2018 Latest Personal Finance Finds - Magnificent Scoundrel — Fri, 22 Jun 2018 13:19:49 +0000

[…] $ Your Realtor is not a Financial Advisor […]

By: Rohan

Rohan — Sun, 17 Jun 2018 19:45:03 +0000

I agree realtors incentives are not aligned with sellers. The first offer they get is their best, irrelevant of the price. If they get the seller another 10k, the realtors only gets an extra $500. So spending more time on getting you 10k is not worth their time.

With many other services going online and peer to peer, it surprises me that real-estate is the one industry that does not want to budge. I personally sold my house privately and saved nearly 20k on agent fees. And I feel confident that I couldn’t sell my house for 20k more than what I did.

By: Barry Choi

Barry Choi — Fri, 15 Jun 2018 17:48:02 +0000

In reply to Adam @ Minafi. Hey Adam, Great point about realtors knowing areas. 8 years ago when my wife and I first started looking at homes, we had to give directions to our realtor for areas where we were looking. She had no clue and it completely turned us off the buying process.

By: Adam @ Minafi

Adam @ Minafi — Fri, 15 Jun 2018 14:04:44 +0000

Realtors on the seller side seem more aligned with their clients interests, but as you pointed out it’s still not great. It’s more important that it sells at all than if it sells for fair value or above the existing mortgage.

One thing we did for selling our house was find someone who was really experienced in selling houses in our neighborhood. He’s sold a bunch in the blocks around ours, and by doing that had driven prices up, allowing us to benefit. Our house sold high and fast, and I imagine he’ll be able to use that in the next house he sells in the neighborhood.

By: June 15th, 2018 Features - Rockstar Finance :: Curating the best of money and personal finance

Fri, 15 Jun 2018 10:00:56 +0000

[…] ★ Your Realtor is not a Financial Advisor […]

By: Eric Lange

Eric Lange — Fri, 20 Apr 2018 00:51:53 +0000

for what its worth when we were selling our house in 2016 before the market in GTA exploded, we had an offer of $1.7 on the table, we wanted $1,745,000 and would not come down in the price, the seller wasnt going up either, the buyer agent insisted due to her planned vacation in one day, that this deal had to be done that night, or her client would be waiting until she got back and then look at another group of properties.. I then made the suggestion, the the 5% would net the two realtors some $87,500 to split, why not take a hit on the commission, agree to a 4% split commission,
that would save us some $20,000 and apply that to the offer sheet get her client to offer $1,725,000 and the agents would have to split the 4%..
the buyer agent went crazy, how dare i suggest she take a hit on the commission!!,,, that was crazy and would never agree to a pay cut.. She said the following,,, i will go back to the buyer, i will convince him this is such a great house and property and lets agree to pay the $1,745,00 and be done with it. no discount on the realtor commission ..
next day she gave us the $1,745,000 offer with only house inspection as the conditional, she cost her client over $20,000 in extra cost, that he could have saved. I made sure after the closing, i went back to the house and shared the story with the buyer, to ensure he understood his agent cost him over $20,000 more than he could have saved on the deal.. He told me that he never realized his agent was not looking out for HIS best interest but instead looking out for her commission, By the way my agent was fine with doing that deal, and in fact ended up giving us back half a percent on the commission so it only cost us 4.5% in total,, she had our backs..

By: John Smith

John Smith — Thu, 22 Mar 2018 02:51:50 +0000

ps—when an agent rep’s both the buyer & seller, it is almost NEVER 5%… They work out a deal on the initial sale paperwork (assume they are listing agent because they have to be) and if the doubel end thr deal, its usually 3-3.5%.. NOT the full 5. In fact, not many ppl sell for the full 5 these days.. its more like 4.

By: Barry Choi

Barry Choi — Tue, 20 Mar 2018 00:17:37 +0000

In reply to Pamela George. Pamela, Seriously, I like my realtor, but I'd never go to him for financial advice.