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Trying to buy without a buyer's agent is a waste of time on your part.
(By, the way, I despise the entire Realtor industry.)
1. Unless it is a FSBO, the seller has signed a contract to pay the seller's agent 6% (not always 6%, but close enough for this discussion). The seller will pay that when the house is sold. The manner in which it is sold is irrelevant.
2. The seller's agent has an agreement with all the other agents who bring a buyer to the table to pay that buyer's agent 3%. If there is no buyer's agent, the seller's agent keeps the 6%.
3. There is no way for you, the buyer, to influence the existing contract between the agent and the seller.
What you want is a buyer's agent who will kick back part of their share of the commission to you. Google is your friend.
P.S. I did not answer the poll because I have done 3 of 4.
I've bought 6 and sold 2 without an agent/broker in the last 12 years... plus one more that I had prepared the contract and opened escrow prior to the seller having a broker friend look things over for 1%.
That 1% actually worked in my favor because the Broker added a rent back if the seller's daughter didn't vacate within 30 days after close of escrow... she stay over 3 months and at least my expenses were covered at 2k a month... the parents convinced her to move because is was hitting them in the pocket book.
That said... a good agent is worth everything they bring to the table.
I worked a lot with one broker... she would tell me the moment a listing for "My kind of property" was listed. Was sad to see her retire... the office didn't last a year after she left.
She also had some very good connection on who is actively lending the neighborhood and always a source of up to the minute comps for finicky appraisers.
Some of the properties I bought without benefit of brokerage were in the same neighborhoods where I already owned property and started as nothing more than a neighbor saying they had decided to sell and asked if I was interested.
Last edited by Ultrarunner; 08-05-2013 at 12:39 AM..
Trying to buy without a buyer's agent is a waste of time on your part.
(By, the way, I despise the entire Realtor industry.)
1. Unless it is a FSBO, the seller has signed a contract to pay the seller's agent 6% (not always 6%, but close enough for this discussion). The seller will pay that when the house is sold. The manner in which it is sold is irrelevant.
2. The seller's agent has an agreement with all the other agents who bring a buyer to the table to pay that buyer's agent 3%. If there is no buyer's agent, the seller's agent keeps the 6%.
3. There is no way for you, the buyer, to influence the existing contract between the agent and the seller.
What you want is a buyer's agent who will kick back part of their share of the commission to you. Google is your friend.
P.S. I did not answer the poll because I have done 3 of 4.
Or, 4) Swing a deal with the listing agent. Since you are showing up unrepresented, that gives you 3% wiggle room (usually). Get the agent to convince his or her client to accept your offer while also agreeing to lower from 6% to 3%. Where I live, this is easily done.
Or, 5) Take a week or two and obtain your own real estate license. Hang your license with a discount broker and get your cut of the commission for buying your own house. Anyone buying an expensive house should do this -- because anyone smart enough to make the kind of money to buy an expensive house is also smart enough to obtain a real estate license.
I have sold 3 of my own and bought 4, as my own agent. We hear every day how some licensees mess things up. How Sellers fail to disclose; how Buyers fail to perform in some manner. Sometimes it the lenders fault or the appraisers.
I can't help what someone else does, or does not do what they are suppose to per contract. I can only tell them what the contract says, and what will happen if they don't.
I am certainly worth more than my pay. Then again, I get paid better than appraisers and lenders.
Never, as in not once, has my client been sued by the other party. That, is saying something. 24 years, 1,000's of transactions. Not one complaint or lawsuit.
it's cost you nothing why not hire a professional to help you?
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