Is buyer agent required?

Asked by websilkroad, 08807 Sat Oct 26, 2013

We are thinking to buy a house in basking ridge. Are we required to have a buyer agent? If I decided myself on a house, is it possible to get the seller and his/her agent to agree on a price minus the buyer agent fee?

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Steve Parsons, Agent, Salisbury, MD
Sat Oct 26, 2013
A buyer's agent is not required in the sale of a property, but it's a good idea to have one. The offer you give in writing is legally binding. You could have an attorney draw up an offer for you, but it'll probably be cheaper to have an agent. Also the seller has agreed to pay their listing agent a commission based on the sale of their property. The listing agent then offers a portion of this commission to the selling agent to help them procure a buyer. This means the seller is most likely paying all or most of the buyers agent's services for you.

As for the question of getting the seller to reduce their price because you don't have an agent, the answer is no. If their property is listed, they have a contract with their listing agent to pay a commission. They'll have to pay that commission regardless if you have an agent or not. The seller cannot reduce the commission either, because as stated before, they are obligated to pay the commission agreed to in writing when they listed it if the property sells.

Having a buyer's agent is highly recommended as they'll do a lot of work for you. They'll set up appointments to see properties for you, write up your offer if you decide to purchase a property, spend their time and gas money driving you or meeting you at possible properties, spend their time going through their local MLS to find homes that fit your criteria, set up appointments with appraisers and inspectors and letting them in the property for you, negotiate the best possible price for a property on your behalf, and many other services depending on your situation. All this is, like I stated earlier, paid for by the seller.
1 vote
Jonathan Fac…, Other Pro, Bridgewater, NJ
Mon Jan 20, 2014
No it is not required. It doesn't cost you anything as the buyer to work with a buyer's agent so many good qualified buyers do. Because demand is there for your desired area, I would probably advise on getting the help of a competent agent that knows the Basking Ridge area in and out. This way it gives you the best shot on actually getting a property in that area in your budget. Best of luck,

0 votes
Melissa Silva, Agent, Watchung, NJ
Sat Oct 26, 2013
You can work w only the selling agent and owner. The listing agent would be working both sides. You as a buyer would not have a fee for a buying w an agent. The seller pays commission and if a buyers agent is not involved then the selling agent would get both sides/full amount. As a buyer I would suggest getting agent to represent you rather then the listing agent working both sides.

If you need help please feel free to contact me.

Melissa Silva
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Audeliz Angie…, Agent, Westfield, NJ
Sat Oct 26, 2013
If you are asking if there is an advantage in securing a lower selling price when you deal directly with a selling broker when a buyer-broker is not involved, my answer to that is no.

A listing broker will charge a negotiable commission, one that he/she agrees to share if another broker is involved.

If no other broker is involved in the sale, the listing broker will collect the full commission.

Imagine if you were going to court as the defendant and the prosecutor was asked or forced to defend you. Do you think you would get a fair trial?
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Regina Burke, Agent, Basking Ridge, NJ
Sat Oct 26, 2013
Thanks for a good question.
Inventory is very low in Basking Ridge. We are still seeing multiple offers on many homes with some of the sales prices over list price. It would be to your advantage to have an agent with your best interest in mind. Seller pays commission in NJ to the listing agent and the selling agent. Commission is negotiable in NJ, but the percentage is decided when the seller signs the listing agreement.

I live and work in Basking Ridge. I have recently strategized successfully in multiple offer situations and would appreciate an opportunity to show you how I can help you with your home purchase.

I look forward to hearing from you.

Best Regards,
Regina Burke
Broker/Sales Associate
Weichert Realtors 908-766-7500
Call or Text 908 872-2806
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