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Elizabeth S | A seller's agent won't show me a home because I don't have a buyers agent...what to do? |
Hi, I saw a home on the MLS that I like. When I called the seller's agent to see if they would show it, they wouldn't because I didn't have a buyer's agent...can they do that? They said a buyers agent was "free" so I should get one, but I explained that the price is always 3% higher to cover that commission. I thought their job was to sell the home and I'm a preapproved, 20% down, no home contingency buyer! Any ideas on how I can see these listings?
Additional Details
Just to clarify some more. I don't want a buyer agent because I DO pay for it. Sellers mark up their listings by 6% to cover both agent's comissions. While I don't pay that out of pocket, it's much worse, I end up financing it for 30 years! So, my offer would reduce the price by the 3% buyer commission padded in. |
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ann
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Call a couple of other places to ask if that's legal and correct. Besides, you're right about the extra 3%. |
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Kimberly T
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Hi, It is their loss of commission. Broker's cooperate together in the sale of homes and they split the commission for their work in the selling the home. The Seller's broker pays the seller's (listing) agent and the Buyer's broker pays the buyer's agent. The commission is not standard therefor if the Seller's broker is offering to share the commission with a Buyer's broker that amount could be as little as 1% or it may be a set dollar amount. As far as a Seller's agent not showing you the property it is their job to work with the owner to sell the house. Each state is different also. Some states may not allow you to do both ends of the deal, it would be considered a conflict of interest. My suggestion is to contact the seller's agent and ask for a referral or look in the yellow pages. I know that my Broker has a web page listing all of our Realtors in the office. If you called an office I am sure that anyone would jump at the chance to help you out. I know my office in Las Vegas has agents that are in the office just for this situation. |
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M J
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Call a seller's agent just to see the house- you may not like the house once you see it.
If you deal in real estate for purchase, you have to have an agent looking out for your interests, just like the seller has to have an agent looking out for thier interest.
If you see a house & decide you like it, then you may want to tey to get in contact with the owner's of the house and see if they will deal wiht just you.
This may be difficult because they have pro. signe d a contract with the agent for 6 mos to a year. But the deal can be worked & handled just btwn you & the seller & an attorney.
Good luck! |
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titanbooboo
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youll need an attorney to handle the paper work so perhaps they would act as buyers agent the sellers agent does not want to get stuck doing all the work also a call to the seller might break the logjam |
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silsa1
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If you have been preapproved and he doesn't want to show the property than something fishy is going on. If you bring in a Realtor then they have to split the commission (11/2%) Does that make sense? |
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Kin Tsui
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There might be some misunderstanding.
He or she may have an Exclusive with the Seller that he or she could only respresent the Seller.
The agent's question should be if you have any exclusive "Buyer's agent"?
If you have, then your Buyer's Agent" should show you instead, because he or she don't want to interfere the relationship between you and your "Buyer's Agent".
If you don't have any agent representing you, then he might suggest you to get one. Your perception of additional 3% is wrong, actually it is practically free as you don't need to pay out of your pocket. Normally in the MLS system, the Listing Agent will share a portion of the Total Commission with a co-operating broker who may be a sub-agent representing a seller or a buyer's agent representing buyer.
You may have three option:
* Approach the Listing Agent again and ask for showing but clarify you don't need Buyer's representation from him/her. That mean you understand the Agent is Seller's agent and waive your right to hire a buyer's agent.
* Hire another agent from the same office or other company as sub-agent just to show you the property.
* Hire a Buyer's Agent but clarify with the Buyer's Agent that the Buyer's Agent is getting the compensation of representing you from the MLS without you paying out of your pocket. |
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BigDaddy
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If you don't get one...the agent can write the contract for you him/herself and keep both sides of the commission. That is what they should do in your case, but you have run into a rare extremely honest and forthright agent who is giving you good advice.
One agent cannot represent the needs of both sides, you should have qualified represention to protect yourself if something goes awry, as something usually does. The owner is not going to lower the price because you don't have an agent. |
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thetoothfairyiscreepy
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YES, this is legal. The seller's agent was hired by the seller to promote THEIR best interest, and unless you consent to working with the seller's agent as a dual agent, then they aren't going to show it to you. GET A BUYERS' AGENT. the seller pays the commission. NOT getting a buyer's agent is not going to reduce the amount of commission paid, because this is an amount agreed to in the sellers' listing agreement.
i don't know why you don't want to use an agent, but if you don't want to use an agent, no agents are going to want to really work for you for free. this is how agent's make a living, much like you work to make a living. the difference is that they make commission only, whereas you probably get paid a salary.
AND unless you have a VAST knowledge of real estate and real estate law, you will most likely not have a clue what's going on.
