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All Encompassing Mortgage and Real Estate Thread


UTPhil2006

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5 hours ago, jdhorn92 said:

Anyone have any experience with STR to traveling nurses?  We bought a small house recently with intention of a flip, paid $110K cash for a 3/1.  Needs a new roof, interior paint, flooring (LVP) and some cosmetic improvements, nothing major, new woodwork on front large front porch.  Corner lot, no neighbors next to or behind.  We know the owner of those lots.  Last week we found out it's in a medical overlay district 2-3 blocks from a growing regional hospital.

We had planned on flipping it, but once we found out about the Medical Overlay, we thought about renting it to a medical oriented practice , but after contacting a staffing (for lack of better word) company for nurses, we think it may draw $3K a month.  We are in the process of acquiring furniture.  Mrs JDHorn is a realtor so we are privy to many people looking to unload furniture.  We have acquired a 40" Samsung, 4 beds and we generally have an attic full of stuff she uses for staging.

Does anyone have thoughts on renting to nurses?  My limited research shows they do extended runs at hospitals, 90 days-  6 mos and sometimes longer if they like the gig. 

The place is 30 min to the gulf of mexico, couple hours to New Orleans or FL panhandle beaches...not a bad area, a little rural but im thinking $3K would be the number if we got 2 or maybe 3 nurses (would be tight with 1 bathroom), though I imagine there are facilities at the hospital too? 

I’ve rented to 3-4 with our Airbnb during the offseason. However, we never got 2 chicks at once, only whole house rental on our 2-1. As far as renters go they were fine. As far as keeping the place rented all the time and dealing with STR headaches, well the property is a long term rental now (mostly Airbnb / vrbo headaches though)

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9 hours ago, jdhorn92 said:

Anyone have any experience with STR to traveling nurses?  We bought a small house recently with intention of a flip, paid $110K cash for a 3/1.  Needs a new roof, interior paint, flooring (LVP) and some cosmetic improvements, nothing major, new woodwork on front large front porch.  Corner lot, no neighbors next to or behind.  We know the owner of those lots.  Last week we found out it's in a medical overlay district 2-3 blocks from a growing regional hospital.

We had planned on flipping it, but once we found out about the Medical Overlay, we thought about renting it to a medical oriented practice , but after contacting a staffing (for lack of better word) company for nurses, we think it may draw $3K a month.  We are in the process of acquiring furniture.  Mrs JDHorn is a realtor so we are privy to many people looking to unload furniture.  We have acquired a 40" Samsung, 4 beds and we generally have an attic full of stuff she uses for staging.

Does anyone have thoughts on renting to nurses?  My limited research shows they do extended runs at hospitals, 90 days-  6 mos and sometimes longer if they like the gig. 

The place is 30 min to the gulf of mexico, couple hours to New Orleans or FL panhandle beaches...not a bad area, a little rural but im thinking $3K would be the number if we got 2 or maybe 3 nurses (would be tight with 1 bathroom), though I imagine there are facilities at the hospital too? 

 

8 hours ago, BearSchlong said:

That’s @gil bang wheelhouse.

Thanks Bear. 

Yeah, I had what is essentially a walk-out basement that had been used as a game room, with a pool table and pinball machine that nobody used.    It's a hair over 400 sq ft.

I built out a nice bathroom and kitchenette.  The bathroom has a big shower, and a big sinktop with nice cabinetry.  Kitchen is Ikea stuff...12 or 13 cu. ft. fridge/freezer with ice maker,  a microwave/convection combo, an induction hot plate, service for 4 in dishes and glassware, etc. Roomy countertop with a good-sized sink.   I also installed a mini-split heat pump, so it's cool or toasty as the occupant wishes. It's got a separate driveway, so parking is about 5 feet from the private entrance (which is at a lower level than the rest of the house).  It's pretty private, but not too isolated.  It's got a nice patio with a cover, so we bought a bistro set and a grill for them to use.   Our laundry room doubles as the pool bathroom, so it has it's own entrance, so laundry isn't an issue for the tenants.  I offer them exclusive use of the laundry room on a day of their choosing, or, they can just merge with the rest of us and throw in a load when they need to.   I hung a nice smart TV (and put our Netflix, amazon, and the rest on that TV for them), give them fast wifi, etc.  

