Sellers, pls stop offering pay buyer's agent commission!

[Anonymous]

Anonymous wrote:I agree that posters need to start naming names. The DC area agents are generally trying to follow the new rules, but there are some terrible agents out there that need to be identified and pushed out of the market. These agents are often the most visible and people tend to think they are good because their face is all over the neighborhood.

I provided the agent's name on this forum a week ago, and the message was deleted same day. The listing went offline. She called Monday to scream at me. Yes, I wish I had this recorded but I am in DC and she could be in MD which is a 2-party consent state for recording. I initially agreed to bribe her by hiring someone she pointed at to be my "buyer's agent", although I already sent her my offer that was all drafted and signed. She explicitly said that she wouldn't be giving my offer to the seller unless I hire that person. My offer was accepted next day ( of course, with 6% total commission!). But I started feeling mistrust and highly uncomfortable with this whole situation, and walked away without co-signing and giving them a check.

Complete criminals I even worry now they know some of my financials from the offer language

[Anonymous]

Anonymous wrote:

Anonymous wrote:If they are offering to pay no need for you to sign a contract.

yes there is. that’s what the recent settlement requires. and of course the deal is between the buyer and seller - not the buyer’s agent and the seller.

I am OP. Compass has good practices: they already introduced a flat fee but the buyer doesn't have to sign any agency if they are unrepresented, it's illegal to require this to pass the offer to the seller.

This agent was Keller Williams Preferred properties. The selling agent didn't explain to her seller that if the buyer is unrepresented then the fee is only hers (2.5%). The seller signed a contract with selling agent with clause allowing for buyer's agent compensation. If the seller removed the clause, buyers wouldn't be pressed to deal with affiliated "buyer's agent".

I actually think they simply split the cash between themselves, as the guy who was my "buyer agent" didn't even draft the offer. I did all the paperwork with my lawyer and he only attached the standard comparables sheet

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did you let the seller know what happened?

This. I would leave a note on their door with my contact information.

The seller is in retirement facility, property owned by a bank. I walked away as had to offer 3% more for it to equalize my offer with "all cash" buyers simply to cover this excessive commission to the "buyer agent". If the property was 3% less to me/I wasn't represented and acted on my own as originally planned, I would have bought it. The house had 4 bids eventually the seller will get 10-20K less than I offerred

[Anonymous]

I just listed a house and one of the seller's told me about this thread. As I told her, the best thing about the lawsuits is that it is weeding out many agents who have paralyzed the business for years. Annual dues of less than $1K are due from local, state, and national realtor orgs and it's giving the clingers a reason to leave the business. So thanks for that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did you let the seller know what happened?

This. I would leave a note on their door with my contact information.

The seller is in retirement facility, property owned by a bank. I walked away as had to offer 3% more for it to equalize my offer with "all cash" buyers simply to cover this excessive commission to the "buyer agent". If the property was 3% less to me/I wasn't represented and acted on my own as originally planned, I would have bought it. The house had 4 bids eventually the seller will get 10-20K less than I offerred

Instead of leaving a note on the door, write a letter and mail it to the home address. Chances are real mail is being forwarded to someone--hopefully a relative that is handling the retirees affairs.

[Anonymous]

Why do you need a listing agent in the first place? Given how easy it is to manage the whole process, I think people should start to list their own properties. 2.5% to a listing agent for some calls and open house is just a rip-off.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If they are offering to pay no need for you to sign a contract.

yes there is. that’s what the recent settlement requires. and of course the deal is between the buyer and seller - not the buyer’s agent and the seller.

I am OP. Compass has good practices: they already introduced a flat fee but the buyer doesn't have to sign any agency if they are unrepresented, it's illegal to require this to pass the offer to the seller.

This agent was Keller Williams Preferred properties. The selling agent didn't explain to her seller that if the buyer is unrepresented then the fee is only hers (2.5%). The seller signed a contract with selling agent with clause allowing for buyer's agent compensation. If the seller removed the clause, buyers wouldn't be pressed to deal with affiliated "buyer's agent".

