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I wish it was possible.
The owners probably signed a contract indicating that the they have exclusive rights to sell the property. If it is listed through real estate agents, you need a real estate agent to represent you. If you have no buyer agent, then the selling agent can/will be your buying agent. They will then get double commission. The commission is out of your reach.
It's like a stock market. You need a broker to buy stocks.
If this was possible, you will find buyer agents in the homeless shelters :)
Kat7507
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2010 May 4, 8:49am
We tried doing that once because we were disappointed with our agent and the other side wouldn't touch it. They said that since she had procured the buyer that she was entitled to her commission. They were concerned over the legality of the whole thing since it was a contract and it could be enforced.
On the side note, what is the address for this property? We'll check to see if they really owe that much money to be asking you for more. It may be a bluff.
Your buyer agent should have the resource to confirm this for you. But even if they know it's a bluff, telling you will kill the deal and they won't get paid.
Another example of why the buyer agent does not work for you. They open the door for you and they fill out a form for you. Heck, they even use computers to fill out the form for people now.
Thanks Kat and Vain. For future houses, it seems like it might be better to just try without a buyer's agent to avoid this problem.
Vain, we checked into it; they really do owe that much.
Thanks Kat and Vain. For future houses, it seems like it might be better to just try without a buyer’s agent to avoid this problem.
Vain, we checked into it; they really do owe that much.
Well just remember if you go into it without a buyer agent, you just benefit the seller agent because they will take double commission for being both the buying and selling agent.
If you love the house, then what's $15k compared to a $500k home?
But if you don't care much for it, but would like it at $500k, just decline their offer. The agents might actually fork some money out of their commissions to make the deal work. It's better that they earn $7k each than nothing.
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Hi,
We were working with an agent to buy a house and hit a roadblock. We offered $500k and the sellers countered with $515k. The problem is that we cannot go above $500k as it is our personal max, but since the sellers are slightly underwater, they can't go below $515k. We were thinking that if we didn't have an agent (taking his 3%), the savings of that 3% could go to the sellers and everyone would be happy. Since we've already submitted an offer with this agent, is there any way to offer again without the agent? We don't want to violate any rules. We tried contacting the listing agent directly, but he said we had to go through our agent. It just stinks that the transaction is being held up by someone not really involved anymore, since we are planning on dumping our agent anyway.
Thanks.