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Is there some reason you are unable or unwilling to discuss a reduced commission with your agent if you have 'found' a ready and willing buyer? you never know unless you ask
How can this person "be looking in your price range" and not be able to afford asking price?
Psssst ... I'll let you in on a secret -- not all places sell for asking price. The only price that matters to the buyer is the close price. If this were available before the fact, it would make perfect sense not to look at places priced above that. But it isn't, therefore the buyer needs to look at places that they think might close at a price below their budget. I'm surprised this requires explanation in this forum.
It does strike me as more than a little slimy though to use the listing agents commission as a bargaining chip. If they want to give their friend a lower price, lower the price, instead of picking the agents pocket.
Whether or not your agent gets paid will depend on the type of agency agreement you have with the brokerage that's listing your house. You'll have to review that agreement to determine when your agent gets a commission. And I also think it's better to go over this with your agent. He or she may be willing to help you out.
Quote:
Originally Posted by MelanieP
A while back I questioned if we got a buyer from an ad we placed ourselves, would our realtor still be entitled to commission and the response was an overwhelming "yes."
I'm assumming that will also apply to this question, but here goes. What if an acquaintence tells you they happen to be looking in your price range, so you show them the house (yourself) and they make an offer? Does the realtor still get commission, and if so, are they entitled to the full 6%?
This particular person cannot pay our asking price, but if we can cut out commission, or at least knock it down to half, we may be able to work something out.
Why would you have listed your house with an agent you couldn't talk to in the first place? At this point, I would be happy if all my listed sellers had friends and relatives who wanted to purchase their home and "of course" I would work with them to make that happen. Some piece of the pie beats no piece of the pie....and the good will that would come from working with the seller becomes invaluable. It is not the deal you do but the number of deals you do. Talk to your agent and see if you can't make something work for all concerned. I get so darn tired all in the real estate profession being painted with the slimey wide brush.
Location: where the moss is taking over the villages
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Quote:
Originally Posted by MelanieP
A while back I questioned if we got a buyer from an ad we placed ourselves, would our realtor still be entitled to commission and the response was an overwhelming "yes."
I'm assumming that will also apply to this question, but here goes. What if an acquaintence tells you they happen to be looking in your price range, so you show them the house (yourself) and they make an offer? Does the realtor still get commission, and if so, are they entitled to the full 6%?
This particular person cannot pay our asking price, but if we can cut out commission, or at least knock it down to half, we may be able to work something out.
Thanks for any input.
If you have not signed a contract with an agent, you can do ANYTHING you want.
You can simply use your escrow service to handle ALL the paperwork.
If you haven't signed a contract yet & want to negotiate about this, you can specify the number you want. Flat fee or percent. A contract is a negotiable instrument.
If you did sign a contract already, then you are bound to that. Usually there's a time limit on the contract, so you could have an out, maybe in 3 or 6 months. This time limit is also negotiable.
Sorry I didn't read all the posts to see if these answers already appear. I just want to say: ultimately you have the power! (although you may have to wait for an existing contract to expire, to exercise your power!)
I guess if your property is extremely valuable, you'd want to use a RE attorney, esp. if you don't use an agent.
The downside of not paying the usual percentage to an agent is: you get what you pay for.
Although, regardless of the "price" the agent receives, the agent is legally bound to represent you according to the terms of real estate law. A principal broker should be able to avail him/her self to you to explain this, when you decide to enlist an agent.
I would at least ask your realtor to cut you a deal on the commission. If they had sold the house through another broker, they'd only get 3% commission. So...since this person isn't coming from another broker and there's no need to split the commission, ask if your realtor can do it for 2-3% for this ready to go buyer. that's probably the best you can do, but still a significant drop from 6%.
At some level I tend to find agreement with nearly every post.
Why list your house if you want to sell it yourself?
What type of contract did you sign with the real estate brokerage?
Why are you not discussing this buyer with your agent?
Frankly, as a seller you need to deal honestly with all parties - the agent and the buyer. Simply put rather than trying to find a way to do something behind anyone's back or under the table why not ask the agent for help. Buyers (even friends or friends) can present problems long after they say "we'll buy it". Since you have an agent in place - ask for help and get the deal closed!! If you need to ask for a commission cut - do it. What do you have to loose? and why assume the agent would be unwilling to do so?
As a real estate broker you may expect me to work hard for my sellers. I pride myself of working honestly and treating all parties fairly. I expect the same of my sellers. I don't feel it's an unreasonable expectation.
Please call your agent and get this deal closed!
Best wishes.
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