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For several times, when i like a house to buy in NJ, i submit a good offer to my agent (sometimes asking price), the agent transfers my offer to the seller broker, the broker knows if the seller accepts my offer he would share the commission with my agent, so that he/she would do anything to get another buyer without agent buying the house even by less amount to get 100% of commission. How can i make sure that the broker is not playing around and helps others beating my offer or even not presenting my offer to the seller?
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I came across similar scenario, I called a listing agent and he asked me to contact some one who is co-brokering with him. It so happened that both agents have the same last name. So I made similar conclusion . I have decided to go with them anyways, lets see if they will get me a good deal. And good luck with your search.
Let's get our terms correct. The listing broker has the listing. The "selling" broker (buyer's agent) is working for the buyer.
The listing broker is working on behalf of the seller and has an eithical obligation to submit all written offers to the seller. His/her job is to try to get the best deal for the seller, not the buyer. The selling broker is working on behalf of the buyer and will try to get the best deal poss. for the buyer.
A co-lister means very little to the buyer. The commission to the selling agent's office would be the same with or without a co-lister. A listing agent may want a co-lister for a couple of reasons, 1. Listing agents may show the property to anyone - even a buyer that may have a buyer's agency with another broker. Here's an example: Say I have a house listed. You (buyer) call me about the house and want to see it. I ask if you are working with a Realtor (buyer's agent) and you say yes, but she is out of town this weekend and you'd like to see the house. I can show you the house and still include your agent in the transacton. However, I'm I'm not available this weekend I can't ask a Realtor Mary (say, another agent in my office) to show the house to you. If that agent were to do so s/he could find himself in front to the ethics board! However, if Realtor Mary were my co-lister, there would be no ethics violation and she could show the house to you.
The commission split is typcially, 50 / 50 = listing office and selling office. The agent works on a percentage with his / her office. Co-listers split again. In cases where there's a husband/wife team, or father/son team, etc.,co-listing makes it so much easier.
I have had buyers request to be present when an offer is submitted - most sellers aren't comfortable with it though. I have worked with agents that I consider questionable and have requested to present the offer on behalf of my client and my state law has a provision that helps this process which in turn helps us get past the less ethical agents to the sellers. I don't say much unless I know it is a multiple offer situation then I discuss with my clients the manner they would like it presented. Also there is a not accepted area that can be initialed/signed on our forms. Obviously REO's create enough problems for the listing agent getting banks signatures on anything can be a bit of an issue especially a sig. on something they reject.
For several times, when i like a house to buy in NJ, i submit a good offer to my agent (sometimes asking price), the agent transfers my offer to the seller broker, the broker knows if the seller accepts my offer he would share the commission with my agent, so that he/she would do anything to get another buyer without agent buying the house even by less amount to get 100% of commission. How can i make sure that the broker is not playing around and helps others beating my offer or even not presenting my offer to the seller?
[SIZE=3] [/SIZE]
Can you explain what's going on? I'm not sure I understood. You have a buyers agent. WIththat agent, you wrote an offer on a property. What do you mean he transfers it to the sellers broker? Why would he do that? Does your buyer agent stay in the picture or disappear?
Can you explain what's going on? I'm not sure I understood. You have a buyers agent. WIththat agent, you wrote an offer on a property. What do you mean he transfers it to the sellers broker? Why would he do that? Does your buyer agent stay in the picture or disappear?
Most states require that all offers have to go through the listing broker(age) - that the Agent / Broker representing exclusively the Buyer, cannot go directly to the seller.
Most states require that all offers have to go through the listing broker(age) - that the Agent / Broker representing exclusively the Buyer, cannot go directly to the seller.
Yes, I understand how brokerage works, but I was trying to be clear about what he meant by transferring his offer to the listing agent. If it's that the listing agent gets the offer, and knows of it, and is usung it to shop for a better offer, I'm wondering why he thinks his agent would be cheating him, as that would eliminate his buyer agent commission. I'm not sure where he thinks the cheating is coming from.
It does sound like you're offering on REO's. Many REO agents don't even work with buyers and your agent can ask that. Legally, they have to present all offers and should inform you of multiple offers. Your agent can ask in multiple offers if the listing agent is also representing any of the other potential buyers. Most agents just want to sell the property so they do follow the law and submit all offers. Of course there is the occasional snake.
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. I have decided to go with them anyways, lets see if they will get me a good deal. And good luck with your search.