We furnished it with pretty high-grade stuff.   A nice bed, cotton sheets, nice towels, etc.   The GF decorated it "cute"*  I put it on furnished finder for $1900/mo.  Within a week, I got a cute nurse originally from Canada (with WA driver's license) that took a 120 day contract at one of the hospitals.   She moved in and liked it well enough that she extended her contract.   Their contracts are capped so they can't stay forever.  

Anyway, she was cool as shit and we were sorry to see her go, but within a few days of re-listing, I got a nice gal from SAT.  She worked the same hospital and stayed 6 months.  After feedback from nurse 1, I upped the rent to 2,000.    Like the first gal, when this one left, she wrote us a beautiful note and left us a gift basket. 

So, I listed it again.  This time, I got a call from a guy in his 20's.   He's in the IBEW, and serving an apprenticeship at a local contractor.  His family home is about 100 miles away.  He came over, found the place perfect for him, and took it.  He loves the fact that his truck is right outside the door (instead of in a motel parking lot), etc.   He's been here 7 months or so.  This stage of his apprenticeship ends in July, and he's really hoping to stay with this company for the next stage, or find another contractor in this area and continue to rent here.   BTW,  North San Diego is a fuckload nicer than where he's from, so I understand why he wants to stay.   Truthfully, we like this young man as a tenant better than we liked the nurses.  This guy leaves early and comes home late.  He's 50 hrs/week minimum working, and gone a lot more than that.    The nurses worked 3 12-hour shifts per week, and a lot of that was at night.  Meaning, I didn't want to make a lot of noise during the day while they were sleeping.  So, mower/weed whacker/chain saw time was restricted. 

Of course, I told the nurses that they were free to use the pool at any time :)

All 3 of them are wonderful people, and both the nurses know that if they want to come back for a long weekend, they can have one of the spare bedrooms in the house for no charge.   

I'm sure if and when "Mike" leaves I'll get another nurse, and that's fine with me. 

r/travelnursing is a pretty good forum for finding out wants and needs.  

I've found that the most important thing for the women is to feel safe.   Both of the nurses mentioned how safe they felt in their goodbye notes.  

 

* as to the "cute" decor, when Mike checked the place out, he said "yeah...I don't really need all these throw pillows...can you store these somewhere?".  I knew right then I liked the guy. 

 

Somewhere in this long post, I deleted the part about being within 10 miles of 3 big hospitals.  Location is important. 

Edited by Gil Bang
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oh jhorn, there are quite a few nurses that have "travel buddies" that take contracts together and room together (and 69 and whatnot according to my imagination).  There's certainly a market for something larger than a single. 

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(Colombo) and one more thing...sometimes the nurse employment agencies will take down housing themselves and include it in the nurse's compensation.  That's your best but, but you'll need to furnish it comfortably.  And ask a trusted realtor friend for a referral for a photographer, and have it shot for 150 bucks or so because the photos are what you'll be judged by and they need to look great. 

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12 hours ago, Gil Bang said:

And ask a trusted realtor friend for a referral for a photographer, and have it shot for 150 bucks or so because the photos are what you'll be judged by and they need to look great. 

I’ve said this at least twice previously on the thread but l’ll repeat it again here-everyone thinks “oh, realtors don’t do anything, maybe I can be cheap” or “lenders are just a conduit for money, maybe I’ll go with the online lender who’s cheap.”  
 

Do not cheap out on getting a pro to do photos-it’s a huge difference and I continue to see high value houses (even $1m plus) with inadequate cell phone photos.  

