We are looking for a home and are not working with a realtor.
Meaning, we see a listing we like and we go see the home ETA: by calling the listing agency and requesting a visit.
So far we put bids in on 2 homes (and lost).
Here are my questions:
If the agreement is 2% for the seller's agent and 2% for the buyer's agent (I think this is a typical agreement) then where does the 2% for the buyer's agent go if there is no buyer's agent? Does the seller's agent keep 4% or does this give the buyer leverage to reduce the sales price?
Do you really get taken advantage of by not working with an agent? It seems to me that either way the agents want you to buy for the most $$$ to increase their commission so I'm confused.
ThongLori
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Re: Home Buyers: Not using a realtor: good or bad?
Clueless, Not sure about the percentage thing... but I would say if you feel a realtor is using you to leverage a bigger commission, then find a new realtor!! Not all of them are trying to suck you dry As far as losing out on bids though because you aren't represented, this might be true... they do all 'scratch each other's backs' and probably would go with a bid from the agents they are working with, instead of a sole buyer... You are not obligated to work with only ONE realtor, because you don't owe them anything! Good luck in your search!
littlecat
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Re: Home Buyers: Not using a realtor: good or bad?
The 4% goes to the listing agent. I don't think it gives you more bargaining power. The seller pays 4% no matter what. We didn't use a realtor and everything was smooth. It was actually easier when it came to scheduling things and asking questions. We didn't have to call our realtor to call their realtor ......... We just called the listing agent b/c that is who brought us to the house. Plus, the listing agent always wants to sell the house themselves so they keep all the commission.
Sorry if this is confusing but it is fine if you don't use a realtor.
Calla
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Re: Home Buyers: Not using a realtor: good or bad?
We also didn't use a realtor. We didn't find anyone who showed us anything worth bidding on. We found our condo at an open house. Worked out fine for us, and I do think that one of the reasons they took our under-asking price bid was because there was the other commission to play with. The listing agent was a friend of the seller, so that might have made that easier to do.
nov2004bride
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Re: Home Buyers: Not using a realtor: good or bad?
We didn't use a realtor either. We just went on Open Houses and we would call realtors that had listings that we were interested in. We found a lot of houses we liked that way. The first house we were going to buy but pulled out and the one we are in contract in now were both from Open Houses.
