Buyer's agent fees

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I tried offering 2% when I sold and my house sat in a hot neighborhood - pretty sure the local realtors were blacklisting it. Was told by my realtor that I needed to go up to at least 2.5% because 2% simply wasn’t done in the neighborhood. I did and sold within a few weeks, although the buyers agent complained that I wasn’t offering 3%!

Another house in the neighborhood being sold by a discount agent also took much longer than normal to sell and ultimately the buyer was represented by another discount agent. I had been by a top selling agent whom I had interviewed but didn’t hire that she would steer buyers away from discount agents because they and their sellers were “difficult.”

Sample size of 2, but I would be careful out there. I think it’s disgusting, but seems the reality right now, at least certain places.

Another liar. If you're in a neighborhood someone wants to live in, a buyer will find that house on Redfin or Zillow. It's impossible for buyer's agents to "blacklist" your home in this day and age, PP. You are clearly a 60+ year old real estate agent.[/quote

Evidence of buyers agents blacklisting homes was presented at Moehrl v. NAR. The audio recordings are particularly incriminating, see Agent Call 1 @1:00

https://soundcloud.com/rexrealestate
https://www.inman.com./2022/07/08/more-than-700-agent-steering-calls-suggest-price-fixing-lawyers-charge/
https://www.reddit.com/r/REBubble/comments/1c...e_calls_of_realtors/

A transcript or quote would be great, t hanks

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are filing suit against five listing agents who have quoted 4.5 to 5% total fee to include buyer agent comp. They all cite that “nothing has changed” and that if we don’t specify a buyers agent fee in the listing, our home will not sell. We are downsizing, planning to sell our longtime family home. Thi is highway robbery. Our son is an excellent attorney so not costing us much here.

awesome. Good job guys

I will add that we are in our late 70s....so they likely think they can scam us.

Where are you filing suit? Is your son representing you in the suit? What is the basis for your suit?

(Litigator sitting here with popcorn waiting for granny and pops to realize they are being scammed by the brilliant person who told them to bring a suit against listing agents. )

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm a buyer and a realtor is asking for 3% commission, negotiated with the seller but it's my job to pay her the difference if the seller doesn't agree.

How are other people handling this? For a $2M home, $30K feels awfully rich for opening a few doors. There's no world where I'm going to pay a realtor 10x more money than I earn per hour.

No one has paid 3% for at least 20 years. We ought our first house 15 years ago with a 2.5% commission. This past year (before the settlement went into effect), we only paid 2% as buyers.

Not defending anyone but all of the foreclosure companies pay 3% to buyer agents.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are filing suit against five listing agents who have quoted 4.5 to 5% total fee to include buyer agent comp. They all cite that “nothing has changed” and that if we don’t specify a buyers agent fee in the listing, our home will not sell. We are downsizing, planning to sell our longtime family home. Thi is highway robbery. Our son is an excellent attorney so not costing us much here.

What state are you filing suit in? Are you suing the agents or their brokerages?

Cant reveal too much but going after agents AND brokerages. All crooks engaging in collusion, price fixing, misrepresentation, etc.

We are doing the same thing as we found out that our listing agent refused to accept two independent offers from buyers who didn't have representation.

How did you find that out (that she didn’t submit the offers?)

[Anonymous]

Anonymous wrote:I’m interviewing agents for a spring listing. We have listened to so many agents who are ignoring the settlement and insisting on ancient 5-6% riff off fee. We have now started to record the agents citing as such. Yes…we do plan to file civil suit. These morher$$foc$ agents are in for it.

Are you telling agents that you are recording their comments? If not, you may be open to a suit by them for illegally recording their comments.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m interviewing agents for a spring listing. We have listened to so many agents who are ignoring the settlement and insisting on ancient 5-6% riff off fee. We have now started to record the agents citing as such. Yes…we do plan to file civil suit. These morher$$foc$ agents are in for it.

Are you telling agents that you are recording their comments? If not, you may be open to a suit by them for illegally recording their comments.

DC and VA are both one party consent jurisdictions. MD requires both parties.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are filing suit against five listing agents who have quoted 4.5 to 5% total fee to include buyer agent comp. They all cite that “nothing has changed” and that if we don’t specify a buyers agent fee in the listing, our home will not sell. We are downsizing, planning to sell our longtime family home. Thi is highway robbery. Our son is an excellent attorney so not costing us much here.

awesome. Good job guys

I will add that we are in our late 70s....so they likely think they can scam us.

