C Tann-Starr

Hello Ray,

It may be best if you were to inquire directly with a few law firms to determine which professional has fees in line with what you are willing and able to pay. Realtors are not Attorneys and we have no input regarding the fees another professional charges for rendering services.

I have to agree with my peers. The price range varies and is negotiable between a client the vendor/provider. I second Mr. Tarrats. Please call and gather all the information you can from each firm you contact so you can make an informed decision.

Regards, Carolyn. - Sun Jan 18 2009, 16:40

When a home is a foreclosure or bank owned property the bank becomes the seller. The seller/bank will define compensation for the listing agent and buying agent when contracting with a firm to place the property on the market for sale.

I am a buyer's broker and when I enter into a buyer's brokerage agreement with my clients there is a clause in the contracts that I use which basically states in sum and substance that (a) the buyer and broker agree to the commission set forth in the contract, (b) that the commission may be added to the purchase price, (c) the commission may be paid on behalf of the buyer IF THE SELLER AGREES.

However, it is very important to note that when one enters into a contract the buyers are ultimately responsible for the payment they agree to pay the broker. Most buyer broker representatives make arrangements with the sellers for payment, or a percentage of payment which helps reduce what the buyer owes at closing.

Bottom line: every commission is negotiable. We, as cooperating Realtors look for win-win situations that will help smooth the transaction to completion. I use buyer's brokers agreements most of the time. My business model is 70% buyers, 15% listing and 15% rentals. If you have any other questions regarding buyers brokerage agreements, please feel free to contact me or any other member in the forum who routinely uses those types of contracts. I happen to enjoy representing the interests of the buyers probably just as mush as listing agents enjoy representing the interests of the sellers. The buyers broker agreement makes you a client instead of a customer walking in off of the street. I am going to quote the state:

Buyer's Agent negotiates "...the purchase of a home at a price and on
terms acceptable to the buyer. A buyer’s agent has, without
limitation, the following fiduciary duties to the buyer:
reasonable care, undivided loyalty, confidentiality, full
disclosure, obedience and duty to account. A buyer’s agent
does not represent the interest of the seller. The obligations
of a buyer’s agent are also subject to any specific provisions
set forth in an agreement between the agent and the buyer.
In dealings with the seller, a buyer’s agent should (a) exercise
reasonable skill and care in performance of the agent’s
duties; (b) deal honestly, fairly and in good faith; and (c)
disclose all facts known to the agent materially affecting the
buyer’s ability and/or willingness to perform a contract to
acquire seller’s property that are not inconsistent with the
agent’s fiduciary duties to the buyer."

Here is a link to the state department PDF explaining agency that I believe you may find very useful. We are required by law to use this form.

http://www.dos.state.ny.us/LCNS/pdfs/1736.pdf


Wishing you the very best with your home buying. Regards, Carolyn - Sun Jan 18 2009, 16:06

Jennifer,

I am sorry to hear about your dissatisfaction with your representation. I hope all parties involved can come to a mutually beneficial agreement on how to proceed from here, or to just grant you a full release so you can be free to make your next decision regarding the sale of your home. I found the responses here to be very interesting. Do exactly what you feel is the best thing for you. Wishing you the best.

Regards, C. - Fri Aug 22 2008, 08:08

Kelly, I was very happy to read your update about finding representation you are happy with. Wishing you the very best with your purchase. Regards, C. - Fri Aug 22 2008, 08:01

Antolin,

With all due respect, Buffalo is not dead. I happen to have a few friends and relatives who live there so I must say in their defense, they are alive and well and enjoy their homes, their neighbors and the area. I also enjoy visiting with them.

Each person has to decide for themselves if they like or dislike a neighborhood, so I can respect you not wanting to purchase there, but I take exception to the phrase "Buffalo is dead." - Fri Aug 22 2008, 07:54