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23 hours ago, Gil Bang said:

 

Thanks Bear. 

Yeah, I had what is essentially a walk-out basement that had been used as a game room, with a pool table and pinball machine that nobody used.    It's a hair over 400 sq ft.

I built out a nice bathroom and kitchenette.  The bathroom has a big shower, and a big sinktop with nice cabinetry.  Kitchen is Ikea stuff...12 or 13 cu. ft. fridge/freezer with ice maker,  a microwave/convection combo, an induction hot plate, service for 4 in dishes and glassware, etc. Roomy countertop with a good-sized sink.   I also installed a mini-split heat pump, so it's cool or toasty as the occupant wishes. It's got a separate driveway, so parking is about 5 feet from the private entrance (which is at a lower level than the rest of the house).  It's pretty private, but not too isolated.  It's got a nice patio with a cover, so we bought a bistro set and a grill for them to use.   Our laundry room doubles as the pool bathroom, so it has it's own entrance, so laundry isn't an issue for the tenants.  I offer them exclusive use of the laundry room on a day of their choosing, or, they can just merge with the rest of us and throw in a load when they need to.   I hung a nice smart TV (and put our Netflix, amazon, and the rest on that TV for them), give them fast wifi, etc.  

We furnished it with pretty high-grade stuff.   A nice bed, cotton sheets, nice towels, etc.   The GF decorated it "cute"*  I put it on furnished finder for $1900/mo.  Within a week, I got a cute nurse originally from Canada (with WA driver's license) that took a 120 day contract at one of the hospitals.   She moved in and liked it well enough that she extended her contract.   Their contracts are capped so they can't stay forever.  

Anyway, she was cool as shit and we were sorry to see her go, but within a few days of re-listing, I got a nice gal from SAT.  She worked the same hospital and stayed 6 months.  After feedback from nurse 1, I upped the rent to 2,000.    Like the first gal, when this one left, she wrote us a beautiful note and left us a gift basket. 

So, I listed it again.  This time, I got a call from a guy in his 20's.   He's in the IBEW, and serving an apprenticeship at a local contractor.  His family home is about 100 miles away.  He came over, found the place perfect for him, and took it.  He loves the fact that his truck is right outside the door (instead of in a motel parking lot), etc.   He's been here 7 months or so.  This stage of his apprenticeship ends in July, and he's really hoping to stay with this company for the next stage, or find another contractor in this area and continue to rent here.   BTW,  North San Diego is a fuckload nicer than where he's from, so I understand why he wants to stay.   Truthfully, we like this young man as a tenant better than we liked the nurses.  This guy leaves early and comes home late.  He's 50 hrs/week minimum working, and gone a lot more than that.    The nurses worked 3 12-hour shifts per week, and a lot of that was at night.  Meaning, I didn't want to make a lot of noise during the day while they were sleeping.  So, mower/weed whacker/chain saw time was restricted. 

Of course, I told the nurses that they were free to use the pool at any time :)

All 3 of them are wonderful people, and both the nurses know that if they want to come back for a long weekend, they can have one of the spare bedrooms in the house for no charge.   

I'm sure if and when "Mike" leaves I'll get another nurse, and that's fine with me. 

r/travelnursing is a pretty good forum for finding out wants and needs.  

I've found that the most important thing for the women is to feel safe.   Both of the nurses mentioned how safe they felt in their goodbye notes.  

 

* as to the "cute" decor, when Mike checked the place out, he said "yeah...I don't really need all these throw pillows...can you store these somewhere?".  I knew right then I liked the guy. 

 

Somewhere in this long post, I deleted the part about being within 10 miles of 3 big hospitals.  Location is important. 

This is great!  Thank you.  My wife has great taste so the furnishings will be good/high quality, but we’ll keep ROI in mind too. We won’t skimp. 
 

I’ll keep the thread posted as we get closer to going to market with the property…we fell ass backwards into the medial overlay district.  

