I was contacted by a real estate agent that has a cash buyer looking for properties. She wanted to know if I work with a buyers agent. Can someone explain whiter I should or shouldn't and why? Thanks in advance.
@Jamane Y. So if I understand this right, you have a property that you want to sell, but do not have it listed on the MLS. The agent has a cash buyer client that may be interested in the property and is asking if you would work with a buyer's agent. Is that correct? And this is your own property?
What this means is that you will give a commission to the agent, generally 3%, for bringing the buyer.
My answer would be absolutely yes. A bird in the hand, as they say.
While it is great to make a little more by selling directly to the buyer, you are missing 85% to 90% of potential buyers when not listing. I always do paid listings, that way I keep my commissions down to just the 3% to the buyer's agent, plus the cost of the paid listing, $300. In your case you are still not listing but will be giving the buyer's agent the standard commission. It is definitely worth it, plus the agent will handle the paperwork for you.
Sellers typically pay the commission on deals involving real estate agents. So any offer presented by a buyer's agent is going to include a statement that you agree to pay their commission upon closing. The amount of commission and who pays it is negotiable. If you push to have the buyer cover it, you risk them walking away.
You can always counter the buyer's offer to factor in the fact you will have to cover the commission.
You can recoup if you get the buyer to cover closing costs...
@Larry T. I don't have the property, the agent send me a message, telling about a cash buyer that she has. I really just needed to know how to handle this. And I think I have some of my questions answered. Thank you so much for the insights. I will talk to her and see if we can work something out.
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