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Ok I'm a first time home buyer. I'm actually looking at lofts and condo's right now. I have an idea on where I want to live and the price i'm willing to pay. Since i'm able to look up properties myself, just not sure what the purpose of the buyer's agent would be. Why do I need a buyer's agent? Can't I just negotiate with the seller's agent myself? What will they do for me that I can't do for myself? I don't mind having a realtor, but it would be nice to put the commission towards the down payment. Thanks for your replies.
How would you put the commission towards the down payment?
It appears the OP is confusing the commission a seller pays the real estate agent with the commission a buyers agent recieves ( which is a share of the sellers agent's/firm's commission.
I alway thought having a buyers agent has no cost to the buyer , thus I see no " savings" that would be available to the buyer for a downpayment.
Please see similar threads. You don't get the commission if there is not a buyer's agent. To ask for the commission is contract interference. You are not allowed to interfere with the contact between other people.
You are a first time buyer. You need someone to guide you through all the local nuances of home buying.
You do not know, what you don't know. At that will cost you a lot!
People are wrong here in telling you this isn't advantageous. It is for you! By not having that 3% commission going to a buyer's agent (that the seller would be paying), you clearly have the negotiating power to say that you want the 3% that would normally go to the buyer's agent to go towards either decreasing the offer by 3% or paying 3% of the purchase price at closing. This is why you chose not to have a buyer's agent. Smart move on your part. We have done the same thing on houses we have bought here in NC.
People are wrong here in telling you this isn't advantageous. It is for you! By not having that 3% commission going to a buyer's agent (that the seller would be paying), you clearly have the negotiating power to say that you want the 3% that would normally go to the buyer's agent to go towards either decreasing the offer by 3% or paying 3% of the purchase price at closing. This is why you chose not to have a buyer's agent. Smart move on your part. We have done the same thing on houses we have bought here in NC.
Exactly right. If you do your own research and leg work you can do the buying on your own. It just means a little more work on your part but you can then negotiate with the sellers agent to have the savings on the buyers commission applied to closing costs.
Sorry folks the "commission going back the buyer" is worse than a myth, it is a LIE that unscrupulous listing agents perpetrate to FLEECE newbie buyers.
Can you not read? We aren't talking about a commission, just the same amount of $ that the commission would have been if there was a buyer's agent involved. Instead, that $ will go either to reducing your offer by 3% or getting the seller to pay 3% of the purchase price towards closing. Just make sure you point out to the seller/selling agent the reason why you have chose to not work with a buyer's agent, they will know and definitely understand.
Quote:
Originally Posted by chet everett
Sorry folks the "commission going back the buyer" is worse than a myth, it is a LIE that unscrupulous listing agents perpetrate to FLEECE newbie buyers.
Can you not read? We aren't talking about a commission, just the same amount of $ that the commission would have been if there was a buyer's agent involved. Instead, that $ will go either to reducing your offer by 3% or getting the seller to pay 3% of the purchase price towards closing. Just make sure you point out to the seller/selling agent the reason why you have chose to not work with a buyer's agent, they will know and definitely understand.
The buyer's agent commission does not go away just because there is no buyer agent. The listing broker is entitled to keep it, as it is theirs to divide up. You will have to convince the broker to take less commission. And you don't know what the commission structure they have with the seller may be.
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