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23 hours ago, Gil Bang said:

oh jhorn, there are quite a few nurses that have "travel buddies" that take contracts together and room together (and 69 and whatnot according to my imagination).  There's certainly a market for something larger than a single. 

We’re hoping for that. We have a 3 BR, but now we’re thinking to making 3rd BR into an office, catch all room, etc… but we have been told the contract nurses may come in pairs 

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I just received a pre-completed mortgage application from Chase Home Lending via UPS today. However, it’s in the name of one of the prior homeowners and I obliviously didn’t request it.

I’ve owned this home for over a decade and assume someone is trying to commit fraud here.

I looked up the Chase mortgage broker online and just left a voicemail that this is fraud.

Anything else I should do?

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6 minutes ago, hornmpa96 said:

I just received a pre-completed mortgage application from Chase Home Lending via UPS today. However, it’s in the name of one of the prior homeowners and I obliviously didn’t request it.

I’ve owned this home for over a decade and assume someone is trying to commit fraud here.

I looked up the Chase mortgage broker online and just left a voicemail that this is fraud.

Anything else I should do?

May also want to let your current lien holder know in case they received a payoff request 

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6 hours ago, hornmpa96 said:

I’ve owned this home for over a decade and assume someone is trying to commit fraud here.

Never underestimate the level of stupidity in the world. It’s probably fraud, but it could be some a stupid person didn’t update something. 

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2 minutes ago, Neonmoon said:

Never underestimate the level of stupidity in the world. It’s probably fraud, but it could be some a stupid person didn’t update something. 

Chase Mortgage Broker called me back and it was absolutely stupid. Chase never updated the address for the prior owner and when they called to mortgage their current home, Chase just rolled with the address on file.

Just completely stupid.

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5 minutes ago, Izhmash said:

Which one of you guys were selling me in January 2023 on the notion that within 12-18 months we would be looking to refinance at 4.5%? 
 

Cant See Cheech Marin GIF

Damn near everyone.  Shit January of '24, the broad consensus was 6, thats right 6, rate cuts.

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18 minutes ago, Izhmash said:

Which one of you guys were selling me in January 2023 on the notion that within 12-18 months we would be looking to refinance at 4.5%? 
 

Cant See Cheech Marin GIF

I still believe that almost every loan written in 2003 will someday be refinanced. Or at least refinance eligible depending upon time frame.  Nothing lasts forever. 

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I assume you mean '23.

Unfortunately, "someday be refinanced" is literally meaningless.   

There was logic in the thinking rates COULD come down and the mortgages would be refinanced.  Of course that was never a certainty and some will claim they were sold a bill of goods.

 

I will say it for the hundredth time, I think rates coming down is inevitable due to the federal debt accumulation.  whether that is 6weeks, 6 months or 60 months away is anyone's guess.

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10 minutes ago, Wulaw Horn said:

I still believe that almost every loan written in 2003 will someday be refinanced. Or at least refinance eligible depending upon time frame.  Nothing lasts forever. 

Well it was 21 years ago so some may have been paid off 

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1 minute ago, Incredulity said:

I assume you mean '23.

Unfortunately, "someday be refinanced" is literally meaningless.   

There was logic in the thinking rates COULD come down and the mortgages would be refinanced.  Of course that was never a certainty and some will claim they were sold a bill of goods.

 

I will say it for the hundredth time, I think rates coming down is inevitable due to the federal debt accumulation.  whether that is 6weeks, 6 months or 60 months away is anyone's guess.

Yes I meant 23 of course.

when you say come down what do you mean?  My bet is before 26 ends I will put at least a couple people/ who didn’t buy points- into a 30 year loan that starts with a 3 in it. 
feel free to clip this and mock me mercilessly in 2.75 years. 

