commission: Another sad day for logic… Another real estate broker turned down for a home loan
- 04/05/10 05:00 AM
I was talking to a friend of mine who was trying to buy a home, but he said despite making five times what his wife does per year, he was turned down for a loan while his wife was granted a home loan with no problem. This is what has left me scratching my head and let me explain why. Why was he turned down, despite having a 35% down payment and 742 credit score? According to the underwriter it is because he is commission based and there is no way to guarantee he would have a check every month. So, what was my … (84 comments)
commission: I was sent another referral yesterday, but I’m worried about him already
- 08/04/08 01:54 AM
Yesterday I was sent a referral from a mortgage broker that I met through another agent in another state, but this referral has me worried. This potential client had already been pre-approved and was already somewhat actively looking when I first talked to him. He said he had found a place that he liked. I happened to be next door to it at a friend's house and said if he wanted to see it, I would wait here for him. He showed up, loved it and was ready to put in an offer until he found out the HOA dues. Not a … (11 comments)
commission: My newest addendum – I’m tired of losing my commission to stupidity!
- 07/30/08 04:26 AM
Over the past year, I've changed my business and I now sit down with every buyer and go over everything, including financing, before we go out and looking at even one home. One of the things that I tell them is that until their home has closed and recorded, they can not buy any big purchase, especially if it involves having to get credit to do it! I repeat this over and over to them even while we are looking at homes, but four times in the last year, I've lost a commission because of buyers buying cars, tvs, stereos, and co-signing … (95 comments)
commission: Save the Commission - “For Sale by Owner”
- 01/16/07 12:19 AM
According the National Association of Realtors in 2006, there are expected to be 14% of homes sold without representation of a Realtor®. What was the number one reason given by the homes sellers that they didn't want to use a Realtor®? The answer was they wanted to save the commission. In 2005 thought, the average home represented by a Realtor® sold for 17% more than one sold "For Sale by Owner", just to save a 6% commission. In 2005, 5% of buyers in FSBO transactions had a Realtor® represent them and the seller ended up paying on average of 2.5% to the buyers … (2 comments)
commission: The Commission Question
- 01/11/07 06:46 AM
The question is why is there such a variance in what one agent charges over another agent? The reason for this is the amount of service they provide to you for their commission. What some people don't realize is that the commission isn't paid by the buyer. So a Real Estate Agents services are free to the buyer. You can have a agent represent you in a transaction for free. What most sellers don't understand is that not just your agent gets a cut of the commission. The listing agent gets only a portion, and the company he works for get a portion. … (22 comments)
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I was talking to a friend of mine who was trying to buy a home, but he said despite making five times what his wife does per year, he was turned down for a loan while his wife was granted a home loan with no problem. This is what has left me scratching my head and let me explain why.
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