Home Buying in 90703>Question Details

Deepesh, Home Buyer in Los Angeles, CA

how much is the buyer agent and seller agent commissions in southern california?

Asked by Deepesh, Los Angeles, CA Mon Aug 11, 2008

I have seen many places that agents are annoucning the cashback. I want to get a dealer who is good at dealing bank properties and gets me the cash back. Also, I would like know what services they provide me before and after the home buying and what kind of help you would be providing in case of any issues in the property.

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8
Hi deepesh,

I think you are asking whether you can find an agent who is willing to split his/her commission. You probably can. But remember you pay for what you get. A good agent is not willing to work for free or discount his/her work. In this market agents are spending a great deal of time to find the best deals for their buyers and sellers. Ask yourself "Is it in my best interest to work for an agent who is willing and work hard to give me the best deal in my purchase? or Is it more important to squeeze few hendred dollars in cash?".

A home is the biggest investment you will ever make. You want an agent who work 100% for you.

Homa
Broker Associate
Prudential California Realty
2 votes Thank Flag Link Mon Aug 11, 2008
Dear Deepesh,

Your real estate agent would be representing your interests and has a fiduciary responsibility to negotiate the best terms for you. Currently it is a BUYER'S market but NOT in the REO/foreclosure market. There are usually multiple offers on foreclosed homes. A really good agent will position your offer so that the seller/bank can pay your closing costs or even help offset your downpayment. if this is the "cash back" you are referring to. the commission is negotiable and is paid by the seller of the property. Only a licensed individual in the state of California can be paid a referral fee. So, the best approach for you is to have your real estate agent negotiate the best terms for your offer. Good luck!
1 vote Thank Flag Link Mon Aug 11, 2008
Deepesh,
The realtors are always crying the same old "I'm worth every penny". It gets a little old doesn't seem to matter what year or what economy we're in they always want full amount or you as a buyer/seller are doing "yourself" an injustice.

Don't believe them and go with your instincts.
0 votes Thank Flag Link Wed Sep 24, 2008
Deepesh, do you think its easy in this market to help a seller get his property sold? Do you think its easy to work with buyers who are constantly digging into commissions?

Only agents who are desperate to stay is business are forced to deal with clients you like. Its only at of need that agents will even entertain buyers highly unethical request.

If you need cash back in order to buy the house, you are not a qualified buyer.

The sooner buyers realize that when you hire a Realtor, you are hiring your "Star Quarterback" and making sure he earn every penny on the field becasue he provides results.

Your business model is more like hiring a High School Back Up to to play in the Super Bowl
0 votes Thank Flag Link Wed Sep 24, 2008
Hi Deepesh,

You've gotten some very good answers. I want to empasize what has already been said. If you choose an agent based on a cashback, you will be only hurting yourself. A good agent earns their pay. Please interview 3 agents based on referrals of family and friends & choose the one you are the most comfortable with.

Good luck,

Karen Miller
0 votes Thank Flag Link Tue Aug 12, 2008
Deepesh,

Keep in mind that the fees are negotiable. When going with a "cash back" agent be sure to get that promise in writing. Also, check out exactly what they will be doing for you. Many of the "cash back" agents cut their services in accordance with the money they will be sharing with you.

Personally, I think it is best to go with a full-service agent that has my best interest in mind. You may end up saving money this way. Dealing with bank owned properties is a whole new ball game these days. You want an agent that knows what they are doing!

All my best,
Dot Chance
The Chance Team
Keller Williams Realty
http://www.DotChance.com
818.339.7712
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Tue Aug 12, 2008
It is especially important in the current market to set the price correctly and to prepare your home for "show". There is a large inventory of homes available in every price range, the buyers are comparison shopping. The "best" homes at the right price are the ones that are attracting the qualified buyers.

Just to let you know I am also a State Licensed Real Estate Appraiser since 1988, I specialize in evaluating square footage or permitted areas which directly affect the value. In addition to my Real estate duties I provide these services also which you can check out on my website ( http://www.centuryside.com )

Here is my contact info which I can be reached easily via email or phone. Thanks for the opportunity.


David Krecker, BSBA, SRA, MRA
Centuryside Real Estate Inc.
David Krecker
Broker/Owner/State License Appraiser
Office 562-690-6987
Fax: 562-690-7337
Serving the areas of Orange County, Los Angeles County, San Bernardino, and Riverside.

Email: dave@centuryside.com
Website: http://www.centuryside.com
Web Reference: http://www.centuryside.com
0 votes Thank Flag Link Mon Aug 11, 2008
Hello Deepesh,

Seller and buyer agents commisions are usually 2.5 to 3%. If their is a bonus to an agent or buyer their isn't a reason you wouldn't get it back if you negotiated this before hand. What cash are you trying to get back?
When you are working with an agent they will ususally assist you in finding the property, prepare you a CMA, negotiate the best price possible, make sure that all usual services are negotiated, get you the best price, coordinate escrow, inspections and make sure your documents are reviewed prior to the closing. After the sale the agent can assist you in referrals to movers or contractors. You will hopefully have a home warranty to cover minor issues that come up after the sale. Your title insurance policy may also protect you if any issues come up after the close.

Best,

Monique Carrabba
The Reavis Group
Keller Williams
mcarrabba@kw.com
0 votes Thank Flag Link Mon Aug 11, 2008
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