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And all you smart asses are wandering why your profession is becoming extinct.
5-6 smart ass answers and not 1 legit reply.
The internet and other sites are going to be your demise. Could not happen to a better bunch of ungrateful parasites.
You should know that a couple of those answers were not from agents. And speaking of parasites, who is it that is asking to suck money away from those legitimately earning it (not that you will admit it)?
If you think so little of agents, why would you even have a buyer agent? Or is this "hypothetical" just an excuse to take shots at agents?
And DMenscha is correct, RESPA rules would prevent the mortgage broker from contributing.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,323,993 times
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Yep 5K difference @ 4.25% interest / 30 years results in a little less more $24/month payment difference. $295/year. If I was the OP's agent, I might agree to paying the difference for the first 5 years.
I do think I found out the answer to at least one of my questions though.
North Snohomish county area here - approx 40 minutes north of Seattle.
Hypothetical situation:
Seller and us ( the buyer ) are $5K or so apart on the deal. I am pretty sure that between 2 real estate agents ( obvious buyers agent and sellers agent ) as well as the fees the mortgage broker is getting.... they can mutually cover the $5K differnace to make this deal happen. House is approx $340K so you understand the commisions / concessions.
Lets say a 3 way agreement between the 2 RE agents and the mortage broker, they as a group of 3 agree to concede partial fees / commisions from the transaction to cover the $5K differance so the purchase and sale agreement goes to contract.
How and where exactly is that $5K concession written into the deal so as to protect us the buyer ?
I do not want to sign a contract saying I am paying $340K when in actuality I am only agreeing to pay $335K of my own money ( the other $5K is made up by the agents and mortgage broker concessions )
Seller's agent reduces commission.
Buyer's agent agrees in agency agreement amendment to accept smaller co-broke, in agreement with client.
Price is reduced to reflect reduced commission.
Lender reduces fees to buyer. No need to document in contract, and it puts more cash in the buyers pocket to buy the home.
Or, all three tell the buyer to kiss off, hopefully in the most professional of terms, and buyer looks for properties he can afford.
North Snohomish county area here - approx 40 minutes north of Seattle.
Hypothetical situation:
Seller and us ( the buyer ) are $5K or so apart on the deal. I am pretty sure that between 2 real estate agents ( obvious buyers agent and sellers agent ) as well as the fees the mortgage broker is getting.... they can mutually cover the $5K differnace to make this deal happen. House is approx $340K so you understand the commisions / concessions.
Lets say a 3 way agreement between the 2 RE agents and the mortage broker, they as a group of 3 agree to concede partial fees / commisions from the transaction to cover the $5K differance so the purchase and sale agreement goes to contract.
How and where exactly is that $5K concession written into the deal so as to protect us the buyer ?
I do not want to sign a contract saying I am paying $340K when in actuality I am only agreeing to pay $335K of my own money ( the other $5K is made up by the agents and mortgage broker concessions )
Are you asking how to convince the agents & mortgage broker to kick in the $5k? Or are you saying they've already decided to do it and you want to make sure it's worded properly in the agreement?
why should either brokerage contribute money to help you buy a house? If you get the whole house, shouldn't you pay the whole amount?
Exactly!!!
$5,000 is $23.87/ mo for a 30yr loan @ 4%.
Are you willing to lose this house over $23.87/mo? (1/2 tank of gas???)
The realtors & title company ABSOLUTELY SHOULD NOT have to give you one iota of a break on comission or fees because you & the seller can't come to terms on the sale price. NOT THEIR PROBLEM.
Unfortunately, yes, seriously. Too many people suffer from entitlement syndrome these days. "But IIIIIIIIIII deserve this house and those greedy top 1% elitist brokers & banks should reduce their pay by 33% so IIIIIIIII (the poor abused 99%) can have MYYYYYY dream house that I can't really afford." Gag me.
Or, all three tell the buyer to kiss off, hopefully in the most professional of terms, and buyer looks for properties he can afford.
lol!
Granted I asked a somewhat similar question a week or two ago but I tried to make it win/win/win for seller/her agent/me. I didn't make it lose for everyone else and win for me...and I certainly didn't involve the lender.
Can't imagine the OP will get a positive response from all three parties. Why not buy a house you can afford, instead of asking other people to subsidize your purchase?
And no, I'm not a real estate agent. First time home buyer.
Granted I asked a somewhat similar question a week or two ago but I tried to make it win/win/win for seller/her agent/me. I didn't make it lose for everyone else and win for me...and I certainly didn't involve the lender.
Can't imagine the OP will get a positive response from all three parties. Why not buy a house you can afford, instead of asking other people to subsidize your purchase?
And no, I'm not a real estate agent. First time home buyer.
I'm thinking the Girl Scout who delivers Samoas and Thin Mints can contribute lunch money.
If all those people wanted to help subsidize my house purchase, I'd be more than happy to accept.
I'd never expect it though, or have the gall to ask people to take a paycheck cut so I can buy a house I could not otherwise afford. :P
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