Would anyone used Redfin for purchase?

NEW -> Contingent Buyer Assistance Program
[quote author="CalGal" date=1210384492]<blockquote>2. CYA - The threat of litigation is 1000x more frequent than its actual use towards resolution. The boilerplate CA Residential Purchase Agreement is pretty protective for both sides as a document. It takes a great deal of negligence to screw it up, so you should find good coverage when using almost any reputable broker with at least a little experience.</blockquote>
I would use a real estate lawyer. They obviously have much more experience in real estate law than a realtor. It is required in Massachusetts, and I was surprised to find out that they are not required in California. The fee could be as little as $500 (well worth it, IMO).</blockquote>


The process is very different state-to-state. Lawyerliz, what is common in FLA?
 
no_vas - if we are going to start making suggestions for avatars, how about a new one for Irvine Allergy Doctor?



<img src="http://g-ecx.images-amazon.com/images/G/01/ciu/ba/ab/37cf90b809a02f66af116110._AA280_.L.jpg" alt="" />
 
No Vas- Ok Ok, thats a good one. Im barely old enough to remember the show itself. Ill consider it strongly.



On other notes what are you not using vaseline on? Bwahaha.

Remember Vaseline isnt water soluble....
 
NEVER EVER EVER use the listing agent as your buyers agent! I did this for my first home and was horribly screwed over. She was a referral from a friend and a specialist in this particular town home project in Irvine. I cant begin to tell you how many ways I got screwed over by letting this agent represent me, but ultimately it was my fault for letting this happen. This agent still has the nerves to call me to see if I want to resell with her. She has no heart and could care less about anybody but herself. This is well known through the community. I easily left 30k on the table dealing with this agent.



If you buy a house get a lawyer, a Realtor that knows their stuff and truly has your best intentions at heart. If you feel them pressuring you, fire them and find another agent. In addition, learn the ins and outs of home purchasing ( inspection, due diligence, contracts, etc) so if the Realtor guides you the wrong way you can correct them.



Do not go by solely referrals as well to find an agent, ask around the community what kind of person this agent is. It turns out the person who refereed me to her received a commission when I bought the home.



Keep in mind all these realtors are hurting now so they will do whatever it takes in order to close the deal and they wont even think twice about your well being.
 
[quote author="Kali" date=1210482475]NEVER EVER EVER use the listing agent as your buyers agent! I did this for my first home and was horribly screwed over. She was a referral from a friend and a specialist in this particular town home project in Irvine. I cant begin to tell you how many ways I got screwed over by letting this agent represent me, but ultimately it was my fault for letting this happen. This agent still has the nerves to call me to see if I want to resell with her. She has no heart and could care less about anybody but herself. This is well known through the community. I easily left 30k on the table dealing with this agent.



If you buy a house get a lawyer, a Realtor that knows their stuff and truly has your best intentions at heart. If you feel them pressuring you, fire them and find another agent. In addition, learn the ins and outs of home purchasing ( inspection, due diligence, contracts, etc) so if the Realtor guides you the wrong way you can correct them.



Do not go by solely referrals as well to find an agent, ask around the community what kind of person this agent is. It turns out the person who refereed me to her received a commission when I bought the home.



Keep in mind all these realtors are hurting now so they will do whatever it takes in order to close the deal and they wont even think twice about your well being.</blockquote>


If you contact the listing agent directly, they are not your agent and it is not wise to consider them your agent, nor is it wise to think they have your best interest in mind. If you make an offer through the listing agent, you represent yourself. IMO, it is unwise to think that any real estate agent has your best interest in mind, no matter who they say they represent. It is better to remember that the agent's first priority is their commission and in order to get that commission, they must convince you that they have your best interest at heart, that you can not do a good job at representing yourself, that they have access to information that you don't, that they know better than you what a good offer is, etc.
 
I totally agree with Awgee. Even if you have an agent (as a buyer or a seller) never give them information you don't want other agents to know. They all talk - and they will all know your business.
 
<em>It is better to remember that the agent?s first priority is their commission and in order to get that commission, they must convince you that they have your best interest at heart, that you can not do a good job at representing yourself, that they have access to information that you don?t, that they know better than you what a good offer is, etc.</em>



I also agree with Awgee. No wonder they aren't trusted or well thought of by so many people.
 
But wait, the TV commercials tell me that they follow a code of ethics.... what a joke.



I cant believe that we have to rely on these people and we cant even trust them. Again, my limited experience with them has been pretty underwhelming. I can already see right thru their crap.
 
Whew. Ouch. This is a painful thread. I don't want to know what you want me to change my avatar to!



