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Real estate question

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.
 
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.
 
I realize that, but I’m 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.
 
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.
 
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?
 
IOW, “What does a REALTOR know that I don’t ?”

The contract is a form. The blanks that get filled in are price, earnest money, loan qualification, inspection, and closing date. If you’re unsure if something, pay a real estate attorney $500+ to look at it and walk you through the process.
 
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.
 
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
 
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.
 
So bumping as matters have taken a little turn and looking for more free opinions. I'll try to hit all the highlights

- Prior to closing, there was an inspection done and buyers requested certain items to be repaired before closing and we agreed
- We got an estimate (that turned out to be very poor) that made it seem like the costs would be ~$1,500 for everything
- We had them do the work and thought everything was good
- Day before closing buyers did their walkthrough and listed via email a number of things that didn't get done, most notably some wood rot in some bay windows and doors and asked for us to agree to continue to work them
- We were in the midst of moving, and in a response email agreed to allow buyers to take care of everything for us (coordinating quotes/contractors/work/etc.) after the closing and we'd pay for it as we had agreed before closing (us thinking it would still be in neighborhood of what we were quoted originally)
- Closing occurred, and no formal agreement was executed for post closing repairs
- Buyers now saying to finish up all the repairs it would be somewhere from $5K to $7.5K
- We've had some back and forth trying to get some understanding but buyers basically won't back down from wanting us to take care of that full cost which we feel we didn't agree to because it was so much greater than what was quoted to us
- Buyers mentioned in a phone call that they were advised not to close by their lawyers and agent but did it anyway "because they are our friends" (which they aren't really - previous work acquaintances of my wife) and "feels bad" that this happened but still won't accept a couple of offers we made to split the costs

So now we are faced with the question of whether to pay for these items. Closing happened and I don't believe there to be much recourse for the buyers other than a lawsuit and the support they have is emails where we said we'd continue to take care of the repairs but there wasn't anything formal executed by either lawyers. We have since moved out of state from where they are as well, which I think would complicate things from their side. What say ye board lawyers?
 
Real estate law is largely state-specific, so those of us experienced or otherwise knowledgeable in only other states don’t know the answer to your question.
 
Buyers are both doctors. We met their sales price and gave their friend her cut. They could meet us halfway on this and in my opinion don’t have leverage because the closing is done
 
Then tell em “we’ve made a couple offers to meet you in the middle, take it or leave it”. Although if it were your own bad estimate and you agreed to do the repairs, I’d say either find your own contractor to do the repairs at what you think is a lesser price or pay their contractor his price. But in your summary you seemed to agree to pay for the costs to repair it, so the right thing to do is just pay whatever it is to get it repaired, as long it’s within the scope of what you agreed to repair during the inspection and not just out of the blue new items identified

The sales price and using their broker were separate discussions
 
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Dammit I come here looking for permission to get out of this and only get sense spoken. We will just pay him off
 
Dammit I come here looking for permission to get out of this and only get sense spoken. We will just pay him off
Whatever you decide to pay them, make them sign a release as a condition of getting the check. You don't want their contractor to find even more things to fix on your dime.
 
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