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We are trying to sell our home. We have heard comments from people who are looking that they do not want a realtor. We have a realtor and have every intention of keeping her. It is the seller who pays the commision, so to me this makes no sense. Do shoppers not realize this? Also, how would they be able to even look at places, without a realtor, except fsbo?
Thanks for your ideas.
Most buyers without a realtor are just uneducated consumers - and they are taking big risks they shouldn't take.
...Of course my friend wanting to sell goes along, but to this day he accuses Sara of setting it up so they got his 6%.
And what possible motivation would there be for Sara to do a "set up"? She would have been better off keeping the buyer for herself and getting 4% instead of setting up a phoney open house encounter. The way it played out, she likely only got 3%, with the other 3% going to the selling agent from her office.
I didn't have a buyer realtor when we purchased our last home. We just went to open houses on the weekends, and when we found a house we liked, we told the selling agent that we didn't have an agent, and wouldn't get one, if they could negotiate the price down since there would be 1 less commission paid. Worked for us I guess. We were also new to the area, and didn't really know who to use or get a referral from.
A friend of mine listed his house for sale with realtor (we will call he Sara). Sara's deal is if I list and I sell it then the commission is 4%. If another agent gets involved it goes to 6%. This is very typical.
Open House scheduled. Sara calls my friend and says she has a family situation and cannot cover the Open House but she will arrange for someone else from her office to cover it. My friend says fine.
Some can see where this story is going......LOL
Lo and behold the person that covered the Open House was a fellow agent and one person that came through the open house, calls that agent a few days later and want to makes an offer. Sara says they have to got to 6% commission and as she has to split it with the other agent.
Of course my friend wanting to sell goes along, but to this day he accuses Sara of setting it up so they got his 6%.
Yep. Happened to me one too many times. No more open houses with Jr. Agents from the same real estate "house" sitting in (you know, b/c my agent was "too busy"). If Jr. gets a call back, and offer and a sale... my contract is with "the house", not the agent. Commission percentage doesn't change. I don't deal with that BS any longer.
I keep seeing in multiple posts that lawyer can review the paperwork. That is true but the lawyer isn't familiar with prices, inspections, mortgages, and the other aspects outside the legal portion of the contract. Agents wear many hats with assisting with the contract being just one of them. Of course the gap between an average agent and a great agent is large.
You obviously haven't ever encountered a great RE Attorney.
Like mine.
REA's are jacks of all trades, masters of none.
I've been investing for years....I'm still teaching my REA (#1 producing REA in the state I live in - for at least a decade now) what's up. He doesn't want to get his Gucci shoes in a little dirt....so he hangs back and yells "looks good to me"...while the foundation of home he's showing me is bowing and you can smell the septic system from a mile away.
Last edited by Informed Info; 09-10-2011 at 11:48 PM..
...I've been investing for years....I'm still teaching my REA (#1 producing REA in the state I live in - for at least a decade now) what's up. He doesn't want to get his Gucci shoes in a little dirt....so he hangs back and yells "looks good to me"...while the foundation of home he's showing me is bowing and you can smell the septic system from a mile away.
If you're so savvy, why do you stick with him? I'd get a new agent that puts in more effort.
I have a RE attorney who is also a RE broker. I am paying his firm a flat $4000 fee and he will collect and pass on his RE broker's commission (3% of the sales price) to me. Since I am paying cash for a million dollar house, I expect to recoup about $26,000 at closing. I think this type of arrangement is good for experienced buyers who want to save some money and can do the legwork themselves. Why pay a RE agent $25,000 to drive me around to see a few houses that I have already researched on the Internet and courthouse????? My attorney has access to the MLS and I make my own arrangements for showings. In the past my RE agent used to waste my time showing me houses that she knew I wasn't ever going to be interseted in. Now the Internet allows me to preview hundreds of properties without leaving my house.
I prefer to negotiate the price myself without an agent involved and hire my own inspector (a trusted retired contractor friend who will work for a nice home meal and a few beers and who will tell me exactly what problems he discovers and will help me do any needed repairs). I used to get screwed by inspectors who were offered up by my agent. Never again.
Why have a stock boilerplate contract from an RE agent and then pay a real estate attorney to review it when I can have my offer and contracts written up by an experienced RE attorney in the first place? An attorney who doesn't stand to gain from the sale as a RE agent does. Despite what RE agents tell the buyers, every agent is working for a commission and has a conflict of interest when 'representing' a buyer.
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No buyers agent for me...
