Real Estate Called Out

A disabled Veteran reached out to us a few weeks to share their story and asking for help.    

Their agent told them (on the phone) that they have to waive inspection and ask for nothing to win, essentially buying a home as is.  This home was recently flipped by out of town developers, yet their agent still insisted they waive inspection and ask for nothing.   The agent then had the buyers sign a waiver basically removing any responsibility from the agent for saying they need to do this.  After closing, the buyers discovered over $80,000 in problems (on a $300,000 home) and are left with no one to help them.

Believe it or not, there are markets in the US in which waiving the home inspection is still a tactic buyers are using to get their offer accepted.   But how can a buyer do this to protect themselves, and is it really worth waiving it at all?

MA Real Estate Agent, Patricks Brusil joins us to discuss waiving inspections, why buyers are doing it, the issues that arise from this strategy, and why buyers and sellers need to start pushing back on advice given by asking the simple question "why."

Got a question?

State laws and regulations may vary.

Have a story you would like to share with other sellers or buyers?
Hit us up here.

Multiple buyers have reported being sent an invoice for a credit report from lenders they chose not to use.    While you do pay for a credit report at closing, why are buyers suddenly being charged for credit reports from lenders they said no to?

Chelle Prunkel joins Wendy again to discuss this topic and how to make sure you don't get a bill in the mail from a lender you didn't use.

They also discuss the basics of credit, what affects your score, how credit companies make money and the battle to get them to stop selling our data.  They also discuss the misinformation you find online when it comes to mortgage news, like the "40 year mortgage."

Got a question?

State laws and regulations may vary.

Have a story you would like to share with other sellers or buyers?
Hit us up here.

This isn't the first time we have heard a story like this, and likely won't be the last.
 
 This homebuyer was already pre-approved but when chatting with their agent, they were told they should shop around and then were given the contact information for this agent's "partner lender."
 
 Three days later, the buyer mentioned to their agent and the "partner lender" that they have another rate and if the lender could match it.  The agent freaks out and tells them to stop shopping around (even though she told them to do so three days prior).
 We want to know why after meeting with her partner lender is the buyer supposed to stop shopping around.
 
 Chelle Prunkel joins us again to dissect this story and also discuss...

• How long you can shop for rates
• The Consumer Financial Protection Bureau's warning on online rate shopping
• Rocket Mortgage and their "not rocket mortgage" website
• Rocket Homes Agents being told to not steer their clients away from Rocket Mortgage products
• How to compare rates between lenders and what to look for
• How "Partner Lenders" can pay for your agent's advertising
• Why you should be concerned if your agent only recommends one lender

Got a question?

State laws and regulations may vary.

Have a story you would like to share with other sellers or buyers?
Hit us up here.

This buyer swears their offer was market value, but was shocked to see the appraisal come back $100,000 below their offer.    While the buyer and the agent point their fingers at the appraisal, it made us realize that we don't ever really get to hear the appraisers side of the story.    We don't see them, we don't talk to them, but are they really the bad guys in the buying process?

To dissect the world of appraisals, we asked a reputable appraiser to join us for this epsiode.

This appraiser has been in the appraisal business since the late 1990's.   Not only did she help with forensic audits during the housing crash in 2008, she also periodically serves as a hearings officer for various counties making recommendations to the board of commissioners as to property values when home-owners are appealing their assessed values.   She believes that appraisers are there to best protect consumers, but that the industry has placed them far away from the very people they are supposed to help. 

Things she explains in this episode:

The difference of certification in an appraiser vs realtor
Why we can't see or talk to them
Who gets a cut of the appraisal fee we pay
How appraisers judge value
How often do appraisals match the contracted offer
How your renovations don't equal that same added value
How to dissect your appraisal
What to do if you think your appraisal is wrong
How the industry isn't putting consumers first

Got a question?

State laws and regulations may vary.

Have a story you would like to share with other sellers or buyers?
Hit us up here.

This homebuyer went to schedule their home inspection for their brand new construction home.   When reaching out to the sales person to schedule a day, they were given a two paragraph email as to why you don't need an inspection on your new build home.

So do you?

Joining Wendy to dissect this story is Robb Williams.  Robb has been in the construction and concrete business since the late 1990's and is a real estate agent in central Alabama.   In this episode they talk about new construction, what upgrades are worth it, which aren't, why you should get an inspection, and the major issue currently facing the new home builder that is impacting everyone. 

Got a question?

State laws and regulations may vary.

Have a story you would like to share with other sellers or buyers?
Hit us up here.

We came across this review of an agent and knew it was something we had to discuss.