GET AN AGENT. find one you like, and sign a buyer's agency agreement with them. they will promote YOUR best interest, as well as help you negotiate, bargain, etc. if you choose to work without an agent, do not expect the seller's agent to be very helpful to you, or to cater to you. they will not help you negotiate anything, discuss contingincies, etc. all they will do, if you choose not to work with an agent, is provide you pre-printed contracts, etc. YOU get to fill them in, YOU get to decide what to offer, and so on.
and in response to MJ's answer above, she's wrong. The seller cannot cut his realtor out of the transaction, because he signed a contract allowing his agent to sell his home, and the agent has a legally binding "protection clause" that will still allow them to recieve the commission if you contact the seller directly, and if this happens, often times the buyer AND seller are ordered to pay the commission.
stop trying to cut out the realtor. they have families to feed, bills to pay, etc--just as i'm sure you do. and don't think that the seller's agent wants to waste time on you--who won't agree to let the agent represent you--because no agent is going to do twice the work for half price, and if they do, they know what their work is worth!
good luck with this, though! |
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satarnag
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You can buy a house without a buyer's agent and if the seller's agent is not willing to show you the property, contact the owner and/or the seller's agent broker. I'm just suprised the seller's agent is not willing to commit to a dual agency. Also, chances are the seller already negotiated the percentage with the listing agent by an exclusive right to sell and is forced to pay that amount whether or not you come with an agent or not. Just get a buyer's agent, cut a deal with that agent to give you half or 2/3rds of his/her commission. Then see if the house is really worth the listed price and make an offer 3% below that price anyway. Hell, go lower if you want and negotiate up to your 3% discount you wanted in the first place.
Good luck and if you're in Southern California, contact me and I'll take care of it for you.
Regards |
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CYNTHIA R
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Asking price of a home is determined by a comparative market analisis, not what a seller wants and this crap about adding 6% is
just that crap, get over yourself and let a Realtor do their job(they deserve to feed the families too). If your so isisatant about it reduce your offer by 6%, good luck getting the seller to go for it though. |
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Paul D
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You are incorrect anout the 3%
As a new home buyer, let me explain how this all works, incase you do not understand, as some people do not.
If you just drive around and call an agent off of a sign from in front of a home with a For Sale Sign on it, that agent represents the Sellers and will be looking out for the Seller’s best interest.
A Buyer’s rep, will be looking out for YOUR best interest.
How do they get paid? – Good question that most people also do not understand.
No sale, no pay! They do not get paid by the Buyers, nor do they truly get paid by the Sellers. They get paid by what the Seller’s agent is willing to share with the Buyer’s Rep (Disclosed in the MLS) of what he or she is getting paid by the home’s owner.
Won’t using a Buyers Rep change the price we are going to pay? – The answer is NO and here’s why.
A Seller’s agent makes a deal with the Sellers to list, market and sell the home for a percentage, let say 6%. The Sellers are going to pay 6% no matter if a Buyer’s Agent is used or not. What it comes down to is, will the Seller’s agent keep all 6% by selling the home to a Buyer that has no representation, or keep only some of it by sharing it with a Buyer’s rep. Seller’s agents do this to get more people to look at the home and get it sold faster.
Need a good Realtor?
If In Alabama - e-mail me
If not in Alabama - I can still recommend an experienced Realtor from your area that will give you OUTSTANDING service! I work with a network of Realtors across North America.
http://www.pauld-kw.com
http://www.bhammls.com/dziedzic |
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fortitudinousskeptic
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You're sort of right about the 3%. The selling agent is getting 3% and the buying agent gets 3%. If the selling agent did everything, he/she would get 6%. Either way, it's 6%, so they are arguing, that it's really "free". Either that or they're saying you should be able to get someone for free, which is bogus. They may be right by the letter of the law. But they're being a$$e$. Beware of doing business with them. If they're this crooked up front, who knows what's wrong with the house. |
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Sam B
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There are a couple of issues going on here. First, it is the seller's agent's fiduciary duty to the seller to act in the best interest of that seller.
I don't think not showing the house is in that client's best interest. Certainly, the agent should at least show the property to you with or without a buyer's agent and just limit the amount of advise and negotiating taking place. Either way, he is required by law to discuss agency and dual agency with you.
If he is uncomfortable taking on a dual capacity then at the very least he should have another agent in his office to assist you. By attempting to limit his/her exposure, he is violating the basic tenancy of real estate licensing laws.
The second issue is your false understanding of the fees being paid. Whether you have an agent or not, the seller has agreed to a commission fee. Whether that is split between the sellers agent or not is immaterial to you unless you agree to pay a portion.
If you insist on not being represented and you want to see this house, then I suggest you remind the agent that he has a duty to show the property based on what I just said and then if and when you enter an offer to account for any of the fees in your asking price.
Absent all that, I would file a complaint with the agent's broker first and then the real estate commission. |
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Christine
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I would call the agent's broker and explain the situation. I'm not certain about the illegal paret, though it may be, I do know it's certainly idiotic! Of course, you could always send a note to the owner explaining as well.
Let them know you have the interest, resources, etc., to make a serious offer if you like the house.
I'd bet they'll be asking their agent why he would pass up a serious buyer when it's such a slow market.
Good luck! |
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