[retiredguy123]

Originally Posted by Velvet

Not sure why people would use a buying agent, if I am reading your post correctly. An agent is just for showing you the house. I use my own home inspector and a real estate lawyer and do my own research on everything else. So far in 50 years of buying homes in various cities, this has worked out well. Only in Hawaii in Honolulu did they really, really push buying agents. I didn’t do it there either.

I agree. I have never paid a buyer's agent fee and I never will. Whenever I have signed a listing contract, I made it very clear that none of the commission I pay will go to a buyer's agent.

[Two Bills]

Wow! Buying/selling property in the US. is so complicated, and expensive.
Here in the UK you search online, find something you like, contact the relevant listing agent, ask for a viewing, make an offer, or submit a sealed bid, and that's it.
Seller gets the fees.
Never heard of a buying agent.
The listing agent is the intermediary between seller and buyer.
We have never paid more than paid 1.5% once and 1% selling fees for all other house purchases. Probably a little more these days, but commission is definitely negotiable.
Sold the last two myself.
Buyer's other fees, are for a survey, and deed conveyancing.

[Jackryan57]

I think this will only apply to MLS Listings, not TV Listings and realtors. No?

[retiredguy123]

Originally Posted by Two Bills

Wow! Buying/selling property in the US. is so complicated, and expensive.
Here in the UK you search online, find something you like, contact the relevant listing agent, ask for a viewing, make an offer, or submit a sealed bid, and that's it.
Seller gets the fees.
Never heard of a buying agent.
The listing agent is the intermediary between seller and buyer.
We have never paid more than paid 1.5% once and 1% selling fees for all other house purchases. Probably a little more these days, but commission is definitely negotiable.
Sold the last two myself.
Buyer's other fees, are for a survey, and deed conveyancing.

Sounds just like I have always bought a house in the U.S. I never pay for a buyer 's agent. It is not necessary or required.

[MikeVillages]

1. If it is a buyer market, your agent can put in the offer that the owner pay closing cost. Most likely it will include the money spent for his commission but is not called a commision. This is a legal way to get around MLS regulation that the buyer pays the buyers agent.

2. You may want a buyer agent because if not, the sales agent writes the agreement. The agreement most likey will not protect you should something goes wrong.

3. You can look at open houses without having a buyer agent. You can also ask a buyer agent to put a clause that you are allow to terminate the agreement. He may require that if he shows you a house and you terminate the agreement, he is still the agent for X number of months. Sounds fair to me.

Talk to a buyer agent. Ask the agent what s/he can do for you.

[retiredguy123]

To clarify the Florida law:

1. A buyer's agent is OPTIONAL.
2. Dual agents are ILLEGAL.
3. Transactional agents are allowed ONLY if the seller provides "PRIOR WRITTEN PERMISSION". If you don't want your selling agent to act as a transactional agent, then don't give them permission.

That is the Florida law both before and after the "settlement". So, nothing has changed.

[Plinker]

Sellers and buyers need to realize that the realtor they hire is an employee and you are the employer. No friendship, strictly a business transaction. As such, you get to dictate the terms that your employee will follow. Not the other way around. Stop being bullied into signing contracts that are not in your best interest. Insist that the realtor sign a single agent contract which means they must work as a fiduciary and act only in your best interest. Do not sign a transactional contract as they have no fiduciary duty to you. Don’t be surprised if they tell you they can serve each side without a conflict of interest. They can’t.
As a seller, include in their contract that the selling agent will receive half of the agreed to commission if the buyer has no agent. The seller keeps the rest which could be easily over $10,000. Also, never agree to an exclusivity clause. If they balk, call another realty firm.

[retiredguy123]

Originally Posted by Plinker

Sellers and buyers need to realize that the realtor they hire is an employee and you are the employer. No friendship, strictly a business transaction. As such, you get to dictate the terms that your employee will follow. Not the other way around. Stop being bullied into signing contracts that are not in your best interest. Insist that the realtor sign a single agent contract which means they must work as a fiduciary and act only in your best interest. Do not sign a transactional contract as they have no fiduciary duty to you. Don’t be surprised if they tell you they can serve each side without a conflict of interest. They can’t.
As a seller, include in their contract that the selling agent will receive half of the agreed to commission if the buyer has no agent. The seller keeps the rest which could be easily over $10,000. Also, never agree to an exclusivity clause. If they balk, call another realty firm.

I agree. I am amazed at how many people do not know how to negotiate a contract when they hold all of the cards, and the money.

[scubawva]

Originally Posted by Craig Vernon

I am not up against any deadline to buy my forever home in TV, but my retirement date is approaching. With the new real estate law most realtors are requiring a buyer's agent agreement to show properties listed on the MLS. I saw one of these forms from a large realtor in TV that stated that I was exclusive with them for sixty days on any purchase. I am wary of the possibility that these agreements can limit my buying experience in a ton of ways. Few Examples: For Sale By Owner, VLS, Promptness of showings may be limited, delays in paperwork or offers. I believe in the motivation of commissions but with exclusivity to an individual agent the dynamic changes. I will be watching and waiting to hear of any experiences coming after new law takes effect on August 17 and moving forward. See you all as a neighbor in TV early 2025!

I’ve used a buyers agent - even 45 yr ago. I knew I wanted an agent working g for me, specialty property in high demand. I paid them a nominal fee for showing me the property. Lawyer wrote contract to include commission to my agent.

