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Location: Nothing could be finer... I'm in S. Carolina!!
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thanks everybody! i would like to think it's 1 out of 4 or either people just aren't being honest with their agents and are really unhappy. i think just like with every profession, people expect for there to be great ones and not so great ones. just have to do your own weeding.
so far so great with our new agent. she even emailed me today about a house we like that was reduced in price - emailed on thanksgiving! i love it! she's spoiling me. i like feeling like the only client.
Well, you can certainly try, but if you're representing yourself, understand that the seller's agent is going to be doing a lot more work than they would otherwise (the buyer's agent's part of the work involved in bringing the deal to closing) unless you're a very experienced buyer, plus increased liability, plus the seller will have representation whose fiduciary duty is to the seller's interests and no one but yourself will be looking to yours. The listing agent won't represent you automatically (there'd have to be dual agency or intermediary, depending on your state) and just hand over the 3% or whatever coop they're offering to a buyer's agent.
Also understand that the percentage that the listing agent gets is in the listing agreement contract that already exists between them and the seller. The amount that the listing agent will offer to a licensed buyer's agent (there are legalities here) is also generally in that listing contract. You're not a party to that contract and so can't change the terms of it.
But you can ask. Just don't automatically assume that it makes sense for the listing agent to do that - the seller is paying 6% (or whatever it is) regardless.
Can you tell the selling agent you are representing yourself and have the 3% buyers commission credited to you on closing?
not being a smart aleck, BUT there are a lot of threads with just this subject.... do a search on this forum and you will get ALL the pro's and con's for this....
Can you tell the selling agent you are representing yourself and have the 3% buyers commission credited to you on closing?
You can ask but don't expect it. Secondly, you can't get a credit at closing because you have to be licensed to get a commission. The best you could hope for is a 3% price reduction but that's not likely either. If the buyer comes unrepresented, don't you think the seller will feel they should get the 3% back in their pocket if anything?
Can you tell the selling agent you are representing yourself and have the 3% buyers commission credited to you on closing?
I believe in some states you can, but in others, as Brandon said, you can't receive a commission unless you're a licensed agent.
But that doesn't mean that you can't get the benefit of that 3%. The simplest way to do that is to determine what you think is the correct value of the property, then make an offer that is 3% less than that value. Then, when you present your offer to the seller, point out that the seller should view your offer as being 3% higher since you don't have an agent.
The seller will probably have to ask their agent to give up the part of the commission that is allocated to the buyer's agent (the listing agent will usually try to keep that amount if there isn't a buyer's agent), but that's not really your problem. You are giving the seller the opportunity to save 3% in commission. Whether or not their agent agrees to it is the seller's problem.
This has worked for me a couple of times.
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