We have been kind of browsing , not really looking hard for a house yet. Therefore, we don't have a broker.
2 Questions:
When we see a house for sale (say, online) and we want to see the house, can we just make an appt with the broker selling it w/o having them as our agents?
Should we be honest with them and tell them we don't have an agent or will they hound us then?
We are new at this and know NOTHING about it
DjPiLL
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Re: Real Estate Broker Question
If they show you the house... and they are the selling agent... they will get both the commission from the sale and the buy (both paid by the seller). Sometimes if you are only using one agent... you can bargain with the agent. Since that agent would be getting both commissions... you could ask him to 'kickback' some of the profit to you.
I dont know if this works in Long Island... but its commonplace everywhere else.
Even if you have an agent... your agent is useless and would not get a commission if your agent doesnt show you the house.
So when you go... say you have an agent... but it wont really matter since your agent isnt the one showing you the place.
Betty
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Thank you.
It's all so confusing
Kathy116
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If the house is on the multi listing service (MLS), then ANY AGENT can show you the house, you don't have to go with the listing agent/broker.
If the house is an exclusive and not on MLS, then you have to go with the listing brokerage, agent to see the house.
You can work with as many agents as you like, and that is understood by these listing agents.
Misha
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Nope, you can just call the agent and they will show you the home. If you are honest, they will not hound you as they are probably too busy to be chasing you (if he/she is a good agent). Now they may, and should call you if something else comes up that they think might interest you but that would be to your benefit anyway. Also, if you say you have an agent you are working with they might ask you who it is because they will wonder why that agent isn't the one who set up the appointment to see the house..
Kathy116
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Re: Real Estate Broker Question
DJPill is right about whoever shows you the house gets the commission.
(this is why it is not advisable for agents to give you addresses ahead of time), say you are working with an agent, and you happen to drive by a home and there's an open house...if you go to this open house without your agent, and you eventually buy that house, your agent will not get any commission. (well, you could inform the listing agent that you are working with an agent, but it really doesn't matter in practice).
As far as I know, it's illegal for agents to kickback commissions (I have a real estate broker's license, I'm also an attorney).
DjPiLL
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edited: see post below
DjPiLL
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edited: see post below
DjPiLL
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Oh... i stand corrected. I had my terms mixed up.
It is actually unwise to use the seller's agent to handle both parties cause the seller's agent walks away with full commission... there is no kickbacks... no discounts... etc.
The common practice to use is... to use an attorney that can also double as a 'buyer's agent'. Then its not uncommon that the attorney can negotiate a 'kickback' for you for doing this.
Here is a quote from the thread that I was referring to.
Q. Can the RE attorney (who is not an agent) demand a cut to be rebated back to his buyer client?
Ans. An atty cannot demand any part of a commission if s/he is not also a licensed agent. I've stated above why its foolish to buy a home directly from a sellers agent. Thats why I believe using an atty with a RE license, who is willing to work the deal and get compensated per the listing agreement is the best option for buyers who dont have a buyers agent. As I stated above, some will even rebate back.
And here is a quote from SUCKISSTAPLES (who is a licenced attorney) discussing lawyers/RE agents.
If youve found a property on your own, there's no real reason to use a buyer's agent. In some states, the seller (or a new home builder) will discount the price, but many will not (especially in CA). Remember that in MOST cases, if you dont have an agent, what happens is that the seller's agent becomes a DUAL agent, and takes a larger commission for themselves. So typically there IS NO DISCOUNT to a buyer, and a dual agent is the WORST case for you if you are concerned about protection. If you find an atty who is also a licensed RE broker, some are willing to work the deal and receive the commission, so you dont get charged extra for the legal representation, and the atty is usually a much better advocate than a plain RE agent. I think this is the best arrangement if you've found the house on your own, as the atty will usually not charge anything extra to you (I certainly don't, AND I rebate the buyer as well).
DjPiLL
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Re: Real Estate Broker Question
Posted by Kathy116
As far as I know, it's illegal for agents to kickback commissions (I have a real estate broker's license, I'm also an attorney).
Hey Kathy.... I just wanted to check in on this. You might want to look at this link. One of many companies that will kickback commissions. And its perfectly legal.
