Buying the house I rent...

blazin

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Dec 9, 2004
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#1
So ive been living in a single detached home for 3 years and the owner has it up for sale.

Im trying to buy it.

I already have a relationship with the selling agent, they (one guy from PruFox) does the property management for the house as a rental and I have zero contact with the actual owner. I made an offer without representation.

I know the seller pays commissions on both sides, I figured that if I come in unrepresented I could save myself 3% on the purchase price.

so for simple math = $300,000 selling price with full commissions = $291,000 without paying my realtor

But no, they countered at $294,000...which didn't make sense because in my mind they actually raised the price of the house.

But in the seller's mind, he dropped the price by 6000

The selling agent told me "The seller is in contract to pay 6% commission..."

Me: "To whom, all 6% to you?"

Them: "Well we could maybe turn some of that around as a credit" Lets try to get your offer up."

Me: "Does the seller understand the math involved in this?"

Them: "Well, not really. He's elderly and old world. He just looks at the number."


Is this normal or is the dude just trying to snake the full amount, or something more than his 3% cut?
 
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blazin

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Dec 9, 2004
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#3
Yeah, im not sure.

I always thought it was 3/3%, and a single side only gets the 3 even if it's a one broker deal

Researching now!
 

Sinn Fein

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#4
All kinds of shit happens today. There really is no standard. Each got 3% when I bought my house back in November. There are all kinds of crazy deals. For example, say Remax is the listing agent. They sometimes work a deal where if another Remax agent is representing the buyer, they will split a lower commission rate than the 6%.

The selling agent was a real cunt, but that's a whole other story. Her husband (who worked with her) was grilling me about how I found my realtor, and what he did for me, etc. He seemed annoyed they had to split their commission.

When we sold my wife's place before we got married, the contract said if we sold to a buyer with an agent, they'd split the 6%. But, if the buyer had no agent the commission would only be 4%. Three offers came in. Two had agents, one did not. Obviously we took the offer from the one with no agent and saved 2% on the commission.

Unless the realtor is going to flip it back as a credit, you aren't going to save shit. The seller is on the hook for that 6%, I bought my house from a woman in her 90's and she didn't give a fuck about anything except how much money she was ending up with.
 

blazin

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Dec 9, 2004
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#5
When we sold my wife's place before we got married, the contract said if we sold to a buyer with an agent, they'd split the 6%. But, if the buyer had no agent the commission would only be 4%. Three offers came in. Two had agents, one did not. Obviously we took the offer from the one with no agent and saved 2% on the commission.

Unless the realtor is going to flip it back as a credit, you aren't going to save shit. The seller is on the hook for that 6%, I bought my house from a woman in her 90's and she didn't give a fuck about anything except how much money she was ending up with.
Ok, so rules like that do apply. Maybe his listing agent is fucking him.

Sounds like the woman you bought the house for was looking at the BOTTOM line...I don't think my seller is. He hears an offer of $291k but doesn't understand he'd be yielding more with 3% savings. He thinks a $294k offer is better, even if it's minus 6%
 

Sinn Fein

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#6
That's all she was looking at. She almost tanked the deal because the house appraised lower than the previously-agreed sale price. I think it took alot for her realtor to explain the reality of the situation, that I was going to walk away from the deal if she did't lower the price to the appraisal amount.
She wouldn't kick up any seller assist, or even pay for the home warranty my realtor asked for as part of the deal. The selling realtor kicked up the coin for the home warranty.
 

THE FEZ MAN

as a matter of fact i dont have 5$
Aug 23, 2002
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#7
Get a realtor
 

blazin

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Dec 9, 2004
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#8
Im trying to find one that can offer me some sort of rebate on their commission.

Ive done all the work, I cant see paying some schlep $9k to send a few offers (which I have prepared myself) via email and a couple phone calls.
 

THE FEZ MAN

as a matter of fact i dont have 5$
Aug 23, 2002
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#9
I got fucked on my first house because I didnt get a realitor, they are all fucking crooks, worse than lawyers
 

Sinn Fein

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Aug 29, 2002
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#10
Im trying to find one that can offer me some sort of rebate on their commission.

Ive done all the work, I cant see paying some schlep $9k to send a few offers (which I have prepared myself) via email and a couple phone calls.

Herein lies the problem. Both you and the seller are of the mindset that you're the one paying the realtor(s). Good luck, bro. :D

I'd also bet that the selling realtor and the owner are of the mindset that you'll pay more because you're already there so you don't have to deal with the inconvenience of moving.

And, I agree with fezman. I hate realtors. They are a bunch of pretentious self-important cunts and they will bend you over in a second. I got lucky with my realtor down here. He's semi-retired and only does the real estate thing to keep busy. He doesn't get involved in selling properties, instead just focuses on being a buyer's agent.
 
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Hudson

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#11
My friends recently got fucked on a house...they put in an offer that was the asking amount plus a few hundred and were denied.... I thought you tried to bring down the asking price....

The new big thing here is the land and mineral rights with the gas drilling around here...Another friend almost got screwed until he read the paperwork, thought something was fishy took it to his lawyer... and it had the realtor obtaining ownership of the land and mineral rights. Both sides are selling the the realtor.
 

blazin

Registered User
Dec 9, 2004
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#12
Got it all worked out, and even got my offer accepted..... verbal as of now, but paperwork is on it's way...85 year olds generally do not email or e-sign.

Thing is, the counter offer wasn't much different than my original...just presented different. Some people really just care about the actual number and nothing else that is contributory to the real value of the deal.
 
Jun 30, 2005
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#13
good luck. I hope it all works out...every time I think my house is swell i find something else that drives me batty...
 

weeniewawa

it's a man, baby!!!
May 21, 2005
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#14
get this book

it is from the Radio guy Bruce Williams, and it is even part written by a Jew lawyer

that may be all you need to do is hire a lawyer and cut out the 3%

he is very knowledgeable in real estate and this book is helpful

 

Don the Radio Guy

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#15
Kudos on the Bruce Williams book. He's the best.

Also, Bruce Williams Rule #1: Not all real estate agents are Realtors.
 

Kugzilla

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Oct 7, 2005
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#16
Kudos on the Bruce Williams book. He's the best.

Also, Bruce Williams Rule #1: Not all real estate agents are Realtors.
Don beat me to it. A good realtor who will work for you personally makes money for you and them in a way that makes everyone happy.

Learned that after our first property deal. Have done several more since then and we've always come out satisfactorily.