I want to know if I lose any negotiating leverage by allowing the seller's agent to act as a dual agent. Will I get a better price if I cut out the real estate agent on my side?
2007-03-26 19:38:37 · 11 answers · asked by shawn1980 3 in Business & Finance ➔ Renting & Real Estate
You will NOT get a better deal w/o an agent. The sellers agent is legally obligated to the seller, over and above you even if he is the only agent. He may try to convince you to use him, because he makes twice as much money, but don't listen. You need a professional looking after your best interest, find yourself an experianced agent. This day and age you need one who was working 15 years ago, they have worked a buyers market before and will get the best deal for you.
2007-03-27 01:58:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You don't need an agent if you've already found the house. You need a mortgage. Ask the lender all of your questions often they are more knowledgable about the sale side of the transaction anyway. They should be willing to help you with your purchase agreement. This is the only thing your sellers agent does for you other than show you other houses and give you MLS print outs.
Try to negotiate a lower realtor commision since the listing agent doesnt have to split it with another agent. Get the seller to lower the purchase price by the same amount.
Lets say instead of 6% you can get them to agree to 5% You just saved yourself $1000 for every $100,000 of home value you're purchasing. It might be a hard sell but it's worth a shot.
Realtors work for 3% all the time when they have to split it so 5% is a raise.
2007-03-26 20:26:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Well..... I disagree with some of the posts on this question. Although the "vendor" has employed the real estate agent to work for them the Agent is under legislation to ensure that every party involved in a sale is treated fairly and with respect. As well as ensuring that the Vendor is happy with the offer made the agent is to ensure that the purchaser has full knowledge of the obligations they take on when making an offering for a home.
Now, when it comes to a buyer's agent. I agree with some posting here. Why pay someone else to do your work for you. Okay so you might be busy and yes this time in your life is very stressful when it comes to considering a purchase. A Real Estate Agent will act as a go between for you and the vendor. Why pay for a buyers agent when the vendor has already organised the real estate agents fees who will act as a go between for you and the vendor
You will need to organise you own solicitors, it is recommended you get a building report - Most times one comes with the contract and it is paid for within the purchase price.
It is sometimes better if you have someone negotiating for you on your behalf. Kind of like Ebay. You give them the highest price you will go to...then they go back to the vendor with Offer 1 (asking Price), Offer 2 (slightly above asking price) Offer 3 (max price - if it comes to this) Some agents will go straight to offer 3 others will go up the chain. The best negotiator knows how to make sure everyone feels they have come out best in the deal.
Agents fees are paid by the Vendor at an agreed upon percentage or set rate before the property is put onto the market for sale. A property is marketed at the agreed upon price (reached at appraisal). The vendor and the agent do not bump up the costs to cover fees.
A go between is a better way to buy or to sell as it we deal with the stress for you.
2007-03-26 22:25:33 · answer #3 · answered by Beth 3 · 0⤊ 0⤋
The seller's agent would love to have you as their client. The agent would then double-end the deal, and take the commision from the selling side and the buying side. If there are multiple offers (which don't really occur anymore), then you might have a better chance because the agent would push your offer to the seller's since your offer would mean twice the commision for the agent.
2007-03-26 19:43:56 · answer #4 · answered by ........ 5 · 0⤊ 0⤋
NO! You're better off dealing directly with the owner or the owner's agent if you don't allow him to intimidate you.
Real estate agents typically represent the SELLER and they will try to "protect" the seller from the likes of you.
You don't need a "buyer's agent," either, the vast majority of the time. They're not really schooled in the art of creative financing, or buyer friendly real estate contracts. They're mostly a so-called "buyer's agent" in name only, in order to stir up a sale.
Also, a "buyer's agent" will feel bothered if you try to do anything that the usual loan type of financing.
The person going up and down this thread giving thumbs down is probably a real estate agent.
Do your home workwork. An excellent site to visit is a free forum at http://www.creonline.com
2007-03-26 19:41:54 · answer #5 · answered by Joe C 5 · 1⤊ 1⤋
Get an agent. It is like having the prosecuting attorney defending you in a murder trial. Do you think they would look out for your best interest? The sellers agent is legally obligated to treat you fair and honest, but over all their bigger obligation is to the seller that hired them. Go find a buyers agent, it is of no cost to you, the selling agent has to pay them. IT COSTS YOU NOTHING. Please do not listen to these fools that tell you you will save by going to the sellers agent directly, its not true. Either way the seller has already agreed to pay x%. He either splits it, or not, but either way the seller is paying the same. Get your self some representation, it is a huge purchase and i would hate to see you go into it blindfolded.
Good luck,
RE Agent,
Remax
2007-03-27 05:00:26 · answer #6 · answered by frankie b 5 · 0⤊ 0⤋
My superb suggestion is to talk to the broking provider of the organization you signed the contract with, this is who you're decrease than contract with no longer the agent. clarify to them the style you experience regarding the Agent & clarify the situation with the domicile you have the opt to make an grant on. The broking provider can be able to nominate you yet another Agent that might assist you interior the acquisition.. that way you're no longer unrepresnted & you do no longer ought to undertaking something with the unique contract. probable the broking provider will pay the orginal Agent a refferal fee for their time and attempt so all and sundry is dealt with fairly. and you'd be dealt with to boot. in actuality your broking provider & Agent will probable discover out that your purchase after the ultimate via it being a be counted of public checklist. it would be extra suitable to handle each little thing prematurely! better of success!
2016-12-15 09:49:29 · answer #7 · answered by vannostrand 4 · 0⤊ 0⤋
You can't cut out the seller's agent, they have a contract in place. You can get your own agent but that just means more mouths to feed. Your best bet is to beat up on the seller's agent and the seller until you get the price you want. If it's tight in this market, the agent will cut his commission to make the sale happen.
2007-03-26 19:43:49 · answer #8 · answered by Scott K 7 · 1⤊ 2⤋
If you have never bought before, get a buyers agent. And no it will cost the same the two agents SPLIT the same fee. At least here in California.
2007-03-26 19:42:50 · answer #9 · answered by Anonymous · 0⤊ 1⤋
dont get an agent!!! you have to pay them a %. why would you want to do that? see if you can contact the seller, tell them to drop the agent and both of you will get around losing an extra 15K to the middle man.
2007-03-26 19:42:12 · answer #10 · answered by xyz 3 · 1⤊ 1⤋