Quote:
Originally Posted by frayedends
Haters always going to hate. Realtors can absolutely be buyer's agents. The commission structure was that the Seller's agent lists the property in MLS with the commission structure (such as 2.5% to seller agent, 2.5% to buyer agent). The buyer's agent should absolutely be representing the buyer's interest. Of course, they want to get a property under agreement and sold, but if they don't do a good job representing the buyer then word of mouth quickly makes that agent lose sales and not do well.
Now as far as this lawsuit it won't change anything really, except how the commission structure is presented. Currently it all comes out of the seller's proceeds. What could happen going foward is the buyer's agent charges commission to the buyer. The seller has a lower price because maybe they aren't paying 5 or 6%. It all comes out in the wash.
Realtors can't work for free. I've seen a buyer's agent take a buyer to over 70 homes over the course of 6 months. People expect that and then not pay them anything when they buy something?
|
Your first paragraph is totally false. The listing contract is between the listing broker and the seller. There is no buyer agent mentioned in the contract. The buyer has absolutely no contractual relationship with the broker. When you go to the closing, the entire commission is listed on the seller's side of the settlement statement and paid for by the seller. The buyer pays nothing. The buyer has no legal recourse for breach of the listing contract because the buyer never signed the contract and never agreed to pay any of the commission. That is basic contract law.