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Ok here is the deal.
I just spoke with one of the realtor - buyer agent w/e. he wanted to charged to me $300++ as fee to negotiate the deal with seller agents /seller for the best price + he is taking commision from the seller anyway....
should i find another realtor....i didnt know buyer house cost $ to get a damn agent
What did you sign??? Look over your Buyers Broker Agreement and see what terms you agreed to. There's all sorts of different options. Probably the most common is "no charge to the buyer" regardless of the co-broke the seller offers. Sometimes a buyers agent will agree to negotiate the deal for a percentage of the deal, or even a flat $$$ rate. If the seller is offering a discounted commission, then the buyers agent may have the buyer make up the difference (BUT this should be disclosed in the agreement). Probably the least common scenario is for the buyer to agree to pay for his agent's services, without the agent getting compensated from the seller. Very rare situation.
So look over your agreement. If you've signed something that you weren't aware of, I'd complain to your agent that he didn't explain it to you and see if you can negotiate to have the agent paid by the seller only.
Bottom line, always thoroughly read through anything you sign. However, an agent shouldn't try to "slip one by you". They should be upfront with you from the outset. Full disclosure in EVERYTHING is the name of the game.
You could fire this agent and look for another buyer broker to represent you, however, if you choose to make an offer on any house you've seen with this agent, he could still be entitiled to a commission.
So read through that agreement and see what your options are.
If this agent didn't make it clear to you that he'd be charging you, then you've got reason to complain and report him to his broker if he won't back off on his fees. You are right, probably 90%++ of buyers do not pay their agent a fee or a commission - the agent is typically paid by the seller.
MAybe it is a way for him to make money on the side - since buyers are few and far between these days - we have bought over 4 homes in the past 20 years (due to business relo's) and never from Canada to NE to AZ ever did we pay a realtor to look/buy - he/she was paid through the closing on the sellers side. It is called SELLING tell him - not BUYING.....
I would report him to his broker - something doesn't smell right - unless you have signed/agreed to this - and I would clarify this the next time you go to look ...
What did you sign??? Look over your Buyers Broker Agreement and see what terms you agreed to. There's all sorts of different options. Probably the most common is "no charge to the buyer" regardless of the co-broke the seller offers. Sometimes a buyers agent will agree to negotiate the deal for a percentage of the deal, or even a flat $$$ rate. If the seller is offering a discounted commission, then the buyers agent may have the buyer make up the difference (BUT this should be disclosed in the agreement). Probably the least common scenario is for the buyer to agree to pay for his agent's services, without the agent getting compensated from the seller. Very rare situation.
So look over your agreement. If you've signed something that you weren't aware of, I'd complain to your agent that he didn't explain it to you and see if you can negotiate to have the agent paid by the seller only.
Bottom line, always thoroughly read through anything you sign. However, an agent shouldn't try to "slip one by you". They should be upfront with you from the outset. Full disclosure in EVERYTHING is the name of the game.
You could fire this agent and look for another buyer broker to represent you, however, if you choose to make an offer on any house you've seen with this agent, he could still be entitiled to a commission.
So read through that agreement and see what your options are.
If this agent didn't make it clear to you that he'd be charging you, then you've got reason to complain and report him to his broker if he won't back off on his fees. You are right, probably 90%++ of buyers do not pay their agent a fee or a commission - the agent is typically paid by the seller.
Thanks for all your advise. I have not sign anything yet. He told me he will be charging $300+ fee for him to negotiate with the side. I was like...didnt you will be getting commision anyway
myselfdotcom - If you didn't sign anything, then I'd say he just lost a buyer and a commission! Feel free to go find somebody that WON'T charge you. I guess I'd probably ask the agent up front - How much do you charge for your services? Maybe there's something going on in your neck of the woods that the rest of us are unaware of. Around here, it's really a rare situation that a buyer would be expected to pay anything. I've never charged a fee to a buyer and I don't know of any other agent around here that has.
Ok here is the deal.
I just spoke with one of the realtor - buyer agent w/e. he wanted to charged to me $300++ as fee to negotiate the deal with seller agents /seller for the best price + he is taking commision from the seller anyway....
should i find another realtor....i didnt know buyer house cost $ to get a damn agent
Some agents do charge up front fees and I'm one of them. Gas is too expensive to drive people around to 15 or 20 houses only to have them tell you they want to wait for the prices to drop more, or that they changed their mind and want to remain renters.
By charging a retainter fee, I accomplish two goals. 1) Buyers will value the service I offer because they had to pay something for it. 2) I won't be treated like a tour guide/cab driver.
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