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.
No, you're thinking like a buyer and expecting the seller to think like a buyer to.
Buyer with no agent expects a lower price because of no agent so they can get a better deal.
Seller thinks if commission is reduced the money should go back to the seller. If it's lowered but all goes the buyer, seller doesn't care because they are making any more off the sale. Therefore, the seller doesn't care about the buyers deal.
This right here explains quite clearly what SHOULD be obvious but, to some buyers, simply isn't. They're asking the seller to violate the contract they, the seller, have with the listing agent and take money out of the listing broker's pocket and hand it to the buyer. And they seem to think that the seller and listing agent should be GLAD to give away money if it will make them, the buyer, happy.
If a seller is going to ask the listing agent to give up money, they're going to expect that money to go into their OWN pocket. Otherwise, why on earth would they do it?
So, by saving $10,000 I take it to mean...what...you personally would pay the realtor or you would be able to save by reducing your offer by that much?
There are listings where the seller agrees to pay, say, 6% to the listing realtor if there is also a buyer broker involved; and 3% if there is no buyer broker.
With the many many things that need to be done on the buyer's side I don't want my listing agent distracted by helping the buyer, imo. I don't want him/her to feel allegiance to anyone except the target, me. And, of course, there are some places where it's not ethical or ify for one agent to work both sides.
How are you determining your price? And how the inspection goes?
Can any of the supporters of the status quo cite any other sales transaction where the seller legally stipulates the terms of compensation for the buyer's representative? Does anyone know of any other situation that rewards the buyer's agent with a higher compensation for a higher price?
I went without a Realtor the first time I bought a house (although I paid a lawyer to look at the paperwork and go to the closing with me). Later, after I knew more about the process, I realized I was lucky my deal worked out as well as it did (mainly because I knew the sellers). I have had a carefully chosen Realtor for subsequent house purchases and would never go it alone again. Too many pitfalls. You know what they say about defendants who represent themselves in court ...
I'm not planning on using a real estate agent on the buying process. I found the house myself and have done all the work myself. I feel as though if I bring someone in now, I'd only be giving away about $10K money to the agent for doing basically nothing but going over the paperwork that I feel confident doing myself.
For those that did not use an agent to buy a home, have you used that as a negotiation tool to lower the purchase price or help with the closing costs? Does the seller care if you use an agent or not or will they pay 5-6% to the seller's agent no matter what? Not sure how this works, but it says on the listing that buyer's agent gets 2.7%.
I would just need someone to show me the property again to see if I really want it, and then when I do, another time for the inspection. I suppose I can ask the seller's agent for that.
You could do your own appendectomy as well and safe a few dollars....as long as you don't mess it up and make a mistake that you seriously regretted.....
I would NEVER, EVER consider using the "sellers agent" to help me...that is like asking your husband's divorce lawyer to represent you in the divorce.
I just can not see trying to make the largest, single investment most people make without the assistance of someone trained (and responsible) for ensuring all the i's are dotted and all the t's are crossed.
TOOOO many legal issues to be able to go wrong....and you get stuck with any and all headaches if they do.
While I wish you luck, I really pray you get someone to help you with this to ensure you do not have legal/financial issues with the transaction.
Worked for me to not have an agent.
I said fix the roof and a couple other things.
Their agent said , "Fix the roof since I'm not splitting the commission, use
what would have gone to them."
She gave the $$ up to help the sellers sell.
No, you're thinking like a buyer and expecting the seller to think like a buyer to.
Buyer with no agent expects a lower price because of no agent so they can get a better deal.
Seller thinks if commission is reduced the money should go back to the seller. If it's lowered but all goes the buyer, seller doesn't care because they are making any more off the sale. Therefore, the seller doesn't care about the buyers deal.
You have been drinking the koolaid too long. Flip yourself from being a broker to being a seller or buyer. You damn sure care about what you pay out either as a seller or buyer. The only person who gets a reduced fee in this instance is the broker - and no tears are shed by consumers who improve their position. Once brokers become as seller of their own property - things change because their argument dissolves into nothingness when viewed on a net basis under the laws of math.
Quote:
Close but no dice. When you go in for the hip replacement, you don't care how much the insurance company has to pay for the hip as long as you aren't paying it, right?
The argument was that the seller contract with the broker should mean nothing to the buyer. Bull. Again, flip from being a broker to a seller or buyer and make the argument that you don't care what percentage is being paid out and if any of it can get reduced to improve the seller or buyers net position. You can't do it with a straight face. No doubt you will attempt to defend the commission contract but in reality it's your opinion vs. math. Math wins.
And you are wrong about the hip replacement - I care deeply what the costs are and every aspect of the procedure. I am likely out of pocket a huge deductible, not to mention non-covered expenses. But money spent is going to the cost of the procedure and skills and materials required to get it done. In the instance of the OP - he did most of the work - not the broker - so he feels he should be entitled to some rebate or reduced pricing. If you disagree then you are equating yourself to an insurance scammer who charges for work not actually performed.
This discussion revolves around brokers convincing sellers that they have to offer a buyer-side commission to attract buyers agents with buyers. This did not happen in this instance therefore that amount should benefit the buyer and seller - not the broker.
Last edited by illtaketwoplease; 07-22-2014 at 07:42 AM..
Ok...how about negotiating the commission with the buyer's agent? Has anyone negotiated with their agent (on the buying side) to give back some of the commission to you? If so, how much? I'm putting 20% down on this house and it bugs me that a real estate agent who did/will not do a lot of work will get $10k of that money. I would be totally ok paying the agent 100% if he/she was the one who did all the work in finding me the house and showed me numerous properties, but in this case, I did the research myself and the home has been on my watchlist for a few months now. Bringing someone in right now is like giving them free money basically.
I'm starting to think a lot of the answers here are from real estate agents.
Can any of the supporters of the status quo cite any other sales transaction where the seller legally stipulates the terms of compensation for the buyer's representative? Does anyone know of any other situation that rewards the buyer's agent with a higher compensation for a higher price?
Or where the seller pays an agent to represent the buyer in a fiduciary capacity against the seller?
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.
