Why L.I real estate deals fall through

Full story: Newsday

Buyers have mad an offer; the sellers have said yes. Sometimes, that's not enough.

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PLEASEEEE

Huntersville, NC

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#1
Sep 12, 2008
 
Every Realtor should have their clients and customers read this article..
German

Willich, Germany

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#2
Sep 12, 2008
 
Why is this in Russian forums?

ex home seller

Bay Shore, NY

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#3
Sep 12, 2008
 
I had sold my house for about 100k below what it was worth two years ago during the peak market to two cops who then got turned down on their mortgage, then a week later my finances changed dramatically for the better and I don't have to move after all, this deal falling through was the best news I had all summer!!!
Big Bob

New York, NY

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#4
Sep 12, 2008
 
This article is a really humorous way for realtors to blame other people for why the housing market is down. It's not the bubble, it's not fraudlent mortgages, and crooked realtors driving up prices on assets people couldn't actually afford, it's b/c of a few "transactional" problem. Hilarious. All realtors and mortgage brokers should be in prison and their positions outlawed.
PLEASEEEE

Huntersville, NC

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#5
Sep 12, 2008
 
Big Bob wrote:
This article is a really humorous way for realtors to blame other people for why the housing market is down. It's not the bubble, it's not fraudlent mortgages, and crooked realtors driving up prices on assets people couldn't actually afford, it's b/c of a few "transactional" problem. Hilarious. All realtors and mortgage brokers should be in prison and their positions outlawed.
Big Bob , you have a small brain.
Awesome

West New York, NJ

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#6
Sep 13, 2008
 
WIth our perfect credit and 20% down we will be like GOLD to realtors. Thanks for telling us what we already know newsday...
Big Bob

New York, NY

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#7
Sep 15, 2008
 
PLEASEEEE wrote:
<quoted text>
Big Bob , you have a small brain.
Listen Mr. Realtor, I'd be insulted if you attached my occupation and means of living too, but being the last Buggy whip salemen was a tought position also. Realtors need to either charge by the hour or go the way of the dodo. The internet has rendered their occupation meaningless, at least on the 6% level. As for Mortgage Brokers, many, many of them commited Epic Mortgage Fraud and should be placed in jail. If you have an actual retort, I'd love to hear it.
PLEASEEEE

Huntersville, NC

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#8
Sep 16, 2008
 
I assume you meant "attacked" and "tough". I agree with you on the mortgage brokers, it goes deeper than the loan officer but they are guilty as well. Just by the fact of not fully explaining their programs. The buying public is also to blame.
As for Realtors, just like any other occupation, there are "shysters". The commission structure takes into effect all the people that list their home and change their mind and suffer no out of pocket expense. The buyers that are driven around that never buy or buy with someone else. I may be getting off topic.

Bottom line, I see houses all the time that I think are overpriced and some fool will purchase them. I just don't feel Realtors are to blame for the problems we see today. They assist sellers in pricing by providing a past history of sales to use a guide to pricing a home. On the buyers side, depending on agency, they assist the buyer in making an educated offer.
You forgot 2 reasons

Brooklyn, NY

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#9
Sep 16, 2008
 
A broker's inability to communicate or out and out lie to buyers (and sellers) is surely a big reason why deals fall through, too, no?
Plus, if they only charged the $500 they are really worth to get the listing on the MLS, then the sellers could have more leeway on the price to get more deals done.
And let's not forget the moronic real estate lawyers who simply will not negotiate off standard forms because they can't think criticially for themselves. These lawyers were given a gift by the Bar Association lobbyists in Albany that enacted laws requiring lawyers represent parties to a real estate transaction so that bottom tier attorneys could pay the rent for their offices. Most states don't require attorneys.
An honest broker

Brooklyn, NY

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#10
Sep 16, 2008
 
To Pleeaseee-

All that market information should be provided for a separate FIXED fee, not a floating and overinflated 5-6%!
Anyway, Zillow, Trulia and now even MLSLI.com are providing such recent comps for people without the need of any RealTOR, so what value do they bring? Access to the MLS, which you can only get on if you are a registered broker.
All real estate brokers, especially the big ones like Cororan and Elliman are engaged in antitrust conspiracy, group boycott of discount brokers, and illegal tying of their "services." They are a bunch of criminals, plain and simple.
Moe Litvak

New Hyde Park, NY

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#11
Sep 16, 2008
 
Big Bob wrote:
This article is a really humorous way for realtors to blame other people for why the housing market is down. It's not the bubble, it's not fraudlent mortgages, and crooked realtors driving up prices on assets people couldn't actually afford, it's b/c of a few "transactional" problem. Hilarious. All realtors and mortgage brokers should be in prison and their positions outlawed.
This article is not about the housing market, its about what causes deals to fall through.
Believe this -- when entering a real estate deal you will likely encounter crazy people on all sides of the transaction.
Craig B

Patchogue, NY

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#12
Sep 16, 2008
 
That scumbucket, DAVID V FARRELL, who runs a tour bus through Garden City for predators to practically steal homes nearing foreclosure, is prominently PICTURED on the WALL OF SHAME for having been ARRESTED FOR DWI.

