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.
They are not legally entitled it,that is correct. The way i worded the statement is incorrect, but they are doing the work for which the fee is specified, so therefore its absurd to suggest that the buyer is acting unethically in trying to obtain this concession from the listing agent.
No they are not. As Brandon so well said, the listing agent fee is for the listing agent to market, bring a buyer to the seller, and close the deal. The listing agent is offering a separate fee via the MLS for other agents that bring a buyer, again likely due to the listing agents marketing via the MLS and other channels. Consider it part of the listing agents marketing budget. An unrepresented buyer is not "entitled" to any part of the fee in any form.
Edit: All that being said, I would encourage the unrepresented buyer to get an agent to represent them that would be paid the co-op fee.
Did you poll Realtors, or are you just assuming for the sake of your argument that many of them will accept a lower commission?
I did not make any argument in my post and I'm not looking to start one now. I did not say that I condone or endorse this as a negotiating tactic. What I said was that it is out there. As to your question, no I did not make assumptions and certainly didn't run any polls. My information comes from 1st hand conversations with 4 home sellers. These sales took place between April of this year and the latest one was just 2 weeks ago. One home sale was in Michigan and three were in Southwest Florida and the commission percentage WAS lowered to close the deal in all four sales.
Last edited by Va-Cat; 12-15-2009 at 10:20 PM..
Reason: spelling
A seller in a listing contract agrees to pay either a % or a $ amount to the brokerage when the house sells.
The brokerage is willing to cooperate with other brokerages and share their fee, or not, if no box is checked, the fee for such cooperation is listed in our agreement.
I do believe that NAR encourages the disclosure of how much coop brokerages will be in all seller listing agreements.
...I do believe that NAR encourages the disclosure of how much coop brokerages will be in all seller listing agreements.
Not sure if they do, but the AZ listing agreement does not. It only says "Owner authorizes Broker to divide all such compensation with other brokers in any manner acceptable to Broker."
Your trying very hard to convince people of this, after all you'll make more money that way. But its not true and I've already explained why.
Fine, you are welcome to your opinion. Just wanted others to know that what you believe may not be accurate. And I'd rather not make more money off an unrepresented buyer, I'd rather they get representation.
If I told the plumber(in advance for equivalence I didn't ask for any services of the agent) not to come would I have to reimburse the landlord for time I spent fixing the problem, for the plumbers imaginary labor? No I don't think I would owe the landlord money for this.
I can tell you have never worked with unions.
Who have contracts.
The end result if it was a union is that they would disconnect your plumbing and fine you.
As the landlord I'd be pretty pissed that an unlicensed person was doing modifications. In many places this is illegal and the work would have to be redone after a fine.
So being a landlord, I'd kick your ass out for breach of contract if you did this more than once.
I would think CO would have a Lawyer / Broker Committee appointed by the state that generates their forms. Surely attorneys have approved of how they do it and it has passed legal review. Just speculating
I'm sure that attorney's generated the forms, but the brokerage should be able to split the fee any way they want. It seems crazy that all real estate brokerages have to use this exact form for their listings. From what that snippet says, you wouldn't be able to drop your fee for unrepresented buyers. That is way too regulated.
It also doesn't sound like you can do hourly rate billing since they only have spots for commission and flat rates.
I can tell you have never worked with unions.
Who have contracts.
The end result if it was a union is that they would disconnect your plumbing and fine you.
As the landlord I'd be pretty pissed that an unlicensed person was doing modifications. In many places this is illegal and the work would have to be redone after a fine.
So being a landlord, I'd kick your ass out for breach of contract if you did this more than once.
licensed Union plumber. licensed Union real estate agent.
There. I fixed it for you....
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.
