Can RE agent forgo commission? - Posted by Tom

Real Estate Investing
#1

Posted by Ed Copp (OH) on June 25, 2001 at 11:39:59:

Why should they. The bank has just hired the broker to sell the property, you want to buy the property (with no commission)… So you can list it for a higher price (harder to sell) and put the first commission (that the agent gave up) in your pocket.

It is not beyond the relm of possibility that you will overprice your listing with the agent, then the listing will expire and the agent will not get paid (once again), and you will have the house purchased from the bank (less the commission). Somehow I do not think so…

Your solution is to be the agent. This is easier said than done. I see a lot of postings made by folks who most likely could not pass the test that is required to be licensed.

#2

Can RE agent forgo commission? - Posted by Tom

Posted by Tom on June 25, 2001 at 10:14:49:

I am looking at a repo home. The bank wants 78k and I need to buy it for 75K. How can this be written so that the agent/office forgoes their commission now for a listing at 115k in the future?

#3

Why would a realtor wants to work for free?? - Posted by Kim (FL)

Posted by Kim (FL) on June 26, 2001 at 17:13:06:

Yeah, you MAY give him future business but he’s not sure of that. You probably expect a pay check for your work – they want the same. Realtors work hard (good ones do and hopefully you picked a good one) and they deserve to get paid. That’s just my obnoxious opinion and no, I’m not a realtor! :slight_smile:

#4

Re: Can RE agent forgo commission? - Posted by Bryan H (NY)

Posted by Bryan H (NY) on June 25, 2001 at 18:51:45:

Your concern seems to be getting out of paying a few grand (for the comm.) right now. Why not try getting the agent to take an interest only or no payment note until you sell? Then you wouldn’t even have to pay a comm. at the higher sale price if you FSBO’d it.

#5

Re: Can RE agent forgo commission? - Posted by gemi

Posted by gemi on June 25, 2001 at 12:09:26:

Is it listed for 78k or did you already make an offer and the bank said 78k was as low as it would accept? You are not that far apart on price.

If it’s the list price just make an offer. You can even offer less then 75k if you want. The bank may or may not accept it. They may counter offer. That’s up to them. But I doubt if the agent is going to give up his pay. Would you work for nothing?