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On our own, we found a home that we'd like to place an offer on. We'd like assistance to determine how much to offer, but are appalled that per the standard sellers' real estate agreement ,this limited assistance will be worth 3.5% of the home price of approximately $400,000 (over $12,000!). We understand the commission is paid by the seller, but really, it's paid by us as it's factored into the price the sellers will accept. Is there anyway for us to get some limited assistance without 3.5% going to a buyers' agent? If we paid someone per hour or a set fee, what happens to the commission built into the seller's contract (which we're not privy to)? Are we overlooking the value of a buyer's agent? Your help is greatly appreciated.
Jennifer |
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The seller has probably already promised to pay a full commission (sounds like it's 7%?) to the listing agent. My guess is that the seller will have that expense whether or not the fee is shared with a buyers' agent.
If that's not the case, then yes, I'll bet you could hire your own agent to guide you through the process for less than that, because you've already found the house and require only services for negotiation, guidance on financing, and seeing the deal through to the closing. |
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Edith
Originally published on May 14, 2008 |
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