Home Buying in 12589>Question Details

Donna, Home Buyer in 12589

Should I hirer a realty agent.?

Asked by Donna, 12589 Fri Nov 28, 2008

been looking on the web at properties and I contact the agent listing the property. I was told if you hire someone to look for your home, they will charge 6% on top of the closing cost ,so is it cheaper to just contact the listing agent when something interests me?

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Jolie Muss’ answer
Donna,
Seller's agree upon a commission when the list their house for sale with the listing agent/broker, that commission either goes all to the listing broker and part to the listing agent (If you buy from the listing agent)
or is split with the buyers broker and part goes to the buyer's agent. The listing agent is obliged to be loyal to the seller so if you say to them ie:" "I adore this home and I will buy it at any price but I'm going to offer 10% below list ",they can tell that to the seller or anything else you might disclose! There is no added cost to buy through a buyer's broker but usually a savings because they will scour all available homes to find the best home for you, research comparable sales and help you to negotitate the best deal. Rarely buyer brokers charge a fee, just be sure to ask before you begin working with them..
Web Reference: http://joliemuss.com
1 vote Thank Flag Link Sun Nov 30, 2008
In Georgia, as in many states, a buyer can contract with a Realtor as a Buyer's agent. The Realtor then works in the best interest of the buyer even though in almost all cases, the seller pays the commission. I suggest you interview 3 Realtors and find one that will represent your best interest.
1 vote Thank Flag Link Sat Nov 29, 2008
Not true. Talk to more agents. Hiring your agent should not cost you a dime more than buying any other way.
1 vote Thank Flag Link Fri Nov 28, 2008
Donna - get an agent. Please. A buyers agent. Please. Not only will it be more convenient, but it will likely save you a lot of money. One clarification on the costs: When you hire an agent, there is a fee. It's just that 9 times out of 10 the seller has also hired and agent who has agreed to split his or her fee with the buyers agent, and that generally covers the cost of the buyers agent. Occaisionally, there are variations and buyers end up paying a little, and sometimes even the whole thing...but, again, most of the time it is like the previous agents have answered.

Many times first time home buyers can not pay this fee, all you need to do is discuss this with the agent you hire. Let them know of your cash restrictions. At your direction, your agent can limit the homes they show you to homes where the fee being offered by the seller/listing agent is completely covered.

Thanks for your great question. I hope our answers have helped. We have some great agents on this site that demonstrate their desire to help the public by donating their time to monitoring this site and offer advice to the public. They give good advice and explain things well. Interview one or more agents in your area that post a good response to this question... and then pick one that seems to have a personality match with you.

I never heard of a buyers agent on a regular residential sale charging 6%, but I suppose anything is possible, it varies by geographic area. Agents are not allowed to discuss what we charge with one another.
1 vote Thank Flag Link Fri Nov 28, 2008
Absolutely not - that's a LISTING AGENT that's telling yout his...lol

you agree to pay X for the HOUSE - after that - it's up to the agents to work out their commission details.

Generally - a listing agent splits a portion of the commission with the buyers agent.
1 vote Thank Flag Link Fri Nov 28, 2008
When a Realtor lists a home for sale, the commission she establishes covers the commission of a Broker Rep and/or a Selling agent. You should not be paying anything additional.

You are entitled to be represented; every state (with the exception of NY) has been doing this for years.

Beyond a doubt, hire a Realtor to represent YOUR interests! That is the only person who can perform a complete comparative analysis to let you know what houses in any particular neighborhood are selling for.

Any further questions? Feel free to contact me at Gail@GailGladstone.com
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Fri Nov 28, 2008
If you were sick would you go see a doctor for professional advice? If you needed legal advice would you seek an attorney? If you are buying or selling a home why wouldn't you seek out a professional experienced in that field?

As a buyer you would want to seek out a buyer's agent who is versed in representing buyers.Having your best interests as a client, that agent will not be representing a seller and will negotiate on your behalf, just as an attorney would do.

Yes a buyer's agent may ask you to pay a fee to locate your home if the circumstances were that no compensation was being offered from a cooperating broker or a seller. No one can work for free unless they are independently wealthy.

In the event the cooperating broker was offering a compensation to the buyer's agent chances are the agent would accept the fee and not change you. That's a question you'll need to ask your buyer's agent because everything in life is negotiable except death.
0 votes Thank Flag Link Wed Feb 10, 2010
Absolutely is the answer. When you embark on selling a property you need to have so many pieces of information to make a sale these days. Its not the time of just putting out a sign on the front lawn, posting a brief ad in the paper and waiting for the phone to ring. With all the obstacles out there you need to have the largest buyer pool available to you. That would be a realtor. Once you start to have showings on a smartly priced home, then the negotiations will come into play. Realtors have the knowledge and expertise to get this job done. Its just finding the buyer, its then qualifying the buyer and the deal brought forward to the table. And then when all is said and done, its getting to the closing table and actually transferring the title at the best price. It may seem expensive, but it is well worth the money to make it happen all in a timely manner. These days it is requires so much more work to get the job done. FInd a realtor that does this full time and one that is actually selling. Not the family friend, that you feel obligated to. FInd the person that will work for you. In this market its very important!
0 votes Thank Flag Link Wed Feb 10, 2010
Donna,

As mentioned previously, the seller pays the commission, so it will not be paid for by you at closing. there will be other expenses but.....a fee for professional services is not one of them.

Secondly, doctors, lawyers, educators, realtors etc. use these services because they understand the benefit of doing so and the rink of not. The choice is yours but there is one thing for certain......there is a lot more to the buying process than looking at homes.

Our recommendation is to protect yourself by finding a good real estate professional.

Good luck,
The Eckler Team
0 votes Thank Flag Link Sat Nov 29, 2008
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