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Additional Details
The thing is we're waiting to ... |
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Nic | Realtors Commision Question...? |
If I found a listing online and am not working with an agent, can I get some of the buyers commision off of the total sale price? Is there any way to sway a better deal on the house? |
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glenn
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The best thing is to have an agent represent you. But if you insist on not being represented the listing agent will get both sides of the commission. You will not get the house cheaper (although because the transaction and closing costs will likely be a little confusing you may think you got a deal when you didn't) |
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rlloydevans
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The seller is contracted with the agent, so actually, it is not your business, and you shouldn't even care. Just decide what you want to buy the property for and negotiate for that. if you get within $500-2,000 and you get stuck, then you can tell the seller and agent, "that's where we are, unless we can save some money on closing or agency fees." then the agent can decide if they will cut part of their commission to do the deal.
The point I am making is your are taking the wrong approach to this. Many do, so don't feel bad.
Real Estate negotiation 101:
Determine what the highest price (and terms) is that you would be willing to purchase the property (Highest Price)
Determine what the price (and terms) that you would like to get (Target Price).
Determine a price (and Terms) that would be so good you can't help but buy it immediately (Dream price).
So there you have it - offer at a little lower than Dream Price, with an idea of negotiating towards Target Price. Sometimes you will be surprised and they will take your Dream Price. Most times you will get something close to your Target Price. Occassionally, you will forced around your Top Price. If the seller won't agree to even your top price, go find another property.
IMPORTANT NOTE: If the seller's asking price and terms are below your dream price do not negotiate, just write a check and sign!
The key is, if you are just thinking on how to cut the seller's price then you are working on the seller's needs. You are the buyer. While inderstanding the seller's needs is important, you need to be working from your needs. Especially in today's buyers market. It is abuyer's market. Sellers are much more desperate to sell then buyers are. Act like it.
Hope this helps |
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yeagerre
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You're not likely to able to do anything about the commission that the seller has agreed to pay at closing.
That is a detail of the listing agreement that the seller ad his agent worked out in advance. It may or may not include discounted commission if the listing agent sells the house and there is no other agent involved. |
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ChildCare
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It all depends where you live, some states will allowed duel agents - means that the seller's agent can also be buyer agent as well (I know in California will allow this). You can call the listsing agent (seller's agent) ask him. I am sure that he or she will lower the commision off of the total price. It is part of the contract between agent and the seller, let say that the listing agent will charge 6% total commision (3% to buyer agent and 3% seller's agent) but if he is act as dual agent then he will only charge 3% or 3.5% total commision to seller, that mean the seller will have more room to lower the price for you(maybe 3% lower). But there is pros and cons for dual agent. |
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J k
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Even if you you approached the seller without an agent , the seller might have an agent, and the seller's agent would most likely pick up all the commission to represent both you and the seller in the transaction. Since the seller's agent has a fiduciary duty to his client, the seller, he would be working in the seller's best interests, not yours. So no, you would not be able to cut a better deal, only made to think you did. If the listing is a "for sale by owner", you might be able to negotiate with the seller, but there might be legal liability you don't see at the time. An agent would not only see you through all the legalities involved with the purchase, but negotiate the sale to the best of his/her ability for you. This is why it is best to work with a good agent, one who will work with your best interests in mind. Hope this helps :) |
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Alterfemego
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Oh, so you want to get the seller to reduce the price because you don't have an agent? Well if the house is listed, no. If it is for sale by owner, they can do what they want. But they probably won't. Don't be cheap. IAre you buying a house or a deal? |
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SacCalSweety
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In California, a non-licensed agent cannot be paid through escrow. So... if you are not licensed, you cannot get a commission. Whether it is listed online or not.
Feel free to contact me if you have any further questions! |
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Robert K
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No, the commission is already agreed within the listing agreement. It doesn’t matter if you use an agent or not, the seller pays the same commission. You’re a lot better off having a ‘good’ agent represent you (not the listing agent for the seller). Not only will it not cost you, but it can save you tens of thousands of dollars and the peace of mind to have a professional represent you. Contrary to what people believe, it’s impossible to know the true market value without the experience of someone that does this business everyday. Appraisals are done just by looking at the property and then looking at a bunch of numbers on the computer of other properties within the neighborhood. Realtors actually been in the homes and you know homes in the same neighborhood aren’t the same. Your Realtor will also negotiate for you which is an art and not some number thrown around. Remember, this is a home and a large investment. Do you really believe that you know everything about real estate if you don’t do this job everyday? Find a Realtor, its only in your best interest. |
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Monika Wilson
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No, you don't have a Real Estate lic. |
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