According to this buyer, their agent was obnoxiously taking selfies and videos instead of helping them look at homes.   It got so bad that the clubhouse manager of the exclusive community they were touring asked the agent to leave.

Which brings us to the question, are agents as successful as they seem online?

Jonathan Self, a Chicago real estate agent, joins us to discuss the social media hype of real estate agents, the competitive nature of real estate, and how to decipher what's real and what isn't when looking for an agent online.   

Got a question?

State laws and regulations may vary.

Have a story you would like to share with other sellers or buyers?
Hit us up here.

Our original co-host, Lindy Chapman, joins us for the next few episodes to discuss all things agents, commissions and transparency!

For this episode, we breakdown the many buyer agent incentives that are, at times, not visible to buyers.   Whether it's an increase in commission based on sales price, a bonus to a builder for having three clients build, or even $5,000 from Opendoor for having clients hand over their homes.  

Learn how to spot these incentives and how you can make them work to your advantage.

0:58: Examples of agent commission incentives in private remarks
2:44: How do you know if your agent is getting an extra incentive
3:40: Why a seller would offer an incentive and the impacts on a buyer
4:20: What is a "private remark" and buyer compensation now publicly viewed
6:00: New construction incentives and how to make them work for a buyer
6:30: Inspections and new builds
8:50: What to know if using an agent when building
9:30:  When you could negotiate a buyer rebate
11:10: Understanding agent commissions and potential "fee for service" model
16:56: The need for less agents and more education
18:52: Incentives that Opendoor offers to agents and their current troubles
21:56: How to protect yourself as a buyer from bonus incentives
23:20: Commissions and how Zillow and Realtor.com get a piece
24:26: The bait and switch on best agent platforms

Got a question?

State laws and regulations may vary.

Have a story you would like to share with other sellers or buyers?
Hit us up here.

This homebuyer met with an agent who then referred them to a different agent and told them they expect him to pay a $900 admin fee (in addition to the 2.5% to 3% they are expecting to collect in commission).

We've actually written about the BS admin fees in the past on Selling Later, but never have we seen one for this much!  We've also recently seen brokerages call this fee by other names like "Regulatory Compliance Fee" or " Transaction Fee."  Even more interesting is that you likely won't see this fee much in Dallas or Seattle, but is rampant in other mid sized cities. 

So what is an Admin Fee and how can you avoid paying it?

Matt Wheatley, a broker in Florida who doesn't charge an admin fee, joins us to discuss where this fee came from, why so many brokerages charge it, and how to negotiate out with your agent.

0:43: Buyer story
2:07: Intro to cohost Matt Wheatley
4:17: What is a buyer/seller Admin fee?
6:11: Why are fees so rampant today?
10:30:  Are these fees required by the state?
11:10:  Past admin duties vs todays duties
12:05:  Agents making other agents pay their fee
15:15: Where to find this fee?
19:30:  How to negotiate this fee away?
22:35: Matt's pet peeve in real estate
25:40: Finding out your agents reputation
26:24: Internet trolls in real estate

Contact Matt

Got a question?

State laws and regulations may vary.

Have a story you would like to share with other sellers or buyers?
Hit us up here.

It's the battle of the budgets!

In this buyer story, a husband and wife can't see eye to eye on their home budget. One wants something inexpensive that they can afford on one salary, and the other wants the home to be perfect when moving in, which comes at a much higher cost.   

So what causes the budget battle?

For this episode, Hilary Mancuso joins Wendy to discuss homebuyer budgets and the negative impact of HGTV. Both older millennials, Wendy and Hilary also discuss the effects of social media on younger buyers and how we need to start unfollowing those that trigger our FOMO, comparison, and anxiety.....which includes Zillow.

Contact Hilary

Got a question?

State laws and regulations may vary.

Have a story you would like to share with other sellers or buyers?
Hit us up here.

This episode is a must listen for those getting ready to sell their home, especially if your home is in a different town.

This homeowner had to sell their home while living in a different state.   While things started out good with their agent, the experienced soured quickly as the house fell out of contract.   

Not only did their agent pull their house off the market for a month, she then went on to update the home, without the homeowners approval.    The agent then expected the homeowners to pay her an additional $20,000 on top of her commission for said work.    To top it off, one of the "vendors" that worked on the home was the agents brother, who was set to pocket $5,000.

Joining this epsiode is William Brandon Spinner.   Brandon is a real estate broker licensed in New Jersey and Pennsylvania.    With experience in not only real estate, but remodeling homes, we knew he would be the perfect person to help figure out what the heck went wrong for this homeowner.

Contact William Brandon Spinner

Got a question?

State laws and regulations may vary.

Have a story you would like to share with other sellers or buyers?
Hit us up here.