No. It's perfectly normal to negotiate commission especially when you've already chosen the home. However, do it up front, do not try and wait until you are about to close and try to change the deal then.
No. It's perfectly normal to negotiate commission especially when you've already chosen the home. However, do it up front, do not try and wait until you are about to close and try to change the deal then.
Capt Caveman
Lifer
- Jan 30, 2005
- 34,547
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The folks giving the OP a hard time are funny. If the realtor friend of his wife says no and he can just go to the Ziprealty Real Estate Agent who will give him 20% of their commission no questions asked.
Are you really a moron IRL, or do you just play one on AT?
The guy has already found the house himself. All the realtor has to do is the paperwork to complete the sale.
Personally, I would bargain for 50% back. You found the home, they're just pushing some papers around to finish it. You did half the work.
Even the buyer's agent is never acting purely in your interest, they take a percentage commission, meaning they want a higher sale price to take home more. Depending on the price, you might be able to get a real estate attorney (especially if you have a friend) to do it flat rate.
Personally, I wouldnt use a realtor if I found the home, ESPECIALLY if it was FSBO. I think their take is far too high for the service rendered if you're willing to do some of the work yourself, but it's not for everyone. It's not so complicated a process that a self-educated person can't do it, it's not like you need a certain degree to be a realtor. You just need a certain # of classroom hours and a license.
And before we get a realtor in this thread yelling at me, let me address that. Some of you are worth your weight in gold, especially to those who deal in investment properties, where you act on our behalf to quickly grab a property at a bargain. To the average homebuyer, though, the commission is high. To those of you that are good at your job and truly negotiate on their behalf for the best possible price (high or low, depending on the party), you're awesome. But there are a lot who arent.
Even the buyer's agent is never acting purely in your interest, they take a percentage commission, meaning they want a higher sale price to take home more. Depending on the price, you might be able to get a real estate attorney (especially if you have a friend) to do it flat rate.
Personally, I wouldnt use a realtor if I found the home, ESPECIALLY if it was FSBO. I think their take is far too high for the service rendered if you're willing to do some of the work yourself, but it's not for everyone. It's not so complicated a process that a self-educated person can't do it, it's not like you need a certain degree to be a realtor. You just need a certain # of classroom hours and a license.
And before we get a realtor in this thread yelling at me, let me address that. Some of you are worth your weight in gold, especially to those who deal in investment properties, where you act on our behalf to quickly grab a property at a bargain. To the average homebuyer, though, the commission is high. To those of you that are good at your job and truly negotiate on their behalf for the best possible price (high or low, depending on the party), you're awesome. But there are a lot who arent.
I could point out how wrong you are or how you obviously are thinking straight like these fine forum members before but instead I will just stick to personal attacks, jackass.
Capt Caveman
Lifer
- Jan 30, 2005
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I bought a house using Zipreality.com and was given 20% of the commission back as a rebate check.
Does anyone else have any additional comments about ziprealty.com? Pros/Cons?
Any different from a "typical" real estate agent?
Any different from a "typical" real estate agent?
mugs
Lifer
- Apr 29, 2003
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The buyer's agent is absolutely acting in their own interest, but it's in both realtors' best interest to get the deal done faster rather than at a higher price.
It should come as no surprise that JulesMaximus's wife is a realtor.
My mother-in-law is also a realtor, so it should come as no surprise that I don't much care for them.
I kid.
Originally posted by: mugs
The buyer's agent is absolutely acting in their own interest, but it's in both realtors' best interest to get the deal done faster rather than at a higher price.
It should come as no surprise that JulesMaximus's wife is a realtor.
My mother-in-law is also a realtor, so it should come as no surprise that I don't much care for them.
I kid.
As far as timeliness, sort of. It's sort of a leveraged transaction, neither is working with their own money. They're working with someone else's home equity, so unless their expected rate of return on a typical investment is VERY high, holding out to sell the home for an extra $10k is huge.
The only real incentives to close quickly are to have pleased parties whose business they hope to retain (again, referencing my argument in using a realtor for investment vs home purchase), being able to claim faster turnaround to potential customers (who's going to verify the claims anyway?), and getting it off the books to concentrate on other sales.
I really think that if the OP did the legwork in finding the home, the commission should be cut drastically. If, as JulesMaximus said, the buyer's agent spends a lot of time driving people around, well that's the bulk of the work that the OP already did.
Pushing papers isn't worth 6% of the price. On a $300k home, we're talking an $18k swing.
Contact the seller agent for a walk through, and use a lawyer to get the paper work done as waggy suggested.
Make sure that you get the best possible deal out of it because you are saving the seller a large amount of money. And, write everything down in the condition (use the paper work from your old home purchase as a guide).
It take bankers/brokers 1-2 week to get the paper work done therefore give yourself an additional week or 2 (total of 2-4 weeks) after closing for possesion.
All conditions must be met before you check it off the list. Inspection, financing approval, may include windows blinds/appliances/furniture (itemize all individually).
That said,
You are maybe a cheapskate, but you are not a douche. Its your money that they want, and they must meet your condition, otherwise take your money somewhere else where it is appreciated
Make sure that you get the best possible deal out of it because you are saving the seller a large amount of money. And, write everything down in the condition (use the paper work from your old home purchase as a guide).
It take bankers/brokers 1-2 week to get the paper work done therefore give yourself an additional week or 2 (total of 2-4 weeks) after closing for possesion.
All conditions must be met before you check it off the list. Inspection, financing approval, may include windows blinds/appliances/furniture (itemize all individually).
That said,
You are maybe a cheapskate, but you are not a douche. Its your money that they want, and they must meet your condition, otherwise take your money somewhere else where it is appreciated
I hate to tell you this, but you are clueless, and probably don't even own a house, why did you even waste your time to give such bad advice?? if the listing agent shown you the house, any offer from you, he/she will get both seller/buyer's agent commissions, eventhou he isn't your buyer's agent. This is true in my state, and I am sure the agents in your state operate the same.
Another thing, if you dont have a license, you are just not legally entitle to any money from a real estate transaction, period.
Took possession of my house this last x-mass, and possession was 3 weeks after viewed/offer.
The law here may different from where you are.
In Victoria BC, Canada we do not need a real-estate agent to sell or purchase a home, however the Real-estate Cartel MLS.CA will only list a home that represent by license agents.
To protect their job, realtors tend to boycott For Sale By Owner & 1% Realty by not showing the house to there buying clients. Leaving their client to do their own research if they want to view houses that isn?t on the Multiple Listing Service.
It often require an agent to view a listed house, because agent claim that they only want to show the house to serious purchaser. However, selling agent may show the house to a potential buyer with out a representative agent because they want to accelerate the selling process.
Buyer that doesn?t have a representative agent may also view houses that have Open House, and make an offer with out an agent.
[add] Double agent is relatively common here too, but it is my right to allow the agent to represent or not represent me.
I'm not entitle to money from a seller or their agent, however it doesn't hurt me to state that the seller is getting a saving, because the seller agent do not have to share the commission with a buyer agent. Therefore I will make a lower offer and let the seller and their agent work out the details.
Home for sale - fsbo mess
When you bought your house, was the purchase price higher or lower than the appraisal value?
So I bought a house...
<-- 6 months research, viewed almost 100 houses, and jumped on a house when saw a good deal.
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