I’ve also had contracts where there was no commission to buyers agent, the sales price was greatly reduced. Buyer paid own agent. To this day I don’t think the seller appreciates what they lost.

Buyers agents aren’t new. Buyers finally understanding the listing agent or selling agent in a traditional listing isn’t working for them is.

Find a buyers agent to be yiur agent for specific properties. 60 days is absurd.

[shaw8700@outlook.com]

Originally Posted by MightyDog

Very much appreciate that info - both about PODS delivery and your workaround.

Curious... did you anticipate your home purchase journey to take 4 months or was that longer than you thought it would be? If so, what took the additional time to get it squared away? Any unanticipated surprises to share? Thanks..

We did a lot of looking around when we first got here, and our house back in AZ hadn’t sold yet. But we lucked out when we drove by this house on our way to another open house; and the minute I saw this house I knew it would be mine. I told the agent that we couldn’t make any deal because of our house, and he said if we could come up with half, the sellers would carry back the other half.

As it happened, we got a cash offer about a week ago so we can pay off the seller with one check.

All is well that ends well.

We love our new home and neighborhood!

[margaretmattson]

Originally Posted by Two Bills

Wow! Buying/selling property in the US. is so complicated, and expensive.
Here in the UK you search online, find something you like, contact the relevant listing agent, ask for a viewing, make an offer, or submit a sealed bid, and that's it.
Seller gets the fees.
Never heard of a buying agent.
The listing agent is the intermediary between seller and buyer.
We have never paid more than paid 1.5% once and 1% selling fees for all other house purchases. Probably a little more these days, but commission is definitely negotiable.
Sold the last two myself.
Buyer's other fees, are for a survey, and deed conveyancing.

I'm guessing the USA is headed in the same direction as the UK. One simply needs to contact the listing agent.The listing agent will write up the offer and submit it to the seller. EASY PEASY!

As a buyer, you must be aware the listing agent is working for the seller. IMO, If you are paying with cash, it is best to hire a home inspector and choose a title company or lawyer that will have your back if a problem occurs. If you are getting a mortgage, the bank will not close the deal until every I is dotted and T is crossed. They will make certain ALL necessary inspections are done and prepare the documents for closing. Of course, you will have to pay for the expenses.

[oneclickplus]

Originally Posted by Craig Vernon

I am not up against any deadline to buy my forever home in TV, but my retirement date is approaching. With the new real estate law most realtors are requiring a buyer's agent agreement to show properties listed on the MLS. I saw one of these forms from a large realtor in TV that stated that I was exclusive with them for sixty days on any purchase. I am wary of the possibility that these agreements can limit my buying experience in a ton of ways. Few Examples: For Sale By Owner, VLS, Promptness of showings may be limited, delays in paperwork or offers. I believe in the motivation of commissions but with exclusivity to an individual agent the dynamic changes. I will be watching and waiting to hear of any experiences coming after new law takes effect on August 17 and moving forward. See you all as a neighbor in TV early 2025!

No one needs a buyer's agent. I wouldn't sign anything. Shop on your own.

[Craig Vernon]

Originally Posted by Two Bills

Wow! Buying/selling property in the US. is so complicated, and expensive.
Here in the UK you search online, find something you like, contact the relevant listing agent, ask for a viewing, make an offer, or submit a sealed bid, and that's it.
Seller gets the fees.
Never heard of a buying agent.
The listing agent is the intermediary between seller and buyer.
We have never paid more than paid 1.5% once and 1% selling fees for all other house purchases. Probably a little more these days, but commission is definitely negotiable.
Sold the last two myself.
Buyer's other fees, are for a survey, and deed conveyancing.

I have heard we pay more in the US to sell a property than anywhere else in the world. This was part of this lawsuit basically backed by Zillow, Redit and others. Thanks for your insight.

[Craig Vernon]

Originally Posted by retiredguy123

To clarify the Florida law:

1. A buyer's agent is OPTIONAL.
2. Dual agents are ILLEGAL.
3. Transactional agents are allowed ONLY if the seller provides "PRIOR WRITTEN PERMISSION". If you don't want your selling agent to act as a transactional agent, then don't give them permission.

That is the Florida law both before and after the "settlement". So, nothing has changed.

Perhaps I am using the wrong term in "buyer's agent?" I wanted to see a property on the MLS while I was in TV in May. One of the largest MLS agents in TV emailed me a three- page contract that by instructions they wanted us both to sign in order to show us listed homes. This contract gave them a commission from us for anything we purchased within 60 days. I did not sign this thing because I thought it was absurd. I was told and have seen online all agents on the MLS will require one of these before showing properties in TV and nationwide beginning August 17. Everyone saying do your own search as we have done but from what I am reading this either cannot be done as it was August 17 or I am completely misunderstanding.

[jimmy o]

There is nothing wrong with having a buyers agent represent you. They work their butts off to find you the home that you want. They arrange their own personal time to show you around for hours a day, sometimes missing an event that might be important for them just to help you get your home. Your buyers agent is loyal to you, you ned to be loyal to them too. It’s their job shouldn’t they be paid? Did you work for free back in the day? They can absolutely help you with FSBO too. Do you actually believe that a person is selling FSBO to save the buyer money, of course not. They’re selling FSBO because they want to make as much money as possible, they’re not going to save a buyer a dime, and they usually overprice their homes in the first place. Having a buyers agent for a FSBO will definitely save you in the long run, they have a better handle on the true value of that home then you could determine on you own.