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3 minutes ago, Wulaw Horn said:

Yes I meant 23 of course.

when you say come down what do you mean?  My bet is before 26 ends I will put at least a couple people/ who didn’t buy points- into a 30 year loan that starts with a 3 in it. 
feel free to clip this and mock me mercilessly in 2.75 years. 

Shark Tank Writing GIF

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48 minutes ago, MonkeyDoughnut said:

Shark Tank Writing GIF

I will keep this updated by posting my lowest 30 year loan YTD (not buying points) on a conventional loan.

Right now I had someone in at 6.124%- no points on a standard 30 year conventional.  That's winning the year for the present.  Hopefully I bump this post before the end of the year- but I'm starting to worry I might not.  

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1 hour ago, Wulaw Horn said:

I will keep this updated by posting my lowest 30 year loan YTD (not buying points) on a conventional loan.

Right now I had someone in at 6.124%- no points on a standard 30 year conventional.  That's winning the year for the present.  Hopefully I bump this post before the end of the year- but I'm starting to worry I might not.  

I'm rooting for you (and us), just don't see any context where that happens anytime soon.  I'm much more of the belief that we'll end 2026 thinking  6.124%  isn't bad.

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1 hour ago, Wulaw Horn said:

I will keep this updated by posting my lowest 30 year loan YTD (not buying points) on a conventional loan.

Right now I had someone in at 6.124%- no points on a standard 30 year conventional.  That's winning the year for the present.  Hopefully I bump this post before the end of the year- but I'm starting to worry I might not.  

I think we may have had a 5.99 or two but loan amount and other factors come into play so kind of apples and oranges 

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1 hour ago, UTPhil2006 said:

I think we may have had a 5.99 or two but loan amount and other factors come into play so kind of apples and oranges 

Yep. That 6.124 we actually paid 3k in closing costs so if he wanted he could have gotten sub 6, but didn’t. 

1 hour ago, MonkeyDoughnut said:

I'm rooting for you (and us), just don't see any context where that happens anytime soon.  I'm much more of the belief that we'll end 2026 thinking  6.124%  isn't bad.

I hope not- but that’s the way it looks right now. 
hell- I will be fine with that end of 26 if we have a couple months in the low 5’s on the up and down roller coaster…

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6 hours ago, Wulaw Horn said:

Yes I meant 23 of course.

when you say come down what do you mean?  My bet is before 26 ends I will put at least a couple people/ who didn’t buy points- into a 30 year loan that starts with a 3 in it. 
feel free to clip this and mock me mercilessly in 2.75 years. 

You are smoking crack

(But I pray you’re right)

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11 minutes ago, Neonmoon said:

You are smoking crack

(But I pray you’re right)

To be clear I’m not saying national average- I’m saying the right deal as Phil pointed out loan amounts, ltv’s etc. 

nothing lasts forever. 

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1 hour ago, Neonmoon said:

You are smoking crack

(But I pray you’re right)

24 years since average rate was as high as it was in 2023. You’d have been able to get a 30 year fixed sub 5 on the right deal almost every single 3 year range since 2000. We shall see what this portends. 

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1 hour ago, Storm the Field said:

2.8% actual vs. 2.7% estimate. 

Markets were wincing in anticipation of a big overshoot (>3.0%)  based on yesterday's GDP report, breathed a sigh of relief at only a small hiccup.

Yep. Was expecting to lock yesterday afternoon and carnage this morning- but we did our anticipatory freak out 24 hours early. 

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Saw this at a real estate group:

 

 

 

Long. But worthwhile:


Well, I just seen how the new commission structure is going to harm Buyers. 

