I have found a home I'd like to purchase and do not have a Realtor. Since all the front end work is done, can I negotiate with the selling Agent the commission? Can I ask for her to give me the 3% the buying agent would get? Should I instead approach another Agent and offer them a dollar amount to represent me and I get the 3% commission?
2007-01-09 03:41:49 · 8 answers · asked by Robert A 1 in Business & Finance ➔ Renting & Real Estate
EVERYTHING is negotiable. But unless you know a lot about the real estate business, I would approach another agent to represent you.
2007-01-09 03:46:03 · answer #1 · answered by Kutekymmee 6 · 1⤊ 0⤋
Will you also hire your ex-husband's divorce attorney? Why would you NOT want to hire your own buyer agent in the purchase of this property? They can be help ascertain the condition of the home by hiring inspectors and giving you a report on the condition of the home, help you ask for repairs on more costly issues, perhaps it may need a roof etc...is the agent that the seller has hired IN WRITING to represent the seller really going to give you the BEST representation? Secondly, will that same agent GIVE UP their DOUBLE commission and HAND it over to YOU, just because you ASKED them to? I am sure the seller will be interested in receiving half of YOUR half if there is some giving away of commission to be done. (and yes, the seller will receive the settlement statement at closing disclosing this fact) Creating THAT animosity will certainly not earn you any points with the seller. Will that agent also help you pay the LEAST amount possible for the property? Or once again, are they more loyal to that seller who hired them in the first place and try to get the SELLER the most money for their property? (they likely know them better at least or may even be related to that seller)
To address the second part of your question about "approaching" another agent....and then keep their commission. First of all, if you have already seen the inside of the home, the agent who showed you the home is the "procuring cause" of the sale already and are owed a commission from the seller if you close escrow....
Secondly, WHY would the second agent work for FREE? Do YOU work for free? If a second agent represented you, there are many things you may not realize. When you are legally represented by a broker/agent you are also being protected by a type of insurance against issues that could arise in the future with things such as the house having issues, or title clouds or a number of other protection, the agent, if paid properly will also get a one year home warranty and other negotiations in the process of you using your own agent. The listing agent WORKS for the seller and does NOT give away things to the buyer.
My suggestion and inclination is that you have already seen the house with the listing agent, if you like that house and are bent on buying it you will create chaos by NOT using the listing agent, allow them to earn and keep their commission, you make a sound offer for the property based upon comparable sales data you may ask the agent for this info, buy the house and quit thinking it's all a game, it is not a game, it is business. I hope all goes well for you.
2007-01-09 03:57:45 · answer #2 · answered by Granny Boo boo 2 · 1⤊ 1⤋
The states I know about won't let you earn commissions if you're not a licensed real estate agent, but you could save the percentage off of the asking price. Remember though, all of the hard work is not done yet...the heavy lifting, maybe, but now you have the finesse part -
negotiating terms, helping w/ financing, contract issues, keeping seller interest in your offer, legalities that often occur in real estate transactions, etc...
The selling agent has earned their 3% on selling, with the anticipation of earning up to 6% if the buyer has no agent, and they help both sides of the transaction (state specific). They certainly earn a part of that other 3% if no other agent is involved, and any savings should be negotiated with the offer on sales price.
2007-01-09 04:01:14 · answer #3 · answered by walkinandrockin 3 · 1⤊ 0⤋
There could be a fee for asking a question that has been responded already right here about one hundred cases a week. Why do not you do this next time you've such an ignorant inquiry, seem it up in solutions first. There you'll locate thousands of an identical answer for this question. there's a hidden fee as purchasers agent is paid by way of organisation and is portion of the fee. it really is basically portion of a promoting value it really is handed onto the customer. brokers will argue this reality all day lengthy. market fee even as appearing a CMA does no longer evaluate brokerage expenses so brokers will insist that it is not paid by way of the customer or factored into the fee. the real value of utilising a purchasers agent isn't measured in fee. it really is both the reductions you received by way of having a great deal and a delicate ultimate. Or the overage you had to pay because you had a terrible agent. Or the consequent nightmare of ultimate a take care of a inefficient agent. those expenses might want to be previous tangible degree.
2016-12-28 12:51:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Everyone is a Chizzler. Mmmm how would it be since your employers has a job for you and your job pays say $ 15 per hour but since he is the employer he will only pay you $ 7.50
As with anything if the listing agent is good contract thru them. Have your home inspections and what ever else after you settle on price. I will say if you have a decent agent and you offer under the price without all that extra stuff you may come out better in the long run. However I know no one else will agree but experience counts and in your case this way of thinking maynot work.
2007-01-09 04:03:06 · answer #5 · answered by Scott 6 · 1⤊ 0⤋
The realtor is working on commission paid by the seller. You negotiate the price of the property and that affects the realtors commission. Don't worry about the commission - concentreate on the price
2007-01-09 03:49:08 · answer #6 · answered by dlm 2 · 0⤊ 1⤋
If you live in one of the following states....
KANSAS
ALASKA
MISSISSIPPI
OKLAHOMA
IOWA
LOUISIANA
NEW_JERSEY
SOUTH_CAROLINA
MISSOURI
RHODE_ISLAND
WEST_VIRGINIA
NEW_YORK
...you're out of luck because they don't allow buyer rebates. If you live in some other state, read on.
As others have, I recommend you be represented by your own Realtor and ask for a rebate up front. You've done a lot of leg work which would have been costly to your future Realtor. Most Realtors would be thrilled to take you to closing and give you money back.
2007-01-09 04:48:26 · answer #7 · answered by RealtyBaron 1 · 1⤊ 0⤋
What you want to do is illegal in many states. Be careful. Thin ice here. Get an agent and do like everyone else does. Why try to be so sleazy?
2007-01-09 06:34:36 · answer #8 · answered by Anonymous · 0⤊ 0⤋