Profile picture for bollweevil

Discount Buyers Agents

We have found 4 houses we would like to look at in Edmond.  Are there any buyers agents in the area that will negotiate their commission?  I don't need hand holding or someone to search for me but I do need an agent that is willing to work with me on splitting the 3%. 

Thanks
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June 26 2010 - Edmond
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Answers (6)

This seems a little confusing for an Oklahoma question! I have never had a Buyer ask me to split the pre-disclosed commissions/fees with them!

As a Buyer, you do not pay a Buyer's Agent fee with our organization, at all! $0.00. The Buyer's Agent fee is paid by the Seller and should not effect your Buying Power, in the grand scheme of things. It boils-down to, "Does a Seller want to sell the house or not?"

Also, AND VERY IMPORTANT, Oklahoma is a non-inducement state, so a Buyer can not be compensated financially, in any way, (straight cash/check, etc). It's a RESPA thing! A Buyer can have closing costs credits and such, on the Settlement Statement, but nothing else. If you are purchasing with a govt backed loan, they sometimes frown on any allowances, as well, (carpet, etc). Now I understand why no Oklahoma REALTOR has responded yet! We can not even participate in national give-aways with our parent company(ies) for Buyers OR Sellers.

If you are looking to get a referral fee and NOT licensed in Oklahoma, (or inactive), this is way-different and every Realtor has preferences. As noted in some examples from previous comments, each office operates in a different fashion.

Best of luck!
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June 28 2010
find an agent that works for a 100% company. for example, at my firm, I only pay $300 a transaction to my broker, hence what you are suggesting is more reasonable.

Also, a commission credit has to come through title on the HUD-1, so make sure your lender will allow it; Sometimes underwriting disallows such, or even seller paid closing costs.
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June 26 2010

That I don't know. I have always worked for companies that only take a transaction fee. But that's a good question. I have heard that some well-known companies don't allow their agents to reduce their commission. Maybe finding an agent who isn't on a split would be your best route. Again, make it known upfront and be prepared to explain why it's good for the agent to do this.

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June 26 2010
Profile picture for bollweevil
That is a good point.  And maybe such a deal can't be had but it never hurts to test the waters.  Which leads to the next question of, in general when an agreement is made does the broker concede some some of their split or is it usually all on the agent?  I understand all situations are different but just curious, such as in the event of a 1% listing. 

Thanks
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June 26 2010
It has to make sense for the agent. If they are splitting the commission w/their broker, it may not make sense. Call around to different agents and interview them. The commission split shouldn't be the deciding factor on picking someone to represent you. But if it is, at least make this known upfront.
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June 26 2010
Profile picture for wetdawgs
Please be aware that when an buyer's agent "get's 3%", that is usually split with their broker, perhaps 50/50 (perhaps a different split).  Therefore, if you wish to split the commission, you may be splitting 1.5% not the 3%.



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June 26 2010
 
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