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By the way, how can I know how much commission does seller want to pay to buyer agent ? Where is the information on Refin?
Thanks.
Your buyers' agent can tell you the co-broke, and SHOULD tell you ASAP if it varies from what you have agreed he can expect.
I.e., if it is 3% + a $5000 bonus, you should be informed of that. That bonus is an inducement to the agent to sell you the house.
And if it is 2% and you may be exposed to making up the difference, you absolutely should be informed of that.
ASAP, meaning before showing or as soon as known by the agent, before you write an offer.
In NC, that is the standard expected, so the consumer knows their liability, or the inducements the agent has.
No, because it wouldn't come to that. I'd either get my agent to sign off on acceptable commission terms or find another agent. I just don't see why you'd put yourself in that position to HAVE to come out of pocket a few thousand when you have a better option. What is this agent doing that is so vastly superior to another agent that would make that worthwhile? I guess only the OP could answer that.
So, just another guy who would use agents, beat them like a rented mule, and then shop for a cheaper agent when it was time to buy a house?
You aren't the first to propose that here.
Another poster suggested running the agent's legs off and when they got to an acceptable property, refusing to have them write it up unless they rebated commission.
I don't know the specifics of the law. I'm not a real estate agent, I just remember reading something about it when we were house hunting. Apparently it started in July 2012. This link gives a little more info: VA Buyer/Broker Agreement Law. I don't think it's required that the agreement be exclusive, but you do have to sign some sort of buyer/broker agreement. I don't necessarily think it is a bad thing, but I would not sign an agreement such as presented to the OP!
Wow; that's crazy. In NY we are required to have a client sign an agency disclosure, which clearly spells out whom the agent is representing and in whose interest they are working for, but it's not a binding contract; it's only purpose, really, is to fully disclose whether there's dual agency going on or not. Any fee agreement made with a client is completely separate and not state-mandated, like the disclosure form is; I can't imagine how the real estate industry was able to get away with making that form mandatory. That seems so unfair to buyers. A brokerage should have their own agency fee agreement for a client to sign, and they can make that a mandatory policy to have you sign it if you wish to view homes with their agents, but to make that a legal requirement state-wide in order to view homes and purchase real estate is a little much IMO.
Usually that would be in agent comments or in a separate field; depends on your MLS system. generally, that info is only accessible to agents, and not their client nor the public. If you have questions about a particular property, you'll have to ask your agent
So, just another guy who would use agents, beat them like a rented mule, and then shop for a cheaper agent when it was time to buy a house?
You aren't the first to propose that here.
Another poster suggested running the agent's legs off and when they got to an acceptable property, refusing to have them write it up unless they rebated commission.
Absolutely not! Don't presume to know me based on a few quotes. That's one of the reasons I think the VA law of signing a buyer/broker agreement BEFORE being shown a house is a good thing! That way, if the agreement is not acceptable to either party, and there can be no meeting of the minds, each can go their separate ways without having invested time/money in the deal.
I am assuming this agreement was presented PRIOR to viewing any houses, since that is how it is supposed to work in VA, and the OP is purchasing in VA. If that's not the case, I'd work hard to come to an acceptable agreement with the agent rather than finding a new agent.
I do value an agents time and money, but I also value my own and would not without good reason put myself in a position to have to make up differences in commission.
Absolutely not! Don't presume to know me based on a few quotes. That's one of the reasons I think the VA law of signing a buyer/broker agreement BEFORE being shown a house is a good thing! That way, if the agreement is not acceptable to either party, and there can be no meeting of the minds, each can go their separate ways without having invested time/money in the deal.
I am assuming this agreement was presented PRIOR to viewing any houses, since that is how it is supposed to work in VA, and the OP is purchasing in VA. If that's not the case, I'd work hard to come to an acceptable agreement with the agent rather than finding a new agent.
I do value an agents time and money, but I also value my own and would not without good reason put myself in a position to have to make up differences in commission.
So, if the agent has multiple buyers, and that is common, should he first show a house to you for less money, or prioritize the buyer who is willing to make up the difference?
What I am concerned most of the 3%, my budget is $450k, and 3% is more than $13,500 .... If seller does not pay the full 3%, it could end up me paying any difference ... could be a few thousands ......
But, while spending $450K on a house, I am too cheap to spend 1/1000 th of that talking with a lawyer.
You clearly do not have experience in this area. Hire a lawyer.
So, if the agent has multiple buyers, and that is common, should he first show a house to you for less money, or prioritize the buyer who is willing to make up the difference?
I would hope that an agent would have the integrity to treat all of their clients the same, since a contract requires both parties to agree to the terms. If an agent doesn't want to agree to terms that would exclude the buyer from having to make up the difference, they should decline to alter the contract terms and leave it up to the buyer to decide whether to accept the existing terms or take their business elsewhere. Not agree to alter the terms and then give the buyer the shaft by selectively showing houses.
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I just don't see why you'd put yourself in that position to HAVE to come out of pocket a few thousand when you have a better option. What is this agent doing that is so vastly superior to another agent that would make that worthwhile? I guess only the OP could answer that.
But, I am too cheap
