We have a specific house in mind that we want to try to buy without a buyer's agent. We toured the house during open house. We can draft the sales contract. Our house inspector has a realtor's key to that he can get inside the house. However, the house needs work, and we would like to get contractors into the house to give us estimates before closing. The seller's agent will probably let us in, but just in case she does not, I want to have our own options. I have heard that some realtors work on an hourly fee basis like an attorney does. Does any realtor in Austin do that? Thank you in advance!
If you don't find them here, go to Trulia or Craigslist and post. One of those sites will surely yield what you're looking for.
If the property is listed in the MLS with an agent, you don't have much to gain by hiring a realtor the way you suggested. The seller is already offering commissions, and the commission split is already set ...
The listing contact with the seller gives the listing agent 6% of the sales price....which he / she agrees to split with a buyers agent. If there is no buyers agent he/she keeps whole 6% per contract, although there are some ethics issues in the listing agent representing both buyer and seller. That is why the pocket listings and coming soon listings are so popular. 6% commission in a hot market. In short, unless you put in the offer that the customary 3% to the buyers agent is rebated to the seller or yourself, you are saving no money not using an agent.
Creekview is a rebate RE firm out of Dallas with local agents. I used them in 2007 and they are still in business. I got 2% back. They are on the Internet...search flat fee and creekview, I think.
Also, act fast in Austin. Good luck.
Feel free to contact me directly. I am happy to help.
Dan Burstain, Realtor
JB Goodwin Realtors
Also, putting a commission reduction the sales contract, between the buyer and seller, does Not affect the commission due from the seller as per the listing agreement. The listing agent/broker would still have to agree.
My bad. This is why you should not believe all you read on Bigger Pockets....people throw stuff out there without really knowing. Like me:-). So it seems finding a realtor who offers rebates is the way to go. Its a shame the realtors associations are so powerful. They only fight for what is best for their members so they fought tooth and nail to block banks from opening real estate offices to serve their loan customers. But who knows, the banks may have stuck to the percentage model too...or even devised one more lucrative for themselves.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!