Quote:
Originally Posted by frayedends
We can go through this for 20 pages again. But you are misunderstanding how most MLS listings currently work regarding paying the buyer agent.
The seller signs a listing contract with the seller agent with an agreement for commission. Let's say it's 5%. In the contract the seller agent may specify that they will split the commission with a buyer's agent. So the MLS listing says 2.5% to Buyer's agent.
The seller does not have to accept this, and as you have stated, you would not accept that. No problem. Now you have to have a seller agent willing to take less commission (or they keep the whole 5%). The listing will state no commission to a buyer's agent. So folks that look on MLS may see the listing and go see the home, and purchase it, unrepresented. Or they can be represented and pay their agent out of pocket.
The downside here is more money out of pocket to the buyer. Is your house worth the extra? Can the buyer pay the commission out of pocket? Did you lower the price of your home because you aren't paying a buyer's agent? If the buyer needs to pay their agent at closing, do they need a bigger mortgage and will the house appraise? Who knows, but because of the recent lawsuit, this may become more common.
You said you wouldn't show the house to a buyer if they had an agent. That's really going to cut your opportunities. I don't know why a buyer would see a home if they couldn't be represented in the transaction.
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I agree with what you said. But, as a seller, I would not allow licensed agents to represent buyers and expect me to pay their commission. I would only pay the full commission to agents who only represent me, the seller. The Florida laws are very complicated, but I don't think the law allows licensed agents to represent both the buyer and the seller before a sales contract has been signed. After there is a sales contract, an agent can act as a transactional agent to facilitate the closing.