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.
That was brought up in discussion too. The site works on a huge assumption that the buyer agent commission will be credited in some way in the transaction.
I do think it is a good idea though. I personally think about 20% of buyers are more than capable of representing themselves (assuming they aren't relocating to a new area). I also think those buyers are a very vocal group of consumers that haven't felt that the real estate industry recognizes that they are capable. I think this is a good outlet for that group of consumers. I actually think that we will have less agent bashing if people that are capable are given an outlet to manage things themselves.
CaptainBill, it has been my experience with unrepresented buyers that once you hand them the paperwork and tell them to fill it out, those that aren't savvy get that they don't know what they are doing right away. Those that are savvy know how to fill out the forms and what to put in them. These are just offers and not binding. I think what will happen is those that think they know what they are doing will quickly find out they don't. Especially as many markets are in recovery. I think letting the consumer try and fail is better than telling them they don't know what they are doing and should't even try. Who knows...they might gain some appreciation for agents along the way.
I also think it will force agents to really demonstrate their value. 74% would use their buyer agent again so we aren't going anywhere, but I think it is an interesting idea. They aren't in Oregon so I couldn't mess around with the offer process like you guys can. We have limited rep service for sellers that don't want full service representation. This just seems like the flip side of that for buyers.
Every time I try to rep you - this dang ole site says I have to spread it around some more before repping you again....just letting you know that I agree with you.
I don't know that the buyer would sue a listing broker if they wanted the house more than the commission.
I did a BUBBA (Buyer Unrepresented by a Buyer's Agent) - when he demanded he get the 3% BA fee, I asked how I would write that in the contract. He offered 3% less than asking and nothing more, seller countered at 1% less than asking and the transaction progressed normally and we closed. Not another peep about the coop fee was mentioned.
I think it would be a whole lot easier to think of bottom line numbers, than what some person is making from the sale. Is the object to own it or to beat someone over the head?
2b, while I don't disagree people sue for all sorts of frivolous things these days. It appears to me the website is making them think they are owed the 3% and the buyer agent is an unnecessary cog. If someone feels entitled to something they don't get, sometimes they become unhappy.
It was addressed....it said that you can send an email directly to the seller through the system letting them know that you are unreprsented and encouraging them to reach a matching reduction with their listing agent.
I wonder how they would get the email address or contact info of the seller ? It's not published in any MLS system. Seems like all contact would go the listing agent 1st.
I wonder how they would get the email address or contact info of the seller ? It's not published in any MLS system. Seems like all contact would go the listing agent 1st.
Gets back to my first post on this forum months ago.
If a buyer sends an email to the listing agent and requests that it be forwarded to the seller, does the listing agent have a "duty" to forward it?
If agent refuses, or as a backup, buyer could always send it snail mail. If the sellers are living in the home, I would hope a buyer could figure out what the address is.
I wonder how they would get the email address or contact info of the seller ? It's not published in any MLS system. Seems like all contact would go the listing agent 1st.
I think you can only make offers on homes that are in the system. I can't really explore it a lot since Oregon isn't one of their states so I'm not sure, but I think that is how it works. A listing is in their system and a buyer can make an offer on it.
2b, while I don't disagree people sue for all sorts of frivolous things these days. It appears to me the website is making them think they are owed the 3% and the buyer agent is an unnecessary cog. If someone feels entitled to something they don't get, sometimes they become unhappy.
I don't think they would sue since there aren't grounds or if they did it would be against the site for misrepresentation. I think realistically they would just bash the agent online for being greedy.
We already have "Variable Fee" listings which must be disclosed in our MLS. Charging a seller a fee that varies for reasons such as representation of buyers has been around for years.
Many listing agents already have a menu of fees depending on who is represented in a transaction. The seller can use that reduction to help the buyer if so desired.
Nothing new here really.
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.
