i found a house then got my realator to put in the offer. do i get part of his commision?

Answer 1

You ought to get all of the commission. My experience with REALTORS and real estate agents is that they do not offer anything of value in most cases.

I have been investing in real estate since 1967 and I have never used a REALTOR or a real estate agent.

I use an attorney who specializes in real estate law and a real estate appraiser who is a Member of The Appraisal Institute.

As a practical matter I would be very surprised if the REALTOR were to give you any of that commission, even though I think that REALTOR should give you all of the commission.

You can show my answer to your REALTOR. I would be very interested to hear what he says..

If your REALTOR really wnats to provide some value he should include language in your offer that makes it contingent on the appraised value of your own real estate appraiser, not the lender's appraiser.

Tell your real estate appraiser that you want a second opinion to protect you from paying too much money for the house.

I will guarantee you that your REALTOR told you to offer too much money for the house because he wanted an easy sale.

I guarantee you that if you hire a second real estate appraiser specifically to protect your interests from paying too much for the house and not to just come up with a number that is high enough to make the lender and the REALTORS happy, the appraised value that will get will be significantly less than what your REALTOR told you to offer.

When your appraiser comes back with a lower value, tell your REALTOR to give the seller and the seller's agent two choices: EITHER:

1 reduce the contract price of the house to the appraised fair market value as determined by your appraiser, not the lender's appraiser, and not a split of the difference between the two appraisers.......or...

2, Cancel the contract and direct the title company to return your deposit.

If you REALTOR does that he will start to learn what it is like to earn his money.

One of the reasons that I do not use REALTORS and real estate agents is because they scream bloody murder when I do this.

However I have found through experience that this is the only way that you can becertain that you are purchasing a house for fair market value and not some inflated value as dreamed up by the REALTORS.

Do not accept the lender's appraisal. The lender's appraiser only wants to please the lender and the REALTORS because that is where their money comes from. The lender's aapriser does not represent you or protect your interests. That is true even if you pay for the lender's appraiser.The result is that the lender's appraiser comes up with a value that is way too high.

Hire your own appraiser and your own attorney who specializes in real estate law to keep your REALTOR honest.
.

Answer 2

No you don't. Unfortunately, the better your real estate agent is, the smoother your transcation will go. Which often makes people wonder why they need one. I always try to remind my clients when you buy a home it costs you nothing (you pay no commission) the seller pays the realtor. In many states it is illegal to give a buyer or seller a kick back from the sales transaction.

Every real estate transaction involves about 15 individuals from a variety of companies that your realtor will coordinate. Buyer, seller, inspector, appraiser, mortgage officer, underwriter, title insurance, escrow office, attorney, seller's realtor, etc. Now comes all of the hard stuff. Putting in an offer and negotiating the terms. Followed by inspections and financing hurdles. Renegotiations if needed due to inspection or financing. Title work & appriasal. You're realtor however, still has all the expenses associated with their business including; gas, telephone, Errors and Ommissions insurance, state liscencing fees, taxes, brokerage fees, and more.

Answer 3

You have NO chance that a Realtor will agree NOW to reduce a commision that YOU already agreed to. IF you thought that the agent should reduce the commision based on the fact that you found the house then you SHOULD have discussed this BEFORE signing a CONTRACT and AGREEING IN WRITING to paying the full commision. Since you FAILED to think of this before hand and want to do it now that implies that you do NOT value the commitment that you made by signing the contract and that you will STEAL money out of the agent's paycheck that you agreed to pay.
If ANY customer of mine agreed to fees and then wanted to "renegotiate" the contract; I would REFUSE to work with them on ANY present or future deal because they have demonstated that they are NOT trustworthy and are not above stabbing you in the back for a few bucks.
So it's up to you; which is worth more to you...your word and honor OR a few bucks?????

Answer 4

Mike wrote: "If your REALTOR really wants to provide some value he should include language in your offer that makes it contingent on the appraised value of your own real estate appraiser, not the lender's appraiser."

One "minor" detail Mike failed to mention - you (as the buyer) do not get to choose the appraiser - as the lender is the one lending the money, the lender chooses the appraiser, not the buyer. Any real estate agent or Realtor would know that.

Answer 5

No, finding the house is only half of the job. Talk to your agent about a commission split or referral fee for finding the house. If you have a good agent they will be happy to share in the commission.

Answer 6

NO they do all the legal paperwork. I found our first house and she got it all. We are selling now with her and she cut some of her commission. i love to look i love to find house she just gets us in the door. She works hard for her money!!

Answer 7

Nope. Nothing changes. The real estate agent gets his/her commission, and you get your house.

Answer 8

pffffttt....ya, that'll never happen! Good luck with the offer!!

Answer 9

To bad!!!

There are company's like ZIPREALTY.com give you apart of their commission.

Good luck with your home search.