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spooks
So in love!
Member since 6/06 4378 total posts
Name:
Sarah
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BUyers Agent - Is One Needed?
We saw a house that I found on my own. Its listed witha realtor, we should definitely get one of our realtors invovled too so that we have a buyers agent, is that right? OR do we need one, can we avoid the extra percent? We would still of course, get an inspection ,etc?
Advice?
TIA!
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Posted 8/3/08 5:02 PM  |
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PreshusSmurf
So in love with my little guys
Member since 1/07 2963 total posts
Name:
Jess
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Re: BUyers Agent - Is One Needed?
Did you see it at an open house?
If you did, I'm not sure if you can get another agent involved at this point.
I'm sure someone else on here will know better, but that would be my guess.
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| Posted 8/3/08 5:17 PM |
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spooks
So in love!
Member since 6/06 4378 total posts
Name:
Sarah
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Re: BUyers Agent - Is One Needed?
Yes, it was an open house, although we did tell them we were working with someone. Just wondering if its needed even.
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| Posted 8/3/08 5:20 PM |
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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: BUyers Agent - Is One Needed?
I would use one. Ours really walked us thru the whole process and made sure we were completing all the right steps at the right time. If you saw a house at an open house and told them you were working with someone you can def bring your agent into the loop now. Have your agent call to set up another showing.
What do you mean on saving a percent?
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| Posted 8/3/08 5:41 PM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: BUyers Agent - Is One Needed?
Posted by spooks
can we avoid the extra percent?
TIA!
There is no 'avoid the extra percent'. They will take the full normal percent, but keep it all for themselves instead of sharing with the non-existant buyers agent.
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| Posted 8/3/08 5:44 PM |
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strongisland
All you need is love
Member since 8/07 2474 total posts
Name:
T
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Re: BUyers Agent - Is One Needed?
we are going through a similar situation...we attended an open house and liked it and would like to put a bid on it.....
we sometimes work with 2 different agents and have them show us houses (that we find on our own) or we find them on our own and see them on our own.....
we are unsure if we should have 1 of them go through the process with us or just go with the listing agent.....we feel that if we go through just the LA, we may have a better shot since she would get the entire %....we feel that maybe she would push for us since we came in alone....and then on the other hand we feel we should use 1 of the 2 agents to help us and maybe they could push for us----we are so torn....we already got screwed by an agent and don't want to have to go through that again-it was horrible! i don't know which route to take! i almost feel like there is no better choice --this home buying process shouldn't be so 'blind'....i wish we knew what other people bid and could then decide how much to spend...everyone has a limit and i don't know i am just rambling!!! but any advice would be helpful to me too!!!!
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| Posted 8/3/08 11:18 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: BUyers Agent - Is One Needed?
Posted by spooks
Yes, it was an open house, although we did tell them we were working with someone. Just wondering if its needed even.
No, in fact, it works better for you to not have one. The reason being is that the sellers agent has to get paid, a buyers agent would need to as well. This means that the sellers need to pay two commissions. this being said, the amount that the sellers can go down to wouldn't be as low b/c they are paying two commissions, not just one.
does this make sense?
besides, once you get to an agreed on price, you then have an attorney. this person will then represent you. (if this is what you are concerned about).
I would definitely keep a "buyers agent" out of it, if you don't really have one...
JMHO
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| Posted 8/4/08 7:12 AM |
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CurlyQ
Member since 6/07 2024 total posts
Name:
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Re: BUyers Agent - Is One Needed?
Posted by rkoenke
Posted by spooks
Yes, it was an open house, although we did tell them we were working with someone. Just wondering if its needed even.
No, in fact, it works better for you to not have one. The reason being is that the sellers agent has to get paid, a buyers agent would need to as well. This means that the sellers need to pay two commissions. this being said, the amount that the sellers can go down to wouldn't be as low b/c they are paying two commissions, not just one.
does this make sense?
besides, once you get to an agreed on price, you then have an attorney. this person will then represent you. (if this is what you are concerned about).
I would definitely keep a "buyers agent" out of it, if you don't really have one...
JMHO
ITA on this one. Plus with MLSLI, you can find the houses yourself that you want to see!
Message edited 8/4/2008 9:46:21 AM.
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| Posted 8/4/08 9:45 AM |
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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: BUyers Agent - Is One Needed?
Posted by CurlyQ
Posted by rkoenke
Posted by spooks
Yes, it was an open house, although we did tell them we were working with someone. Just wondering if its needed even.
