Buyer's Agent Charging Buyer a Fee?
wickedgrace22
7 years ago
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FSBO-Do we have to co-op with buyers agent
Comments (16)Actually, if I as a buyer had to pay 3% to a buyer's agent for their services, I'd think long and hard about the cost/benefit, and I might not use one. Or I'd look for a few people to parcel out some of the work, like an attorney to write the contract, or someone to do the negotiation if I weren't comfortable with it, or whatever. (In what other industry is it cheaper to hire a lawyer to do the paperwork?) You guys are all talking as though it's just a given that every transaction has to have a 6% transfer to real estate agents, so all we need to do is figure out who pays for it. I'm talking about breaking that paradigm because I think that's way too high a transaction fee, and I would love for that system to become more efficient, letting both buyer and seller keep more money in their pockets instead of handing it over to layers of agents and brokers. One thing that keeps it perpetuating is that sellers pay buyers agents, so the buyers keep using the "free" service, so sellers continue to find it hard to sell without using the real estate industrial complex. Vicious cycle. I didn't mean to hijack this thread, or to start another debate on the topic. I'll crawl back in my shell again. Sorry....See MoreFSBO- Buyer Agents - $$$
Comments (13)When we tried selling our house previously through a flat fee MLS listing service, we agreed to pay commission to the buyer's realtor. We didn't end up selling the house that way, but one realtor who had a very interested buyer had us sign an agreement that we would pay her 3% commission, which we would have been happy to do. If you have a buyer, with a realtor, it would be in your best interest to pay that realtor her commission. After all, she did bring you a buyer. Also, my parents have had their house listed FSBO for several years now, they recently found a new house which motivated them to get their house sold. They enlisted the help of a realtor. They received an offer from someone who had walked through it while it was under FSBO but before they had enlisted the help of their realtor. They -the seller - are actually paying the commission of their realtor, although, legally, they probably don't have to....See MoreAre we getting blackballed by buyer agents since we did a flat fee mls
Comments (49)Personally, I would get a realtor who is recommended by people in the neighborhood. It would not be worth saving the 1% in realty fees to deal with all the hassle of buyers, realty ads, reviewing contracts, etc. Also, the realtor should know how to present your house professionally and to target it to the appropriate buyers. If you cant get the price you want, maybe you can consider renting it out?...See MoreBuyer's Agent Fee
Comments (13)As realtor, I have never seen an agent sell a home where the seller didn't pay the commission, and the agent collected it from buyers. As a seller, you should have enough room in your price to negotiate/pay realtor commission. As an agent, if I want to show a fsbo, I will contact the seller first, ask if they will pay a commission and get a commission agreement from them for that buyer on that house. I get that signed while I preview the house and have the seller show me the features that are not readily visible (ie new roof, new furnace, new windows, in floor radiant heat). Then I bring client back to view. If the seller would not pay commission, I would normally find my buyer something else. As a seller, you have to realize that most agents have spent quite a bit of time prequalifying their buyer, finding homes/previewing homes, showing them homes, etc. A realtor is not going to invest that kind of time in a client, and then sell them a house and not get paid. Most buyers are not going to be willing to pay 3 % more to buy a house. In addition, most FSBO sellers are not knowledgeable enough to know what to disclose, how to fill out the contract, and handle everything that a Listing agent would do, so the buyer's agent ends up having to do the work of both agents. Getting seller's disclosure, lead paint disclosures if needed, getting mortgage payoff info to title co, getting repairs done by licensed contractors, explaining what items normally convey to seller (I had one seller remove the built in double ovens after the inspection, and before the walk thru!). My advice to the OP is to figure out a list price that allows room to negotiate and pay agent commission of 3%. If you absolutely cannot, you need to be up front about that in any advertising (IE NO BUYER AGENT COMMISSION PAID!), and tell agents you won't pay it when they call. If you end up with an offer from the agent that saw it, then it would behoove you to pay it if they make a decent offer. The end of summer is typically when sales slow down when school starts. Prices will drop, and sales will drop. If you don't get a workable offer with this buyer, then change your price to allow negotiating and realtor commission....See MoreUser
7 years agowickedgrace22
7 years agoStan B
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