Buyer's agent fees

[Anonymous]

Anonymous wrote:

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).

Similar situation - closing this month and the seller is paying the 2.5% commission. Arlington.

[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. )

Also a litigator, and also wondering what they think they are suing for ...

[Anonymous]

Anonymous wrote: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?

You can contact the listing agent to submit an offer. As discussed on this thread they need to take it to their client, ethics requires them to do so, but some have had issues with this. But if you contact them about seeing the house they probably won't take time out of their day to show it to you, and so if you don't have an agent you will need to wait for an open house to see it. If there is one. If there isn't, it'll likely sell within days and you'll miss out.

Or you can find another buyer's agent who is willing to negotiate a flat fee. They are out there. They probably aren't terribly experienced if they have to time to bother with buyers who are wanting to negotiate down their pay, but they exist.

[Anonymous]

seller paying 2.5% to buyer's agent is very inflated. Either the seller is naive or his/her listing agent is crooked. Right now, 1% is the max you pay to buyer's agent. 2.5-3% is the total fees for listing.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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?

You can contact the listing agent to submit an offer. As discussed on this thread they need to take it to their client, ethics requires them to do so, but some have had issues with this. But if you contact them about seeing the house they probably won't take time out of their day to show it to you, and so if you don't have an agent you will need to wait for an open house to see it. If there is one. If there isn't, it'll likely sell within days and you'll miss out.

Or you can find another buyer's agent who is willing to negotiate a flat fee. They are out there. They probably aren't terribly experienced if they have to time to bother with buyers who are wanting to negotiate down their pay, but they exist.

I know the bolded is what people are told, but it's still so funny. Sure I want you to pay me tens of thousands of dollars, but take time out of my day to SHOW the house to a potential buyer? Madness, who would do such a thing.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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?

You can contact the listing agent to submit an offer. As discussed on this thread they need to take it to their client, ethics requires them to do so, but some have had issues with this. But if you contact them about seeing the house they probably won't take time out of their day to show it to you, and so if you don't have an agent you will need to wait for an open house to see it. If there is one. If there isn't, it'll likely sell within days and you'll miss out.

Or you can find another buyer's agent who is willing to negotiate a flat fee. They are out there. They probably aren't terribly experienced if they have to time to bother with buyers who are wanting to negotiate down their pay, but they exist.

Why bother listing with an agent who isn't interested in the best interests of the client? It's in the sellers best interest for the product to be available and presented to all qualified buyers. "The listing agent might not show to unrepresented buyers" is repeated so often here, it's a terrible look for listing agents.

You make a good case to avoid listing agents. Too many cannot be trusted so why risk it.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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?

You can contact the listing agent to submit an offer. As discussed on this thread they need to take it to their client, ethics requires them to do so, but some have had issues with this. But if you contact them about seeing the house they probably won't take time out of their day to show it to you, and so if you don't have an agent you will need to wait for an open house to see it. If there is one. If there isn't, it'll likely sell within days and you'll miss out.

Or you can find another buyer's agent who is willing to negotiate a flat fee. They are out there. They probably aren't terribly experienced if they have to time to bother with buyers who are wanting to negotiate down their pay, but they exist.

These houses have been sitting-
Buyer’s agent wasn’t willing to entertain a flat fee or lower percentage commission although the house price is 2-3 times their average sales price.
Will try sellers agent, who should be motivated

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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?

You can contact the listing agent to submit an offer. As discussed on this thread they need to take it to their client, ethics requires them to do so, but some have had issues with this. But if you contact them about seeing the house they probably won't take time out of their day to show it to you, and so if you don't have an agent you will need to wait for an open house to see it. If there is one. If there isn't, it'll likely sell within days and you'll miss out.

Or you can find another buyer's agent who is willing to negotiate a flat fee. They are out there. They probably aren't terribly experienced if they have to time to bother with buyers who are wanting to negotiate down their pay, but they exist.

These houses have been sitting-
Buyer’s agent wasn’t willing to entertain a flat fee or lower percentage commission although the house price is 2-3 times their average sales price.
Will try sellers agent, who should be motivated

Find other buyer agent and shop around a bit. No agent is worth more than 1% commission.

