Quote:
Originally Posted by frayedends
Regarding commission I meant if they pass that savings along to the buyer. For example say an offer is for 500k but the seller wants 515k. The listing agent may say “I’ll lower the commission if you want to accept this offer”. That happens all the time, especially if the home isn’t selling. I’ve had it happen to me.
Regarding the rest of your post I am not wrong. Yes, it has to be legal. But the listing agent doesn’t have to provide comps or an inspector or anything other than doing what’s in the purchase contract.
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If comps, inspection, termite are not provided to the bank, the bank will deny the loan. Therefore, the listing agent will provide them. If it is a cash deal, the buyer may choose to have a so called "buyers agent." But, whose to say the outside agent will protect the buyer? He may be just as inclined to smudge on the details to get a higher commission.
IMHO, it is better for a cash buyer to go to the broker and have him sign off on anything that seems odd. When the deal closes, it is the broker who is legally held accountable. He will make certain the listing agent does everything correctly.
An outside agent uses the title buyers agent. This makes people believe they will be represented fairly. When in fact, once the deal closes, the outside agent is not accountable for a thing.