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If I find a home who is listed with a Real estate agent but I do not have an agent as the buyer, would the seller only pay 3% and I could use that as a negotiation tool?
Asked
7 months ago
Anonymous
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This would probably depend upon your local custom … but possibly not. In my area, the seller has committed to pay a certain commission – whether he/she pays it out to one agent or two, the commission is the same. That said, you may be able to negotiate directly with the list agent on this approach, as there is no money “lost” on his or her end. If you want to work this angle more formally, you might approach the list agent directly to submit an offer with a broker/agent credit (at closing) for the value of the commission your would-be agent might have earned?
Think carefully as to whether you feel experienced enough to go without an agent. The list agent is sworn above all to protect the SELLER’s interest. If this is your first time buying real estate and/or you are not represented by any attorney or other professional, you may not save as you might otherwise have gained by professional representation. Real estate transactions can be more complex than they first appear.
Almost certainly not, would depend on the listing agreement signed between seller and agent. More importantly, you would be acting with no representation, the listing agent has no fiduciary duty to you, only to the seller. I use the analogy of going to court on a criminal charge and asking the DA to represent you…..not a great idea. The listing agent typically will get the entire commission (6-7%) on a “dual agency” deal where buyer has no buyer’s agent, and if you’re the listing agent, it’s a wonderful deal…….but if you’re the buyer, you just gave up your representation for NOTHING, am negociating with an agent whose duty is to sell the house for the highest possible price, and you have only that agent’s advice to rely on. Dual agency is dangerous, borders on unethical in my mind, and serves no purpose other than enriching the seller’s agent!