Clearly you have not signed anything with the agent regarding paying him/her a commission. Therefore nothing stops you from saying that since that was not part of the contract, he must collect from the buyer.
On the other side, the agent should not have been showing your home until you had agreed on the commission split if he/she got you a contract. So both sides are wrong.
You also mentioned being concern that if you raise the price then the deal could be killed....but you had no interest on selling the house (you were not listed for sale to start with)...so now you have a new interest to protect.
The situation must be solved by negotiation between all 3 parties. It is not uncommon on for sale by owners for the buyer to pay one half of the agents commission, then the seller pays the other half. After all, someone will have to handle all your paperwork and forms and tell you the steps to follow to have a closing....so unless you are hiring a lawyer to handle your side of the deal, you are still better off offering compensation to the agent, who will be acting as a transaction broker between the two parties. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".
La Rosa Realty
This is not ALL that different from any listing request. When a Realtor approaches a homeowner (happens every day by phone, letter, door knocking) about listing their home for sale, s/he is typically doing so "in the dark". S/he knows the home has value, but typically does NOT have a buyer in his/her pocket. This Realtor still brings value to the homeowner...s/he is going to sell the home and get a commission. NOW...add to the mix that this Realtor already HAS A BUYER! That is SIGNIFCANTLY more valuable than just wanting to list your home, they have brought what might be the ultimate solution for selling your home. So, unless you just don't want to sell your home (perfectly acceptable!), then this agent should be your best friend and you should be willing to pay him/her whatever you would pay any other agent to sell your home PLUS a premium for bringing a buyer and potentially a very speedy sale of your property. Because you are in Florida, the agent would have you sign a listing agreement that establishes a "Transaction Broker" arrangement, which means that the agent will represent both the buyer and the seller in a limited fashion, with the agent's primary responsibility to the TRANSACTION, not to either party, which will mean the agent will be setting the price in the interest of making the transaction work, not to the buyer's or seller's best interest. But that's okay! If you want to hold out for more money (because this buyer obviously really likes your home, or wouldn't have started this whole thing) you can, and the agent, recognizing that the transaction will not happen without more money, will work in that direction.
And remember, even though the seller typically pays the commission, it is always true that the buyer brings all (or most) of the money to the table, so in a sense, the buyer is paying all the fees.
If you only pay 3% to this agent - you have preserved your time, marketing $$$, avoided
aggravation of cleaning, staging, de-cluttering, verifying, writing up contracts, escrowing the money, coordinating title, inspections etc..and still saved 3% more you'd pay on a regular transaction.
It is a super deal for you.
How the agent negotiates the price with her/his client - is her/his problem.
Let them do this. If it does not work, pay her. After all, you need a buyer, and this
agent has brought the buyer. It sounds like you are getting a good price there.
If not - you are in control, and you don't have to sell if you don't want to.
Best of luck,
Beachfront Realty, Inc.
Raising the price I a tool to secure the agent gets paid, while making sure you get the price you agreed to sale your home for.
Even though your home was not on the market, if you agree to list it , it will be.
The agent will have quit a bit of work to do, since it appears in this case he/she will be representing the seller and the buyer. They are entitled to compensation.
If you are not comfortable with the terms, then do not list your home. Besides once you sale your home, will you be buying another one right away? will you use this agent as your buyer's agent when you buy again?
I think you have a lot to think over before you get too deep in this thing.
Best of Luck to You!!!
Kawain Payne, Realtor
Prudential California Realty
Raising the purchase price is a way for the buyer to finance the commission into the price of the house. It is normally not that the buyer would not like to pay their agent's commission, they usually do not have it. Therefore this is a way from them to finance it into the mortgage. Believe me it works. Relax, it will be alright.
It really depends on you and how much you want to sell your home. Normally you would pay 6% they are only asking for 3%. It is not common for the buyer to pay the commission. Think about if you would have listed it. You would be paying the standard 6% and would have to see how long it would take to sell, deal with showings etc. I would make sure you get a CMA from a neutral party to make sure you are getting a fair price. After the buyerâ€™s agent represents the buyer and not you. So your best interests are not considered. If you need a free CMA I would do that for you. It is free and you owe nothing. If you are not interested in moving then I would not pay it. Let me know if you would like the free CMA. Are they asking you to pay for the ownerâ€™s title policy? What about closing costs? If I can help in anyway let me know. Also do you have a place to move to? I work with several buyers and I can give you a reference for you to speak with (not a piece of paper that anyone can type up)
I think it is important for you to speak with a neutral party who has no monetary interest in the transaction. Feel free to check out my profile to see if you are interested in working with me.
I hope this helps.
Exit Realty Central
http://jenniferbarker.bestorlandohomesearch.com/ (Search for a new home here)
You, as the home owner, should exploit this to your advantage. Repeat, YOUR ADVANTAGE not the buyer agents advantage.
The concern regarding 'killing the deal' on a home that was not for sale suggests to me there is something else going on.
All things regarding the 'professional fees' in real estate are negotiable.
YES, you can have the BUYER pay the fees of their agent.
This is not a rare as you think.
Let me be blunt with you Ragmanfl...going into this transaction without representation is a ....well, bad idea. Who pays the fee is fundamental. Clearly you will benefit greatly with seller representation.
Please call an Orlando professional. You will be surprised regarding the options available to you. Remember..everything regarding professional fees are negotiable. But the cost of NOT KNOWING' will prove substancial.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
The seller normally pays the fees. You could arrange something where the buyer pays if they want the house so much. I wouldn't sign anything with the listing agent because it could be entrapment where he truly may not have an interested buyer and is just trying to get you to sell your home.
Besides if you weren't planning on selling where would you go?
Lots of things to think about.
Have a great weekend.
CEO & SR Credit & Mortgage Consultant of
Ex-Mortgage Broker of more than 10 years
The above quote was copied from a real estate blog site, you all may want to review this. Something's are meant to be disgusted in the privacy of ones home, not on the web.
Jose De Leon - Realtor - Listing Agent
Florida Relocation Real Estate
Karen Weathers, REALTOR
Charles Rutenberg Realty
1. Take out the guess work, 2. include your costs for the sale and get your value, & 3.get represented.
I work in re setting the market myself. Which sounds like what you are about to enter into.
Should you like to move forward,
I am Richard Rutledge
Grace Realty of Winter Park,FL
My E-mail is AgentRich407@gmail.com
My Office # is 407.494.1891
or Cell # 407.494.1891
Thanks for Reading, I hope its been benifitial thus far
If you need any further advice do not hesitate to contact me through my profile or by following the link below.
Best of luck to you,
Galleon Real Estate
I agree with Annette.....
Talk with a realtor in your area and have them list your property for you....working "with" someone is better than going through it alone!
Charles Rutenberg Realty