Henderson, NV · Member since 2017 · 2 posts · 0 votes
A listing agent is selling his/her own home in a neighborhood that I am very familiar with. I've delved deeply into the comps of this neighborhood, and I know pretty much exactly what I want to pay for the house. I know who I am going to use for a lender, and have a pre-qual letter and proof of funds for the 20% down payment.
Is it possible or advisable to deal directly with the listing agent and try to save the 3% that they would've otherwise paid to the buyer's agent? Should I hire an attorney to advise me in lieu of an agent? This house is about $500k, so 3% is equal to $15,000. I'm unclear how that fee could be justified (even with a rebate for a few thousand) given that I've done all the homework, and I know what I want to bid. How much would an attorney who can walk me through the process cost (ballpark)?
It doesn't hurt to ask! You say "Im unclear how the fee could be justified", but remember this is not something you as a buyer would be paying anyway. It really boils down to the seller.....
Also think about this.... What if the seller has another offer (through an agent) for $515K or 520K? Many markets are hot and houses receiving multiple offers right now. So if he WERE to sell to you for 485K, this would be no better than selling it for the $500K through an agent! Not for him at least, just for you!
Everything depends on the market, but how are you going to NET the seller MORE?
@Ken Fitz Do not use the seller/OWNER as your agent! Dual agency can already be tricky when an agent is representing both seller and buyer's interests but you're saying that this agent is the owner as well? Guess whose interest they have in mind? Not yours.
Either pay an attorney or let an agent represent you.