Buying without a buyers agent?
We are interested in buying a house that is listed and shown to us by realtor #1. We are wondering if we should sign a buyers agent contract to have a different realtor to represent us. How do you do this? What happens to the commission on the sale of the home? Is it split between the two realtors? We just dont want to go into a contract with the listing agent uneducated.
we have signed nothing with anyone. we were shown the house by the agent that also listed the house, so we aren't necessarily dumping one agent for another. My concern is that if we work with the listing agent, their interest is in getting the most money they can for their seller. Our interests are not necessarily their first priority........ so that is why i wondered about getting another realtor to come in and simply represent us on the transaction. is that not polite? Im at a loss here. we ARE ordering a home inspection though, (I know that is the next question that will be asked) ha ha
Good news! We have not looked at the house yet, but have an appointment set up to look at it. Can our realtor take us to the appointment and still represent us and get her commission? If the seller doesn't want to pay the fee, we would be willing too because this woman has really done a lot of work for us and she deserves a commission when we finally do buy.
- LandlordLv 71 decade agoFavorite Answer
If you signed a dual agency agreement you are sunk.
But if you did not, yes, get yourself your own agent. In a dual agency the agent is legally not allowed to help you get a lower price and their primary responsibility is to the seller.
- Anonymous1 decade ago
You have a bit of a problem. In real estate there’s a big issue called Procuring Cause of Sale.” This blog gives a pretty simple explanation of your issue:
The listing agent informs your Buyer’s Agent that she was in the home when you visited over the weekend and that she is the Procuring Cause of the sale. She is fine with your agent writing the contract but because she was the procuring cause, she will not agree to pay your agent’s commission. Since Realtors earn their living from commissions, unless you agree to pay your agent outside the transaction, it is doubtful they would agree to represent you on this home.
You now have to make a decision. Do you want to use the agent representing the Seller only (you have no representation) or Dual Agency (the agent trying to represent both you and the seller) or walk away from the home altogether?
You should be working with a buyer’s agent *before* you view any properties. If you had done so, the listing agent’s commission would have been split with your buyer’s agent costing you nothing. Now your options are to pay for representation or work alone.
- Anonymous1 decade ago
Generally you don't want to buy a home from the same agent that has listed by becasue, there can be conflict of interest, there are rule in to prevent this, however GET yourself a realtor to buy who interests lie in getting you the best house. Commission split it based on what the buyer pays and is paid out by the seller, This is question better answered buy a Buyers agent who is working for you only. Hopefully this helps.
- ?Lv 44 years ago
Too late, settlement signed and ratified. ensure you have a house inspection. And NO, the builder would not upload in 3% to each and each homestead. Realtors are a merchandising price for builders, the comparable as newspaper commercials. we glance on the style of sales achieved to brokers final 12 months and roll this into the merchandising budget. to illustrate. 50% of all sales final 12 months have been with brokers. we've a 4% merchandising budget. So we budget a million/2 of this for commissions. the different 0.5 (2%) is for different merchandising (newspapers, etc). soliciting for a coupon via fact you probably did no longer use an agent is the comparable as soliciting for a coupon via fact you probably did no longer see the advert interior the newspaper.
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- Anonymous1 decade ago
Cancel the appt. and have your realtor make another appt. If you like your realtor and she has done a lot of work for you, do all your dealing through her rather than dealing with listing agents yourself.
- Ed AtunLv 71 decade ago
It's a shame that you have to worry about this. But it is a fact of life that the realty agents have rules (you aren't bound by their rules) that they must abide by. So we would have to know why you are "dumping" realtor #1. And we need to know if #1 is happy or unhappy with being dumped. I hope you didn't sign any paper with #1 that says she gets paid if you dump her. Did you. .