This seems to be a question be an on going question. Since answers this question originally asked in 2008 continue to be added. In today's real estate environment (2012) you can find people to do just about anything for a lower fee. In this case the buyer's had already done their homework, found the home, reviewed the home and decided to buy the home. So why pay a full commission to a real estate buyer agent or broker for less work and effort on a sure thing? The issue not mentioned in this real estate transaction is liability. Getting a deal or lower cost repair for a car, electrician, roofer, window anything usually has a trade-off.
The option of negotiating a lower fee is certainly within reason. How low may be more of the question. The broker not the real estate agent has to approve a reduced commission fee. The broker and agent share independent liability for the real estate transaction. Michigan is a state that allows commission rebates as long as the party given the commission is directly involved in the real estate transaction. Either as a buyer or the seller.
If you are a buyer and know the property you want to buy, give me a call we will discuss openly what your real estate buying and representation options are, and how to best achieve your goal.
You can negotiate the commission paid for services. The quality of service becomes the issue. You don't want a boat mechanic to do brain surgery. You also do not want an under qualified inexperienced buyers agent missing options that could save you thousands of dollars in your home purchase.
Gary L. White
Flexit Realty "Flexible Real Estate Options"
Grand Rapids, Michigan... more
Some houses sell well below the taxable value if they are shortsales or foreclosures. Grand Rapids like many cities is not going to reduce taxable value because a home was sold under duress they do not consider it a fair market value, although they will be hard pressed to keep that argument up since over 40% of all sales in the city are foreclosures or shortsales.
The obivous answer is that the only way to determine fair value is a appraisal, but if you want to do a little investigating first use cyberhomes.com out of all the online home valuation tools they seem to have the most accurate.... more