Ms-I was obviously being sarcastic about the car salesman, but #^%$*&, this guy should just go take a few real estate classes so he has some clue about what he's talking about. The amount time he's spent on this post, he could've actually learned something instead of trying to prove he knows something.

BTW: My agent doesn't tell me what price to offer...he gives me the facts and strategies so I will get the house I WANT TO GET! He's giving me advice to help acheive MY goals. He backs it up with data, and then the choice is MINE.

Tue May 6 2008, 17:14

**..Car salesman working for the buyer......THATS a laff riot!..**



... Interesting, much like the buyers agent in real estate ....

Tue May 6 2008, 03:43

Ms-I You ARE kidding right? About the car salesman?

One of my DEAREST friends has litteraly written the book on training car salesmen. First off.....FACT the sales man works for the dealership. Period.

Secondly when they go into the managers office it's to finalize strategy on how to close the deal.....SOMETIMES. Sometimes they are really watching you. Go into a new car dealership some day not to buy but to litteraly look around. You see a LOT of glass walls. Thats so the managers and the sales reps can watch the actions of the customers. Also notice that when talking innitially with a sales guy that the desks they may sit behind offer no privacy. The acoustics in the place are amazing. You can hear a conversation from anywhere. The managers if they see and or hear a deal going south will either call the sales guy you're talking to or send in a closer to wrap the deal up.

As for you car in trade or to sell it they're checking to see how much they're able to get for it in auction or in resale at one of their satalite dealerships for used vehicles.

There are SO many tricks they use on a buyer it should almost be illegal. The great thing is once you know how they work it's easy to dance through them and make their lives miserable.

My friend is currently writing up a seminar program to host for car BUYERS. Called how to SC%$# a Dealer on a New car. So far he's being offered alot of money not to do this.....I wonder why.

Car salesman working for the buyer......THATS a laff riot!

Mon May 5 2008, 20:22

He in fact, went to the manager's office few times to get me a good deal.
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You do know, sometimes, the manager isn't even in the room he goes into?

Mon May 5 2008, 17:37

to all - just so there is no confusion with poster MS-l in Miami and myself ( I am "S") I have never purchased a car from a dealership. Not that there is anything wrong with it, just don't want to be confused with another poster.

Trulia - could you please verify for those on this question that we are 2 separate people? There are some that think we are one - or that get us mixed up. I am happy to change my name to something else if that will help.

Mon May 5 2008, 16:05

Ms-I wrote:
When I purchased a car recently, the salesman at the dealership received the commission from the money I paid for the car. He was a good man and offered to help me get a very good deal . He told me that he works for me the buyer not for the dealership because if people like me do not get a good deal he will not be able to sell the cars and earn a living to feed his family. He in fact, went to the manager's office few times to get me a good deal. He even offered to help me get a loan to buy the car and offered to purchase my old car so I would not have to go through the trouble of trying to find a buyer. He told me that he made no money doing it but did it anyway for his clients.

When you are ready to buy a car, let me know. I can send you the contact details of this nice gentleman.
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Trish's response:
ha ha ha ha ha ha ha ha ha ha ha...you are WAY too funny! Be wary of anything that can ONLY happen behind closed doors! They could have been drinking margaritas and 'passing the time' for all you know. ;-)

Mon May 5 2008, 15:54

Tiffany,

It is possible to work w/ banks and know in advance that they will likely approve a short sale, but not know if they will accept a particular contract.

Deborah

Mon May 5 2008, 15:19

The brokerage fees are paid out of the seller’s proceeds and they are paid using the money the buyer brings to the table.
_____________________________

Jed,

When I purchased a car recently, the salesman at the dealership received the commission from the money I paid for the car. He was a good man and offered to help me get a very good deal . He told me that he works for me the buyer not for the dealership because if people like me do not get a good deal he will not be able to sell the cars and earn a living to feed his family. He in fact, went to the manager's office few times to get me a good deal. He even offered to help me get a loan to buy the car and offered to purchase my old car so I would not have to go through the trouble of trying to find a buyer. He told me that he made no money doing it but did it anyway for his clients.

When you are ready to buy a car, let me know. I can send you the contact details of this nice gentleman.

Mon May 5 2008, 14:21

S... In my experience in the short sales I have personally been involved in, in Texas.(they vary from state to state)
The bank offered 3% to the B.A. and 3% to L.A. I cannot tell you if that's standard or not. Short sales, IMHO are very time consuming for the agent and very stressful on the buyers b/c they take a very long time and usually it is just time waiting and calling and waiting and calling (sometimes for months). I will be the first to admit I am not the authority on short sales but to be honest I have seen many short sale deals fall apart at the last minute, so usually the fee is 0%. lol. The hard things with short sales is that they can only be listing as "possible short sales" b/c if I'm not mistaken; (and please anyone correct me if I'm wrong b/c I'd like to know for sure) their has to be an offer on the table first, then the listing agent needs to submit a short sale package to the lender before the bank will look at and approve a short sale. I believe then it is determined how much less the bank will take for the home.

Mon May 5 2008, 11:14

s--nothing else I would want to make sure that if the seller wasn't able to come up with funds to close that we were reimbursed for our inspection and other fees.
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Hi again S--
Unfortunately, you can't get blood out of a rock and that is one of risks you take in the hopes of getting a 'good deal'.