No, in fact, it works better for you to not have one. The reason being is that the sellers agent has to get paid, a buyers agent would need to as well. This means that the sellers need to pay two commissions. this being said, the amount that the sellers can go down to wouldn't be as low b/c they are paying two commissions, not just one.
does this make sense?
besides, once you get to an agreed on price, you then have an attorney. this person will then represent you. (if this is what you are concerned about).
I would definitely keep a "buyers agent" out of it, if you don't really have one...
JMHO
ITA on this one. Plus with MLSLI, you can find the houses yourself that you want to see!
I thought a percentage the sellers were paying to realtors was pre-determined before the house is listed? The seller's realtor than decides how much they are paying out to a buyer's agent. Meaning, if there wasn't one, s/he would get the whole thing.
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| Posted 8/4/08 10:41 AM |
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PreshusSmurf
So in love with my little guys
Member since 1/07 2963 total posts
Name:
Jess
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Re: BUyers Agent - Is One Needed?
Posted by Katie111806
I thought a percentage the sellers were paying to realtors was pre-determined before the house is listed? The seller's realtor than decides how much they are paying out to a buyer's agent. Meaning, if there wasn't one, s/he would get the whole thing.
I'm pretty sure that Katie is right about this ...
When the seller lists their house with the RE, a fixed % is determined.
For example, 6% commission. This means that the Listing Agent will get 3% and the Selling Agent will get 3%.
(That whole 3% doesn't go to the agent though, they then split that with the office they work for ... so I think on a 6% house, each agent would typically walk away with something like 1.5%)
The only possible financial benefit to having 1 agent is that they (and their office) would get the whole 6%.
If the buyer & seller are negotiating the sale and there is only a small price difference between their numbers ... the agent has the option of agreeing to take part of that difference out of their commission in order to get the deal done.
Its easier for them to agree to this when they're getting both ends of the commission ...
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| Posted 8/4/08 11:01 AM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: BUyers Agent - Is One Needed?
of what I learned dealing with buyers agents...YOU DONT NEED ONE! Just go straight to the source. They will guide you and even assist you with a realtor who works with the one selling the house.. I found I was doing all the work and it was not worth me to have one...
ALL agents have to guide you plus once you bid and say it gets accepted, your lawyer takes the right steps for you
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| Posted 8/4/08 1:48 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: BUyers Agent - Is One Needed?
Posted by rkoenke
Posted by spooks
Yes, it was an open house, although we did tell them we were working with someone. Just wondering if its needed even.
No, in fact, it works better for you to not have one. The reason being is that the sellers agent has to get paid, a buyers agent would need to as well. This means that the sellers need to pay two commissions. this being said, the amount that the sellers can go down to wouldn't be as low b/c they are paying two commissions, not just one.
does this make sense?
besides, once you get to an agreed on price, you then have an attorney. this person will then represent you. (if this is what you are concerned about).
I would definitely keep a "buyers agent" out of it, if you don't really have one...
JMHO
I just read this after I posted and I TOTALLY AGREE! you dont need them and you may get a better price on the house in the long run without the buyers agent. just call the sellers agent directly.
Good Luck
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| Posted 8/4/08 1:50 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: BUyers Agent - Is One Needed?
Posted by PreshusSmurf
Posted by Katie111806
I thought a percentage the sellers were paying to realtors was pre-determined before the house is listed? The seller's realtor than decides how much they are paying out to a buyer's agent. Meaning, if there wasn't one, s/he would get the whole thing.
I'm pretty sure that Katie is right about this ...
When the seller lists their house with the RE, a fixed % is determined.
For example, 6% commission. This means that the Listing Agent will get 3% and the Selling Agent will get 3%.
(That whole 3% doesn't go to the agent though, they then split that with the office they work for ... so I think on a 6% house, each agent would typically walk away with something like 1.5%)
The only possible financial benefit to having 1 agent is that they (and their office) would get the whole 6%.
If the buyer & seller are negotiating the sale and there is only a small price difference between their numbers ... the agent has the option of agreeing to take part of that difference out of their commission in order to get the deal done.
Its easier for them to agree to this when they're getting both ends of the commission ...
Depends on the contract... My contract, that i signed like a dumb-***, because i didn't know better offers 2% commission to a buyers agent ON TOP of the commission i am paying her! Isn't that ridiculous. So, after you add on 1%, forget 2% for a buyers agent, the amount of money that i can give to the buyer in negotiations, i can't, i have to give it to their agent. So, bargaining is tougher and prices get really tight.
Now, in hind-sight, i realize, i didn't NEED to do this! but, i am sure i am not the only clueless person when it comes to selling, i am sure many sellers got suckered into this too!
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| Posted 8/4/08 4:05 PM |
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