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I just bought a condo without using a buying agent. I did all my research. I used Redfin as a base for information, went to police station by, asked future neighbors and friends that live in the area. Then I ran the number using various online excel tables and of course Patrick's Real Estate Tools. Compare similar rents in the area and bingo I am saving $825 per month. Although it took me more than a year to find the right property that served my needs.
When a house I want comes up, offer dual agency and hire my own RE lawyer and inspector.
I think you should specifically spit it out so everyone understand, you mean ..... then listing (dual) agent give me kick back of 50% of the commission (usually 3%).
I was looking to buy and one buyer Realtor offer me a % kick back of the commission she would receive after the close, whether the listing was hers or not.
Why would you ask for a part of the commission? Its stupid it will scuttle the deal and if you get the house it will be top dollar price. Of course if its allready way over market price the agent might give you some of his commssion just to unload it. SO it means any agent offering to cut you part of the commision means that house is overpriced. The 'good deals' and good properties sell fast and they can wait for a agreeable buyer (by this I mean they double dip and you are easy to work with).
Remember they are vampires and the listing agent has the loan owner hypnotized. If its a bank/short sale the relationship is even more slanted toward listing agent have all the power control.
In fact according to the law the loan owner doesnt own the listing of his own home - the Listing agent does. Loan owner cant even change agents for 6 months normally in CA (standard CAR listing form has 6 month expiration of lstings. Of course I crossed this off when I listed a home with an agent before I got a clue and got my own license).
My (buyer's) agent is not really adding anything to my search right now. I might need his help when it comes to making an offer and escrow, though.
With everything online now, seems like what I want to buy might be better found if I can find it before it ever gets listed.
If a listing agent knows they will get the entire 6%, might they pick up the phone and call me first and try to get the house sold to me before a slew of buyers and their agents jump on it?
If the seller and the listing agent are hoping for multiple offers and a bidding war, then this wouldn't work.
Why would you ask for a part of the commission?
Exactly. Just let em take that damn 6%,who cares how they want to split. Just reduce your offer by 6%.
Why would you ask for a part of the commission?
I am thinking about the same question as OP (thanks for posting thread). I understand that if the seller has an agent they will have to get their 3%. Seller's choice. But if I don't want an agent, I would like to ensure that the 3% normally going to buyer's agent instead goes directly to the seller. I don't need any complicated kick-back scheme. I just want it to go directly to the seller, anticipating that he or she will consider my bid ~3% more valuable than same bid by someone else with a buyer's agent.
Possible?
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I am hoping that RE agents eventually go the way of travel agents and the dodo bird.
Would like advice on how to buy a house without using a buyer's agent. Sheesh, all they do is open some lock boxes for you (can't the listing agent do that?) and drive you around in their big fancy cars (no thanks I can drive myself to open houses). In 2 months he hasn't told me about anything that I didn't already find listed online myself.
If you know what you want and you know the neighborhood and the comps, do you really need a buyer's agent?
Can't I just go to several of the top-selling listing agents in the neighborhoods I want to live and tell them what I am looking for. When a house I want comes up, offer dual agency and hire my own RE lawyer and inspector.
What are the pros and cons of this? What am I missing?