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Redfin Real Estate Forums :
Seattle :
A Buyer's Market
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Re: A Buyer's Market
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Ken
Regular Contributor
Posts: 55
Registered: 10-02-2007
Message 13 of 50
Viewed 5,849 times
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I am also very interested in RedFin's policy on this matter. I would assume that they would submit whatever offer we buyers bring to the table since we are the ones assuming the large loan to pay everyone involved. There is an interesting thread over on raincityguide.com by a real estate lawyer named Craig who is recommending going without a real estate agent and submitting offers directly through an attorney. His concept is that you don't need a real estate agent to submit the legal contract, only a lawyer. Lawyers either charge a fixed fee or by the hour.. either of which is cheaper than a real estate agent. It is an interesting concept that might be worth exploring. With that said I absolutely love and am addicted to Redfin. The emailed updates on everything from new listings to priced adjustments to properties going into contingent status to the searches that draw a little red line around the specific area you are interested in while summing up the specific data selected which can then be downloaded to Excel. It is just completely awesome.
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04-03-2008 12:01 PM
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Re: A Buyer's Market
[ Edited ]
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Venturion
Super Contributor
Posts: 1282
Registered: 12-28-2007
Message 14 of 50
Viewed 5,819 times
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Ken - I think this is the blog or this blog you mention. I've advocated this approach numerous times. The problem is that it typically requires the cooperation of the listing agent. So unless your RE attorney is also a broker (in which case he is entitled to the buyer's agent commission), there is no obligation of behalf of the listing agent to give up the 3% typically reserved for the buyer's agent.... UNLESS, sellers read the front-page blog and pay attention to the listing contract!
Message Edited by Venturion on 04-03-2008 02:10 PM
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04-03-2008 01:55 PM
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Re: A Buyer's Market
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denismurf
Regular Contributor
Posts: 83
Registered: 01-10-2008
Message 17 of 50
Viewed 5,786 times
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To eak and Lintoto: Check out the thread "What do listing agents do?" from a couple of weeks ago. -- Denis
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04-03-2008 04:25 PM
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Re: A Buyer's Market
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AnotherBuyer
Contributor
Posts: 20
Registered: 02-13-2008
Message 20 of 50
Viewed 5,604 times
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We wanted to make an offer of $685K on a house which was listed at $745K. The average comps of the neighboorhood and recent sale data (685K, 710K - same sqfootage, same community - were the two sales in the last 6 months) were used to decide this number. When we tried to make the offer - I was told by a redfin representative that thier data shows that they are most effective when they are negotiating within 2 -5% of the asking price. Also they said most times they would expect the buyer to be willing to go higher - more like 3% away from the asking price. When we said we didnt want to go above we were told we have multiple options: 1) Make the offer ourselves 2) Go to a full commission agent - who then can spend more time going back and forth on the offer 3) Wait for the seller to drop the price We like Redfin and thier model - but I think they should change thier policy on this. The market is bad and houses do drop 50K or more. They shouldnt care how far the offer is from the asking - they should evaluate what the market price of the house is and should be willing to make an offer if the price sounds right to them given all the data
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04-06-2008 05:12 PM
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