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Thread: Real estate question

  1. #21
    PM a mod to cement your internet status forever RJKarl's Avatar
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    The 3% should come out of the sale price like it would have had you listed it.

    Counter a price that includes most or all of it.

  2. #22
    Quote Originally Posted by RJKarl View Post
    The 3% should come out of the sale price like it would have had you listed it.

    Counter a price that includes most or all of it.
    He has no obligation to pay anything out of the sale price.

  3. #23
    Quote Originally Posted by CDeacMan View Post
    I realize that, but Iím asking for an opinion as to whether in this case the 3% being asked for from us is all the agent would be getting or would the buyers also likely be paying something to their agent?
    Generally, a listing agent gets 6% and shares half of that (3%) with the buyer's agent. So, you would be saving money over having your own agent. You have to decide if that savings is worth not being represented by an agent yourself.

  4. #24
    Quote Originally Posted by redwing42 View Post
    Generally, a listing agent gets 6% and shares half of that (3%) with the buyer's agent. So, you would be saving money over having your own agent. You have to decide if that savings is worth not being represented by an agent yourself.
    The buyer's agent may get a small stipend from their client (I used to generally get an extra $200 from my buyers, but like I said, everything is negotiable), but the vast majority of the buyer's agent's money comes from splitting that seller's commission.

  5. #25
    Ishmael Smith CDeacMan's Avatar
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    Thanks for the information everyone.

    So seems to me to counter by raising the asking somewhat and then reduce what the commission the buyer's agent is asking for. She'll still likely make nice fee from us.

    After that though, what else would we want to think about going unrepresented? I'm thinking of the scene from The Big Short where the dude calls Ryan Gosling and asks him how he is going to fuck us. What should be our strategy to limit any other bullshit moves this agent my try to pull?

  6. #26
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    BiffTannen's Avatar
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    IOW, ďWhat does a REALTOR know that I donít ?Ē

    The contract is a form. The blanks that get filled in are price, earnest money, loan qualification, inspection, and closing date. If youíre unsure if something, pay a real estate attorney $500+ to look at it and walk you through the process.

  7. #27
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    And donít fuck around on your disclosures.

  8. #28
    Quote Originally Posted by CDeacMan View Post
    Thanks for the information everyone.

    So seems to me to counter by raising the asking somewhat and then reduce what the commission the buyer's agent is asking for. She'll still likely make nice fee from us.

    After that though, what else would we want to think about going unrepresented? I'm thinking of the scene from The Big Short where the dude calls Ryan Gosling and asks him how he is going to fuck us. What should be our strategy to limit any other bullshit moves this agent my try to pull?
    Get. A. Lawyer. Now.

  9. #29
    I disagree with you
    ImTheCaptain's Avatar
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    just go to real estate lawyer and pay the $500 to have them handle the forms and settlement and ignore the realtors calls until you're done with settlement

  10. #30
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    So, did you get the house under contract ?

  11. #31
    Ishmael Smith CDeacMan's Avatar
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    Yes we got under contract. Your logic was helpful - I had the attorney we will use for closing review beforehand for anything out of ordinary, and negotiated the price up some to offset which they agreed to, but still paid the buyer's agent commission which chaffed. But I felt it would be unlikely to recover the difference adding a listing agent commission if we had to list it ourselves and we'd be paying a buyer's agent in that case anyway, and having the uncertainty of the house on the market when we are definitely moving in a couple months was not worth the possibility of recouping the commission difference plus the mortgage interest, insurance, utilities, and all other costs associated with the house that would be ongoing.

  12. #32
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    Sounds good. Glad you got an atty.

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