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No, it was spoken like someone who is in business for themself
Well we finally agree on something
There is saying about cutting off your nose to spite your face.
Because the realtor would not drop the commission by $1520 you are now selling for $260,000 instead of $304,000 which after commissions would have netted you $288,800.
From that $260000 you also had the cost to put it in the MLS and the buyers agent commission.
How much are you paying them 2-3%?
Lets go with 2%, that would give you a net of $254,400.
Now you have completely lost me. So the agent who was your friend did a terriable job, but you relisted with them because they agreed to 4% instead of 5%.
This is crazy. Mike has already illustrated how much you lost for a meager $2000. Im just curious, if realtors are so bad as you have said, why didnt you just sell the property as a FSBO. You could have listed the property on the mls for a couple of hundred $$ and only paid a buyers agent a commission.
Quote:
Originally Posted by FrozenAngel
The realtor was my BEST friend! AND it was only the second potential buyer to see the house AND (I know you are not going to believe this but it's true) my friend the agent was out of town and I showed the house to the people that made the offer!!!! The house wasn't on the market long enough for the realtors to spend time or money on the listing so I don't think asking them to kick in .5% was asking TOO much.
What's even more ridiculous is you make assumptions about me in my business when you have no clue how much I go above and beyond for my clients for a whole lot less money than $16,450.
There is saying about cutting off your nose to spite your face.
Because the realtor would not drop the commission by $1520 you are now selling for $260,000 instead of $304,000 which after commissions would have netted you $288,800.
From that $260000 you also had the cost to put it in the MLS and the buyers agent commission.
How much are you paying them 2-3%?
Lets go with 2%, that would give you a net of $254,400.
So you lost over $34,000 because of $1520.
That is not good business on your part.
This all happened right when the market was dropping. I ended up renting the house out and now after some not so good tenants, I am selling. Too bad the deal didn't go through. So ok, I paid the price and the realtor went on to their next sale. Too bad for me, huh? I admit I need to dislike the people but not the trade. I can tell you it is easier said then done.
Does anyone have any insight into negotating something other than the standard 3% commission with their realtor when they are the buyer? My husband and I are relocating to San Antonio and have already done quite a bit of leg work. We've narrowed down our list to about 10 houses we'd like to see, and can probably narrow it down even further after we come down again and drive by some of the ones we've only seen online. We're hoping to move quickly, and basically just need someone to let us into a few houses and help negotiate the offer. Based on our price range, it doesn't seem like the amount of work we need done justifies a $12-18k fee. I know that the seller will pay the fee, but that seems like we're missing out on several thousand dollars that we could use to negotiate the price downwards.
We're definitely willing to pay a few thousand, but we don't feel comfortable with the idea of paying someone $12-18k for what will most likely be a couple of days work. Does anyone have experience negotiating a lower rate when they are buying a home (excluding using the same agent to buy and sell a home, as we will use someone in Dallas to sell our current home), or know of any realtors who would consider this?
Thanks!
Ok., don't mean to be ugly but...
You can't negotiate the fee!
The listing agent (not your buyers agent) has already done this with the "Seller" honey - not you. Then, the listing agent "may" share part of the fee with the buyer's agent.
Think about it this way...say you are about to have open heart surger. You have insurance. Assuming you have an "HMO". Your primary physician (OBGYN)has given you a "referral" to a surgeon.
"Are you going to argue before the surgery that it is not fair your primary may have a fee coming back to him/her"?
Now you have completely lost me. So the agent who was your friend did a terriable job, but you relisted with them because they agreed to 4% instead of 5%.
Yes, as my friend the realtor always said about me, "Angel, You are such a push over". It was also easy for her to talk me into a low ball offer after that sweet 304K offer came in. Thank God that sale fell through because I was certainly in duress when I agreed. It's like what you see cops on TV do when they interrogate someone. If you hound someone enough (especially if they are under stress) they'll agree to anything! I am not proud that I was weak and didn't hold my ground.
So here is the second part of the story. After I relisted, the $304K buyer came back!!!!! WOW!!! So yes, this time, I didn't count on the agents to help the deal. We signed the offer but the agent didn't get any earnest money. They buyer did a home inspection which he was VERY happy with the results , stilll no earnest money and then the buyer walked giving the excuse that his wife decided to let him buy their house in their divorce so he wasn't going to buy mine. Hmmmm, I didn't see that in the contract as reason to cancel. They asked me to discharge them from the agreement and I said no and told the Broker to enforce the contract. They said if they want to get out they can.
Well, small world .... many month later I found out that the buyer did buy another house right behind my cousin and the buyer lied about his divorce and keeping the house. The buyer found another house he got by taking over the mortgage and house before foreclosure and never even intended on living in the house. He just wanted to claim the house as primary residence to get a better loan rate!!! Oh my, talk about getting jerked around.
So what good are "con"tracts if they aren't enforced? And yet they are only enforced for the realtors commission??? If we had ALL compromised to make the first deal go through, it could very well have been sold at $304K.
But of course, I am the one with the bad attitude .... go figure???
I understand your frustration, but it does sound like your a push over and have allowed a really bad agent to run a muck just because he or she is a friend.
As soon as you had a signed contract he should have been very forceful in getting the earnets money. The fact you didnt receive it shows to me they were never really that interested in that property.
I would suggest in future interviewing several agents before making a decision. It sounds to me you have let one bad agent cloud your judgement and made sweeping statements abotu the rest of us are unfounded and really unfair.
Sourcing properties for clients and listing them is the easy part. We EARN our money with all the work that goes on behind the scenes, which clients rarely ever see and take it for granted that it has been all done by the tooth fairy....lol
Interestingly, in another thread, FrozenAngel now has a house on the market FSBO, under contract, and, guess what? Only 1/4 of the earnest money has been deposited with the attorney! Can't seem to get it from the buyers (and the buyer's agent is a terrible agent and FrozenAngel wants to bypass the buyers' representative). Does any of this sound familiar?
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would you argue fees in the surgery room?
