 We have refinanced our home(Alabama)We added our 23 year old to the loan AND the deed.Right choice for child? |
| In other words, since the child is on the actual mortgage loan and the court deed, child should automatically be entitled to the home without any issues in case of death of parent or parents?...Child ... |
|
 Someone attempted to break into my apartment. Is that legal grounds to break my lease? |
| I really don't feel safe anymore and would like to move, but I just signed a 12 month lease.... |
|
 Mortgage/Job Probation question? |
I just started a new job, totally spacing on the fact that fiance and I were planning on buying a new place in the next few months.
My question is, if my fiance and I were to apply for a ... |
|
 Home equity on a house paid with cash? |
| Hello. Were looking to buy a home. And pay in full with cash. Will we gain home equity faster that way?... |
|
 How do I get out of my apartment lease without ruining my credit? |
| I found a house I want to buy but I have 9 months left on my apartment lease. I can't find someone to take over my lease and I need to do it right away. Help!... |
|
 Should I buy Shop? |
| My husband and I are thinking of buying a local shop ( grocery store) that has recently become run down due to bad management. it used to be a little gold mine years ago..and could be again. Just ... |
|
 Why doesn't my realtor want to give back my documents after my offer got rejected? |
| My california real estate broker told me over the phone that she shredded my deposit check even after I told her I'll pick it up. I asked her if I can have the shredded check back she tells me ... |
|
 Realtors: if i only offer 4% on my house, do both the selling and buying agents get 2%? |
Additional Details
The house is worth about 250-275k...I found it on the internet, and i had a buyers agent.....i thought it was insane to pay 6% to have her unlock the door, show me ... |
|
 I just bought a house, before I closed on the house I noticed someone shattered the sliding glass window,? |
| The listing agent stated by e-mail that she would take care of paying the window repair company, (I already sent her the estimates from two comapnies). Now I get an e-mail that states I have to pay ... |
|
 Our house is for sale, we just got an offer, but it will leave us 12,000 in the hole, after realtor fees.? |
| Has been on the market for 4 months, this is the first offer, we are getting about 2 showings a week. We are currently paying 2 mortgages. 6% goes to realtor. Can we ask if she would reduce her ... |
|
 If you make 2 mortgage payments a year, how fast can you pay off a 30 year mortgage? |
| I heard you take 7 years off a mortgage if you make one extra payment. I was wondering how many years you save if you make 2 payments.... |
|
 How much does a real estate realtor get paid? |
| i know they get paid by each house they sell, but how does it work?... |
|
 What is the legal grace period for postmarking rent checks? |
| My rent is due on the first of the month, but I had heard that as long as it gets postmarked by the fifth there are no legal grounds for the landlord to charge me a late fee. Is this true?... |
|
 Help purchasing a house? |
| I have been trying to get Section 8 housing for years but there is such a shortage of vouchers. Since I am on a small fixed income, with two young children, I recently moved to IN. where the cost of ... |
|
|  |
Bike Lover | I'm a Buyer and found a home myself. Seller has realtor,claims I get 1% off w/o realtor.Do I need a realtor? |
I found a home myself. Seller's realtor showed me the house. We like it and we want to put in an offer. Should I get a realtor now ? Seller's realtor claims that I get a 1% off coz I don't have a realtor. Can I trust him or should I make sure that I get that 1% off before i put in my offer. I'm not sure if i should take the risk and let him get away with a fat commission. What are your thoughts ? |
 |
 
GaryODS
 |
This is a very interesting question!
Depending on where you are located (which state law you fall under) agency laws differ. However you have the right to use whomever you want to represent you in the purchase. Contrary to what others have written, because of Buyers Agency laws the fact that the listing agent (sellers agent) showed you the house they are probably NOT entitled to the full commission. And you certainly wouldn’t have to pay a buyers broker commission UNLESS you agree to in writing.
Next part to the question, how competent do you feel to stand up for yourself? Do you drive a Saturn (so you didn’t have to negotiate to buy your car)? Then I’d get another agent to help you out. If you can go to an auction, set some limits on yourself – hold your own in a Mexican farmers market, enjoy the negotiation process then you may not need to involve another agent. You have to answer that question honestly. If your answer is that you are going to try to do this yourself read on.
You would save the 1% because the listing agent doesn’t have to split the commission, add to that the seller may feel the same as you do and expect a lower commission. This may lower the price they would be willing to accept.
You can ask the sellers agent to represent you also. This is called disclosed dual agency and is legal in most states. As a dual agent they would owe you the same fiduciary duties as the seller. If the agent agrees to dual agency you then can ask the agent for the information like a CMA (competitive market analysis) and advice. This will help you formulate your offer. But you have to make up your own mind as to how much your are going to start your offer at.
Keep in mind the seller wants to sell, you want to buy and the agent wants to get you two together. Now just dive in (after you have done your research) go and get it done.
As for the 1% discount (probably coming from the listing agent, rather than the seller). You could get it in writing before making an offer, or just include it in and make it part of the offer. |
|
acermill
|
You have an ugly issue here. Since you looked at the home with the seller's realtor, that realtor is entitled to the entire commission generated by the seller. Of course, that's why he is discounting the fee by 1%. If you get your own realtor now, you will be expected to pay for the services of your realtor under a buyer agency agreement, and the seller's realtor will still get the full commission from the listing agreement.
Contact a qualified real estate agent who holds an ABR designation and explain the situation you are in. They will guide you accordingly. |
|
znelson32
|
It costs you nothing to get a Realtor. It costs the seller 3% of the sale price which is why they're offering to give you 1% off because they still save 2%. It's possible that even if you did retain a Realtor that the buyer would refuse to pay their commission because your Realtor did not show the house to you, their Realtor did, therefore you were not represented by your Realtor. Personally, as a buyer I'd get a Realtor. |
|
arthur
|
You will not be represented the seller will be. A realtor representing your interests will most likely be worth that 1%. |
|
phillywize
 |
get your own Realtor to give you the 1% back....i'm thinking that you could find a very good one who would be happy with 2%, and would represent your interest. Beware that some states make such a kickback an illegal deal.....but there's ways to adjust the price for the difference....just make the total 5%, and offer 1% less. By the way, Realtor has a capital "R". |
|
Hoopfan
|
"Acermill" is correct. Because you chose to approach the seller without representation ( Buyer agent), the seller's agent is entitled to all of the commission. You are now on your own, unless you want to hire an attorney to protect your interest in this deal. |
|
E W
|
Get a realtor! The seller's realtor does not have your best interest in mind, it only has the seller's best interest in mind. Getting a realtor will not cost you a dime. The seller pays for theirs and yours. You won't get the 1%, but it will be worth it to have someone on your side. |
|
John P
|
It depends on how the contract with the Realtor is written, in some contracts no matter who sell the house, even the owner the Realtor has to be paid his commission. This is business and to cover the expense of any monies laid out as to advertising etc. |
|
Nada
|
Did you sign an agreement to use the realtor to find your home? If no, you can get a realtor to represent you. It does not save you any money. It saves the seller commission costs. If you do not get your own realtor, my sure you have the property inspected and the seller pays for all maintenance needed. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 28 minutes(s) ago
| | | |
9 | 47 minutes(s) ago
| | | |
9 | 3 hour(s) ago
| | | |
9 | 7 hour(s) ago
| | | |
9 | 9 hour(s) ago
| | | |
9 | 2 day(s) ago
| | | |
9 | 5 day(s) ago
| | | |
9 | 2 week(s) ago
| | | |
9 | 3 week(s) ago
| | | |
9 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
