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Any Property Management recs in Seattle area? :(
Coach
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Then cut the realtor out of the picture and don't pay it.
I didn’t know I had that option since the house is in alabama and I thought I needed to go through a realtor to make an offer.
I thought seller paid the realtor fees?
That would make a lot more sense. I need to ask about this.
I think I know what’s going on
Your buyers agent wants to be compensated 3% of purchase price. But the sellers are only offering 2%. Your agent is making you cough up the other 1% at closing
This was literally what happened. Buyer agent fee is 3.5% smh
Just bought a 1.1M house without a realtor, everyone here saying “the seller pays all the fees” is a bit misleading imo. It’s true that traditionally seller pays all commissions, but it’s not true that buying without a realtor doesn’t save you anything. Basic math tells you that if you cut out one of the realtors, that commission can either be more for the seller or less for you to pay (or some combo of both).
For example, if seller fees and buyer realtor fees are 2.5% each, and the seller pays the combined 5%… that means if there was no buyer commission the seller could potentially get 2.5% more net proceeds. On a $1m home that’s $25000.
Anyway, I made offers myself and when I talked to the seller realtor I told them I had no realtor, was not expecting a buyers realtor commission, and was making offers assuming the seller wasn’t going to end up paying whatever the listed buyers commission is (usually 2-3%). If buyers commission was 3%, I could basically take whatever my offer would normally be and take out 2-3% depending on how competitive market is.
Mentor
Why are you paying anything to the realtor? Unless you are buying outside the MLS process they should be getting paid by the seller.
Mentor
I do the same thing. Seller pays for my realtors fee, so I just see it as hiring someone to do the paperwork. You as the buyer should not be paying any realtor fees.
😭 definetly need to talk to them and see what is going on
Mentor
If it’s the scenario that SEII mentioned I have run into this as well. If you haven’t signed any agreements between you and your realtor yet, you can alway negotiate this. The last house bought, seller only wanted to pay 2.5% commission. My realtors brokerage wanted me to cover the other .5%. I told them they can either take the 2.5% or I can find a realtor that would, and since I did all the work in finding the house, they agreed. Don’t accept their fees at face value, there is alway room to negotiate.
Thank you all for the response! I reached out to my realtor and she told me the buyer agent fee is 3.5%. That seems crazy considering I found the property. Anyways I need to think about how I am going to approach it next time.
Mentor
Bro, noooo. You’re an existing customer and they’re up charging you? These folks are vultures. If anything they should be giving you a small discount for the expanded book of business.
Commissions for both buyer and seller are listed on the mls. Even Zillow listings will show buyer agency commission. If your listing doesn’t show 3.5% then your agent should be fired and you should report to real estate board for your state.
I’ve never seen higher than 3%… lol
Zillow data may vary by state though.