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We had a showing Saturday. Turns out the folks looking are the buying agent and his family. ... and they are interested! They like the home and called our agent. The biggest issue right now is no one - neither agent - can seem to find good comps.
I think I mentioned that in another thread; it is really tough right now.
But there is hope already. If this family actually offers, then 3 looks in a week is great and the offer time is wicked fast (for you from Boston).
As was said, must disclose. In AZ will generally include a statement in the additional terms & conditions section that seller understands buyer is a licensed agent.
The reason is that legally the commission money goes to the principal broker at the brokerage and not the agent. Then the agent gets their split from the brokerage. The brokerage can choose to waive receiving the commission and ask to alter the listing agreement with you and your agent.
I had that happen once. The brokerage represented employees for free and asked that we reduce the price of the house by the commission offering for the buyer, which we did. Brokerage takes nothing.
Question: if an agent is a buyer, does he still get the 3%? Can he legally represent himself?
The buyer's broker is entitled to the 3%. What happens after this is between the broker and the agent.
As Silverfall said, it's not uncommon for a buyer who is an agent to
"throw in" their broker's commission to make the transaction work....which is better than their split ( a percentage of the 3%) being taxable income.
It is interesting; the potential buyer (agent) asked my agent for Comps because he couldn't find any. Now, granted, there are virtually no comps - maybe exactly none - for my house in this area in the past 6 months, but why would a buyer agent (even if he is the customer) as my agent for comps? My agent is going to find ones that favor me (great!) while he would look for ones to favor him, right?
Anyway, I'm waiting to see what they get for comps. I have searched and cannot find anything close at all to my house. Oh, some are the same SF, but not custom, not 50 yr roof, not 3 car garage, smaller lot, etc. They are priced a lot lower, but I will insist that comps take into consideration the 2x6 construction, R40 insulation throughout, dual pane windows throughout, and other things not in the "comps" from tract housing.
I'm not sure how that will fly, but comp means comparable and I assume that means comparable and not "generally similar."
Certainly whatever the comps result is will affect whether I even sell or not. My agent knows that if they come in too low, I'll pull the house off the market again and she won't want that.
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