richardyoo

the short answer to your questoin is yes - but you'll need to consult with your attorney to work out the details on what you want to do.

 

I don't have a specific attorney to recommend, but you search should include "residential real estate attorney" - last time I did the research I found many... and any attorney will meet with you for free to listen to what you're trying to do an see if they can help you - if you don't like their advice, or you don't like them you're not obligated to use them.

 

I learned about this new company recently that solves most of the problems with commissions in the new era of real estate... even though they are doing this nationally, it turns out they are local to houston... 

 

https://jasonshouse.com/

 

 

Typically - if you open up the alarm panel box, you'll find a large battery sitting in it... they typically need to be replaced about every 3 years... you can unplug the red and black wires and remove the battery.

I've found that Altex on 290 or any of the Fry's electronics will carry replacements... take it with you and you should be able to find a match.

Good luck.

you can read Chapter 2 of this TREC course.  

I've actually seen this stuff... but it still isn't defined as a explicit fiduciary duty in any of the contracts - As in "I have a fiduciary duty to you." It always dances around it - which is suspicious. I mean, if it really is a fiduciary duty, the contract should just say it.

If you read this example of it

When a fiduciary duty is imposed, equity requires a different, arguably stricter, standard of behavior than the comparable tortious duty of care at common law. It is said the fiduciary has a duty not to be in a situation where personal interests and fiduciary duty conflict, a duty not to be in a situation where his fiduciary duty conflicts with another fiduciary duty, and a duty not to profit from his fiduciary position without knowledge and consent. A fiduciary ideally would not have a conflict of interest. It has been said that fiduciaries must conduct themselves "at a level higher than that trodden by the crowd" and that "the distinguishing or overriding duty of a fiduciary is the obligation of undivided loyalty."

So I suspect that a real estate agent can't truly act in fiduciary capacity since there's a conflict in the way they are compensated - and in turn, the verbiage is omitted from any contracts - otherwise, it would be in there - but its not since they are not actually acting in a fiduciary role. (regardless of what the training material says or what a particular agent "professionally" strives for).

 Of course we have a fiduciary duty to our client.  

Its interesting - I've never seen the word "fiduciary" in writing in any sort of buyer's agent contract I've ever seen in Houston.

 A real estate attorney can provide some valuable services, but they are mostly complimentary to the services an agent provides.  They aren't going to have knowledge of that particular market area, they won't be able to show you the homes, they won't be able to give you comparable sales and the listing agent won't even be obliged to pay them.

This doesn't change the fact that you have no fiduciary responsibility to your client - in fact, you'd never put that you do in writing - therefore you're not looking out for the best interest of your client. Your objective is to get a deal done - any deal - its the only way you get paid. You are financially incentivized to get your client to complete a transaction - thats why your compensation is called "commission". Your job is ultimately about salesmanship, regardless if you are a seller or buyers agent.

 

 

 

The idea that they may or may not have taken some negotiations class back in law school and this will somehow trump an experienced real estate agent is naive.

It is not naive - real estate agents actively try to get their clients to "fall in love" or "imagine living" in houses... there are books on this subject for real estate agents - this is a total negotiating no-no... and its something that will kill the buyers ability to get a good deal on a property since the buyer will stop thinking rationally and just start thinking emotionally... this emotional state is the real estate money-maker. Good negotiating discipline will get the client to chill out - something that lawyers advise all the time, and something a real estate agent would never quench since they want to get the deal done.

 

 

As far as being "anonymous", I think my company name, which includes my last name, is a pretty decent amount of information.

Such a passive-aggressive comment.

First off, your implication that 180 hours of class is somehow some sort of challenge is silly... that equates to about half of a full-time college semester of class time. If anything, it reinforces that real estate agents have formal less training than practically any other vocational school you see ads for during the day on television.

 

Suggesting that "you'll go broke" lowering transaction fees by using examples of past failures is also non-sense... over 50% of all restaurant fail every year - more so if you're male... does that mean that its 100% certain that the diner you open will fail?  Absolutely not - this is less about the structure, and more about the operator. The demand is clearly there, its up to the operator to figure out how to make it work.

 

Don't think that I haven't considered getting a real estate license - a group of my buddies had already considered jumping into classes over at Champion until we discovered that it cost just a few hundred dollars to get a real estate deal done through a lawyer.

 

I agree that there's room for everybody - the point of this thread was to figure out way to lower the transactional fees to this guy's deal. But I don't think that using a lawyer to do the deal is anything like building your own house or fixing their own car.

 

Lastly, I also agree that its not a requirement to state your name online... but to me, it just shows the cowardliness in their statements online - its typical for people to have a big bark online, but only when they get to hide behind anonymity.

 

 

 

 

I am the only one in this thread who has offered any sort of constructive help in reducing this guys fees. All you anonymous real estate agents have done is try to convince this guy that your industry standard fees are some how justified.

 

Sadly, it is apparent that you have no idea what an internet troll really is, Miss "diggity"

I find it entertaining that only anonymous real estate agents have snide negative things to say about my comments with out much to add constructively... I guess it just drives my point home... lol    

At least lawyers have an ethics and other codes to go by!

