Quake22 :
I am interested in buying a property to rent out. I understand real estate and contracts and have bought and sold many houses and don’t feel as though I need a buyer’s agent. However, is there any reason why you suggest having one? Can I negotiate a better deal without a buyer’s agent since the seller won’t have to pay as much in comission?
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As long as you’re absolutely sure you know what you’re doing, then no; you don’t need a buyer’s agent. But be sure to at least have a lawyer to look over the papers before the closing.
use a realtor. the seller will be paying the same 5 or 6 percent commission regardless, and his agent is the one that gives your agent a split of it…it does not increase or decrease your cost, an you can always use the representation.
If you know what you’re doing, you’re better off on your own. The higher the buying price, the more the buyer’s agent makes, so they are not unbiased. while the seller’s agent would get the entire 6% if you don’t have an agent, you may be able to convince her to give you 2% back and if she does not, you’ll go find a buyer’s agent who is willing to sign the papers for 1%, give you 2% and they’re out the entire 3%.
If the house is listed with a seller’s agent, the seller will not be paying less commission. The listing agent’s agreement will have the commission at 5,6 percent, or whatever it is. That is the total commission to be paid no matter where the buyer comes from. So if someone comes along without a agent, the listing agent will get the total commission. If someone has their own agent, it will be split between the agents. Since it won’t cost you anything, and the seller is going to pay the same commission, you’re better off with a agent.
In regards to getting part of the commission back, that’s illegal, and if a agent does that, they could loose their license and pay a hefty fine. And the higher price of the house shouldn’t bother you, because there has to be a appraisal done anyway. You don’t want the seller to be represented and you don’t have anyone. You will end up asking the other agent to help you with some things, and can you trust them? Find a agent, you’ll be sorry!!!
Well the only thing you do when you use a Realtors is; they are to blame if anything goes bad after the transaction. “Home Inspections”.
they will responsible if anything goes wrong after the signing, some Escrow officer are really lame, and don’t pay attention.
Most buyer’s agents won’t charge you anything. They get their commission from the seller. The contract the listing agent has says how much commission will be paid, so you aren’t running expenses up. If you use the listing agent they just get more $ and you don’t have exclusive representation.
I would never recommend cutting out a buyer’s agent. They are there to legally protect you . No matter how much real estate you have done you haven’t gone to school for it and don’t work it on a daily basis. There are several risks and things that can occur They also help you negotiate a good price and handle all the paperwork correctly. What is you overlook something on a home inspection that will cost you 20k in the future but you didn’t have an agent to tell you about it. Or you didn’t know to find out if its connected to sewer and thought it was or relied off of them saying it was and have to pay 7k to connect to sewer 1 year later.. Leave the real estate to the realtors. Medicine to the doctors and so on.. You also don’t always get a better deal if you cut them out, sometimes you pay more and don’t know it. The listing agent will try to absorb the whole commission or cut it by a slight percent so you feel like your getting a deal, but remember they work for the seller..how can they be looking in your best interests and the sellers? What is the buyer’s agent offers 50k less…you think the listing agent will want to present it and make her seller’s mad at her. There is a lot of things that go on. Not to make realtors look bad but you get what you pay for. You may think there is no agent, but unless you see the actual listing contracts you will never know. If your not paying out of pocket whats the worry?