WOW!! Lots of great dialog!! Did anyone ask along the way if you had already viewed the home you wish to buy and more importantly-WHO showed it to you? All this discussion could be a moot point if the listing agent has shown you the property because then ethically the commission will be owed to that agent unless you disclosed that you were already working with another agent(which you obviously are not). This is why we always recommend employing the help of a buyers agent at the beginning(which is free) so that you do not "show your hand" to the seller or listing agent.
I live & work right here in the Lutz/LOL area if I can be of any assistance to you, please feel free to contact me at anytime.
RLandis@ERADennis.com or 813-997-3218

Fri Apr 25 2008, 09:19

Since we live in a post-modern society where everyone believes they're entitled to their own facts, you may continue to believe whatever you want.
~~~~~~~~~~~~~~~~~
As are all the other professional kibbutzers and lookers.

Sat Apr 12 2008, 06:13

The plural of anecdote is not data. The facts of the matter are that Tampa has been designated a declining market by most of the banks requiring a larger down payment and higher FICO. Additionally, the mortgage insurers have designated most of Florida a declining market and require 5% down and no more than 95% LTV. I understand what you think your seeing in the spring 'rush'. Since we live in a post-modern society where everyone believes they're entitled to their own facts, you may continue to believe whatever you want. I will check back in another year when we are deep in the recession and see how the market is doing.

Sat Apr 12 2008, 02:26

Thomas, I wrote that blog post and it IS in fact 7 months old, but still right on the money. Tampa has a V SHAPED housing economy.

There was just a report that came out on west pasco and how the property values there have already started to rebound, we are not far from the bottom. Believe what you want, i work in this market every day. There isn't a day I don't work late!

All my best,
Katrina

Fri Apr 11 2008, 21:19

Funny, that's last year's article. Anyway.......

Wed Apr 2 2008, 06:49

funny I think people find what they are looking for.
http://activerain.com/blogsview/190809/Tampa-1-buyers-market

Tue Apr 1 2008, 21:16

Mark, thanks for asking this question. The 'other Mark', thanks for recognizing that your business model is changing. To those who believe they are similar to medical doctors, OMG! Do you really believe that what you do is similar to 8 years of college, an internship and additional schooling? EVERYTHING is negotiable. The buyer is the ONLY one bringing money and signing for the loan. All proceeds are paid from that money. Mark, check out my link on the latest FORBES article listing Tampa as the 9th riskiest market in the US. I know this will be voted thumbs down, but please, please, please tell the truth!

Tue Apr 1 2008, 12:37

Mark, as long as rebates are legal in Florida, there's absolutely no reason not to ask. A Realtors paycheck is not your problem- although it appears that many would like to make it so. Ignore it, and call the agent interested in working with you. Unpopular, I'm sure, but bottom line is, you found a house, you'd like representation, and you've made the real estate community an "offer"- nothing wrong with that. Just make sure that it's on the HUD1 and cleared through your lender.

Tue Apr 1 2008, 08:39

WOW! What a TON Of responses! I have been out showing properties. We do not discount or rebate commission, but I DO offer SOLID buyer services, including previewing homes for you if you cannot be here.

I believe you get what you pay for, and in this case you aren't even paying for the commission - the seller is, so there really isn't much of a reason not to use a Realtor.

I live and work in the local area where you are talking about buying. Born and raised here in the Tampa Bay area. If you still need help, just click away.

Katrina Madewell

Mon Mar 31 2008, 20:45

I think the reason you are getting the answers you are getting is because people don't understand the difference between buyer rebate and buyer gift as I feel some are thinking that you want to get "paid" out of this transaction. Agents cannot pay others unless they have a Lic. in the State of Florida but a buyer rebate can be done. If you are in fact working with some other agent that represents you in some fashion, then I think the answer you will get from this board is NO. But if you are unrepresented, which is not a smart thing in todays market, then it should be no problem. http://www.findmyfloridahome.net

Fri Mar 28 2008, 15:15

Mark (buyer) JR...and all...
It's funny how everyone is finger pointing,
~~~~~~~~~~~~~~~~~
What do you mean? Who did I point my finger at? And what is it that I was supposed to read behind the lines for in Phil's profile? You haven't answered.

