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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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buyer's broker?
how does a buyer's broker work? how are the paid?
TIA for your help!
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Posted 11/12/07 9:14 AM  |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: buyer's broker?
From my understanding, but I could be wrong, you hire the buyer broker and there are forms you have to sign that are different from other forms. They work for you and only you. If they find out information about a house, they can tell you. They are looking out for your best interest. They still get paid from the seller. I believe they get paid a little more, but it's from the seller. It's something about how they get paid is just a little different from a seller agent. We had thought about it, but weren't sure that some sellers would like that they had to pay more because we had a buyers broker. Like I said, I'm not 100% certain with the details. GL.
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| Posted 11/12/07 10:14 AM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: buyer's broker?
the AP is partly right. a buyers broker will work in the best interest of the buyer as opposed to the customary dealings where the agent works for the broker or seller.
payment to the buyer broker is dependent on what the listing agreement states. if there is a payment offered to the buyer broker then the proceeds of the sale will be split between the listing agent and buyer agent according to what the listing agreement states. if no payment is offered to the buyer broker for a particular listing then the buyer is obligated to pay the buyer brokers fee, which is usually negotiated before you sign an agreement.
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| Posted 11/12/07 11:35 AM |
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fins
LIF Adolescent
Member since 9/07 821 total posts
Name:
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Re: buyer's broker?
We used a buyer's broker and absolutely lover her and the process with the buyer broker. She was able to tell us, who had to sell quick, who was in the middle of divorce, etc. A traditional agent can not share as much because they do not work for you.
We signed an agreemnt it was for 3 months and her comp was 3% which is customary for a sellers agent anyway. The agreement stated if the commission was less than 3% we would have to pay her,.
The other benefits is she would show us FSBO and houses that were listed with discount realtors. A traditional sellers agent will not want to show you a FSBO or a discount agent's listing because they take a haircut on their commission. HTH
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| Posted 11/12/07 6:58 PM |
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