How much to offer home seller

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WOW! What a bunch of great ideas and tips. Thanks everybody.
I'm going through a realtor who unfortunately works for the company selling the home. So he is in the employ of the seller, not me the buyer.
I like the idea of hiring an independent appraiser. How do I find one? Obviously I'm not going to ask the realtor, and what will they typically charege?
wrotF:

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And what is happening with the market. Last summer a neighbor put his house up for sale. First one to looke at it the first day offered $3000 more than he was asking. He got three more offers that day at what he was asking or below. Since then the bottom fell out of the market. One across the street started at a lower price and has lowered his price twice and still no offers.
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46erjoe wrote:

I hate to tell you this, but the buying agents ALWAYS work for the seller. Why? Because you don't pay them, they get a split of the commission.
That being said, good veteran agents will look out for you. That's because they're smart enough to know that the real money isn't in screwing you on a single sale, it's the repeat business and referrals.
During my last house buying round, there was a house that not only was listed by my agent's company, but was her listing, so she would get the entire commision if I bought it. Additionally, it was a limited listing (transfer situation, the seller's employer would buy the house if not sold in a short period) that was going to run out in a few days. She recommended that I buy a different house in the same area.

If you don't trust your buying agent enough to even take referrals, I'd get a new agent immediately. You have no contract with this agent.
A good agent should be able to give you a list of appraisors and provide you with a comparative market analysis of homes in the area.
Brian
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100% wrong. A "buyer's agent" contracts with the buyer to represent only the buyer. In some areas this may be unheard of but to find out, you need to check with the appropriate state regulatory agency. A "buyer's agent" often works on an hourly rate, not a share of the commission.
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Duh...We know what they are legally supposed to do. We were dealing in reality.
Mike
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Mike wrote:

And both the reality and legality are as "kokonutty" said. There is a difference between a "buyer's agent" and the normal realtor with whom a buyer is dealing. The latter is always representing the seller, the former is not.
-- dadiOH ____________________________
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dadiOH wrote:

The point is, who PAYS the agent? It's not (in almost all cases in the US) the buyer. It's the seller who pays. The lower the price, the less commission for the agent. That's a fact of the real-estate game.
Again, as the bulk of my message made clear (people seem not to have paid attention to it), good agents put that aside and work hard for the buyer.
Brian
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Default User wrote:

The buyer pays a buyer's agent (as kokonutty also said). They do not share in the commission from any purchare made by the person hiring them.
-- dadiOH ____________________________
dadiOH's dandies v3.06... ...a help file of info about MP3s, recording from LP/cassette and tips & tricks on this and that. Get it at http://mysite.verizon.net/xico
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dadiOH wrote:

What? No. Where are you? In the USA, it's extremely rare to pay the buying agent at all. They split the commission with the selling agent.
Brian
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Default User wrote:

You are confusing a seller's agent *dealing* with a buyer and a buyer's agent. Here's the way it works...
1. Someone wants to sell real property and lists it with a broker.
2. Agents of that broker (and others if MLS) try to peddle the property. By necessity, they deal with potential buyers but they are not buyer's agents. They are *ALL* seller's agents representing the seller.
If you go to a broker and say, "I want to buy a house" agents working for him will show you houses but that does not make them buyer's agents... they are still representing the seller and are compensated by a portion of the commission arising from any sales they make.
3. You are perfectly free to go to a broker and say, "I want to *hire* you as a buyer's agent". If he accepts (not all will) he then represents you...he is a buffer between you and the various and sundry seller's agents. He does whatever *you* want him to do...he may search out properties, negotiate...whatever. He is compensated by *you* and that compensation is whatever was agreed upon between you; it may be an hourly fee, a flat rate, a percentage of the price you pay...whatever is agreed between you. The important thing is that he is *your* agent - a buyer's agent - and is representing you.
-- dadiOH ____________________________
dadiOH's dandies v3.06... ...a help file of info about MP3s, recording from LP/cassette and tips & tricks on this and that. Get it at http://mysite.verizon.net/xico
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dadiOH wrote:

Which is how virtually all properties in the US are bought. It's almost certainly the relationship the OP was describing.

You can, in theory. Almost no one does. What kind of fee would you have to pay, considering that the normal commission split is about 3% of the sales price? Even in a very moderately-priced market like St. Louis, that's going to be an average of around $3000.
Brian
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Default User wrote:

I never said it wasn't. You were misusing/couldn't get your head around the term "buyer's agent"... I was explaining. ________________

Nonsense. Lots of people do. I have. ________________

As explained previously, fees depend upon what is agreed to between the hirer & hiree. Commissions may or may not enter into that fee.
-- dadiOH ____________________________
dadiOH's dandies v3.06... ...a help file of info about MP3s, recording from LP/cassette and tips & tricks on this and that. Get it at http://mysite.verizon.net/xico
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dadiOH wrote:

What percentage of housing sales are completed with the help of such an agent each year?
Brian
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Default User wrote:

Who gives a rat's ass?
--
dadiOH
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dadiOH wrote:

Feeling the argument slipping away from you? Don't feel bad.
Brian
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Default User wrote:

There was no argument as far as I'm concerned. Someone took exception to kokonutty's 100% accurate post, I explained his misunderstanding and then you jumped in full of ignorance.
-- dadiOH ____________________________
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dadiOH wrote:

I believe that you have mischaracterized the discussion to this point.
Kokonutty's post was in response to mine, directed at the original poster.
Brian
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Default User wrote:

OK, he corrected *your* misunderstanding.
-- dadiOH ____________________________
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dadiOH wrote:

Once again, you are incorrect. There's no misunderstanding on my part whatsoever.
You've decided that you get to define terms, but that isn't the case. If you'd like to use something more specific like, "fee-based buyer's agent" or some such, that would be fine. However, you're incorrect as it stands. That fact that traditional buyer's agents get their money from a split of the sales commission doesn't make them selling agents.
You're wrong, and you'll continue to BE wrong no matter how much want to it be otherwise.
Brian
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snipped-for-privacy@yahoo.com says...

dadiOH did not define the terms. There is so much confusion about who represents who and who pays who that in Texas, and I'm sure in other states, specific Representation Disclosures must be made.
Go to http://www.capitol.state.tx.us and look up Tile 7 Chapter 1101. I'm sure other states also have online codes.
Here a few quotes from the Texas Code. "Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner's agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer's agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly."
"IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner's agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner's agent anything the buyer would not want the owner to know because an owner's agent must disclose to the owner any material information known to the agent."
I suspect that Brian's "traditional buyer's agent" is legally a *subagent* that legally represents the owner/seller. As defined in the Code. "Subagent" means a license holder who: (A) represents a principal through cooperation with and the consent of a broker representing the principal; and (B) is not sponsored by or associated with the principal's broker.
There are Buyer's Brokers .... and once again from the standard required Texas Representation Disclosure ...
"If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker's obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding"
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