Although I'm tempted to be defensive, I won't be. I'm sorry to hear about the bad experiences. Truly.



Instead I'll give another tidbit of advice... when checking out a broker, or anybody involved in "selling," I would advise you to ask if you can speak with their <strong>CURRENT </strong>clients.



1. If they have no current clients, that tells you something.

2. If they won't let you talk with their current clients, that says the same thing.

3. If their clients are all unhappy, that also says the same thing.

4. If 98% are happy, you're probably in good hands.



Current clients are usually very happy to tell their story; good, bad, or otherwise.
 
IR2 - IMO, it would seem the pay structure for re agents puts their best interest at odds with their client's best interest. Since the pay is not for performance, but rather a closed sale, which may not be in the client's best interest, there seems to be an inherent conflict of interest between the re agent and his/her client.



Without being personal, because very few or none of us actually know you, consider how many re agents are willing to tell a client that it may be best for them to wait a few months or years before they buy or sell? I am not asking about you, but rather the majority of agents. Most of the folks in here realize that if they had taken the advice of 99 out of 100 agents, they would have purchased this year or last and would now have lost most if not all of their equity or even be upside down. All the advice that 'now is a good time to buy' is being proved to be a lode of hooey. And the advisers are losing credibility. How many of the subprime borrowers were egged on by an agent who told them any number of lies about how they could afford a home or how home prices always go up.<p>

The agent's pay structure necessitates a sale. If the buyer is hesitant to pay an amount that the seller is willing to accept, how many times does the agent say, "Hey, maybe we need to look at some less expensive properties."? Honestly, won't most agents tell their clients, "I think the seller may be willing to accept such and such. Or, the ever popular, "The selling agent told me their is another offer coming in today."?<p>

Admit it or not, it is obvious to anyone with half a brain that the commission based on a closed sale pay structure creates a conflict of interest between the agent and his/her client and agents will not hear of any change to their pay structure.<p>

Isn't there some way agents could get paid by the hour, like so many other servicers? Why is that so threatening? Maybe I will open up an re brokerage where the agent is paid by the hour, as is the brokerage.
 
[quote author="awgee" date=1210625626]IR2 - IMO, it would seem the pay structure for re agents puts their best interest at odds with their client's best interest. Since the pay is not for performance, but rather a closed sale, which may not be in the client's best interest, there seems to be an inherent conflict of interest between the re agent and his/her client.



Without being personal, because very few or none of us actually know you, consider how many re agents are willing to tell a client that it may be best for them to wait a few months or years before they buy or sell? I am not asking about you, but rather the majority of agents. Most of the folks in here realize that if they had taken the advice of 99 out of 100 agents, they would have purchased this year or last and would now have lost most if not all of their equity or even be upside down. All the advice that 'now is a good time to buy' is being proved to be a lode of hooey. And the advisers are losing credibility. How many of the subprime borrowers were egged on by an agent who told them any number of lies about how they could afford a home or how home prices always go up.<p>

The agent's pay structure necessitates a sale. If the buyer is hesitant to pay an amount that the seller is willing to accept, how many times does the agent say, "Hey, maybe we need to look at some less expensive properties."? Honestly, won't most agents tell their clients, "I think the seller may be willing to accept such and such. Or, the ever popular, "The selling agent told me their is another offer coming in today."?<p>

Admit it or not, it is obvious to anyone with half a brain that the commission based on a closed sale pay structure creates a conflict of interest between the agent and his/her client and agents will not hear of any change to their pay structure.<p>

Isn't there some way agents could get paid by the hour, like so many other servicers? Why is that so threatening? Maybe I will open up an re brokerage where the agent is paid by the hour, as is the brokerage.</blockquote>


Good points... looks like you moved so I'm responding <a href="http://www.irvinehousingblog.com/forums/viewthread/2219/">on this thread</a>.
 
Let me state you be hard pressed to find a more bearish curmudgen around than me.



I have done several transactions and would not consider doing one without a realtor. That said, the last realtor I used had a CPA's license and a MS in taxation (got burned out and needed a career change) so I might be used to a higher level of realtor. I would hardly describe the realtors I've used as used car salesmen. I have zero tolerance to be screwed around, and if that was the case, I'd be <em>out of there</em>.



That said, I would not use Redfin. And no, IR did not pay me to write this.
 
[quote author="acpme" date=1210634626]is this thread going to piss off a supporter of IHB? (not that we should care...)</blockquote>


Let me put it this way: I contacted Redfin because they are a friend of the IHB, so they got their money's worth out of that. If they bungled the deal from there, that's their own fault.
 
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