Rustech,
My wifee is a RE agent, and I used to think the same way as you. I totally agree that they make too farking much money and its off of your money and hard work.
Concider 4.5% a very good deal. With all the disclosures and liabilities involved in todays litigeous society it is not worth your risking your ass(ets). How much would an attorney charge to defend you if you forgot to tell someone that your garage floods on the off chance you get that once in ten years north-south-easterly hard rain. I have seen the volumes of friggin paperword the wifee does and it is truly unbelievable.
Keep in mind that if you get a GOOD realor they will work to sell your house and not just wait for a buyer to "come along" like most RE agents do. Interview at leas t 3 agents and ask them what they will do for you marketing wise, and just because they sold $148,000,000 last year don't mean crap! It actuall is worse because they don't do any of their own paperwork and have no clue where in the process your paperwork is currently needed or missing. (bigger can be worse) The % of the sale price is split with both realtors, @4.5% they each get 2.25%, of that, they have to give their broker ( Coldwell banker, REmax, Lynons,Century 21.....) about 1/2. From their 1.125 share they pay for the advertizing in the newspaper(s), MLS listing, insurance fees, desk fees, printed material fees, car insurance, petrol prices, printing out MLS and other flyers, They still make too much money. <img src="/forum/images/smilies/968/mad.gif" class="smilie" alt="" /> What is your time worth to you? Do you know how to do a contigent offer or a 531 exchange? What about the downpayment or good faith deposit? Who will hold that check? Who earns the intrest from it (if any)? If someone bails out of the deal the last week of escrow are you going to know what the laws are regarding the gfd? Is it worth going to court for $3,000 and your house being off the market for that time? Think again.
I really do think they (RE agents) make too much money, but, given the price range of your home and knowing that most realtors WILL NOT work with a FSBO (for sale by owner) do you want to deal with all the lookey loos and have them knocking on your door at all hours of the day? What about a lock box if your not home and someone wants to view your house? Buyers HATE having the owners walk them through the house telling them what everything is, "look here at this light switch", "I put this in when Jimmy was 2 years old, and he helped me hold the screwdriver", I kid you not, I have seen it. Not to mention that there are scams about "buyers" having 2 or 3 people come in and split you and the Mrs. up into different rooms while #3 cleans out the jewelry box or whatnots. I am a home inspector and I hear a lot of stories from the "agents". Scarry stuff, slimey people and lawsuits abound. Case in point; my mother sold her home that had a sewage ejection pump, the buyer knew it but the holding tank was too small (55 gal.) for her family of 4, worked fine for mom and dad for years thou. Buyer bought the home, sued Mom (Dads gone) for "undisclosed material defects" and it went to the attorney's desk. The RE agent who was the selling agent was represented by the brokers attorney and after 4 months of attorneys letters the buyer called it quits and just went away. Do you know about asbestos? Radon? Natural hazards zoneing disclosures? If so do you have the paperwork to CYA from lawsuits? Remember, Mom was sued even thou all the paper work was proper, it's what saved her ~$5,000.
Realtors Make too much $$$$. But it's their Ass on the line too.
OK I'M Done.
Silver BLT
