Buyer's agent fees

[Anonymous]

Anonymous wrote:We intend to buy a house in a certain neighborhood where we used to live. We know that area of about 8 square blocks extremely well and don't need anyone to do more than open a door for us after we find a home that meets our needs and budget. We'll be well qualified to purchase in cash, and unless we see signs of deferred maintenance, are probably going to offer "as is."

So, given that a buyer's agent will offer US no value (though I understand that the listing agent might find it handy not to have to meet us to show the house), do we just approach the listing agent directly? The truth is, that we're likely to know the sellers or at least can get to them through mutual friends. So if the listing agent doesn't tell the seller of our interest, we're likely going to make sure that the owner knows about it.

What do you think?

Approach the listing agent directly. If they refuse to show you the house or try to force you to sign a buyer's agreement with them first, then report them to the seller and file a complaint. This would be a violation of the listing agent's fiduciary duty to the seller to do everything they can to sell the property.

Also let your former neighbors know you're looking to buy and post on the neighborhood listserv. They might put you in touch with someone looking to sell who hasn't hired a realtor yet.

[Anonymous]

Best case scenario- you reach them before they hire an agent and negotiate directly. We did that with a neighbor. It has some pitfalls-- you're left to negotiate things an experienced agent has dealt with dozens of times (what to do if they don't vacate on time, how much you can ask for based on inspections, etc). But they will save a boatload and you can likely offer a little less.

[Anonymous]

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.

Why make it about age?

[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.

No surprise. RE agents are RE agents for a reason - not the sharpest knives in the drawer. I’m certain they are boldly citing fees - contrary to the law. Great idea to record the conversations and turn into your attorney, legal authorities, etc

File civil suit? Good luck with that. Agents are allowed to ask for whatever they want and they are not "ignoring" the lawsuit. You clearly have no idea what you are talking about.

[Anonymous]

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.

This sounds fake.

-Strong industry critic, willing to reconsider with convincing details

Are you really that stupid? They can ask for whatever they want and all you have to do is say no and not sign the contract.

[Anonymous]

Anonymous wrote:

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 ...

Exactly. Funny how these people always bash realtors for not being the "sharpest tool in the shed" when these folks are seriously stupid.

[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.

This sounds fake.

-Strong industry critic, willing to reconsider with convincing details

Are you really that stupid? They can ask for whatever they want and all you have to do is say no and not sign the contract.

What sounds fake is the "We are filing suit against five listing agents". Reviewing the thread, many respondents who identify as lawyers are skeptical. It's obvious everyone is referring to the alleged lawsuit.

[Anonymous]

Anonymous wrote:

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.

No surprise. RE agents are RE agents for a reason - not the sharpest knives in the drawer. I’m certain they are boldly citing fees - contrary to the law. Great idea to record the conversations and turn into your attorney, legal authorities, etc

File civil suit? Good luck with that. Agents are allowed to ask for whatever they want and they are not "ignoring" the lawsuit. You clearly have no idea what you are talking about.

If that 5-6% includes fees to the buyer's agent, then they're not allowed to ask for that.