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Buyer paying the Buyer Agent a fee
Posted on 10/6/16 at 1:47 pm
Posted on 10/6/16 at 1:47 pm
The actual term reads:
COMPENSATION: BUYER agrees to pay Broker, as compensation for services rendered, a cash fee as follows: $250.00 transaction fee at closing.
Has anyone come across a fee like this when buying real estate?
COMPENSATION: BUYER agrees to pay Broker, as compensation for services rendered, a cash fee as follows: $250.00 transaction fee at closing.
Has anyone come across a fee like this when buying real estate?
Posted on 10/6/16 at 3:15 pm to lsu711
In addition to the commission they are getting or in lieu of?
Posted on 10/6/16 at 4:02 pm to lsu711
I'm assuming this stipulation is included on the exclusive buyer's agreement which you signed. Is this the first time reading it?
Posted on 10/7/16 at 11:01 am to lsu711
To be honest with you, in 30+ years of buying and selling real estate, I've never seen such a thing. It screams conflict of interest to me. In my experience, a buyer's agent is typically paid by the buyer and works for and represents the buyer's interests. Many buyers (inaccurately) refer to the agent that shows them a house as "their" agent. But if that agent is being paid a subagent fee by way of the seller's agent, they're actually also the seller's agent - the buyer (in this case) doesn't really have an agent. Their only obligation is to treat the buyer fairly and ethically.
In the scenario in the OP, I'd ask this woman who she'd be representing if the deal hit a snag and she had to pick a side? I mean, how often do you hear of one attorney representing both the husband and the wife in a divorce? If it's contested, I can't see that ever happening.
Lastly, is she just a state licensed real estate agent or is she an actual Realtor? Meaning, is she a member of the National Association of Realtors? Personally, I'd look into that. I wouldn't do business with her or her agency in any case. But if she's been sketchy along the way, I'd probably also drop a dime on her as I walked away.
In the scenario in the OP, I'd ask this woman who she'd be representing if the deal hit a snag and she had to pick a side? I mean, how often do you hear of one attorney representing both the husband and the wife in a divorce? If it's contested, I can't see that ever happening.
Lastly, is she just a state licensed real estate agent or is she an actual Realtor? Meaning, is she a member of the National Association of Realtors? Personally, I'd look into that. I wouldn't do business with her or her agency in any case. But if she's been sketchy along the way, I'd probably also drop a dime on her as I walked away.
Posted on 10/8/16 at 10:52 pm to lsu711
Some brokerages do charge this. I have seen this on a number of settlement statements. It is becoming more common.
I would simple tell them you do not want to pay that fee. If that is a requirement, then you will find another realtor that does not charge that fee. They will not let you walk because of that fee.
I would simple tell them you do not want to pay that fee. If that is a requirement, then you will find another realtor that does not charge that fee. They will not let you walk because of that fee.
Posted on 10/10/16 at 10:06 am to lsu711
I would not pay it. I certainly would not sign a contract that had that language.
The buyer splits commission with the seller. End of story.
Now... I always thought that was stupid.
To me, a better system would be... each side pays their agent whatever they negotiate. Sellers pay 3% to their person, Buyers pay 3% to their person. No conflict of interest, and either side is free to negotiate different terms (or not have representation at all).
Prices would adjust, of course, to this new world.
The buyer splits commission with the seller. End of story.
Now... I always thought that was stupid.
To me, a better system would be... each side pays their agent whatever they negotiate. Sellers pay 3% to their person, Buyers pay 3% to their person. No conflict of interest, and either side is free to negotiate different terms (or not have representation at all).
Prices would adjust, of course, to this new world.
Posted on 10/10/16 at 11:08 am to lsu711
I've seen buyers agents do this every so often. Ive seen one for $1000. If you can get it and both parties feel you are worth it, go for it. Their are also people who manage the contract for the agent start to finish that typically charge $250 from binding contract to closing for their services. Probably what the agent is passing along to client.
Posted on 10/21/16 at 6:27 am to lsu711
Its a good things
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