I actually think they simply split the cash between themselves, as the guy who was my "buyer agent" didn't even draft the offer. I did all the paperwork with my lawyer and he only attached the standard comparables sheet

wait so you did end up with a buyer’s agent?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If they are offering to pay no need for you to sign a contract.

yes there is. that’s what the recent settlement requires. and of course the deal is between the buyer and seller - not the buyer’s agent and the seller.

I am OP. Compass has good practices: they already introduced a flat fee but the buyer doesn't have to sign any agency if they are unrepresented, it's illegal to require this to pass the offer to the seller.

This agent was Keller Williams Preferred properties. The selling agent didn't explain to her seller that if the buyer is unrepresented then the fee is only hers (2.5%). The seller signed a contract with selling agent with clause allowing for buyer's agent compensation. If the seller removed the clause, buyers wouldn't be pressed to deal with affiliated "buyer's agent".

I actually think they simply split the cash between themselves, as the guy who was my "buyer agent" didn't even draft the offer. I did all the paperwork with my lawyer and he only attached the standard comparables sheet

wait so you did end up with a buyer’s agent?

They forced me to sign him up just for that one deal. I walked out in 2 days so he’s not longer my agent and I’m no longer interested in this property as they were extremely rude and shady

[Anonymous]

Anonymous wrote:I just listed a house and one of the seller's told me about this thread. As I told her, the best thing about the lawsuits is that it is weeding out many agents who have paralyzed the business for years. Annual dues of less than $1K are due from local, state, and national realtor orgs and it's giving the clingers a reason to leave the business. So thanks for that.

Sellers should not rely on future fixes of the system via judicial system. It’s about thousands of dollars lost for them NOW.
To affords that, sellers should deselect the line promising the % to buyer’s agent

[Anonymous]

Anonymous wrote:

Anonymous wrote:I just listed a house and one of the seller's told me about this thread. As I told her, the best thing about the lawsuits is that it is weeding out many agents who have paralyzed the business for years. Annual dues of less than $1K are due from local, state, and national realtor orgs and it's giving the clingers a reason to leave the business. So thanks for that.

Sellers should not rely on future fixes of the system via judicial system. It’s about thousands of dollars lost for them NOW.
To affords that, sellers should deselect the line promising the % to buyer’s agent

Is there a way to indicate “negotiable” on that line?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I just listed a house and one of the seller's told me about this thread. As I told her, the best thing about the lawsuits is that it is weeding out many agents who have paralyzed the business for years. Annual dues of less than $1K are due from local, state, and national realtor orgs and it's giving the clingers a reason to leave the business. So thanks for that.

Sellers should not rely on future fixes of the system via judicial system. It’s about thousands of dollars lost for them NOW.
To affords that, sellers should deselect the line promising the % to buyer’s agent

Is there a way to indicate “negotiable” on that line?

Once they allow it selling agents start pressing buyers to “negotiate” with someone they recommend. Don’t check that box at all remove it
Let the buyer hire their own agent and pay them if they want to

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did you let the seller know what happened?

This. I would leave a note on their door with my contact information.

The seller is in retirement facility, property owned by a bank. I walked away as had to offer 3% more for it to equalize my offer with "all cash" buyers simply to cover this excessive commission to the "buyer agent". If the property was 3% less to me/I wasn't represented and acted on my own as originally planned, I would have bought it. The house had 4 bids eventually the seller will get 10-20K less than I offerred

Instead of leaving a note on the door, write a letter and mail it to the home address. Chances are real mail is being forwarded to someone--hopefully a relative that is handling the retirees affairs.

I’ll do that Tnx

[Anonymous]

Also, as additional info, the second “buyer” agent she insisted that I hired just for one deal was also Keller Williams Preferred Properties . She referred to broker’s instructions so I do think it’s all orchestrated on a very large scale and these people are sharing with those above them as well

[Anonymous]

Agents, pushing for having a buyers agent to unrepresented buyers, are doing a fraud.

Report it to Attorney General of MD.

[Anonymous]

Just to add,

I did report to one agent for doing exactly this. It's a fraud and don't allow it. These agents belong behind the bars.