Mon May 5 2008, 11:09

S--I would guess short sale would be the same thing but would be curious as to how that works since I have never done one. The buyers money goes to the bank? And the bank pays for everything? Even if there is not enough from the purchase price to cover all? What happens then - the bank takes the money from their own reserves? When a short sale is negotiated do the banks negotiate fees too? Thanks in advance for the advise.
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Hi S...
The 'banks' are the ones that 'run the show' in these cases. Agent need to be very cautious because they may NOT get anything. And YES, the banks do NOT get all the money owed on the property. They agree to a short sale so that they aren't stuck with a foreclosure and all the EXTRA costs involved with taking over a property and maintaining it. Foreclosures typically cost a 'bank' $10k PLUS each month they are holding it (thus the reason you tend to get a better deal in foreclosure situations). In short sales, the seller/owner is paying utilities, etc. and the bank isn't. Short sales are NOT good for a seller; in many cases the 'short' portion goes against the seller's credit and they must make arrangements to pay back that portion of the debt. BUYERS BEWARE...Since there are 'banks' involved in this transaction, they need to sign off on EVERYTHING and delays are common (one reason is that the bank isn't as highly motivated to respond because they don't have the liability of 'holding' the property anyway).

Mon May 5 2008, 10:59

I have another question - low ball offers could result in low prices - and perhaps there are other situations besides mine where the seller has to add money (fyi - we didn't make a low ball offer but just want to relate to the topic). In our situation we trusted that the seller would add the money - and he did - but now that I look back shouldn't there have been something in the offer showing proof of funds, similar to what the buyer has to do to show they have the down payment and the loan? I would have hated to get to the end only to find there was a shortfall - I guess it wouldn't have closed and we could have bought something else but I bet there would have been a lot of unhappy folks out there that wouldn't get paid. Anyone have a form or language for this situation - I will definitely need it for the next transaction where there is a big loan on the property. If nothing else I would want to make sure that if the seller wasn't able to come up with funds to close that we were reimbursed for our inspection and other fees. Again, thanks in advance for the answers.

Mon May 5 2008, 10:58

Jed - you are correct - but in this instance the equity didn't disappear - the seller took it out for use for other items - and in this case it was the last 20K that went to pay the fees - if there were no fees that money would not have been necessary - but my point is that it is not always the buyers money that covers various parts of the transaction - the buyers money pays the sales price - what the seller does with it is up to them and the various contracts that they have signed. I would guess short sale would be the same thing but would be curious as to how that works since I have never done one. The buyers money goes to the bank? And the bank pays for everything? Even if there is not enough from the purchase price to cover all? What happens then - the bank takes the money from their own reserves? When a short sale is negotiated do the banks negotiate fees too? Thanks in advance for the advise.

Mon May 5 2008, 10:44

s> That 20K could just as easily be seen as paying the bank for the money they lent the person to buy and on equity that disappeared.
No reason to assume that the last dollars brought to the transaction go to brokerage fees.
So no correction is neccessary.

Mon May 5 2008, 10:03

Of course, S, we should ESPECIALLY not feel sorry for the owner who had to bring money to the closing table because it was an AGENT.

That is not the usual case. In cases such as that the agents are lucky to be paid.

Mon May 5 2008, 08:44

on correction for Jed's comment

"The brokerage fees are paid out of the seller’s proceeds and they are paid using the money the buyer brings to the table."

This is not always the case we recently purchased a house where the seller had to bring money to the table as the loans on the property were more than the asking price - this was not a short sale - just a seller that wanted out - he came in with $20K which was used to make up the difference - and of course to pay the brokers commissions. But before you start feeling sorry for this seller, please know that the seller is a real estate broker himself - bought the house 2 years ago - took out $150K + when times were good and now that he no longer has enough income - had to bail out before things got worse (the 20K came from his parents). He did not represent himself in the transaction but that was because of a company policy of the real estate company he works for.

Mon May 5 2008, 08:08

Ms-1 Brokerage fee is set in contract with the listing brokerage and the seller. The listing brokerage "cooperates" with other brokers through the multiple listing agreements, also contractual. The selling agent, who represents the buyer, receives his compensation through the cooperating agreements of the brokerages.
If the structure was different and the cooperating fee was not set in the listing contract then the agent representing the buyer would have a contract with their agent. Many of us use buyer-broker agreements if we work in areas where cooperating percentages vary. In that case the buyer agrees to pay the agent a set percentage fee regardless of what the listing brokerage is offering.
In all cases the agent representing the client has a fiduciary responsibility to that person. This is the defining characteristic of "agency". If I represent the buyer I don't work for the seller. You might be confusing the present laws of agency with the older outmoded "sub-agency".
The most important fact remains that the buyer sets the value of the property. There is no sale until there is a ready and willing buyer. The brokerage fees are paid out of the seller’s proceeds and they are paid using the money the buyer brings to the table.

Mon May 5 2008, 07:48

I do not have the same IP address as MS-l I have reported everyone that has confused us to Trulia so that they can figure this out.

Mon May 5 2008, 07:23

(Incidently - it is called "CONFLICT OF INTEREST".)

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It sounds more like "a referral" to me. I guess you still aren't getting your point across. What you are describing I have never come across. M, there are rules we follow regarding our agency relationships. It isn't under our control.

Mon May 5 2008, 07:17