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Old 07-19-2012, 06:34 PM
 
177 posts, read 235,906 times
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Uh, the seller has to pay the full 6% no matter what, and the fact that you don't understand that is exactly the reason some people need representation. You think you have the system all figured out, and use your misconceptions as if they are fact. That's hilarious
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Old 07-19-2012, 08:29 PM
 
Location: DFW - Coppell / Las Colinas
29,956 posts, read 34,561,935 times
Reputation: 35960
Quote:
Originally Posted by aggieplaya View Post
Uh, the seller has to pay the full 6% no matter what, and the fact that you don't understand that is exactly the reason some people need representation. You think you have the system all figured out, and use your misconceptions as if they are fact. That's hilarious
Right on the mark, some people just can't figure this out. The listing agent has the house under a listing agreement at a certain % and they don't cut that amount if the buyer shows up with no agent. They usually end up doing double the work.
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Old 07-19-2012, 09:32 PM
 
288 posts, read 398,220 times
Reputation: 478
"Buyer brokers are sometimes too focused on closing the sale and getting that commission," says Max Gordon, an Overland Park, Kan.-based real-estate broker and attorney, so it's often in their best interest to see you pay as high a price as possible.

Though you may not save the commission amount, you can save like I did by doing better diligence with the numbers that your agent may miss or just be too unconcerned about. My agent simply stood by with their fingers crossed as I negotiated with the builder myself. I got a better price by telling the builder he can keep the (free) washer and dryer and all the other toys and give me a lower price. Think of what I saved not financing the washer and dryer over 15 years.
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Old 07-19-2012, 10:32 PM
 
186 posts, read 356,883 times
Reputation: 141
Most posters are realtors here so you get a biased opinion. Buyer's agents provide a service that's not worth 3% any more, I wouldn't pay more than $50/hr.
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Old 07-20-2012, 06:55 AM
 
177 posts, read 235,906 times
Reputation: 225
I'm not a realtor but I'm using these things they call facts, which I don't think you have heard of. There is a reason that uneducated people get screwed on deals, so who am I to stop that
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Old 07-21-2012, 09:20 AM
 
107 posts, read 160,884 times
Reputation: 84
Your loyalty is to the one that pays you. Buyer real estate agents are paid by the seller's real estate agent.
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Old 07-21-2012, 09:59 AM
 
177 posts, read 235,906 times
Reputation: 225
In that case the loyalty is to the bank that funds the loan to the buyer because that's where the money comes from to pay both realtors LMAO!
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Old 07-21-2012, 10:10 AM
 
Location: Prosper
6,268 posts, read 12,122,402 times
Reputation: 9325
For what it's worth, I feel I got screwed by my realtor when we bought our home in 2010. We literally did ALL the research ourselves online, from Realtor to Zillow to the Collin Co tax appraisal website.

I decided to hire a man I'd known a long time, he was my best friends father. When we finally decided on a home, the MLS listing said we had a community pool, which was a huge deal for us considering the house we bought in McKinney has a small, sloped yard, making putting a pool in prohibitively expensive. We tasked him to get the info from the HOA about pool access cards, and the HOA documentation.

Long story short... there is no pool for my HOA community. The neighborhood across the street gets to use the pool, but we don't. Our realtor knew that, and kept it quiet until the deal was closed, only after did we learn we would not have access to it. In my opinion, this was probably about a 20-30k mistake, as we most likely would have chosen another home that had a pool, or one with the HOA.

If it's your first time buying a home, then I would suggest using a realtor. But for any future home purchase, I would not recommend one. You can always look at all the documents and contracts from your first home to get an idea of how the process works, and anyone can hire an inspector themselves.

By not going with a buyer's agent, sometimes you can negotiate with the seller's realtor to receive a cut of the 6% commission, and that's just more money in your pocket, or more room to negotiate on price.
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Old 07-21-2012, 10:37 AM
 
177 posts, read 235,906 times
Reputation: 225
Your realtor did screw up - they are supposed to get HOA documents from the seller during the contract process and in the docs it would outline all HOA policies and rules.

Like with any profession, some realtors are not "good" realtors just like some doctors are worse than others
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Old 07-21-2012, 10:58 AM
 
288 posts, read 398,220 times
Reputation: 478
The best money spent is for a real estate attorney. Get them to review all paperwork before signing, and he will save you the few hundred dollars they charge you. And they will be 100 percent in your corner with no conflict of interest. Though not accusing anyone, there are many undercover agents on this site defending their profession and their pocketbooks. They are human, and when it comes to your interest and theirs what would anyone else do? It's a shame the industry was set up like that in the first place. But for agents to deny an obvious conflict of interest should be a warning sign to any potential buyer.
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