This question is towards the realtors. I haven't experienced but I figured I ask for future reference.
As a buyer, if I'm making an offer below listing price and that the listing agent is not willing to submit to the bank, or owners in some cases, is it ok to offer to pay for the lost commission so the agent still gets the same commission as the listing price?
I read a post on BP where the agent had a clause in the buyer's rep agreement similar to this but I'm not sure on the seller's side.
What's your thought on this?
@Kathy Judd I thought all realtors were bound to submit ALL requests and offers no matter what the offer was.
She gets her cut from the sale. Since she doesn't represent you, there is no need for her to double dip.
@Kathy Judd You're misunderstanding the issue. The issue isn't that the agent doesn't want to submit an offer at say 30% off list because his his commission will be 30% less, it's because the owner doesn't want to see an offer at 30% less and the agent knows it's a waste of time.
As for an agent being required to submit all offers, not necessarily. An agent may be required to submit all properly execued offers Received ( but not necessarily, depending on language in their listing agreement with the owner) but an agent is Not required to actually draft one for a buyer....there's no law that says I have to work with/represent anyone that asks.
@Wayne Brooks that's a good point. Do banks normally have verbiage in their listing agreement where they don't want to see certain offers?
Banks generally do not. I think in your case the agent simply doesn't want to waste his time, acting as Your agent. If you find another agent that submits a properly executed offer on your behalf, then he'll submit it.....but don't wait by the phone.
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