Where are you filing suit? Is your son representing you in the suit? What is the basis for your suit?

(Litigator sitting here with popcorn waiting for granny and pops to realize they are being scammed by the brilliant person who told them to bring a suit against listing agents. )

Sounds like someone didn't get a cut of the legal fees in the NAR settlement.

https://www.housingwire.com/articles/plaintiffs-attorneys-seek-220m-from-nar-homeservices-settlements/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm a buyer and a realtor is asking for 3% commission, negotiated with the seller but it's my job to pay her the difference if the seller doesn't agree.

How are other people handling this? For a $2M home, $30K feels awfully rich for opening a few doors. There's no world where I'm going to pay a realtor 10x more money than I earn per hour.

No one has paid 3% for at least 20 years. We ought our first house 15 years ago with a 2.5% commission. This past year (before the settlement went into effect), we only paid 2% as buyers.

Not defending anyone but all of the foreclosure companies pay 3% to buyer agents.

That's cool- nobody is saying that they can't pay whatever they want to. They are just saying they shouldn't be forced to pay something they haven't agreed to, or lied to about their obligations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are filing suit against five listing agents who have quoted 4.5 to 5% total fee to include buyer agent comp. They all cite that “nothing has changed” and that if we don’t specify a buyers agent fee in the listing, our home will not sell. We are downsizing, planning to sell our longtime family home. Thi is highway robbery. Our son is an excellent attorney so not costing us much here.

awesome. Good job guys

I will add that we are in our late 70s....so they likely think they can scam us.

Where are you filing suit? Is your son representing you in the suit? What is the basis for your suit?

(Litigator sitting here with popcorn waiting for granny and pops to realize they are being scammed by the brilliant person who told them to bring a suit against listing agents. )

LOL! Ok, agent. It is much easier to settle with agents than you think. They do a lot of shady things and never want any of that to come in litigation. LOL

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm a buyer and a realtor is asking for 3% commission, negotiated with the seller but it's my job to pay her the difference if the seller doesn't agree.

How are other people handling this? For a $2M home, $30K feels awfully rich for opening a few doors. There's no world where I'm going to pay a realtor 10x more money than I earn per hour.

No one has paid 3% for at least 20 years. We ought our first house 15 years ago with a 2.5% commission. This past year (before the settlement went into effect), we only paid 2% as buyers.

Not defending anyone but all of the foreclosure companies pay 3% to buyer agents.

That's cool- nobody is saying that they can't pay whatever they want to. They are just saying they shouldn't be forced to pay something they haven't agreed to, or lied to about their obligations.

+1

[Anonymous]

Sue any agent and their broker who even hints, implies anything contrary to the recent ruling regarding buyers comp process. Once word gets out about RE agents losing license and $$, others will wisen up. Unfortunately more lawsuits to the effect across the board will serve as a deterrent. The RE community is corrupt, entitled and it’s going to take some time and further beatings for them to “get it”.

[Anonymous]

REMax is still pushing for higher commission and I have made a complaint to NAR and see if they officially do anything.

[Anonymous]

OP here. Thanks for all the helpful responses, and I’ll be contacting some of the resources mentioned. I do feel that having an agent is an advantage in a tight market, but not sure how much I’m willing to pay for that.

[Anonymous]

Anonymous wrote:OP here. Thanks for all the helpful responses, and I’ll be contacting some of the resources mentioned. I do feel that having an agent is an advantage in a tight market, but not sure how much I’m willing to pay for that.

We started looking at houses without an agent (and have bought in the past without one and as lawyers we feel qualified to do this). But ended up getting one and are glad we did due to, exactly as you put it, the "tight market." We are closing on a house next month and our agent is getting 2.5% paid by the sellers (but of course it's "paid by the sellers" -- as in everything is in some way reflected in price).

[Anonymous]

Ok, looking for house that’s upper bracket in a buyer’s market.
Buyer’s agent claimed 2.5% is nonnegotiable and would most likely be paid by seller.
I’d rather not pay the commission, especially since we’re experienced buyers. I’d be fine with a flat fee.
Or do I just contact the listing agent?