We had a $550,000 listing in the MLS and a buyers agent brought a buyer, the agent was unhappy with the split we were offering. Keep in mind that the split was half of the listing commission. The listing agent was making no more money than the buying agent. However, the buying agent had exclusive buyers agent agreement that entitled them to just a little bit more commission(.5%)This offer had about four counter offers and each time the agent asked for the additional commission and the seller said no. All other terms of the contract had been agreed to except for this additional commission meanwhile, another agent come in and wrote a similar price offer without asking for the extra commission. The seller agreed to accept that offer. 
So this exclusive buyers agency agreement cost the buyer their home and I bet they really didn’t care whether their agent made this additional amount of money. They just wanted the house.  as a broker owner I cringed to think of the liability this agent just put her brokerage into with the buyer losing the house over this small amount of commission that they wanted.

To expand on the above ;
The buyer lost the house because the buyers agent wanted an additional 2750 in commission. The buyers agent was told on three separate counters no. At the end of the day, the buyers agent ended up with a no sale so holding out for an additional 2750 cost the agent the sale and 13750 in commission. I see a lot of comments where they say well I’m worth this or I’m worth that at the end of the day. If you do not get it a closed deal with that buyer you make zero. we all know how hard it is to find homes for buyers in this current market. Their contract might run up with this buyer and they will go elsewhere since they’ve lost a house that they bid full price on and lost due to commission. 

Also, the seller did not give the buyer the chance to remove this from their last counter offer as they received another offer without that request,  so they just accepted the other offer. Maybe if we were in a buyers market these buyers could be requesting all this commission restructured in the contract but in a sellers market it is going to be very difficult.

 

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...and somewhere in that wild scenario, the buyer's agent never shared this conflict with their clients over an opportunity to make up for the lost commssion at closing, but instead remained mum and lost the deal for their client?  Sounds like a bunch of bullshit, but now that this lesson has been learned, the client has enough motivation to tell their agent to fuck off and buy without representation altogether.  In a sellers' market, that seems like the route to me.

Or maybe this agent is woefully behind the times and realizes they need to :checks bootstraps: and find more sellable inventory while trying a more honest approach with his/her clients on future buyer representation.  

We're not exactly in an extreme sellers' market anymore; the story above already hints at challenges to find qualified buyers, but at the same time, the number of NEW SFHs for sale has risen to 477,000, the highest level since the 2008 Financial Crisis, so read the tea leaves.

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7 hours ago, Gravy Train said:

...and somewhere in that wild scenario, the buyer's agent never shared this conflict with their clients over an opportunity to make up for the lost commssion at closing, but instead remained mum and lost the deal for their client?  Sounds like a bunch of bullshit, but now that this lesson has been learned, the client has enough motivation to tell their agent to fuck off and buy without representation altogether.  In a sellers' market, that seems like the route to me.

Or maybe this agent is woefully behind the times and realizes they need to :checks bootstraps: and find more sellable inventory while trying a more honest approach with his/her clients on future buyer representation.  

We're not exactly in an extreme sellers' market anymore; the story above already hints at challenges to find qualified buyers, but at the same time, the number of NEW SFHs for sale has risen to 477,000, the highest level since the 2008 Financial Crisis, so read the tea leaves.

Gave up a 13k commission because they were entitled to 15k?  Now they have zero and their client does not have. A home.  It’s a world I don’t understand obviously.  Also maybe that 2700 delta is important to the clients qualification 

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26 minutes ago, closetohumping said:

Gave up a 13k commission because they were entitled to 15k?  Now they have zero and their client does not have. A home.  It’s a world I don’t understand obviously.  Also maybe that 2700 delta is important to the clients qualification 

That’s just dumb, selfish, and ignorant by the buyers agent and they deserved to lose it. Why on earth would they push for more than the usual 3% especially in the face of losing the deal. Pure idiocy. 

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8 hours ago, Gravy Train said:

...and somewhere in that wild scenario, the buyer's agent never shared this conflict with their clients over an opportunity to make up for the lost commssion at closing, but instead remained mum and lost the deal for their client?  Sounds like a bunch of bullshit, but now that this lesson has been learned, the client has enough motivation to tell their agent to fuck off and buy without representation altogether.  In a sellers' market, that seems like the route to me.

