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..
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.
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.
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
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.
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.
The Eckler Team