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Old 10-01-2010, 10:11 AM
 
327 posts, read 835,089 times
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Hi,

Not another I hate broker rant here (I've met some good ones).. just using my resources I have comps, neighborhood knowledge, building financials, etc on my own so I don't NEED a broker at all and want to keep it that way to give seller's broker incentive...

That said, a seller's broker from ABC firm gave me a listing of other properties when I specifically asked just for her ONE listing..

I've already seen all those properties online and have made plans to call the OTHER broker associated with another property on the listing I received..

That other broker happens to be with the same ABC firm as the first broker, just with a different town office...

Technically since both brokers are with ABC firm (but different towns), if I ask the 1st broker to show it to me (to be "nice," though I usually call the seller broker listed directly)... am I obligated to have her as my buyer's borker come closing??

Or should I play it safe and call seller broker directly even though the 1st broker will probably see that since they work for the same firm?

I'm leaning toward the latter in case the 1st broker will try and make it seem that she's my buyer's broker, thanks.
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Old 10-01-2010, 10:44 AM
 
Location: Just south of Denver since 1989
11,563 posts, read 31,721,882 times
Reputation: 8304
The selling broker is the one that "sells" the listing and is working with or for the buyer.

I think you should interview and hire the best person for the job. That would be playing it "safe."

I would guess that these agents are with the same franchise, not necessarily the same brokerage.
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Old 10-01-2010, 11:25 AM
 
327 posts, read 835,089 times
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Quote:
Originally Posted by 2bindenver View Post
The selling broker is the one that "sells" the listing and is working with or for the buyer.

I think you should interview and hire the best person for the job. That would be playing it "safe."

I would guess that these agents are with the same franchise, not necessarily the same brokerage.
thanks but i'm a buyer if there was any confusion..

i deal directly with the seller agent and don't want a buyer's broker (though nothing wrong for those who need one)...

re: bolded they are with the same RE firm, just 2 different town offices.. i'm planning to contact the 2nd broker directly as i specifically asked the 1st broker to give me just HER listings, to avoid any co-broke situation where i may lose my advantage (ie if seller broker now has to split commission)..

but i guess it may be firm dependent (ie some RE firms make the selling agent keep XX% and only share with buyer's agent, none in this case, and some RE firms - it may not matter so much which agent helped or which office so long as it's within the same firm)
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Old 10-01-2010, 11:43 AM
 
Location: Just south of Denver since 1989
11,563 posts, read 31,721,882 times
Reputation: 8304
The seller's broker is the listing agent.

There are tons of threads about contract interference by buyers looking to take a commission from the listing agent.
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Old 10-01-2010, 11:49 AM
 
Location: Pinal County, Arizona
25,106 posts, read 37,035,029 times
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It's an issue called DUAL AGENCY - that is what the OP is asking for.

And MANY brokers simply will not allow it.
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Old 10-01-2010, 11:54 AM
 
Location: Just south of Denver since 1989
11,563 posts, read 31,721,882 times
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Sorry, it did not appear to me to be an agency question. It appears to be a commission-ectomy question.

We do not have dual agency in Colorado.
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Old 10-01-2010, 11:56 AM
 
Location: The Greater Houston Metro Area
9,053 posts, read 15,865,885 times
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Quote:
Originally Posted by 2bindenver View Post
The seller's broker is the listing agent.

There are tons of threads about contract interference by buyers looking to take a commission from the listing agent.
Totally agree. What you are mistakenly thinking is that the seller's agent will come down on the price by about 3% or so - you are most likely wrong. That agent will then keep the entire commission, rather than split with the buyer's agent. You will wind up paying the exact same - but without benefit of representation. The seller might come down, but probably no lower than they planned to anyway. I say do it - because some people just have to pee on the electric fence.

BTW, I don't blame the seller's agent for keeping it - he/she will have an increased paperwork load, liability, etc.
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Old 10-01-2010, 12:05 PM
 
327 posts, read 835,089 times
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Quote:
Originally Posted by cheryjohns View Post
Totally agree. What you are mistakenly thinking is that the seller's agent will come down on the price by about 3% or so - you are most likely wrong. That agent will then keep the entire commission, rather than split with the buyer's agent. You will wind up paying the exact same - but without benefit of representation. The seller might come down, but probably no lower than they planned to anyway. I say do it - because some people just have to pee on the electric fence.

BTW, I don't blame the seller's agent for keeping it - he/she will have an increased paperwork load, liability, etc.
guess it's by case by case... already been thru this process without a buyer's agent which went smoothly and that made my offer much more attractive to my other home purchase (now a rental) in manhattan, ny..

..and they agreed to take off the 2.75% from broker's fee (on top of other things)

..so it definitely DOES matter not having a buyer's agent, but it seems depending on the state or how bad the agent wants to close the deal..

but my question wasn't about that which is the obvious.. it's about contacting 1 of 2 selling agents within the same firm but different offices.. not about whether or not i should get a buyer's agent, which i don't need (though others might), thanks.
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Old 10-01-2010, 01:35 PM
 
Location: NC
128 posts, read 468,904 times
Reputation: 110
Personally I think the OP is making a big mistake by not hiring a buyer's agent. I'm an appraiser with 9 years of experience and as much if not more knowledge than most brokers and I would NEVER buy a home without a buyer's agent.

First of all, the buyer's agent costs zero dollars to the buyer since the selling agent splits fees with the selling/listing agent. Second, regardless of how smart and knowledgable someone is about real estate (and I think I qualify) there is no substitute for a second opinion when hundreds of thousands of dollars are on the line. Third (like someone already mentioned) the likelyhood that the buyer will get the property cheaper because there is one less agent involved is extremely remote. There is simply no upside to not having representation as a buyer in my opinion.
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Old 10-01-2010, 02:08 PM
 
327 posts, read 835,089 times
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Quote:
Originally Posted by CarolinaAppraiser View Post
Third (like someone already mentioned) the likelyhood that the buyer will get the property cheaper because there is one less agent involved is extremely remote.
again, whether or not i should use a buyer's agent is NOT the question..

it's brokers/appraisers like you who push your services NON-STOP despite what the OP actually questions that give the GOOD & SMART brokers/appraisers a bad name..

regarding what i've quoted above, not having a buyer's agent ABSOLUTELY makes a difference as when i purchased my 1st condo in nyc the seller's broker turned down a slightly higher offer since that person had a buyer's agent..

he shaved off 2.75% buyer's agent fee off the purchase price.. 2.75% off $500,00 is $13,750 right into my pocket..

again, i'm not bashing buyer's brokers but please stop selling your services when that's not even the direct point of the post.. i'm 100% informed of the building financials, neighborhood, comps, reserves, hell even the people i currently sleep with in the building, etc, etc of the properties i purchase..

for those who prefer a buyer's broker (ie if you know nothing of a neighborhood or don't know which avenues to use online and outside, etc, etc) then buy all means use a buyer's broker..

but then again, my question is regarding 2 selling brokers, not a buyer's broker of which i don't need..

Last edited by newjitty; 10-01-2010 at 02:18 PM..
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