Or maybe this agent is woefully behind the times and realizes they need to :checks bootstraps: and find more sellable inventory while trying a more honest approach with his/her clients on future buyer representation.  

We're not exactly in an extreme sellers' market anymore; the story above already hints at challenges to find qualified buyers, but at the same time, the number of NEW SFHs for sale has risen to 477,000, the highest level since the 2008 Financial Crisis, so read the tea leaves.

Seller accepted another offer?  Not sure of their location. 

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Something about the math on that story doesn’t make sense.  Usually a listing agent putting it on MLS at a reduced commission isn’t expecting that to come out of the buyer’s agents pocket.  
 

This sounds like a greedy listing agent to me and not something that only just started to happen because of the NAR settlement.

 

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Buyers/Sellers need to shop around for a real estate agent and negotiate a better deal. I absolutely believe everyone should use a real estate agent, but the agency contract should be negotiated with more fervor. Compensation, length of contract, etc. I know there’s lots of good agents out there, but there’s also some shitty ones. 

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18 minutes ago, LCHorn said:

Something about the math on that story doesn’t make sense.  Usually a listing agent putting it on MLS at a reduced commission isn’t expecting that to come out of the buyer’s agents pocket.  
 

This sounds like a greedy listing agent to me and not something that only just started to happen because of the NAR settlement.

 

Not sure. Per the post it was a 50/50 split 13k each side.  So on a 500k home the selling agent only paid 2%?  Maybe that’s normal for expensive homes and I guess 500k is a lot in the Midwest.  Curious what was the verbiage between buyer/buyer agent?  Losing 13k over 2700 and your clients is homeless?  Meg

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3 minutes ago, closetohumping said:

Not sure. Per the post it was a 50/50 split 13k each side.  So on a 500k home the selling agent only paid 2%?  Maybe that’s normal for expensive homes and I guess 500k is a lot in the Midwest.  Curious what was the verbiage between buyer/buyer agent?  Losing 13k over 2700 and your clients is homeless?  Meg

Yeah, that sounds to me like a listing agent who took the listing at a cheap rate and wants the buyer’s agent to make up the difference.  Most buyers agents would be happy to do a deal for 2% commission, but being forced to do so with no negotiation I’m sure results in push back.  
 

There’s a reason why the otherwise reprehensible big builders go to great pains to advertise their homes with 3% to the buyer’s agent.  You don’t want to do anything that discourages a buyer’s agent from bringing the buyer in.   
 

Also, you essentially had five offers, four at $2750 below list (because the way to easily negotiate this is have the buyer pay more and the seller rebate it back to the buyer’s agent) and one at list and you took the one at list rather than try to get more money?  If I’m an agent and I’ve got five offers, all within 2% of list I’m going to give everyone a chance to increase their offer.
 

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2 minutes ago, LCHorn said:

Yeah, that sounds to me like a listing agent who took the listing at a cheap rate and wants the buyer’s agent to make up the difference.  Most buyers agents would be happy to do a deal for 2% commission, but being forced to do so with no negotiation I’m sure results in push back.  
 

There’s a reason why the otherwise reprehensible big builders go to great pains to advertise their homes with 3% to the buyer’s agent.  You don’t want to do anything that discourages a buyer’s agent from bringing the buyer in.   
 

Also, you essentially had five offers, four at $2750 below list (because the way to easily negotiate this is have the buyer pay more and the seller rebate it back to the buyer’s agent) and one at list and you took the one at list rather than try to get more money?  If I’m an agent and I’ve got five offers, all within 2% of list I’m going to give everyone a chance to increase their offer.
 

