Many Buy-Side Contracts Are Wholly Unfair
The term caveat emptor, or “buyer beware,” has perhaps never been more important in the housing market than it is now with one-sided and onerous buyer agency contracts out there.
Setting the Record Straight on the NAR Settlement
The reporting on the recent $418 million settlement with the National Association of Realtors and several large national brokerage companies has been so atrocious that I must jump in.
Watch Out for ‘Gotcha’ Clauses in Homebuyer Representation Contracts
Would you pay a 9 percent commission to buy a house? The scenario is a long shot, but it’s still conceivable, if you’re not careful, according to a review of buyer-broker contracts reviewed by the Consumer Federation of America.
Too Many Agents, Too Little Training
Most brokerages tend to hire anyone who can fog a mirror, turning them loose with hardly any training other than what they learned to pass their licensing tests. And as a result, the business is overrun with too many agents chasing too few deals.
Too Many Agents Spoil the Pot
A new report suggests unskilled and incompetent real estate agents drain 25 percent to 30 percent of commission income away from the better agents in each housing market on top of the other headaches they cause.
Buyers: Know Your Share
Many of the nation’s largest real estate firms still do not publish the share of the commission paid to agents who work with homebuyers, leaving buyers to fend for themselves.
Agent Fees Are Negotiable? Yeah, Right
The agents that buyers use to visit houses and write up a contract are paid their share of the sales commission by the seller’s agent. They are paid whatever the seller’s agent offers – usually half of whatever the seller’s agent charges.
Report Calls for End of Commission ‘Price Setting’
Real estate commission rates are just one step below fixed, according to a new report from the Consumer Federation of America. And rising home prices are handing ammunition to those who say that has to change.
Beware Agents Who Double-Dip
A new report from the Consumer Federation of America argues that agents who represent both the buyer and seller in a transaction do a disservice to buyers, and the practice of dual agency should be banned.
Test Your Knowledge of Credit Scores
When it comes to credit scores, low-income folks have far less knowledge, according to the results of a recent quiz developed by the Consumer Federation of America and VantageScore. But even high-income respondents didn’t have all the answers.
Hidden Referral Fees Could Cost You
Most professions restrict the payment of referral fees. But they run rampant, and are somewhat controversial, in real estate.
Consumer Groups Turn Up Heat on Warranties, Angie’s List
Many homeowners believe they can’t do without these two perks: home warranties that promise to replace appliances that cannot be repaired and Angie’s List, the popular website that recommends contractors and repair specialists.
