Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am attempting to buy a home without having a real estate agent. I see little value in one because I found the property, can negotiate on my own, and also have a real estate lawyer. Oh and I can also pay in cash, moving things quickly along.
But without my own agent, the seller's agent would receive the full 6% of the commission and that doesn't sit well with me. It burdens the seller with charging a higher price (just to pay the agent) and potentially drives up the tax value too.
I coached the seller on trying to negotiate a lower commission with her agent since but her agent said no and that such a thing was unheard of. But I am not giving up yet and am considering various strategies:
1. Make an offer that states in its conditions that the agent halve her rate to the seller. My theory is that the agent, seeing how quickly she could make some money (the house has only been on the market a few weeks) just might go for it.
2. Find an agent who will represent me for a flat fee and reimburse me the entire commission amount, which I could either keep or even offer to the buyer. If you know an agent in the Triangle who would do this, PM me.
Oh, and please don't bother responding at all only to tell me that agents deserve every penny they make (never more? never less?), or that I'm not paying for the buyer agent anyway, or any other plausible sounding fallacies. Please save those for the weak minded or, better yet, tell the truth.
We bought our home as a direct "For Sale By Owner" purchase, couldn't have been smoother or easier. I don't understand why anyone would pay an agent thousands of dollars, it's really not that difficult to buy or sell a home. Just do your homework and have a decent attorney and you're gold.
2 is not a bad idea, and there are in fact brokerages which do this explicitly on the seller side; I don't know about buyer's agents who do that.
1 is interesting idea, but why not just make a bid minus the 3% which would go to the agent, and inform the seller why you're doing so? If the seller and the agent can agree to halve the agent's commission, then great, and you get the 3% off. If the seller and the agent don't agree to completely halve the commission, but come to some other understanding, or if the seller accepts it without any commission relief, then you get your 3% off anyway.
My last piece of advice, given you're new to the forum, is don't be so antagonizing about real estate agents particularly when you're new here. You're presupposing ill will and bringing some onto yourself by your preemptive attacks in the last paragraph. The vast majority of the RE agents here are perfectly pleasant people who, whatever you think of their profession, do know a lot about the neighborhoods in the area.
I am attempting to buy a home without having a real estate agent. I see little value in one because I found the property, can negotiate on my own, and also have a real estate lawyer. Oh and I can also pay in cash, moving things quickly along.
But without my own agent, the seller's agent would receive the full 6% of the commission and that doesn't sit well with me. It burdens the seller with charging a higher price (just to pay the agent) and potentially drives up the tax value too.
I coached the seller on trying to negotiate a lower commission with her agent since but her agent said no and that such a thing was unheard of. But I am not giving up yet and am considering various strategies:
1. Make an offer that states in its conditions that the agent halve her rate to the seller. My theory is that the agent, seeing how quickly she could make some money (the house has only been on the market a few weeks) just might go for it.
2. Find an agent who will represent me for a flat fee and reimburse me the entire commission amount, which I could either keep or even offer to the buyer. If you know an agent in the Triangle who would do this, PM me.
Oh, and please don't bother responding at all only to tell me that agents deserve every penny they make (never more? never less?), or that I'm not paying for the buyer agent anyway, or any other plausible sounding fallacies. Please save those for the weak minded or, better yet, tell the truth.
I am not following your logic...
The buyer was going to pay 6% regardless - that kind of thing is in the contract they signed to list the house BEFORE you ever came along What you are suggesting isn't YOUR decision - all that is between the seller and the agency they hired.
I am attempting to buy a home without having a real estate agent. I see little value in one because I found the property, can negotiate on my own, and also have a real estate lawyer. Oh and I can also pay in cash, moving things quickly along.
But without my own agent, the seller's agent would receive the full 6% of the commission and that doesn't sit well with me. It burdens the seller with charging a higher price (just to pay the agent) and potentially drives up the tax value too.
I coached the seller on trying to negotiate a lower commission with her agent since but her agent said no and that such a thing was unheard of. But I am not giving up yet and am considering various strategies:
1. Make an offer that states in its conditions that the agent halve her rate to the seller. My theory is that the agent, seeing how quickly she could make some money (the house has only been on the market a few weeks) just might go for it.
2. Find an agent who will represent me for a flat fee and reimburse me the entire commission amount, which I could either keep or even offer to the buyer. If you know an agent in the Triangle who would do this, PM me.
Oh, and please don't bother responding at all only to tell me that agents deserve every penny they make (never more? never less?), or that I'm not paying for the buyer agent anyway, or any other plausible sounding fallacies. Please save those for the weak minded or, better yet, tell the truth.
I suggest you hire an agent and have them keep a bit of the commission (say, 1%), and give you the rest towards closing costs (I believe that it would be taxable income if it isn't done this way).
Are you talking to the Seller or the Seller Agent.
I am sure the seller would rather sell than wait until they find another buyer. I also imagine the seller has a lot more pull on the seller agent than you do.
Some one can correct me, but I don't think there is any law stating agents must get X%. I have heard of agents charging 7% listing fees. I have also heard of agents charging less than the 6% (or less than 3% of the seller side).
(Note: I have sold one house and we used a seller agent. I am glad we did. When we sell our existing house, I will probably use one also, but I might have a clause in the contract to say the agent only gets 3% unless they are both the seller and buyer agent.)
I am attempting to buy a home without having a real estate agent. I see little value in one because I found the property, can negotiate on my own, and also have a real estate lawyer. Oh and I can also pay in cash, moving things quickly along.
But without my own agent, the seller's agent would receive the full 6% of the commission and that doesn't sit well with me. It burdens the seller with charging a higher price (just to pay the agent) and potentially drives up the tax value too.
I coached the seller on trying to negotiate a lower commission with her agent since but her agent said no and that such a thing was unheard of. But I am not giving up yet and am considering various strategies:
1. Make an offer that states in its conditions that the agent halve her rate to the seller. My theory is that the agent, seeing how quickly she could make some money (the house has only been on the market a few weeks) just might go for it.
2. Find an agent who will represent me for a flat fee and reimburse me the entire commission amount, which I could either keep or even offer to the buyer. If you know an agent in the Triangle who would do this, PM me.
Oh, and please don't bother responding at all only to tell me that agents deserve every penny they make (never more? never less?), or that I'm not paying for the buyer agent anyway, or any other plausible sounding fallacies. Please save those for the weak minded or, better yet, tell the truth.
You can't interfere in the agreement between the seller and their agent. They have a binding contract that stipulates how the commission is going to be handled. You are not a party to that contract and have no power to change it.
You are breaking the first rule of real estate. You are letting your emotions get the better of you. (You don't like who gets the money).
You can't interfere in the agreement between the seller and their agent. They have a binding contract that stipulates how the commission is going to be handled. You are not a party to that contract and have no power to change it.
You are breaking the first rule of real estate. You are letting your emotions get the better of you. (You don't like who gets the money).
It seems wrong for the seller agent to make more than the seller for a weeks worth of work. It seems wrong to go find an agent for myself who will make $6,000 for five hours of actual work. Shouldn't an agent who is truly looking out for the seller be happy to make less commission when there is no buyer agent to pay?
And what does it mean to let my emotions get the better of me? Just as well to say I am letting my conscience get the better of me, or that I am in danger of having sympathy for the seller. So be it. But it is dangerous to disregard emotions — they are simply the body's response to the thoughts of the mind.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
What you are suggesting isn't YOUR decision - all that is between the seller and the agency they hired.
