Home Buying in Glastonbury>Question Details

MRTCPA, Home Buyer in Connecticut

I am currently not represented by a buyer's agent and am interested in contacting the listing agent on a home.

Asked by MRTCPA, Connecticut Thu Feb 19, 2009

What flexibility will the homeowner/listing agent have with respect to the buyer's commission? Can I assume that there is an additional 2.5% to 3% of negotiation room? Can the listing agent agree to take less than the full 6% to facilite the sale of a home?

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The commission is always negotiable.
0 votes Thank Flag Link Thu Oct 22, 2009
Yes the listing agent can agree to discount the commission to the seller if they feel it is ness. to get the deal done. I don't know if it would be proper to come right out and demand the sellers agent take a discount, I would leave that for the seller and the agent to decide. After all, the listing agent has a contract agreeing to a certain fee, and you don't have a right to override that contract.

Depending on your real estate value knowledge, they may end up taking you for the 3% in negotiations after all. For instance, most agent represented buyers ask for repairs to the property after the inspection which can add up to $1000-2000, where unrepresented buyers usually do not. Something like that alone could be your 2.5% you thought you saved.
0 votes Thank Flag Link Sun Feb 22, 2009
My advice, get represented by your own realtor so they can negotate a great price for you. The listing agent will end up wanted to collect the commision anyhow...just my advice! :)
0 votes Thank Flag Link Thu Feb 19, 2009
First thing a listing agent will ask if you are qualified for a loan? If no then most likely not willing to show any home .

Regarding a reduction in realtors fees that based on listing agreement. assume is not your best interest.

RULE of thumb: Never purchase a home direct from : bank / builder / listing agent / seller
A buyers agent represents you. We receive many calls emails across the country from buyers who did not understand contract and etc. lost earnest money, were sued was tooo late for a realtor or attorney become involved you signed the agreements.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Feb 19, 2009
The listing agent has a contract with the seller and is due the full commission. If you work with just the seller's agent, he/she will take both sides of the commission, because the agent is in fact doing twice the work and is essentially representing both parties. Buyer agency was put in place so that both sides are represented fairly. Buyers don't pay any commission, so the representation you are getting is "free'.
Web Reference: http://www.teamMIG.com
0 votes Thank Flag Link Thu Feb 19, 2009
The listing agents first responsibiltiy is to the seller. If you enter into an agreement with the listing agent keep this in mind. He then becomes a dual agent and will represent both of you. The commission has been already agreed upon in the listing agreement so there is no benefit working directly with the listing agent.

Personally I think you are always better off to have a professional representing you alone. Plus, it costs you nothing....the seller pays.

If you would like more information, please visit my website at amanda.prudentialct.com
I hope this helps you....

0 votes Thank Flag Link Thu Feb 19, 2009
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