I can find my own new house on the Internet.. By NOT having a buyers agent, won't I have a better bargaining position since the seller won't have to pay buyers agent commission? I ALWAYS have an inspection AND buy title insurance. What does a buyers agent do for me except make it a bit harder to drive down the seller?
2007-07-26 14:44:31 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Well, of course you can "find" a home on the internet. The internet has opened up home buying to an incredible extent -- over 70% of people who buy a home now first starting looking on the 'net.
If a seller has a listing agreement with an agent, they are usually structured so that a seller pays an agent 6% or so to sell the house. The agent specifically indicates that they will, in turn, share the commission (usually 3%, sometimes more for a unique situation) if another agents brings a buyer. You have NO leverage, ok? Why should the agent give up some of their commission to you?
If you are savvy with inspections and insurance, then you probably won't get burned too badly if you look at FSBOs. (But remember, FSBOs are selling "by owner" because THEY don't want to give up any commission, either, especially to YOU!)
2007-07-26 17:01:45 · answer #1 · answered by Anonymous · 0⤊ 1⤋
the agent for the seller makes the full commission if you do not have an agent helping you, do you want an agent to get paid double for only representing the seller.
why would you not have an agent work for you, to find the properties to show you the properties, to help in getting qualifies with a lender, to make sure the seller fill out a sellers disclosure, to make sure inspections are done right etc... do I go on on yea and guess what you don't pay your agent anything, it comes from the seller.
another thing to think about, some of the properties you see on the web are not up to date some are already contract pending and sold, a real estate agent has current up to date info on all properties.
2007-07-26 22:04:02 · answer #2 · answered by jeanniep 5 · 0⤊ 2⤋
Sellers put their house on the market as a FSBO in order to KEEP the commission that would otherwise be paid to Realtors....they don't do it so they can give someone a discount.
There are tons of posts on the Renting & Real Estate where peopel have lost tons of money and got into horrible real estate situations by not using a Realtor.
If you have bought and sold several homes, then you are probably ok....but if you are an unseasoned buyer, you need to understand real estate contract law...and we WISHED it ended with just finding the house for you.
....but that would be too easy.
2007-07-26 21:52:24 · answer #3 · answered by Expert8675309 7 · 0⤊ 2⤋
Sounds like you have already talked yourself out of one. I hope you have all the conections such as realestate lawyer, title company somebody to follow up to be sure things are done on time. Someone to research how long the property has been on the market.
No, the is no actual requirement to have a buyers agent but be ready to accept te blame for anything that might go wring.pp
2007-07-26 21:53:24 · answer #4 · answered by ttpawpaw 7 · 0⤊ 1⤋