infographic what the public wants to know

Welcome to our page about how the public sees the real estate business. The questions listed are from Quora a site where anyone can ask a question about anything and those with expertise can answer the questions. Some questions may seem to be strange or unrealistic but I have found that the majority are actually being asked by people who have no idea of the subject matter so do not know how to even ask the questions properly.

The answers were provided by William Anderson one of the founders of Real Estate Agent Commissions. More than 1,500,000 people have read his answers. His focus is on real estate, personal finance, and retirement.

Why do real estate agents not want buyers and sellers to meet?

Your question starts with an incorrect assumption. Some real estate agents would recommend against buyer-seller conversations. Some have no preference and I would suggest but I do not have access to what all agents want is and the majority don’t care.
The major issue is that this is a legal transaction. This means that sellers have to be very careful what they tell the buyers. Their conversation can be used against them in a legal proceeding. For example, the sellers can state that they bought their AC unit one year ago when they misspoke and it was three years ago.
Many sellers just want to be helpful but often they can without knowing send the buyers packing or worse, become embroiled in a legal proceeding after closing.

How do I view the MLS without a realtor?

Go to Zillow or Realtor.com , it grabs all MLS listings. The only things missing are agent comments which can be very important. You can pay a membership fee to obtain access to some MLS. Why not work with a real estate agent, most buyers will not pay a commission.

What types of damage do foreclosed homeowners typically cause before leaving?

Any intentional damage is a crime. The best thing you can do if possible is to take photos before they leave and photos after they leave. Some will take plumbing fixtures, others will steal appliances and others will do intentional damage such as breaking stone countertops.
As part of the eviction notice, cite your state law about intentional damage. Tell them you will file a complaint with the DA’s office for criminal prosecution.
You also have recourse through the courts to recover damages. Usually, you will not recover any money as the people have none or they would pay the mortgage. Get a judgment anyway and turn it over to a collection agency.

Should you use Zillow’s estimates?

Their estimates are a guideline only. More often they are off and sometimes significantly. The computer can not take into consideration the condition of the house or if a landfill is next door. The best thing is to contact a local real estate agent and ask them to direct you to homes that meet your requirements.

If a real estate agent shows you a place, can you legally put in an offer independently?

Why not? You will have to pay them a commission but that’s no big deal. Right? It’s likely you have a contract with a real estate agent. If you do not and the real estate agent showed you around before you signed their agreement it’s possible to cheat them out of the commission.
Why would you take the risks? Yes, risks. One key reason to hire a buyer’s real estate agent is to save the grief of making a mistake. This is a legal process and you do not want to buy a property without a guide through the process.
Some for sale by owners will tell you to get rid of your agent so they can sell the property at a lower price. This is almost never true. In fact, people on average buy for less with a real estate agent on their side.

What do you think a reasonable commission rate for real estate agents should be in the United States?

What is a reasonable price to pay to have your teeth cleaned? Car repaired? A reasonable price is what people will pay. No real estate agent will stay in business by being priced over the market.
And there is no United States commission rate. Every one of the thousands of local markets have their own pricing and policies. If you are really concerned, call several agents and ask. Nothing wrong with shopping around. Except, any agent that appears to be a full-service agent charging far less than others may be someone to avoid.
When you go to buy a car and you find one that is 1/2 the price of others, the first thing you ask is what is wrong? Try this out.

If you sell your home, do you keep the profit for yourself or does it go to the real estate agency that sold it?

The difference between what you owe on your house and what you sold it for is your “profit” if any. From that amount comes the costs of the transaction including real estate commissions. After paying those costs the rest of the funds are yours.
The closing office or escrow office manages the disbursement of funds at closing. You will be handed a check for the net of the transaction or it will be wired as you have previously requested. The proceeds may or may not be subjected to income tax, check with your CPA.

Should I apply for a mortgage now or wait for mortgage rates to reduce?

As mortgage rates drop, housing becomes less available. It’s a tough balancing act. Inventories are up in many areas of the country now. That will change as people like you are waiting to get a buying opportunity. Actually, this is a good buying opportunity. As days on the market are extended, sellers are more flexible to lower offers.
Do some calculations. If you can save $40,000 on a house now and pay a higher interest rate, where does that leave you? Pay $40k more in six months with a lower rate, are you better off?

Who typically pays the realtor’s commission when selling a home? Is it always split with the buyer’s agent, or does the seller sometimes pay the entire commission? Why or why not?

There are no rules on this only custom. It has been customary for the seller to pay the commission for both their agent and the agent who brings the buyers. Because there are no rules, anything goes. the buyers can pay their agent. The seller can pay only their agent. I can go on and on with variations.
The fact of the matter is that a seller will not find a buyer without another agent bringing one to the property. The fact that the seller’s agent is willing to split the commission is a great system. It’s been that way for decades.
A recent court settlement requires the selling agent to tell the seller that they are not required to pay anything to either party. Yes, it’s a no-brainer, no pay, no work. Someone at the court thought that all sellers and buyers were stupid.
Both sides of the transaction make the transaction. Fairness to both sides is what makes it work.
If you would like to see more about real estate agents and their business, check out this website created for real estate agents but non-agents can understand a great deal about the business by going there. Reagentcomm.com

Many more to come