patrick.net

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 :)

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.

mthom says

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.

But they can give "rebates." They don't have to keep the full 6%. For example, in the above situation, to get the deal done, they could rebate 3% to the seller and still keep 3%. I don't know how often they do 3%, but we've been approached at open houses with 1% back. Since we do most of the work anyway, I don't know what we're paying a buying agent for anyway.

mthom says

But they can give “rebates.” They don’t have to keep the full 6%. For example, in the above situation, to get the deal done, they could rebate 3% to the seller and still keep 3%. I don’t know how often they do 3%, but we’ve been approached at open houses with 1% back. Since we do most of the work anyway, I don’t know what we’re paying a buying agent for anyway.

Yeah many buyer agents give rebates. But they are not required to. Giving a 3% rebate would completely wipe out the commission of 1 of 2 agents. And I highly doubt the seller agent wants to share with the buyer agent.

Buyer agent always want to market themselves as 1) knowing the market, 2) negotiating the best price for you, and 3) sometimes may try to claim they have a keen eye for a home (with some limitations.

1) They know the market, but the knowledge is for themselves. I don't think many buyer agents will convince their buyer not to buy a home if it's overpriced because their pay check depends on it.
2) How do they negotiate. I really want to know. All they ever do is call the listing agent, and hope they click. Then you enter a bidding war if any.
3) They want appear to know alot about home repair etc, but if you probe harder, they will be reluctant to answer you, and defend themselves and say they are not contractors, and that you should seek one.

Same if you ask them about the loan process. They will refer you to a loan guy.
Same if you ask about the after math of the sale. They will tell you to talk to an accountant.
Anything they can advise you on can easily be found on the first result when you google it.

I really want to hear a buyer agent make a solid claim (no BS) as to exactly what they do for the buyer. Just one claim/task.