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Redfin agents telling me NOT to buy yet
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2011 May 12, 2:36am 22,996 views 52 comments
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JonSilence
2011 May 17, 5:03pm
My loan officer recently told me about a close friend who's in the REO dept at BofA who told her that they have 100,000 properties they would be releasing for sale in the first 6 mos or so of this year.
grywlfbg
2011 May 18, 8:53am
Little more info on my situation. Turns out the agent showing the home was NOT the listing agent - she works in the same office as the listing agent and was just hosting the open houses for him. But still, my statement above stands. I have been using redfin to search for houses for years and so I want to give back. Also, during this offering process the redfin agent has been very responsive and none of his statements have kicked off my BS meter. He's letting me drive - answering questions and/or offering advice when I ask but otherwise doing what I ask. So far I'm happy.
This is a big problem. It seems the listing agents don't want to accept reasonable offers from buyers who are represented by other agents for fear of having to split the commission.
same issue here in houston. there is a agent law with the realtors that they will not even write up or present any offer for less than list price and lie that they have several over listing price offers already but nothing ever sells.
same issue here in houston...and lie that they have several over listing price offers already but nothing ever sells.
That is a region, national, and international problem it seems with realtors. Pretty much uncovered in Canada and Australia. Many havent woken up to the practice exists here in the USA.
It will be the third and last leg to fall in the correction (aka recovery).
Same thing going on in southern cali, if you don't go with the listing agent you lose, If they represent the buyer and seller, they simply say to their buyer "you might have to up your offer a little since i've had an offer come in from another agent" Since they also represent the buyer, as a buyer you ask what would you suggest? So your offer will be beat out by a few thousand. And you woun't get the chance to put in a higher offer. And they can represent it as the best offer to the bank or seller.
FortWayne
2011 Jul 16, 2:59am
Wow, agents telling the truth? No wonder NAR sees Redfin as a threat.
I wouldn't bank on the whole "dam is ready to break" theory on the shadow inventory. I've been hearing rumors like this for over 2.5 years. But they're likely right that prices are going to continue to fall.
The reality NAR faces is that their entire business is based on lack of transparency in the real estate market. As long as the buyer does not know anything about all the other properties and values NAR can be a profit machine middle man.
But with online mls they aren't needed anymore. RedFin is something like 20/month, thats a lot less than paying some jackass 6% of the property value.
It's going to be painful for NAR types, real estate data is all online, there are multiple online mls, all county assessor data is online too. realtors are doomed.
B.A.C.A.H.
2011 Jul 16, 5:12am
Don't ask realtors about when is a good time to buy period. Make your own judgement on stats and independent research (avoiding NAR stats). The truth is, nobody is 100% but some will of course guess right!
I have never heard a Realtor® say "it's a bad time to buy". Never.
TMAC54
2011 Jul 16, 6:07am
Meditate ; Why did Real Property sales prices become detached from reality ?
When you have the answer, you will KNOW true value.
hint: 1973 then 1983
Â¥
2011 Jul 16, 6:51am
Why did Real Property sales prices become detached from reality
people willing and able to gamble with OPM, mainly. Plus the self-feeding nature of real estate speculation, valuations going up 2002-2003 due to interest rate drops brought more speculation into the market, the 20% gains of 2004 brought even more, and the new suicide loans added fuel to the fire in many areas, but by 2Q05 the party was over and the unwinding was to begin.
Texas did not experience a bubble because they had sounder lending standards. The looser the standards, the bigger the bubble.
We're buying a house through Redfin right now. My agent actually encouraged me NOT to bid any higher during a multiple offer situation. He advised me that we would probably be outbid given how many parties were bidding and what the listing agent had told him, but he thought that the house was going to be bid up higher than it was worth. That is exactly what happened. We were outbid, but the party that outbid us ended up walking away from the deal in the end. We put in a second offer right away when we found out, and got the house for effectively $12k less than we bid the first time around (and I'm guessing >$20k less than the original winning bidder was going to pay). Good call on the part of our Redfin agent! It proves to me that he is on our side and not just trying to close a deal at any cost to us.