Right but it was a 50/50 split per the post.  They both walk with 13k plus.  Yes sounds like normal is 6% though I know for higher end homes you don’t get 6. 
 

im not a real estate agent.  I guess if I’m the buyer agent I take the 13k and move on?  If I’m the buyer I may find another agent.  
 

the seller agent listed the commission right?  As the buyer agent you know walking in what you were gonna get paid and commissions are negotiable.  I’ve even heard of buying agent s giving up a portion of commission to close the deal and move on

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The buyers agent Nuked the deal over their own pocket, and should be fired for that alone. Hell, we had a VA deal last year that the appraisal came in light and we had to cut our commission 6k to get it done. And this person is out here killing deals out of trying to squeeze out 2750 more. 

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21 minutes ago, UTPhil2006 said:

The buyers agent Nuked the deal over their own pocket, and should be fired for that alone. Hell, we had a VA deal last year that the appraisal came in light and we had to cut our commission 6k to get it done. And this person is out here killing deals out of trying to squeeze out 2750 more. 

I hear what you are saying and I probably would have dropped my commission to get the deal done, but unless I'm misunderstanding something, the buyer agent negotiated a rate with the buyer, but when it came time to pay that rate on the house they wanted to purchase, the buyer wasn't offering a high enough price to make the deal work. The fundamental issue goes back to what price the buyer negotiated with the agent.  I may be missing something here.

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I don't understand the following post in an online site that exposes corporate misconduct. Maybe one of the mortgage folks here understands this:

 

Hunterbrook Media, a new media outlet that shares its stories in advance with an affiliated hedge fund, published a follow-up article on UWM Holdings (NYSE: UWMC — $10.2 billion), a wholesale mortgage lender. Hunterbrook Media said it “learned that a UWM executive set up a shell company that in 2019 was used to purchase and establish UMortgage, a Philadelphia-based mortgage company that brands itself as independent.” Hunterbrook also highlighted videos posted by a former UMortgage originator who claimed that “UMortgage leadership regularly manipulates its rate sheets to make UWM’s loans appear cheaper than those from other lenders — without telling the UMortgage loan originators whose responsibility it is to shop for the best deal on behalf of clients.”

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2 minutes ago, Dbeasy said:

I hear what you are saying and I probably would have dropped my commission to get the deal done, but unless I'm misunderstanding something, the buyer agent negotiated a rate with the buyer, but when it came time to pay that rate on the house they wanted to purchase, the buyer wasn't offering a high enough price to make the deal work. The fundamental issue goes back to what price the buyer negotiated with the agent.  I may be missing something here.

There’s definitely holes in the story as is usual with social media, but the root of it is the deal was killed over something that was easily corrected. 

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32 minutes ago, closetohumping said:

Right but it was a 50/50 split per the post.  They both walk with 13k plus.  Yes sounds like normal is 6% though I know for higher end homes you don’t get 6. 

The fact it’s 50-50 is immaterial.  The listing agent offered to list it for a reduced rate.  It’s customary (but changing) for a buyer’s agent to expect to be paid 3% and obviously they have to be flexible about that, at times.  
 

There’s also this presumption (in the recounting) that the buyer was unaware of all of this and lost out on a house because of it.  Obviously that might be true, but it also might be true that the buyer was on board with countering that the seller’s agent should give up that extra .5% of their commission.  Usually buyers are pretty loyal to the agent hauling them around every weekend and agents are usually pretty good about creating relationships, which is why they are in this business in the first place.  

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7 minutes ago, LCHorn said:

The fact it’s 50-50 is immaterial.  The listing agent offered to list it for a reduced rate.  It’s customary (but changing) for a buyer’s agent to expect to be paid 3% and obviously they have to be flexible about that, at times.  
 

There’s also this presumption (in the recounting) that the buyer was unaware of all of this and lost out on a house because of it.  Obviously that might be true, but it also might be true that the buyer was on board with countering that the seller’s agent should give up that extra .5% of their commission.  Usually buyers are pretty loyal to the agent hauling them around every weekend and agents are usually pretty good about creating relationships, which is why they are in this business in the first place.  

So when you bring a buyer to a listing , do you already know what your commission will be?   It’s listed in the mls right?

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