Profile picture for farmboy11

buying home through selling agent

I have been contacting the listing agents for showings.  But on some of these homes why do am I not getting the listing agent to show me the home the transfer me too another person too show me the home?  I only want too buy through the listing agent.  So I want save on the buyers agent commision so IF a person other that the listing agent him or her self show me but the agent that shows me the home is with the listing agent company shows the home do they get the buyers commision?
  • February 05 2010 - US
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Answers (12)

- Your analogy comparing the puchase of houses and $5 knick-knacks is unconvincing.

Great. Then go to Christies and try to buy something at auction and not pay the buyer's premium. The analogy extends from "knick-knacks" to multi-million dollar works of antiquity and find art - there are markups, and they are often quite non-negotiable. Oh, and auction houses, it's more like 15%. On top of the purchase price. And, yes, the Seller also pays a hefty fee.

 - As jkonstant ponts out, if it is possible to negotiate a lower commssion with all the parties involved, why not?

Do you want to know what the risk is? Well, I prefer not to put that on the table. But, certainly, when I am the Listing Agent, I might be very willing to buy your rights to representation. If that's what you want. Because, I represent the Seller. C'mon into my web, little fly!
  • February 07 2010
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Profile picture for falsedawn
"Where do buyers get the idea that they are a party to the listing agreement?"

They don't, and don't need to be. It's a well known fact that the commission is going to be "around" 6%.
As jkonstant ponts out, if it is possible to negotiate a lower commssion with all the parties involved, why not? How does this not benefit everyone? The seller pays the listing agent less (who still gets more, because they don't have to split it), and the buyer (as long as they do their research, can negotiate a lower price).

"This is like walking into Staples and demanding a discount because I found the store and the items I was looking for myself."

Your analogy comparing the purchase of houses and $5 knick-knacks is unconvincing.


"Listing Agents don't want to be involved in the work that is required to help someone buy a home."

In this market, can they really afford to be so choosy? In any case, that's what RE attorneys are for. Buying a house is not rocket science.
  • February 07 2010
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Where do buyers get the idea that they are a party to the listing agreement?

This is like walking into Staples and demanding a discount because I found the store and the items I was looking for myself.

The Seller hires a broker to bring you, farmboy11, into the transaction. When we do that, we get paid. By the seller, with your money (as FalseDawn points out).

The Seller, with your money, is also paying off their mortgages, paying the county excise tax, and paying off whatever else they have a legal obligation for or have contracted to. They thank you. For this, you get keys.

Back in the go-go days, listing agents were easier on the commissions, because the deals were easier. Today, not so much. If I have to deal with your lender and appraisal issues, then I am so going to get paid for it. Otherwise, another agent can get paid for it. You, on the other hand, get to pay for it!!! Or, you can go buy another, less desirable house.

  • February 07 2010
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Profile picture for Mark LeMenager
Oh falsie and farmboy, you guys still don't get it do you.  Doesn't matter where the money comes from, it's the contract between the listing agent and the seller that determines how much the seller must pay the listing agent.  That is typically 5 to 7 % in the current market.  The listing agent will offer some of that (usually half) to buyer's agents to get them to bring their clients to the property.  And guess what, why would the listing agent tell you anything about their contract with the seller.  You'll never know their commission until you see it on the HUD at closing.

Sure it's the buyer's money, but it's contracts that count.
  • February 06 2010
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Profile picture for daveyjones2007
Hamp I saw your picture and had to read this, knew your comment would make me laugh.  Hope you're well.
  • February 06 2010
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Listing Agents don't want to be involved in the work that is required to help someone buy a home. The listing side is much simpler, and they like it that way. That's why they are listing agents. They put signs in the yard of as many homes as possible, and then wait for Buyers Agents to help someone buy their listings. The only person they have to "sell" is the seller. They do this by convincing them they will get top dollar for the house. Why would you want someone, whose commitment is to get "top dollar" for the house, helping you? You'd be better off unrepresented.
  • February 06 2010
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You can certainly do this. The commission agreement is between the seller and the listing agents broker. The agent is just an agent for both. You will need seller, broker and agent agreement to reduce the commission and it may or may not work. As a dual agent, I have done this a few times. Agents often give up some commission to make it all work. I would make one small concession though. If the commission is 6%, in fairness to the agent/broker and to better position yourself in the negotiations, try getting a reduction/ credit to reflect a 4% commission to the selling side agent/broker as incentive.. Otherwise they cn keep marketing with a greater likelihood of getting just 3%.

Check you state laws regarding agency/representation. You do not need an agent to represent you meaning the listing agent can remain the sole agent for the seller and you are on your own.
  • February 06 2010
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Profile picture for farmboy11
falsedawn,
  So im thinking we are on the same page right? Bottom line the buyer pays the listing agent? right!  Mark sayin they get double the commisson means nothing if they want say 3% as a selling agent and the difference is 5,000 on a 200,000 home they will give up the 5,000 or close too it too make the sale right?
  • February 06 2010
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Profile picture for falsedawn
"It's the listing agent that pays the buyer's agent"

Good grief, when will you learn?

Buyer pays seller.
Seller pays listing agent.
Listing agent pays buyer's agent.

Therefore, through transitivity, the buyer pays the Buyer's agent.
  • February 05 2010
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Profile picture for Mark LeMenager
Oh farmboy, why do you think you will save ANY money?  All that will happen is that the listing agent will get double their normal commission.  It's the listing agent that pays the buyer's agent, NOT the seller.  If there is no one to pay, then the listing agent gets to keep it all.
  • February 05 2010
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Some listing agent don't want to represent both sides to a transaction. It doubles the liability for the agent.

I had a seller that listed his home with the agreement that I would not represent the buyer at the same time.

Fiduciary responsibility becomes clouded when you repesent both.

Example:

A home is for sale in an area that is known for it's eroded cliffs. It's a foreclosure. The seller or the agent has no responsiblity investigating geological issues. The seller's agent wants no part of representing a buyer in the sale of this home. Why would he? His liablity is increases 100%
  • February 05 2010
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The contract between seller and listing agent says that the listing agent is paid XX percent of the sales price in the form of a commission. If the listing agent sells the property on their own, they can (and do) keep 100 percent of the commission. If another agent assists the buyer in the purchase of the home, the listing agent splits their commission with the other agent.

There are alot of listing agents who prefer not to due the whole transaction due to their fiduciary responsibility to the sellers. Once an agent enters in a dual representation (representing both buyer and seller) they end up being a facilitator to the transaction and are not able to offer advice to either party or provide information to either party that would give one client an advantage over the other.

 
  • February 05 2010
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