Profile picture for kvrn

Buyer Agent commission back to buyer

I wanted to make a full-price cash offer on a property I'd found myself.  I am looking for an agent in Fairfax VA area who was willing to spend a few hours writing up my offer/contact review and higher commission back to me OR flat rate. Thank you in advance for your help.

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June 03 2011 - Herndon
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What's the value of the property? I'm guessing you're assuming it's a good value at the price, since you're willing to make a full-price offer. But it could be overpriced. Or it could be deliberately underpriced in order to spark competition. That's happened a lot with short sales and foreclosures in Northern Virginia. So even a full-price cash offer might not get the property for you.

If it's a conventional sale, your strategy could make sense. But if it's a short sale or a foreclosure, then the agent you use may find him/herself devoting a lot of time and effort to the process . . . in which case a commission rebate wouldn't be as attractive considering the work to be done.

Hope that helps.
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June 05 2011
Profile picture for Dunes....
Information on Commissions from the Department of Justice
(Anti-Trust Division) that every Member of the Public should Read...

Competing Models of Real Estate Brokerage

"Ten states forbid buyers' brokers from rebating a portion of the sales commission to the consumer. Eight states require consumers to buy more services from sellers' brokers than they may want, with no option to waive the extra items. HUD recently clarified its rule that rebates are permissible under RESPA as long as they are reported on the HUD-1 form." ...What are the laws in your state?

Consumers can save thousands of dollars in commissions

"New business models are emerging that allow consumers to save thousands of dollars when they buy or sell a home. Where these practices are allowed, some buyers' brokers are offering refunds on commissions, and some sellers' brokers are charging only for services actually used." Competition and Real Estate..

Discount Brokers Can Make Selling a Home Less Costly.

Rebates Make Buying a Home Less Expensive.

Calculate how much you can save


Learn what your options are.. don't mistakenly think Agents will tell you
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June 05 2011
If your writing a full price offer why do you want money back? Why dont you have your offer written at a lower price by a licensed Realtor and they can manage your transaction for you (Inspections etc)

With cash you can be more agrressive. So a lower offer is not out of the question.

Just a thought.
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June 05 2011
Profile picture for sunnyview
What is making folks think that person is even eligible for a VA loan? It is because they live in VA (Virginia)?
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June 05 2011
In San Diego California, this year VA buyers were able to get a "rebate" through their lender and a Realty Program. It was a % and directly came out of the agent's commission.  Perhaps the VA and your bank/lender can tell you if there is one in your area. You may need a loan amount to get the rebate and I do not know if all cash is accepted for the program. Believe the program required a realtor.
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June 05 2011
kvrn,

Check your state's guidelines and laws on this.  My state of Florida allows commission rebating but I do not know about Virginia.  What you really need is a Realtor who also offers consulting as well as brokerage services.  Which just means they also do work on a hourly fee basis as well as on commissioned sales.  I do this to offer my client's the greatest opportunities to address their individual needs.  Good Luck!

Capt. Shawn
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June 05 2011
Profile picture for minotau
I think that Redfin covers that area - www.redfin.com

They rebate 50% of the buy side commission back to the buyer.
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June 03 2011
Profile picture for hpvanc
Perhaps the correct way to phrase it in the contract is a discount for being unrepresented.  You could do it whether you have engaged an agent and agreed to pay a fixed rate to assist with the contract or an attorney to do the same thing.  The OP did ask specifically if they could do it flat rate, I merely suggested that an attorney is another alternative for a flat rate service.

It borders on criminal but is the fault of sellers for allowing agents to write listing contracts that let them keep the entire commission if they sell to an unrepresented buyer, or set the commission for the buyers agent without the ability to know the level of services that the buyer is going to use or even what they desire.  DOJ Anti-trust is also asleep at the switch for not pursuing this particular monopolistic price setting practice.  The issue is not that agents are not entitled to be compensated for their services, but that the service desired/required/delivered varies so widely and the consumer of the service in this case the buyer has very little control over it.  The listing contracts are written with as much boilerplate as possible to prevent buyers from taking even minimal control of it.
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June 03 2011
First of all, he's asking for an agent to write the contract so he's not an "Unrepresented Buyer" for all intents and purposes.  Second, I'm not saying that the Listing Broker wouldn't consent to negotiate the commission ... only that it can't be done by way of the sales contract.  The Listing Broker and seller would have to renegotiate their contract to change the commission amount.

I'm not a lawyer, but I believe that contracts can be changed if all parties agree.  However, the buyer is not a party to the listing contract.
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June 03 2011
Profile picture for Dunes....
Sounds like you're suggesting that a Unrepresented Buyer cannot negotiate the Commission with the Listing Agency , that a Listing Agency would never consider or reduce it (The Commission) or the Seller wouldn't agree to it ...is that what we are saying?

Contracts can't be changed if all parties agree?



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June 03 2011
The listing agreement (where the commission amount is stated) is a contract between the listing broker and the seller.  You cannot write anything into your sales contract concerning the commission because you are not a party to the contract between the listing broker and the seller.

kvrn, I'm an agent in Herndon.  I saw your post a couple of hours ago and assumed that a number of agents would jump in to help you.  Since no one has yet responded, I would be willing to talk to you about this.  Please feel free to contact me directly via Zillow.
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June 03 2011
Profile picture for hpvanc
Virginia does allow buyer agent rebates according to the DOJ website, so you should be able to search and find an agent that will perform on those terms.  You could also use a real estate attorney for your contract and try to write into the contract a reduction in commission so that the listing agent does not just keep the full commission. 
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June 03 2011
 
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