That''s my point, a typical home buyer does not need the services of a realtor with easy access to timely information. If they wanted assistance in the negotiations they could employ a professional but most do not need to be driven around and make a phone call or two.
I am a mortgage broker. Past 21 years. Just closed a $470,000 loan at 12% rate with 4 points. $18,800 commish. Go fuck yourselves.
I agree about the realtors, however. Can't stand them. Wasn't that way back at the beginning. Now, if there is one involved, the only thing they do is call three times a day for "Status" updates, and bitch because it is taking so long. If something is needed they are nowhere to be found. They bitch at the lender, and bitch to the title/escrow company. They pound a for sale sign in someones front yard, and are never seen again. Then they sit back and wait, and scream, for that commission check. You guys are just reading about them. Try working with one, from my end.
One solution to end this.... For Sale By Owner...No Commission paid! Have a lawyer do the paperwork for you for a couple hundred bucks., or get the documents on-line. I did that myself on my house transaction.
Better save your bennies mortgage brokers and realtors. There is someone I used to work with whoo is working on a internet app similar to ebay that will wipe out thousands of useless realtor and mortgage broker positions. This is going to level the playing field significantly. Just another smart chap using technology and business process re engineering to level corrupt business practices. From realtor to mortgage broker to Title Insurance crooks. You are all in for a royal shafting when this app is released. It will be the ebay for real estate. He knew the system was a sham, he predicted it would come to this mess, and he came up with an incredible concept to present to the public to eliminate the seedy practices.
Sounds to me like you've been dealing with Realtors who are doing their jobs, and who've learned from experience that most mortgage brokers sit on their ass and don't get things moving. Ask any Realtor what their biggest roadblock is in getting to a successful closing, and they'll tell you the mortage broker or lender dragging their feet. So there's a good reason you're getting called constantly for updates.
He and his partner are expecting two things to happen. This thing takes off and they don't need anyone else or they will get bought to stop it from being released, sort of like the lobbyists or the mob coming over saying "hey if you release this you will ruin all these corrupt profits." Either way, they will make out like bandits.
I know the main driver that will make this thing take off, can't give specs. But basically you reverse the process and put money into the buyer or sellers pocket instead of the brokers or realtors. Simply amazing. Here I am eeking out profits day in day out and thse guys are about to pull a google out of their pocket at the most needed time in history. Genius and what timing.