He's PHOTO #18
http://www.newsday.com/news/local/nassau/ny-n...

Here's his PUNK COMPANY'S website and this predator's picture again.
http://www.lifttours.com/ourteam-longislandfo...

Karma baby...Gotta love it!!

Ya piece of garbage.
mr old fart

United States

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#13
Sep 17, 2008
 
Big Bob wrote:
This article is a really humorous way for realtors to blame other people for why the housing market is down. It's not the bubble, it's not fraudlent mortgages, and crooked realtors driving up prices on assets people couldn't actually afford, it's b/c of a few "transactional" problem. Hilarious. All realtors and mortgage brokers should be in prison and their positions outlawed.
true,,if you have ever thought that car salesmen were at the bottom of the barrel,then you havent met a real estate agent..i spent a short time as a broker,but the day i heard an associate tell a prospective buyer that the property was "waterfront",,when a sewer ran in front of it..i went back to being an attorney
Jesus says

United States

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#14
Sep 17, 2008
 
All realtors are HWORES!!

They will SAY ANYTHING to make the deal and then hide.
Moe Litvak

New Hyde Park, NY

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#15
Sep 17, 2008
 
mr old fart wrote:
<quoted text>true,,if you have ever thought that car salesmen were at the bottom of the barrel,then you havent met a real estate agent..i spent a short time as a broker,but the day i heard an associate tell a prospective buyer that the property was "waterfront",,when a sewer ran in front of it..i went back to being an attorney
you thought being in real estate was slimy, so you went back to being a lawyer?
thats funny. why not drug dealer? arms smuggler? puppy torturer?
Not Impressed

Milford, CT

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#16
Sep 17, 2008
 
You forgot 2 reasons wrote:
A broker's inability to communicate or out and out lie to buyers (and sellers) is surely a big reason why deals fall through, too, no?
Plus, if they only charged the $500 they are really worth to get the listing on the MLS, then the sellers could have more leeway on the price to get more deals done.
And let's not forget the moronic real estate lawyers who simply will not negotiate off standard forms because they can't think criticially for themselves. These lawyers were given a gift by the Bar Association lobbyists in Albany that enacted laws requiring lawyers represent parties to a real estate transaction so that bottom tier attorneys could pay the rent for their offices. Most states don't require attorneys.
You are quite right! In my case we saw a house we loved, were pre-approved for our mortgage, bid over asking price (such was the market at the time) and still we 'lost' our bid to someone who saw the house after we did, bid for less than we did, but who happened to be shown the house by the listing broker, and who despite the fact that we bid on the house immediately after seeing it, somehow got their bid with the listing broker to the seller first and it was accepted before the seller even knew of our offer. We know this because in the end, the other buyers terms were not acceptable to the seller and one month later we were contacted and offered the house, so we got to know the seller and heard her side of the story. In the end we got the house, but there is no question something underhanded went down at the real estate agents end.
Moe Litvak

New Hyde Park, NY

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#17
Sep 17, 2008
 
Not Impressed wrote:
<quoted text>You are quite right! In my case we saw a house we loved, were pre-approved for our mortgage, bid over asking price (such was the market at the time) and still we 'lost' our bid to someone who saw the house after we did, bid for less than we did, but who happened to be shown the house by the listing broker, and who despite the fact that we bid on the house immediately after seeing it, somehow got their bid with the listing broker to the seller first and it was accepted before the seller even knew of our offer. We know this because in the end, the other buyers terms were not acceptable to the seller and one month later we were contacted and offered the house, so we got to know the seller and heard her side of the story. In the end we got the house, but there is no question something underhanded went down at the real estate agents end.
not unusual, but crooked - the listing broker (PH?) wanted to get the commission for both ends of the deal -- seller and buyer -- so never presented your offer to the homeowner. thats actually in violation of the RE rules and could have been brought up to the local real estate board. whether or not you would have gotten satisfaction or not is another story. your agent should have pursued that.
for your benefit your agent should have also gotten a signed, hand written letter from the homeowner stating that they have received your offer immediately, or the next day. if the listing agent fails to provide that -- more charges, then go to the homeowner yourself.
mr old fart

United States

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#18
Sep 17, 2008
 
Moe Litvak wrote:
<quoted text>
you thought being in real estate was slimy, so you went back to being a lawyer?
thats funny. why not drug dealer? arms smuggler? puppy torturer?
is shmuck your middle name,,how did you figure that out..now remove head from ass and wake up
PLEASEEEE

Huntersville, NC

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#19
Sep 17, 2008
 
mr old fart wrote:
<quoted text>true,,if you have ever thought that car salesmen were at the bottom of the barrel,then you havent met a real estate agent..i spent a short time as a broker,but the day i heard an associate tell a prospective buyer that the property was "waterfront",,when a sewer ran in front of it..i went back to being an attorney
Old fart fits you perfectly, now go change your diaper.
mr old fart

United States

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#20
Sep 17, 2008
 
PLEASEEEE wrote:
<quoted text>
Old fart fits you perfectly, now go change your diaper.
sounds like a real estate agents attempt to cover up the truth,,make sense,,or join the ranks of the shmuck

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