Honestly don't remember too many, I'd have to go through emails but for my most recent deal the seller is a doctor and doesn't have time to deal with the HOAs governing documents being ineligible. Closed one last week that needed work after the appraisal and I don't know if a random person has the resources to get it fixed efficiently by the next day. Do you know how to negotiate if an appraisal comes back below value? Or the intricacies of getting back your earnest money deposit if things go south? Or what work needs to be done prior to putting it on the market? You can't ChatGPT that ****. What youtube video or prompt will tell you exactly which features do best in your market or how to compete with the listing down the street.

It's like any job dude people get paid for being experts in their field. The bottle girl baddies don't last long at all.

TLDR the average person does this 1-3 times in their life, a realtor has done it several times and knows exactly how to prevent and manage issues that arise

Fkn REAs... Glorified used car salesmen srs

And the vast majority of the population is not high income. Only 10% of households make over $200K, so since 90% of households aren’t high income, there’s no point for them to use a real estate agent.

So basically real estate agents are insurance against something going wrong during the buying /selling process. With an insurance fee or 6%.

Probably be cheaper to just have a lawyer on hand if things go south, most likely cheaper than 6% of purchase price.

It would be a great idea for a sloot and then once you're in the house they offer you sexual services

I dunno, although I only work with people whose income is prbably $1M+ per year, I'd imagine a person earning $100k probably doesn't want to deal with that chit on their own.

I'd say in almost 100% of properties I sell, the amount of value I add to the process is far above the commission I end up earning.

yup biggest scam ever

I just posted on page one that I bought a house for $57k on a Friday and sold it on Wednesday for $130k. I was asked by someone on that page, what if they consulted a realtor instead of just accepting your offer. Even someone without a brain can answer that question.

The fact is there are a ton of unsophisticated buyers and sellers who want to participate in our world and they need to navigate in areas such as down payment assistance, not wasting money on a $500 inspection report when the realtor can see there are too many obvious defects, not wasting money on $500 appraisals when the realtor knows it will not appraise, structuring creative financing deals, providing access to properties while owner is at work, and on and on.

There is a middle ground of people who are savvy enough to get to closing on their own and the savings on the commission is worth it for them. I agree with this. I purchased my first quadraplex at 19 years old with creative financing and have purchased hundreds of properties (most of which I only owned for a few days) and can only remember one time when I used a realtor on the buy side. But I always use a realtor when selling because you always want to put it on the open market to get max price.

Then there is a subset of real estate transactions called short sales; I did hundreds of them from 2008 to circa 2018. Everything is backwards on a short sale as opposed to a normal equity sale. if you know how to do short sales correctly then you can make a ton of money. Banks require that a short sale be listed with a brokerage and put on the MLS and for FHA, VA, FNMA, FHLMC, USDA and many other Conventional loans the commission is set 6%. According to your logic, wouldn't the bank save money if they sold it FSBO?

A short sale is when the net-on-sale is less than the mortgage payoff. I've been skipping them since equity sales on properties in foreclosure are like shooting fish in a barrel, but now we are entering a short sale market. Closing one today where the seller owes over $400k and the shorting lender is letting them sell it for $340k and writing off the remaining debt. Seller is also getting a relocation check which normally is $3k but since it's a VA loan the relo is only $1,500. I'm considering going around to all the brokerages in Florida and teaching classes on this. I have the staff to support other agents so that they don't have to do anything extra on a short sale and my staff can be the ones calling the shorting lender and staying on hold for 30 minutes to get an update. I can structure and guide the transaction to a successful close from beginning to end. For this, I would only charge 1/2 of a percent (or $900 whichever is greater). I figure I could do a hundred of them iin a month and the realtors would be bringing me the deals rather than the otehr way around. This is the direction the market is headed.

You obviously know the market very well, and you've said that your huge profits come from ignorant sellers who would benefit from a realter when selling. Most of these sellers can easily do a zillow Zestimate to see they're being ripped off and all it would take is 5 minutes of their time and a smartphone. Again, it's all about how much is that advice worth. You take advantage where there are gaps in the market and people in foreclosure make fore easier targets due to their lack of knowledge, effort and leverage.

Since you operate on economies of scale you treat the market differently and youve found a way to have agents be your feeder minions, so it makes sense to have this industry exist for your benefit.. Most buyers however don't operate on this level and may only purchase 1-3 homes in their lifetimes. They don't look at it the same way you do. Maybe I don't care if it takes me 3 or 6 months to sell my home if it means ten to a hundred thousand dollars savings. The industry hasn't seemed to have found a way to operate without then yet, but we'll see.

I've actually purchased a short sale before and dealing with the sellers bank was nothing but a waiting game. As we all know time is money and in some cases whoever is willing to stick our for more time can win a better deal. I think in this day in age more people are finding themselves entering this middle ground you speak of.

Now you're making me out to sound like a bad guy. FWIW, the vast majority of people we contact in foreclosure want to keep their home. if that is their goal then I help them for free. I make no money doing this. I have been told repeatedly that I am the only real estate investor who ever went through their home retention options. I conference call with their lender to help them navigate a loan modification request. A woman called me two weeks ago saying "I don't know how many people call you back to thank you, but you told us on such-and-such date that we could file a chapter 13 and we did that just before auction and the auction was cancelled and now we have a repayment plan. Thank you for helping us keep our home"

I just got off the phone with a widow who wants to keep her home. We called her lender and got a workout package. I talk to so many people that I conflate people's situations if I attempt to do it by memory, so I tell everyone that I must be in front of my computer checking the comments for your record in our Google Sheets to know what transpired on our last call.

As far as the gaps in the market. The ones I buy are property owners who abandoned their property and are on the verge of getting nothing. If I didn't hunt them down and contact them then they would get nothing. Because I found them, they get anywhere from $3,000 to $50,000 as their check at closing depending on the deal. It's pretty hard to find fault with this. Yes, I make a lot of money but there is no shame in making money as long as you're helping people.

Lol at coping realtors itt

I’ve bought & sold several times by owner and it’s easy af

This is an example of someone who didn't take the time to read the thread. You wrote: Lol

Yes, laughter is appropriate here but not for the reason you think.

i by no means was making you the bad guy. I would of said you were taking advantage, or something of that nature. Where there isn't time, money, knowledge or leverage then you have an opportunity to make some money. I wouldn't quite put you into the category of something like payday loans, as there is demand and risk associated with that kind of financial transaction, and i'm sure there are people int hat industry that could also point out cases where the desperate need for cash was needed and that was the only way to get it. You are not doing anything different that the many millionares out there in the world . props