[Anonymous]

Commissions are going to decline further when the fired feds become real estate agents. Two people from my office signed up for on line courses and are planning to cut their commission significantly so that they can get what they can from buyers and sellers.

[Anonymous]

1% commission is the max.

[Anonymous]

Anonymous wrote:seller paying 2.5% to buyer's agent is very inflated. Either the seller is naive or his/her listing agent is crooked. Right now, 1% is the max you pay to buyer's agent. 2.5-3% is the total fees for listing.

Incorrect.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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?

You can contact the listing agent to submit an offer. As discussed on this thread they need to take it to their client, ethics requires them to do so, but some have had issues with this. But if you contact them about seeing the house they probably won't take time out of their day to show it to you, and so if you don't have an agent you will need to wait for an open house to see it. If there is one. If there isn't, it'll likely sell within days and you'll miss out.

Or you can find another buyer's agent who is willing to negotiate a flat fee. They are out there. They probably aren't terribly experienced if they have to time to bother with buyers who are wanting to negotiate down their pay, but they exist.

I know the bolded is what people are told, but it's still so funny. Sure I want you to pay me tens of thousands of dollars, but take time out of my day to SHOW the house to a potential buyer? Madness, who would do such a thing.

Do you realize that homes in this area are going under contract with 2 to 3 days of listing? Do you think every listing agent has the time to take calls from unrepresented randos and meet them at the property and walk them through it? I will assure you they don't. Not when there are plenty of buyer's agents making appointments and showing the property and putting offers in.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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?

You can contact the listing agent to submit an offer. As discussed on this thread they need to take it to their client, ethics requires them to do so, but some have had issues with this. But if you contact them about seeing the house they probably won't take time out of their day to show it to you, and so if you don't have an agent you will need to wait for an open house to see it. If there is one. If there isn't, it'll likely sell within days and you'll miss out.

Or you can find another buyer's agent who is willing to negotiate a flat fee. They are out there. They probably aren't terribly experienced if they have to time to bother with buyers who are wanting to negotiate down their pay, but they exist.

I know the bolded is what people are told, but it's still so funny. Sure I want you to pay me tens of thousands of dollars, but take time out of my day to SHOW the house to a potential buyer? Madness, who would do such a thing.

Do you realize that homes in this area are going under contract with 2 to 3 days of listing? Do you think every listing agent has the time to take calls from unrepresented randos and meet them at the property and walk them through it? I will assure you they don't. Not when there are plenty of buyer's agents making appointments and showing the property and putting offers in.

If it's that quick and requires that little legwork, sounds like a 1% listing agent fee is appropriate in a hot market with high sales levels.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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?

You can contact the listing agent to submit an offer. As discussed on this thread they need to take it to their client, ethics requires them to do so, but some have had issues with this. But if you contact them about seeing the house they probably won't take time out of their day to show it to you, and so if you don't have an agent you will need to wait for an open house to see it. If there is one. If there isn't, it'll likely sell within days and you'll miss out.

Or you can find another buyer's agent who is willing to negotiate a flat fee. They are out there. They probably aren't terribly experienced if they have to time to bother with buyers who are wanting to negotiate down their pay, but they exist.

I know the bolded is what people are told, but it's still so funny. Sure I want you to pay me tens of thousands of dollars, but take time out of my day to SHOW the house to a potential buyer? Madness, who would do such a thing.

Do you realize that homes in this area are going under contract with 2 to 3 days of listing? Do you think every listing agent has the time to take calls from unrepresented randos and meet them at the property and walk them through it? I will assure you they don't. Not when there are plenty of buyer's agents making appointments and showing the property and putting offers in.

PP here. I was talking about a market where the houses have been sitting for quite some time. I had several seller’s agents and a potential buyers agent show me several houses within a few hrs notice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:seller paying 2.5% to buyer's agent is very inflated. Either the seller is naive or his/her listing agent is crooked. Right now, 1% is the max you pay to buyer's agent. 2.5-3% is the total fees for listing.

Incorrect.

ok, agent. lol