British Expatriate Network

In deed Monster.
and a realtor can only by experiance and stats give you a ballpark fiqure AS TO WHAT A HOME WIL REASONABLE SELL FOR a home is only worth what somebody is willing to offer for it .

And think what they lose by having the home on the market that long.

. if they see the home of there dreams to replace the one being sold they might lose that to9 seller wont wait fover , just to make a few dollars more and by the time they sell it ( if they do) the price of home they end up buying will have increased in price .

But I'm sure USDeeper wouldn't be complaining if realtors charged a fee for an assessment refundable if you employed them? ;)

ooooh -just think -maybe realtors would be able to reduce the 6% if they didn't have to spend so much of their time doing appraisals for people who have no intention of employing them.

...of course that's only 10 realtors who won't show your property to their clients (assuming there is no love lost between them and the other realtors working for those 10 companies.....)

/what goes around comes around

Oh Please!!! You mean you have never used free consultation in your life?

That would be 10 free consultations in this case. It's not cricket IMO.

JohnA,
Master plumbers have state or city registration in most or all states. They work to state and local law and their work is inspected by the code enforcers. They are not self governing. I have no doubt that the majority of realtors are ethical, but in just three real estate deals, I saw some sharp practise. I am an engineer. Only people who are state registered may call themselves engineers. To become registered, an individual must prove competance via state mandated exams, and periodic license renewal. Regulation is by the state. The realtors have their own body. The fox is decides if the fox behaved badly or not.

Lawyers, plumbers and doctors do not each charge the same fees. These professions as well as engineers do not have to belong to an industry association or be shut out although, in practise some of them do. Union rates are now a convenience for employer as well as the tradesmen. No employer would want to negotiate rates for individuals hired out of the hall for a day or a week.

You say that your commission is negotiable by law. I didn't know that, I remember when all NAR members had to charge 6% but did a quick change to avoid the anti trust court. Perhaps then it was then enacted into law. I do remember advertising campaigns that pointed out that member brokers would not deal with non-member brokers; point out that most brokers were members and then infer that non-member brokers were not properly qualified. I seem to remember that the MLS was a monopoly of the NAR until the threat of the anti trust court raised it's head.

So when you are looking for the best deal, you would pick the first realtor who walks in your door? Yer right, course you would.

The difference here is intention. If you were looking fo the best deal, you would be intending to employ one of them.

If someone went to a store, bought 10 outfits, wore them all once and then returned them all, would that be morally acceptable? Do you think they would tell the truth to the associate on the returns desk?

What about if they bought 10 outfits, took them home and tried them on and returned 9 to the store and kept one? or maybe even tried them all on and didn't like any and returned them all. Do you think they would lie to the sale associate in this case?

In the first case, the customer is using the product without any intention of paying for it. In the second case the customer is testing the product with a view to picking the best. Is there a difference? I this different from the two realtor scenarios?

Hi USDeeper.  Firstly, thanks for your advice.  I do appreciate your input and help.  However, I absolutely disagree with the above idea of yours, and believe me, I am all about saving money.  I couldn't / wouldn't do it at all.  For one thing, it is just wrong to take the services of a professional without having any intention of paying for it, and for another thing, I am sure it would hinder your sale, since the word would get around to other agents in your area what you did and very few of them would want to show your house.  If I decide to go without an agent, then that means I should also do my homework and make my own asking price.  JMO, but I'd have a clear conscience.  As I think it was Monster who said, it is all about your "intentions" when having the agents around.  Do you intend to use one of them, or are you just using them for free?  :???:

Janj, unless the buyer hires a "Buyers agent", the agent they deal with is a seller's agent and is working for the seller. In normal circumstances there is a listing agent and a selling agent. If they are lucky they are one and the same.
You can however, hire a "Buyers agent" who should be looking out for your interest. I have not bought or sold real estate since these appeared so I don't know how they get paid. If they get the selling agent's percentage there would seem to be a conflict of interest. They should be going for the lowest price in your interest but that would reduce their payday. I hope Stel or JohnA can give you a better answer.

Usually it's half to each agent, then they have to give a percentage of that to the company they work for. Some just pay a flat annual fee to their company (I think this was discussed earlier in the thread).

IL TRY ......

the agent who markets your home ( listing agent has the contract with you to pay 6% of the selling price as acomm that company ( on the listing agreement) agrees to pay the buying agent 3% when a contract is ratified .



It can be a differant split but for this sceneio we wil assume the split is 3 % listing agent 3 % buyers agent .

The selling agent is the one you sign your contract with the indivdaul agent % depends on his /her contract with the broker .in this example 50 %

The 3 % buyers comm is split the same way the two agents in this scenerio typical get 1 1/2 % each as do the two brokers


So if the comm on a home is $ 6000 the lister wil get $1500 the seller %1500 the selling agent co $1500 and the buying agents co $1500 hardly enought to buy a new car with ....

Some folks go thou the training and get a licence to sell their own home in this instance if the home owner had a agreement with the listing broker for 50% of the comm he ? she would get the %1500 and still have to pay the selling broker 1and a half % and the buyers co 3 % after paying for the licencing course licence , fees , and time to do it... in this instance it would be hardly worth it .. fees for the course and licence can amount to over $1000 .

JUST A QUICK EXPANATION HOPE IT HELPS :-)

Some states allow that with full disclosure to all interested parties . I PERSONALY dont like the practice cus you are not geting a true * fiduciary* agreement with your agent. .

There are things that the SELLING agent knows about your situation that may not be in the best interest for the BUYING agent to know .

But if worked out alright for you no harm done.