BLUF: Real estate companies are forcing a buyer agent as a middleman in the transaction. Listing agents are not allowing or showing homes to people without buying agents. Instead, they are now making more money to their broker by referring you to an agent within their company. A larger Inevitable lawsuit will def come out of this.
I live in the HCOL (Northern Virginia) and I have been actively monitoring the market for about 8 months. I have closely followed homes I like and seen how long they stay in the market before they sell. This is what I have witnessed.
Inventory right up until June was garbage then it just exponentially increased.
Over 90% of the homes I tracked have ended up dropping their listing prices, some by up to $150k but on average I’ve seen them fall by approx $10k-$40k.
Homes that dropped over $100k remained listed for over 2 months. Even homes with VA assumable loans seemed to have dropped in price. This one in particular I was tracking dropped by $50k before selling for $705k and remaining in the market for almost 3 months.
Every time I have called a listing agent and mentioned I had no agent and that I would like to see their homes they would immediately assign an agent from their company to “show me” the home even though I insisted I didn’t want to deal with a buyer’s agent.
I had one agent send another to show me the place however when I declined to sign anything just to view the home, he closed the door on my face and blocked me from seeing the home. This home ended up unlisting a month later and is now for rent. This home was already 1.5 months in the market before i decided to see it.
Right now, I have not been able to view a home without having a buyer’s agent. This new rule has only made NRA stronger on their extortion tactics, and their shady behavior is more clear and obvious.
I hope it gets better for buyers.
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.Just contact the Broker-in-Charge tomorrow and ask them to confirm that the listing agreements for those homes the Seller has chosen to not allow unrepresented buyers to see the home. Or that their agents as Listing Agents won’t allow it, which would seem to be a dereliction of their duty to the Seller.
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Be sure to send mail to the sellers of these properties to let them know what’s going on.
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Why aren’t people just finding a showing agent to show you the house? Pay them $75 for the showing. The listing agent is going to make you go through hoops. The pay for showing agent is going to show up, open the door, collect his $75 and be done with you. Pay to play
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@BillSmith Think about like this, your selling your house and you have your stuff in it do you really want every Tom, Dick, and Harry that calls your listing agent given unfettered access to your property? I sure as hell don’t which is why buyers agents tour with buyers. If you don’t want to pay a buyers rep and the listing agent is not available at the time you want to view (or just doesn’t want to deal with you) it’s not unreasonable to pay someone for their time.
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You are coming off as a tire kicker.
Send you POF, pre approval an astrology on how your physically going to have the offer written to have a lawyer, etc. who’s gonna write up this contract for you when you call a LA.
If you want them to take you seriously , you have to have serious hair to quote working girl
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That second to last bullet point. We CANNOT show a house without a signed agreement. That agreement can be for one day or one house, but that’s the current rule. They were protecting themselves.
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Please read the NAR agreement. Getting a signed representation agreement is REQUIRED per the settlement. Your more than welcome to tour open houses and make offers sight unseen but if you want to set foot in the house before making an offer its pay to play
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I’m not forcing anything. I’d let an unrepresented buyer submit an offer. I would not help them in any way, but I’d do what was best for my seller.
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