Reply to New Commission -3%

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]
Anyone who can "scrape together" a down payment on a home these days also has discipline and is smart enough to pay the buyers agent directly. Geez. I agree that if you can't do that, you have no business buying a house. [/quote]

An FHA down payment is 3.5%. VA loans are often zero down. In neither case is that buyer going to have another 3% sitting around. We're going to shift to low cost fee only agents, just like the rest of the world. [b]There is no justification for paying a buyer's agent 3% when most buyers find their homes on zillow and are perfectly capable of going to open houses themselves [/b] [/quote]

The apparent justification according to previous posters on this thread:

Buyer agents are entitled to live in neighborhoods with million dollar homes.
Buyer agents are entitled to work with buyers regardless of whether or not the buyer needs/wants the agent.
Buyer agents are entitled to 2.5% commission regardless of the value they bring to the transaction.
 
Scrutinizing these buyer agent entitlements will lead to the collapse of our society.

[/quote]

Try and negotiate on your own and see what happens. When you are making the largest financial purchase of your life might you want representation from a professional who does this every single day?  Who is looking out for a buyer's interest? The listing agent will be paid more and buyers will not have any representation or advice. [/quote]

I think this article is correct- we'll move closer to fee for services as low cost services push prices down https://www.cnn.com/2024/03/20/business/realtor-settlement-low-commission-uk/index.html

I've used discount agent with my past two purchases. I found the houses myself on zillow. Arranged for a tour with the agent. The agent submitted the bid and showed up to closing. After closing, I got a check for 75% of the buyer's commission. I'd expect it to be more open and less opaque going forward [/quote]

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