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Speak with the agent's employing (aka managing) broker - this sounds very strange.
The commission will be listed in the final settlement statement - every dollar of the transaction is accounted for - so I don't get why the secret???
No, I don't like this.
If you have a signed buyer's agency agreement and since the commission will effect the offer -- it is my opinion that the buyer's agent is in violation of Article 1 of the National Assoc. of Realtors Code of Ethics.
I'm a little confused. When I did HUD properties for a buyer, the contract had right on there what the commission was that was being paid. It showed on the front sheet. Did something change? I haven't done one in roughly a year.
I'm a little confused. When I did HUD properties for a buyer, the contract had right on there what the commission was that was being paid. It showed on the front sheet. Did something change? I haven't done one in roughly a year.
That was my point. We have not placed a bid as of yet. I asked him to tell me what his commission was in order for us to structure the offer accordingly. If he asks 3 percent than I will only ask 1% closing costs. If he asks for 4 percent commission I will not ask for any closing costs. I wanted my net offer to be around 96 or 97% of the listing price. As I told him, if he doesn't disclose it to me before making the offer. I will know as soon as the bidding results are published. I had to let him go this morning. I will be talking to the broker, later on today.
That was my point. We have not placed a bid as of yet. I asked him to tell me what his commission was in order for us to structure the offer accordingly. If he asks 3 percent than I will only ask 1% closing costs. If he asks for 4 percent commission I will not ask for any closing costs. I wanted my net offer to be around 96 or 97% of the listing price. As I told him, if he doesn't disclose it to me before making the offer. I will know as soon as the bidding results are published. I had to let him go this morning. I will be talking to the broker, later on today.
That did set off all sorts of red flags for me. Here, what commission the buyer's agent will get (minimum, anyway) is right there on the buyer's rep agreement.
I'm assuming you'll be talking with his broker to let the broker know WHY you want out of the buyer's rep with this particular agent. Good thing for the broker to know, and they're the only ones who can let you out of the agreement, anyway, here (don't know about your state), as the agreement is with the broker, not the individual agent.
That did set off all sorts of red flags for me. Here, what commission the buyer's agent will get (minimum, anyway) is right there on the buyer's rep agreement.
I'm assuming you'll be talking with his broker to let the broker know WHY you want out of the buyer's rep with this particular agent. Good thing for the broker to know, and they're the only ones who can let you out of the agreement, anyway, here (don't know about your state), as the agreement is with the broker, not the individual agent.
Thank you all for your feedback. I wasn't able to get a hold of his broker on the phone so I went ahead and sent her an email explaining the situation and terminate the buyers agreement. The agent sent me an email a couple of hours finally disclosing his commission. I also got a confirmation of termination of the contract. I hired another agent who was transparent about everything I asked we went to check the HUD property and will be placing a bid on it tomorrow. Again, Thank you all for your feedback I knew I wasn't crazy.
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