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We have yet to list our house, but did meet with a RE agent to talk about the possibility. He asked if he could show our house to a couple (buyers), we said ok. Well the couple have made us an offer. IF the offer goes thru, we'd like to offer the RE office a 3% finders fee, and offer the agent himself 2% bonus. Can we do this - is it legal? Would he still need to split the 2% bonus with his agency. We're not trying to screw the agent, but since we never signed any selling agreement, and the agency spent nothing on the listing... you get the idea.
The Agent should of had you sign a one time listing agreement to protect himself. It's nice of you to offer to compensate him, but legally your not obligated- if you didn't sign an agreement.
Any money he is paid needs to go through his broker. We all work for the broker and they pay us. If you want to offer him a bonus some brokers do not take a cut from that but it would still need to be on the HUD and paid to the Broker, then he would disperse the funds.
Thanks Beachme. We bought a Foreclosure 1.5 yrs ago with his assistance, but had the bank pay his agency 3% - and he insisted on it going thru the broker... even though again they did nothing. We found the house, we showed it to him, he just represented us with making an offer to the bank.
Again I am NOT trying to screw him at ALL, but within 1.5 years over $45K in real estate fees, when WE found the house, did all the legwork to buy it, except presenting offer to the bank. Now we're selling, and after 1 meeting, and 1 couple, no photos, no advertising, no MLS listing - the broker will be collecting again.
Your loyalty is very nice and not all that common. I am sure he'll appreciate the compensation and help you through this transaction! Congrats on your sale!
Thanks Beachme. We bought a Foreclosure 1.5 yrs ago with his assistance, but had the bank pay his agency 3% - and he insisted on it going thru the broker... even though again they did nothing. We found the house, we showed it to him, he just represented us with making an offer to the bank.
Again I am NOT trying to screw him at ALL, but within 1.5 years over $45K in real estate fees, when WE found the house, did all the legwork to buy it, except presenting offer to the bank. Now we're selling, and after 1 meeting, and 1 couple, no photos, no advertising, no MLS listing - the broker will be collecting again.
I sold my house a few years back and the house was on the market for exactly 10 hours. The Realtor did absolutely nothing, I mean nothing. I showed the damn house to the first couple that walked in the door while he just stood there. They made me an offer on the spot and I accepted it. For that, I got to pay the Realtor 7 Grand. Are you kidding me?
I apologize to all the Realtors on the board, I am sure you are all very nice people and work hard, but never again will I pay one. Not after paying 7 grand for what was maybe 2 hours of paperwork.
We've bought and sold many houses - and RE agents work long hours. I'm not looking for a fight - you're very fortunate that your sale turned out that way. We've had similar experiences - so I get it.
BUT there are agents out there that show couples houses, on top of houses, on top of houses - and they NEVER buy anything. They'll have sellers and buyers getting into pissing matches over curtains, or refrigerators.... TRUST me their job is NOT easy, they have to put up with all sorts of people - most working on emotion, seldom on a business level. Not to mention the risk they take sitting in an open house on a weekend.
Think about it - it looks like easy money, but trust me it's NOT! If they get lucky and have an easy sale like you and I - LUCKY them. But 99% of the time that's NOT the case.
I do not feel he did nothing - and I want him to get his cut - I'd just like to see HIM get more of the cut than the broker. This couple after 2 weeks dragged him home from his weekend with his family to write this offer, I felt terrible - they're on call 24/7.
We've bought and sold many houses - and RE agents work long hours. I'm not looking for a fight - you're very fortunate that your sale turned out that way. We've had similar experiences - so I get it.
BUT there are agents out there that show couples houses, on top of houses, on top of houses - and they NEVER buy anything. They'll have sellers and buyers getting into pissing matches over curtains, or refrigerators.... TRUST me their job is NOT easy, they have to put up with all sorts of people - most working on emotion, seldom on a business level. Not to mention the risk they take sitting in an open house on a weekend.
Think about it - it looks like easy money, but trust me it's NOT! If they get lucky and have an easy sale like you and I - LUCKY them. But 99% of the time that's NOT the case.
I do not feel he did nothing - and I want him to get his cut - I'd just like to see HIM get more of the cut than the broker. This couple after 2 weeks dragged him home from his weekend with his family to write this offer, I felt terrible - they're on call 24/7.
I get that their job is not easy and a lot of buyers/sellers drive them crazy. I guess what set me off was me having to pay soooo much money for so very, very little work. If my house sat on the market for a while, he showed a ton of people, it was a lengthy negotiation etc..., I would have had zero problem. He hadn't even put a sign on the lawn!!!
Yes I get it - we had a RE agent in MI who LOVED us. We moved around for my husband's job - so every few years he'd be selling our house, or selling us a new house when we returned at 7% RE fees (when times were good).
We ALWAYS tried to buy right - good neighborhood/good schools, typical 4 bedroom, 2.5+ bath... so we could sell fairly easily. We would usually do all the legwork on the house we'd want to buy, he'd just do the paperwork. But he would give us his expertise - direct us on how to buy right, IF we had to resell. Same with this agent - he was very frank with us where to spend that kind of money in Summerville. HE was the expert on the RE market in Summerville - NOT us - and we used that in order to try to buy right.
I would be a rich woman if I had all the RE fees we've paid in the last 20 years (we've bought and sold 8 houses) but it's the price of doing business - I would NOT want to do this on my own.
I get that their job is not easy and a lot of buyers/sellers drive them crazy. I guess what set me off was me having to pay soooo much money for so very, very little work. If my house sat on the market for a while, he showed a ton of people, it was a lengthy negotiation etc..., I would have had zero problem. He hadn't even put a sign on the lawn!!!
All these years later, it still annoys me. lol.
Haha, I can certainly appreciate that. The converse to the above is that, assuming you and he went back and forth regarding where you should list the home at, how to stage it to sell, and how quickly you wanted to sell, it sounds like he "nailed it" with regards to helping you pick the best time and price point to list the home at. Granted, a few years ago, all of the above didn't matter since homes were selling in minutes/seconds, not weeks/months in that market.
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Granted, a few years ago, all of the above didn't matter since homes were selling in minutes/seconds, not weeks/months in that market.
