Posts tagged So much misinformation it’s almost criminal

So much misinformation about Realtors it’s almost comical

That perhaps the top Business School in the Country is putting forth such garbage is shameful and sad.Choice quotes from the article:”The (Realtor), 99% of the time, is the agent of the seller, so the broker doesn’t have any duty to the buyer,” said Wharton real estate professor Georgette Chapman Phillips….At the heart of the matter is the way agents are paid — traditionally through a commission, paid by the seller, of 5% or 6% of the home’s sales price….  But you work for the seller.”…”It is my experience that real estate agents have been pushing people to buy more expensive homes than they were initially qualified to buy under 30-year, fixed-rate [loan]s,” said Smith of the National Fair Housing Alliance….  In most cases, an agent, even if he or she has been working with the buyer, is still paid by the seller, usually by splitting the commission with the seller’s agent.”You work for whoever pays you,” Phillips said, adding: “Should a broker tell a buyer, ‘You realize that you’re in completely over your head here?’…  Why would the broker ever do that?”…”Realtors care about only one thing — making the sale,” added Kenneth Thomas, a lecturer on finance at Wharton, adding that if the buyer needs a subprime loan for the deal to go through, the agent is likely to keep silent about the hazards.It’s almost as if they are taking every stereotype from fifteen or twenty years ago and applying them to today’s market.

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