To David Losh and anybody else saying that Redfin tries to target you with a "hot deal" after earning your trust: that has not happened to me in my 9+ months of dealing with Redfin. The only homes I have ever seen with Redfin have been homes that I specifically requested to see. The only marketing materials I receive from them are emails that I opted to receive (that are customized to show me only the homes and areas that I have favorited). So really, I think that you have no idea what you are talking about.
FortWayne
2011 Jul 16, 11:02am
Then you can pick up a house for the price of a good used car, which is a reasonable price for a box with a door.
"Box with a door" is excellent! Never heard it put that way before.
FortWayne
2011 Jul 16, 11:04am
To David Losh and anybody else saying that Redfin tries to target you with a "hot deal" after earning your trust: that has not happened to me in my 9+ months of dealing with Redfin. The only homes I have ever seen with Redfin have been homes that I specifically requested to see. The only marketing materials I receive from them are emails that I opted to receive (that are customized to show me only the homes and areas that I have favorited). So really, I think that you have no idea what you are talking about.
realtors are starting to advertise on patrick.net now.
FF says
To David Losh and anybody else saying that Redfin tries to target you with a "hot deal" after earning your trust: that has not happened to me in my 9+ months of dealing with Redfin. The only homes I have ever seen with Redfin have been homes that I specifically requested to see. The only marketing materials I receive from them are emails that I opted to receive (that are customized to show me only the homes and areas that I have favorited). So really, I think that you have no idea what you are talking about.
realtors are starting to advertise on patrick.net now.
wtf are you talking about? I have had the exact same experience, which is why I started this thread. The Redfin agent we work with has been incredible, a big reason we have not bought is because of his guidance. He even knows we are approved for 200k more than what we want to spend and he has advised against bidding up on properties.
I have dealt with dozens of horrible Realtors, but all the Redfin agents have been awesome.
FortWayne
2011 Jul 17, 4:54am
Tude maybe that one agent is great. Telling someone that all of them are ethical because of a single experience is very naive. When ethics becomes a trend this topic can be revisited.
Everyones experience with realtors or people in real estate industry has been hurt with insane realtor conflict of interest. Maybe Redfin agents are better, but I'll only agree with that when enough evidence over time there to support that.
TMAC54
2011 Jul 17, 10:20am
1973 banks doubled the amount a family could borrow for home purchases.
1983 the computer was introduced.
Drop all the complicated mythological and intentional confusing formulae.
The more we make the more we spend !!! We don't make as much as we did during the information age infancy.
Come-on people, Redfin makes money from selling houses (and your browsing history). They are not the federal government. They can't print money to pay their "field agents." At the end of the day, they have to compete with other "realtors" and try to sell YOU a house.
Matt from Redfin here. Redfin does not sell your browsing history. Redfin only makes money when you buy or sell a home with our agents or partner agents.
Its not about price...it's not about interest rate...it's about affordabilty...no other time in history have we had low prices and low interest rates. Stop trying to time the market..no one can. The one thing you can count on is inflation so you'd better own something other than cash.
Read my blog here: http://www.reoavenue.com/crystal-ball/
Robber Baron Elite Scum
2011 Jul 25, 10:16pm
no other time in history have we had low prices and low interest rates.
When interest rates are low the marked is rigged to be inflated above it's real market value. You can not have low prices with low interest rates.
Learn about things before you give advice on them and stop spamming.
PS. If you're not incompetent - you are probably a shill.
you are probably a shill.
Yeah, it's a shill directing us to his/her site. The comment is mostly nonsensical.
bubblesitter
2011 Jul 26, 2:57am
Its not about price...it's not about interest rate...it's about affordabilty...no other time in history have we had low prices and low interest rates. Stop trying to time the market..no one can. The one thing you can count on is inflation so you'd better own something other than cash.
Read my blog here: http://www.reoavenue.com/crystal-ball/
Nice first post. LOL.
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Well all these threads about how things are going up and how hot the market is...I have taken two tours with Redfin agents in the past couple weeks, one in the Pleasant Hill/Walnut Creek area, and one in the Hercules/Pinole/El Sob area. When I was disgusted by the condition and prices, both agents told me that they would not buy now. Word on the street is the market IS rigged, the banks are playing games, and Bank of America is getting ready to start listing their tens of thousands of foreclosures from BAC/Countrywide after a nearly 1.5 year moratorium.
The agents have seen what is in the pipeline and it's a Hoover Dam that is about to break.
#housing