|
New constructions and agents
| Posted By |
Message |
marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
|
New constructions and agents
I want to look at a to be built house listed on MLS. I called the agent and they are going to set up a meeting between us and the builder. The agent I called is the listing agent for the builder.
I have my own buyer's agent who is a friend.
My questions:
What exactly will my buyer's agent do if I buy a new construction? I understand the role of a buyer's agent for an already existing home, but does the buyer's agent negotiate the type of upgrades? Or do we do that directly with the builder? And if the buyer's agent negotiates it, do they call the builder directly or do they call the listing agent who calls the builder?
And finally, how does the commission work on new constructions? Normally, the seller pays the listing agent X%, whether or not the buyer has an agent or not. With new constructions, will the builder have to pay additional for a buyer's agent? Or are they already set to pay X% to the listing agent, regardless of whether a buyer has an agent or not?
TIA and sorry if this is confusing.
|
Posted 7/12/12 11:52 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: New constructions and agents
I represent buyer on new construction all the time- I think it's very important to have your own agent in any type of purchase
do they not have a model? a meeting with a builder to me is the last step in the process- not the first
As a buyers agent- I negotiate the upgrades, pricing etc-
as far as payment- listings have a set fee
the listing agent has a split they make public (on our MLS) as to what the buyers agent will get- normally 2%
the builder wouldn't be paying anything additional
|
| Posted 7/12/12 1:21 PM |
| |
|
marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
|
Re: New constructions and agents
Posted by Beth
I represent buyer on new construction all the time- I think it's very important to have your own agent in any type of purchase
do they not have a model? a meeting with a builder to me is the last step in the process- not the first
As a buyers agent- I negotiate the upgrades, pricing etc-
as far as payment- listings have a set fee
the listing agent has a split they make public (on our MLS) as to what the buyers agent will get- normally 2%
the builder wouldn't be paying anything additional
Thanks Beth. I don't understand how a meeting with the builder is typically the last step..Doesn't the builder show us the models and answer all our specific questions?
And does the buyer's agent negotiate any upgrades directly with the builder or do they have to call the listing agent?
Message edited 7/12/2012 2:16:23 PM.
|
| Posted 7/12/12 2:15 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: New constructions and agents
I normally show my buyers the models
(from multiple builders)
then we narrow it down- then have a meeting with the builder to discuss the lots, options etc
right before we put an offer in- not as first step
not every builder has a model- which makes it more chanelleging
I work with the listing agent but I have had meetings with the builder directly- I had a buyer that wanted upgrades beyond the normal stuff- so that took more work- but at this point we had an accepted offer and were moving forward
|
| Posted 7/12/12 2:57 PM |
| |
|
Potentially Related Topics:
Currently 628979 users on the LIFamilies.com Chat
|
