Posts tagged "dumb ideas"

Those Home Value Estimators Really Suck

Those Home Value Estimators Really Suck
It seems like everyone has them now – those automated home value estimators that can tell you exactly how much your home is worth in an instant without ever looking inside your home. Obviously, the condition of your home, your layout, room sizes, closets, gizmos, and the level of finishes simply don’t matter. All that... Read more »

Why Real Estate Commissions Are So High: The Cost Of Friendship

Why Real Estate Commissions Are So High: The Cost Of Friendship
I was talking to Harry (not his real name) the other day. Harry is buying a house in Chicago and as part of his agreement with us he is going to be pocketing a real estate commission rebate of around $26,000 at closing. That money is coming from our commission but don’t feel sorry for... Read more »

Pocket Listings: The Tighter The Real Estate Market, The Worse The Idea

Pocket Listings: The Tighter The Real Estate Market, The Worse The Idea
Back in January I posted on Pocket Listings: The Growing Fad To Sell Homes “Not On The MLS” and how it’s a really bad idea for sellers and really isn’t very good for buyers either. In a nutshell, why would you offer a home for sale to a limited pool of buyers and run a... Read more »
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Crazy Real Estate Model: Selling Your Home With No Listing Commission

Crazy Real Estate Model: Selling Your Home With No Listing Commission
There is sort of a new real estate brokerage model out there for selling your home – if you live in Philadelphia. The concept is that you can market your home for sale with a full service brokerage without having to pay any listing side commission (but you still have to pay a commission to... Read more »

Illinois HB 1376: $500 Sewer Camera Inspections To Be Required On All Home Sales

Illinois HB 1376: $500 Sewer Camera Inspections To Be Required On All Home Sales
How would you like to spend another $500 when you sell your home? In addition to thousands of dollars of closing costs you are already responsible for. Well, Illinois HB 1376, also known as the plumber full employment act and introduced by Rep. Luis Arroyo of the 3rd district, will cost you an additional $500... Read more »

The Real Reasons Some Realtors Promote Pocket Listings

The Real Reasons Some Realtors Promote Pocket Listings
Last week I posted on how the seriously flawed pocket listing concept continues to be pushed by certain realtors and Web sites. It should be clear from that post and an earlier one what the issues are with this real estate strategy. So the obvious question then is why do these realtors continue to push... Read more »
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Pocket Listings: The Growing Fad To Sell Homes "Not On The MLS"

Pocket Listings: The Growing Fad To Sell Homes "Not On The MLS"
If I might say so myself I pretty much decimated the arguments for pocket listings about a year and a half ago. In fact, for once I’m actually in agreement with the majority of real estate agents – most oppose selling homes “not on the MLS”. All you have to do is google the term... Read more »

Chicago Area MLS: Basement Square Footage No Longer Exists

Chicago Area MLS: Basement Square Footage No Longer Exists
According to MRED, the entity that manages the Chicago area MLS, Chicago basements will disappear this week – or at least they want them to. After much deliberation the committee that decides such things apparently decided that any space more than 50% below grade has absolutely no value so realtors should not be able to... Read more »

Your First Offer Is Your Best Offer - Fact Or Fiction?

Your First Offer Is Your Best Offer - Fact Or Fiction?
When home sellers get their first offer* they are very likely to be told by their real estate agent that the first offer is the best offer – and real estate agents state this as though it’s a statistically validated fact. It’s part of the real estate mythology that is repeated like a mantra. But... Read more »
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Government Gone Wild: Bank Of America Settlement Will Prolong Next Financial Crisis

Government Gone Wild: Bank Of America Settlement Will Prolong Next Financial Crisis
As you may have already heard the Department of Justice has reached a nearly $17 B settlement with Bank of America for the prior mortgage market misdeeds of two of the companies they acquired during the financial crisis – Countrywide Financial and Merrill Lynch. This sort of settlement scores a lot of points for populist... Read more »