It is not uncommon to have someone sign a Buyer-Broker agreement where the commission paid is outlined. Remember, no one wants to work for free - agents have children to feed just like everyone else. In a situation where the seller is only offering a 1% or 2% co-op fee, the buyer's agent could be losing a lot of money. Considering the cost of time, gas money, etc, it could result in an agent spending more than they're "earning" in some situations.It is not a horrible thing to sign this agreement, but you need to take into consideration what the co-op fee is when you make your offer on the house. If you are going to have to pay your agent an extra $1000 to $2000 at closing, then you will probably want to offer less to begin with. Also, take a look at what the contract says about what your agent owes you in terms of service. If your agent is not living up to his/her end of the bargain, you can usually get out of the contract.I am an agent in Tucson, Arizona. I sign Buyer-Broker agreements with my clients all the time (although I only charge 3% commission - which the seller usually pays). I am also very up-front with my clients about any homes offering a lower co-op so that they can make an informed decision when putting in an offer. In return, I perform my end of the bargain by providing top-notch service, good communication and protecting my clients' best interests.
I'm having the same problem on my listings as well. 3635 E Secretariat Rd., Tucson, AZ 85739 - Want to list it as sold. 161 N Fenceline Rd., Tucson, AZ 85748 - Want to list it as Pending. My email address is RWillis@gotucson.com or you can call me at (520) 481-3695. Thank you!
Paying realtor when buying a home?
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