 

A lawyer can complete any real estate transaction, but a real estate agent can't practice law nor do they typically have the negotiating acumen of your typical attorney - that should tell you something.

 

And attorneys require more education than a GED and some weekend vocational classes that any 18 year old can take... the bar to be a residential real estate agent is pretty low - or none existent really. The other night I had a waitress at a diner explain to me how she was planning on going into real estate because it was "good money and pretty easy"! oh boy. 

 

The real shame is that the excellent real estate agents I have found don't get nearly the recognition nor compensation they deserve because all these sleazy and sales oriented agents take the lime-light with their "highest producing agent" awards.

 

The real estate game is what it is... and its not about the buyer nor seller - they're just pawns.

Big words from "anonymous dane"

 

But anonymous dane is right - as he pointed out, it is the *entire* residential real estate industry...  which happens to include the lazy and entitled agents...

 

I have met agents who are exceptions, but they are very very rare... and those agents have always adjusted their fees since they had the business acumen to understand the deal for what it is, instead of whining about how they "deserve" their "industry standard" fee or whatever they think they're entitled to.

 

Bottom line is that the "industry standard 6%" fee isn't paid by the seller - it may be agreed upon by the seller, but its ultimately paid for by the buyer... so negotiating those fees is totally reasonable... and since it can save you a bundle, its totally worth doing.... Last time I looked, even 1% off of the price of a house is a lot of money!  We live in a capitalistic society, so if one agent won't do it, there will be another who will.... keep looking, or just use a lawyer.

 

Using a lawyer also has the upside of making the deal completely transparent and completely unbiased... and unemotional... they don't care if you buy a house or not... This is also important - if you use a realtor to buy a house, that realtor is motivated to get you to buy a house - any house - as quickly as possible... since they only get paid if they get you to buy a house.  Since they (typically) get compensated on a percentage basis, they only get the best compensation when they get you to buy the most expensive house you can buy as quickly as possible. Ultimately, they are just sales people.  So their objective is to get you to literally fall in love with a house so you will pay top dollar for that house - this is straight out of econ 101. Lawyers, on the other hand are required to do whats best for their clients - and often times that means not buying a house at all.

 

This is the same exact reason why CarMAX has completely changed the used car sales process since their sales people are compensated a flat rate no matter what car you buy... so they don't care if you buy a Honda or a Mercedes - so long as you're a happy carmax customer... carmax has really made car buying (and selling) both fair and simple. this is not true for real estate agents - you interests are not aligned with their interests.

 

As an agent myself, I am very offended when I read entries such as this! Asking the agent to give up a portion of the commission on the buying end...really?

 

Typical entitled attitude of a real estate agent - they get pissy when they have to actually work for their commission...

 

The truth of the matter is that buying and selling homes is a business like any other... everything is negotiable.

 

Clearly "dane" won't do it (whoever "dane" is) - so they won't get your business... this agent just wants to lay back and go after the low hanging fruit.... also typical of real estate agent behavior - they're a lazy bunch.

 

The traditional commission schedule for residential real estate is silly... its typically 6% of the transaction - typically split between the selling and buying agent...and taken out of the final price of the home.... and they try this typical tactic of "oh well, the seller is paying the fee" which is absolutely BS since the money is all coming from the buyer... this is the old-school "pass the fee onto the consumer" tactic.

An alternative to an agent, is to use a real estate attorney.  You pay the lawyer his hourly rate to get your deal done - no real estate agent needed.  However, depending on what that 3% equals in dollars, it could be less expensive to use an agent... also - many people use an attorney to review paperwork anyways since the agents clearly state that they aren't lawyers, and if anything goes wrong they aren't responsible.

 

YMMV

Buyers who want to make choices want a "fixer-upper" house - which it doesn't sound like your house is... so its going to attract buyers who just want to buy and move-in.

 

Get the work done.  those buyers want a "move-in ready" house.  Make sure you choose a neutral tile so it can work with any decor.

 

 

I'm working on buliding a new house.

I've become a fan of the design-build method where one firm handles both the design and building of the project - mainly so the project gets done quickly and there's no figure pointing between the builder and the architect when something inveitably goes wrong.

I'm looking to meet any design-build firms who have experience with residential building.

The project will most likely be in the 8,000sqft range.

The only requirement I have is that they are Houston based. My last project used someone out of Dallas and their travel expenses alone were outrageous.

Any recommnedations would be great.

Thanks!

I'm looking to bulid a new house in the style of an English Tudor - I'm looking to meet any architects who have experience with the style as I have not chosen one yet for the project.

any one or any firm who has built or has a passion for the style would be interesting to meet.

The only requirement I have is that they are Houston based. My last project used someone out of Dallas and their travel expenses alone were outrageous.

Any recommnedations would be great.

Thanks!

Here you go http://www.windhambu...y.asp?gallery=3

That was quick! Thanks!

There's a custom English-style house I've seen where I like the style and workmanship done... and I'd like to explore the idea of building something similar... according to HCAD it seems to have been built in 2009... short of knocking on the door, does anyone know how to find out who the architect or builder of the house is?

The address is 418 W Friar Tuck

Thanks for any help or advice...