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Bronxville, Home Buyer in Bronxville, NY

If you see a home at an open house and decide to make an offer, is there a buyers real estate fee?

Asked by Bronxville, Bronxville, NY Mon Mar 23, 2009

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Susan Clevenberg
Royal Grand Realty, LLC
0 votes Thank Flag Link Mon Dec 7, 2009
The simple answer is that the seller has contractually committed to a commission which will be paid whether a buyer has their own agent or not. In CT, the State regulations require all buyers and sellers to work under contract with an agent or they may declare, in writing, that they are not represented by an agent, which won't necessarily reduce the commission paid by the seller unless the listing firm agrees to a commission reduction. I'm unsure whether this is the same protocol in NY. Unless a signed buyer representation agreement is in effect that states the buyer will pay his agent a specified commission and that amount isn't satisfied by the seller's commission that gets shared, the buyer doesn't usually pay any fees. Just a thought---if the seller has already hired the listing agent, is it in your best interest as a buyer to hire the same agent? Maybe yes, maybe no. You decide!
Web Reference: http://www.kayelewis.com
0 votes Thank Flag Link Fri Oct 16, 2009
Hello Bronxville Buyer.

I believe what you are asking is, if you walk into an open house without an agent and make an offer, does the seller still pay both "halves" of the commission? The simple answer is yes. Even if there is no buyer's agent involved, the seller must pay the full commission to the listing agent.

It is possible, but unlikely, that the listing agent could have negotiated an agreement wherein if they represent both parties, they would take a reduced commission. Most agents would not agree to this. There is a lot of work involved in listing, marketing and closing a home, and it grows proportionately when there is no buyer's agent involved. Hence, the "dual commission" is well earned.

Often unrepresented buyers feel the buyer's side of the commission is "room to negotiate," with the seller, but you shouldn't count on it. Statistics show you are most likely to get your best deal when an agent represents you in the negotiations -- and since the seller pays their fee, it's "free" to you. Take full advantage of it.

Good luck from a great negotiator.

Len Schwartz
Agent for a New Age
Web Reference: http://www.LeaveItToLen.com
0 votes Thank Flag Link Mon Mar 23, 2009

In Connecticut, whether or not you, as the buyer, pay any fees depends on the Buyer Representation Agreement negotiated between you and your agent.

Most Agreements will state a minimum amount of compensation the buyers' agent will accept. As long as that minimum is met by what the sellers are offering to the buyers' agent, then there will be no fees to you. However, if the brokerage representing you charges administration or other junk fees, then you may be responsible for those fees (unless you've negotiated that your agent pays them for you).

It all depends on what is in your Agreement with your Buyers' Agent.

If you meet an agent at an open house, they are representing the seller. You can hire them, via a Buyer Representation Agreement, to represent you, too. In such a case, you and the sellers would also have to sign Dual Agency agreements, since the same firm will be representing both of you.

It is always recommended that you choose and hire your own agent to represent you. No need to go to random open houses, but, rather, have an agent working for you and helping you select which homes to view at your convenience.
0 votes Thank Flag Link Mon Mar 23, 2009
Some agencies charge a small administration fee on both sides of the offer. Usually under $300 and that would be your only cost as a buyer.
Web Reference: http://topbrainerdagent.com
0 votes Thank Flag Link Mon Mar 23, 2009
Hi Home Buyer in Bronxville! No there is no buyers real estate fee in CT. It is prudent though, to have an agent represent you to help you through the process. Please let me know if I can help!
0 votes Thank Flag Link Mon Mar 23, 2009

The fee for professional services is normally paid for by the seller. The percentage agreed to by the owner is normally split between the listing agent and the selling agent.

In this sinerio, the listing agent and selling agent are one and the same, resulting in the professional fees not needing to be split.
0 votes Thank Flag Link Mon Mar 23, 2009
Bronxville: Real Estate agents primary work for the seller in an open house situation. When you walk into an openhouse you are not represented however the agent there may, after discussion with you, represent you as a dual disclosed agent which means he/she must remain fair and impartial to each of you. This relationship can not be established without your consent though. Either way, if you decide to make an offer on a home through the listing agent there should be no fee invloved for you. A seller agees to pay a commision based on the sale price of the home usually as a percentage of sale (but not always). That fee gets split between the buyers agent and the sellers agent and you, the buyer get free services.

Hope that helps!

Camille Miller
Just Jersey Properties
0 votes Thank Flag Link Mon Mar 23, 2009
Typically, real estate commission is charged to and paid by the seller. The fee varies by area and is negotiatied with the listing agent. In the agreement, the listing agent is agreeing to share that commission with a cooperating agent, or a buyer's agent, should there be one involved in the transaction.

Technically, the full commission negotiated will be paid to the listing agent even if no other agent is involved, therefore it is in your best interest to have a buyers agent, who will represent your interests. It is possible, but completely up to the listing agent, whether they reduce the commission if there is no buyers agent.

I hope this helps.

Stacy Carter
ERA United Realty
Atlanta, GA
0 votes Thank Flag Link Mon Mar 23, 2009
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