Fri Mar 28 2008, 14:25

I checked with my coach and BIC. They say that they would give a discount/rebate of 1% of their commission to be on the HUD statement ONLY if the buyer listed their home with them or let them send a referral to a listing agent in their town, or if the buyer was in the position, i.e., knowledgeable enough to know how to send repeat business to them by referrals to off set the rebate. I just learned that any of the principal people in the transaction can receive a rebate if it is stated on the HUD and if the lender will approve it. I think that Keith mentioned it in his post. Good luck to you two Marks in getting this job done.

The end result is do what it takes as long as it is ethically possible. But I do hope you the buyer, Mark, will sing the high praises of your agent and send them more business but problem with your referrals to your agent will be that he will ALWAYS be a discount agent with all your sphere of influences that you send to him.

By the way, I did cut my commission on a lot purchase because my client listed another lot he owned with me. It has not sold yet. The listing agent cut her commission too. My opinion on the purchased lot was that the listing agent had the commission up too high as well as the price of the lot so I did not feel that I really lost anything. EXCEPT that my buyers were looking for a home in the $500,000 range but after we looked at 15 homes and wrote two unaccepted offers, they opted to buy the $135,000 lot and build. The commission on a $500,000 property would have been so much more than the two lots put together. So you can understand that we do a lot of work before even knowing if we will get a paycheck or how much our check will be. I have had this same discussion with my brother who wanted to know how much of my commission I would pay him back once he purchased a home with me as the agent!

It is not about ME and MY commission but rather Bringing home results for my clients. But I do have to pay my mortgage too. So there are ways to make all situations a WIN-WIN for all involved.

Fri Mar 28 2008, 09:56

eLoan is a good place to get a loan, they are an upfront lender : www.mtgprofessor.com
Chuck Bolles with Wells Fargo often beats ELoan on the rate and "lender related" fees. Call Chuck , Toll Free Phone: (866) 407-6748 Ext.102 to compare with your eLoan offer.

Here's the law about commission rebates:

Florida Administrative Code rule, 61J2-10.028(2) provides “the sharing of brokerage compensation by a licensee with a party to the real estate transaction with full disclosure to all interested parties is not considered a violation of Chapter 475, Part I Florida Statutes.”

Realtor commission rebates to buyer or seller are perfectly legal provided it is disclosed on the HUD-1 Settlement Statement via a cash credit to you at closing. Non-licensed persons cannot receive a rebate unless they are the buyer or seller in the transaction. Some lenders may not allow the buyer to receive a rebate but many will.

How did you "find" the Lutz home? If another Realtor showed you the house and other properties, it may be unfair for another Realtor to step in now to write your offer.

If you just happened to go to an Open House and fell in love with the house and merely browsed listings online and at Open Houses, you may want to see several other similar homes with your realtor to make sure this is truly the best house and best value for you. Has the property been repaired for subsidence (sinkhole)? Also is the home in a CDD community? Have you looked at the CDD and HOA financials to see what potential liability you could have as a homeowner because of golf course losses or other problems? Is it a bank owned foreclosure or is the Seller attempting to get the lender to take a loss via a short sale? You may want to have a Realtor show you competing properties as this home may not be the best deal out there. With a plethora of inventory, you have many choices. There are exceptional bargains out there. If this home you're considering is a true bargain, if you delay, you may miss out. Of course others will become available in this Buyer's market so may be able to find a similar deal, if not better. Some listed prices of bank short-sales are not acceptable to the lender so it may not actually be available even at the full listing price shown.

It's smart to hire an attorney to assist you with your transaction but you may also need advice from an experienced Realtor. Attorneys may know the legal ramifications of a contract but may lack knowledge of the practical side of the business. Smoothing out the emotional side is one of the most important benefits a Realtor brings to the transaction. Many Buyers and Sellers get very emotional and combative and may nix the transaction if it weren't for the counseling of Realtors.

Because I have an arrangement with my broker that allows me to keep almost 100% of my commissions (many Realtors give away 1/2 of their earned commissions to their broker), I may be able to offer a significant rebate. Realtors often pay rebates to other Realtors via a "referral" fee. Please call or email for details of my offer if you're still looking for a Realtor to help you. I would need more details about the transaction before making an offer to rebate commission.

