if they cant afford it to begin with then why are you selling them a house,, geeez, this isnt in the best interest of their clients,, why would you do that
2007-08-15 12:05:50 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
are you kidding me?
that's like asking accident attorneys to lower there 1/3 fees,
a RE agent is after the commission and the whole game is to make the final sale as high as possible to get the highest possible commission, once it sold they care not if you lose your property ,neither does the mortgage company who will steer you into high risk loans, all they care about is the commission they get on the loan package, neither party has a personal vested interest in what the buyer buys, all either party cares about is those fat commissions
which is reason number one why so many people right now are into defaults
EVERYONE in the industry knew they sold houses to people who truly were not qualified to buy with 100% financing, and everyone knew it would not last
2007-08-15 12:34:10 · answer #1 · answered by Anonymous · 0⤊ 3⤋
It is not the realtors job to ensure that you can afford the house. They can only advise to what you can afford, based on information you provide. If you over state your ability to pay, they will show you houses you cannot afford.
It is the responsibility of the lender financing the mortgage to perform the due diligence require to ensure that the borrower is a good risk.
As to the realtor getting more commission, well it benefits the realtor to get a sale, and additional $10,000 on the price of the home only results in about $150 more in the estate agents commission, but pushing for that higher sale could result in the sale falling through, result: no commission.
2007-08-15 12:53:59 · answer #2 · answered by cbmttek 5 · 2⤊ 0⤋
The certification of a Realtor requires one to act in full faith and trust for their clients. This certification oath and code of ethics is much like that required of the CPA and bar exams. An individual who is unethical will not act in the best interest of their clients. Their main motivating factor in this case would be commission or other compensation.
2007-08-15 12:13:24 · answer #3 · answered by giggleblue 3 · 0⤊ 0⤋
The Realtor is Not the Lender ,
Is not the seller . . .
Think you are confused .
The Realtor just shows houses of the types you have requested to see .
The BANK is the lender and
The seller is a private party who just relies on the BANK to make the decision about your ability to purchase .
>
2007-08-15 12:12:56 · answer #4 · answered by kate 7 · 3⤊ 0⤋
Yes legally and ethically.
2007-08-15 12:09:37 · answer #5 · answered by Anonymous · 0⤊ 0⤋