Reply
Regular Visitor
Brian_Redbeard
Posts: 9
Registered: ‎03-25-2008
0

Re: Does RedFin Work with NACA?

[ Edited ]
A few thoughts on this, pro and con.

As a NACA member, let me be the first to say I would LOVE to be able to utilize this tool with "the best mortgage program in america" as they put it. Realistically, I know that I'm a bit smarter than the average bear. Part of the reason that they insist on members using vetted real estate agents is to provide individuals with an advocate. One who will work to ensure that the interests of the buyer are served as best possible. From seeing a lot of other members and the struggles that they have, this makes a lot of sense. Many individuals do not have the "do it yourself" mentality which Redfin caters to. Too often the phrase "let the buyer beware" is proven to be an important adage when in regards to shady dealings. Things like convincing buyers to avoid inspections, etc.

Again, I know the drill and am fully prepared to be culpable for the consequences, but NACA is really at the core of it simply looking out for their members.

On another note, check out this NACA google gadget I came across:
http://code.google.com/p/naca-google-gadget/

Message Edited by Brian_Redbeard on 03-25-2008 03:08 PM
Gold Contributor
Venturion
Posts: 1,878
Registered: ‎12-28-2007
0

Re: Does RedFin Work with NACA?

*scratching head - feeling dense after about 35,000 miles of air travel so far this year*

Could you kindly and succinctly repeat your point(s), Brian? Thanks.
Regular Visitor
Brian_Redbeard
Posts: 9
Registered: ‎03-25-2008
0

Re: Does RedFin Work with NACA?

It would be my pleasure.

To begin, NACA requires members to use a buyers agent who is familiar with the NACA program to ensure that individuals do not fall victim to predatory home buying situations. While I will be the first to admit that I would prefer to save the cost of the buyers agent, I understand that individual's role as an advocate for the buyer throughout the purchase process.

To summarize... yeah, i'd love to save a little scratch, but the lions share of the individuals using this program are not the type of individuals who would use redfin, so it's a catch-22. Good interest rate (5.125% as of today) versus having to pay a little more up front.

Either way, Redfin is a fantastic MLS dashboard and allows me to effectively obsess about lots of houses while I'm doing my savings!
Gold Contributor
Venturion
Posts: 1,878
Registered: ‎12-28-2007
0

Re: Does RedFin Work with NACA?

Thanks, Brian.  Just out of curiosity, is familiarity with NACA's program a requirement for a buyer's agent to help a NACA member (or is it customer)?  I'm not sure I see the correlation if your only concern is helping the buyer avoid predatory home buying situations.  On that topic, could you expand on what you mean "predatory home buying situations?"  I think that much of 2005 and 2006 predatory home buying situations surround inexperinced, non-fiduciary buyers agents providing very poor advice, let alone service, to buyers.
Regular Visitor
Brian_Redbeard
Posts: 9
Registered: ‎03-25-2008
0

Re: Does RedFin Work with NACA?

Sorry for the confusion, you've actually hit the nail on the head. Familiarity with the NACA program is a requirement for a buyer's agent to work with a member/customer. NACA also requires that inspectors and contractors are vetted as well. From what I understand, this process is not complicated and enrollment is open, but ensures accountability on the part of all 3rd-party individuals involved in home buying process. The buyer can be assured that their inspector is giving a fair and accurate account of the house and if repairs are needed that they will note them. They can also be assured that contractors will perform proper work with all permits and city/state/county inspections done to guarantee said work is up to code.

As you said, a large problem with the predatory situation of 2005-2006 revolved not only around lending, but inspectors who fudged their work to increase home values, agents who's primary agenda was to make as many sales as possible without consideration for their clients, and contractors who performed sub-par work in effect devaluing the properties. These are all situations which NACA actively works to combat.

Hence, Redfin is a great tool for finding the houses, but as Redfin acts *as* the buyers agent (and that is where the "savings" comes from), it is inherently incompatible with the NACA program. Nonetheless, it is a great tool to find specific properties to take directly to the agent a member is working with.
Gold Contributor
Venturion
Posts: 1,878
Registered: ‎12-28-2007
0

Re: Does RedFin Work with NACA?

Excellent response, Brian. From your experience, are you aware if any NACA-approved agents offer commission rebates? Thank you.
Contributor
JakeSpeed
Posts: 18
Registered: ‎03-17-2008
0

Re: Does RedFin Work with NACA?

[ Edited ]
Yes. I too would like to know if they are any out there. Specifically one that I could use in PG county MD.


Message Edited by FatJake on 03-29-2008 08:19 AM
Regular Visitor
Brian_Redbeard
Posts: 9
Registered: ‎03-25-2008
0

Re: Does RedFin Work with NACA?

Alas, I do not. I'll ask my counselor on Thursday when I go in for a meeting.
Contributor
DAnnFaught
Posts: 12
Registered: ‎02-29-2008
0

Re: Does RedFin Work with NACA?

Brian,
 
I am not sure your information is entirely correct...It appears that any agent can refer clients to NACA...As a matter of fact, in the last 60 seconds, I just signed up on NACA's website to create an account to refer clients to NACA.  However, NACA only refers clients to agents with which they have a referral agreement, in which the agent pays NACA a portion of their buyer's agent commission.  This from NACA's website:
 
"To request being a referral agent, the Referral Agent Agreement needs to be completed and faxed to NACA’s National Office at 617-250-6262. As per the agreement, NACA receives 33% of the buyer’s or seller’s agent portion of the commission (i.e. not the listing portion) at the loan closing."  I'd be interested to see if there are any rebate agents using NACA, as it appears that NACA already gets a big chunk of their commission...wonder how this would work with the RedFin model...does the rebate get paid first or does NACA?
 
While it seems like NACA does consistently evaluate the agents it is using as referral agents (which is great!!), there is a little more to it...I'd personally love more information about NACA as I have several buyers starting to ask about it.
 
D'Ann Faught
EXIT Capitol Realty - VA, DC & MD
 
Contributor
JakeSpeed
Posts: 18
Registered: ‎03-17-2008
0

Re: Does RedFin Work with NACA?

NACA supposedly only collects that commission if they refer a client to you. If a client finds there own NACA approved agent, the agent only needs to declare to NACA that the client was not refered by NACA.
 
Jake.