Please call or email if you would like to discuss this.

Fri Mar 28 2008, 07:56

JR...and all...
It's funny how everyone is finger pointing, but yet would "give away" 25 or 30% of their commission on a refferal if I said I had a solid buyer that needed help.
We ALL have done deals where things had to be negotiated at the last minute to make things happen, including coughing up commission.. So I fail to see my willingness to help someone out as a "Cut in Pay!
To me it's part of the business and the direction this industry may be heading toward, so I roll with the times.
Those who are willing to make deals happen will, those of you who don't won't and can sit here and post there objections.

Fri Mar 28 2008, 07:18

Buyer Mark, it looks like there's one agent here who's just dying to give away his paycheck. Frankly, it's a little hard for me to believe anyone is hungry enough to post 6 times begging to give away his paycheck, but , hey...everyone's different.

In the meantime:

Mark(Buyer): Thanks for the feedback. Let me respectfully explain. When I applied at E-Loan, I was given an offer to use their preferred real estate agent and get a rebate.
Some of the lenders that responded made similar offers.

JR: Very interesting! They must be very "successful" to have to take peanut referrals from a lender.

Mark: I thought perhaps I could put this idea on the board. Perhaps there would be a local realtor near Heritage Harbor (where we are going to buy) that would be interested. I know these are tough times and I thought maybe somebody could benefit. This is "found money".

JR: Of course it is. The agent doesn't even have to buy gas or open a door in this case. You make it sound as if all they have to do is answer "yes" and then walk out to the mailbox and pick up the check.

Mark:Antonio. I understand your thoughts about taking a cut in a paycheck. I reasoned that I shouldn't pay as much as somebody you need to drive around for a month looking at houses.

JR: We spend many hours driving around and showing houses to folks who never buy. And you know what? Sometimes we happen to pick up the phone, someone buys the first house we show them! That is what helps pay for all the time we spend with the other "buyers" who never buy. Just like how any other sales person may walk up to a number of people and demonstrate a particular product in the store, but one person may walk in, pick it up and buy it. Do you think they should pay less for it?

And you do understand we don't get a salary, right?

Mark:
The house is chosen, the financing is lined up and the attorney is in place to review the paperwork. Your overhead is extremely low and the pay would be commensurate with the job..

JR: In other words, you don't have a clue what's involved in this, do you?

Mark;
Keith. Doctors negotiate and charge less to many people who belong to insurance groups and other organizations.

JR: Mark, you do understand that doctors are paid by every person who comes into their office, don't you? They don't treat 10 patients for free, hoping that they're paid, then finally the next one pays. I spent a lot of time a couple of weeks ago working with a couple who wanted to sell, but were upside down intheir house. They didn't know how a short sale worked. I printed out articles, recommended 2 attorneys to them, and spoke to those attorneys about their situation both before and after, worked up a plan and a strategy, and basically let them cry on my shoulder. They listed with an agent who told them their house was worth $40,000 more than I did. I believe they made the wrong decision, i don't think they are going to get offers, but this was all unpaid labor, Mark. How often do you do your job and then at the end of the week you don't get a paycheck?

Mark: Phil. Before you read between the lines I suggest you read. I also suggest everybody read Phils profile and then read between the lines on her.

JR: I read Phil's profile. What are you getting at. Sorry, I'm missing it.

Mark: Thank you Mark. The house is $350,000. If you are interested in this proposition, leave a message here on the board.

JR: Good luck to you both.

Mark: Geez, I was only asking guys!

JR: And I'm asking you: how often do you work all week, and then your boss refuses to pay you? How often do you discount your services? What is it that you do for a living?

Fri Mar 28 2008, 06:16

Mark,
Bottom line is that with the proper structure of the contract, what you are asking is possible. All this correspondence back & forth has probably has given you more questions than answers. Ethical agents know how to get this done the correct way and still represent their client properly.
There has been a lot of inference to aspects that need to be know and good buyers agents can structure the deal the way you are asking. Most of the negativity towards your request is based on you asking Realtors to reduce their commission. From both side, yours and theirs, I can understand.
If you want to consult about the deal structure, seems like Mark Z. is the most responsive.

Fri Mar 28 2008, 05:47