Hi, I am searching my first house in Bay Area from last 2 weeks. I'm working with a buyer agent in these 2 weeks. The agent showed me couple of houses (~3 hrs in one weekend). I found one house of redfin which I really liked. I shared the house with the agent and he/she made an offer (around my max budget). Seller agent (who is also an actual seller) rejected the offer and said if I can pay 5% more. Neither my agent is not able to negotiate the price down (even in this market) nor willing to offer any commission cash back. I am wondering if I should directly speak to seller agent and ask them to represent me. This way they could also save 2.5% commission and I may get a house. 1. Is it ok to directly speak to seller agent bypassing my current buyer agent when my agent made initial offer which got rejected. 2. Should I talk to another buyer agent saying if they can refund some cashback to me and negotiate the price down. Any other suggestion as I really dont want to loose this house. #mortgage #housing #buyeragent #google #meta TC ~360K
If you have a buyers agent already, you likely signed a contract. One that probably states they get a commission even if you buy a house through another agent within some time frame.
1. I have not signed any exclusive contact. 2. The initial offer is rejected. So my option is either find another house or find ways to fill 5% gap. My agent is not willing to help and asking me to find another house or pay 5% more.
Then how are they your agent?
Do you really need a buyer agent, can you just find a house on redfin and then ask someone to write an offer on your behalf?
Writing an offer that benefits you is hard.
Buyer agents give you a lot of knowledge you don't get from transactional brokers (which you are referring to here)
Just ask your buyer agent for a possible cashback. If not, find another one. Pretty damn sure a lot of agents will do it
It’s actually illegal for a buyers agent to agree to this. Only a sellers agent who a buyer may meet at an open house can then also represent you as the buyers agent too (if you don’t show up with an agent), and they can offer some sort of % off. That’s legal.
not for this house. other houses, as long as you don't sign an exclusive contact, you are fine to hire another agent.
Correct but not for the same house
not this house or any houses this agent went with you. Another solution is waiting the interest rate hike next week then as a 10% discount.
OP here: 1. I have not signed any exclusive contact. 2. The initial offer is rejected. So my option is either find another house or find ways to fill 5% gap. My agent is not willing to help and asking me to find another house or pay 5% more.
Bullshit. Sounds like a shitty agent. I will fire this agent. Since you didn’t sign anything, you can do whatever.
If they reject they reject. How is that a shitty agent? Sounds like seller underpriced intentionally below what they'd accept.
Agents have to make money too. Do you realize how little a lot of these people make and how hard they work? Competition in real estate is brutal. Don't get crazy tied up into a single home. Plenty of great ones come up every week
Every one is working in their own interest. Earning 2.5% in 2 million home 50K (for 3 hrs of work in last 2 weeks). Their main job is to do good negotiation and if they are failing, then what should I do.
Lol yes I realized how little work they do and got a fat paycheck
Tell seller you will wait a few weeks and offer 5% less.
Risk is loose a house.
Don’t worry. More houses on coming on the market. And fewer are getting offers.
There will be always a better house with a better price tag in this market. If 5 percent is that important, you should switch agents and work on other houses. Maybe this house stays and the seller agent comes back
This can be legally challenged if it's the same house