I've lurked this community for a while and hoping that someone can help me out -
I am putting an offer down on a property in Oak Park, IL and have viewed many homes without a realtor, as well as written up a contract. I have lined up my attorney, inspection company, and mortgage - but I do not have a buyer side agent yet. I am hoping people on this forum could recommend me an agent who will take a flat rate and rebate the rest of the commission to me at closing. Alternatively, I would accept an hourly agent who would refund the full commission.
I plan on doing all of the work with moving the process forward, but need a licensed realtor to actually receive the commission per the seller listing agreement.
Let me know if anyone has any recommendations -
Have the list agent agree to change the total commission to whatever they would have received via the split + 0.25% and drop the contract price by the difference minus 0.25%. List agent gets more, seller gets more, you pay less - everybody's happy. Unless its a low dollar deal where its not worth the effort to do so.
If you've already submitted the offer, a buyer's agent will likely have no claim to the commission.
Why not go get your own License? What your saying IF I read this right you wish for the Realtor to act as your employee. Best of luck on that.
Hey Matt - That is what I have been trying to do without success. I agree with your points.
Federico - the 90 hours of coursework is not worth it for 1 purchase / 3 years. I don't understand why it is unreasonable to request that a realtor use his name and a couple hours of work for 2,000 & then rebate me the full commission.. Irrational not to accept that rate. I think Matt's point that the LA may not accept another agent's claim to the commission may make my search of a flat rate attorney pointless.
@Dennis Montai If you did not have a buyer's agent who helped procure the sale then it was the listing agent's efforts that got a buyer. Essentially they would be entitled to the full commission and if they choose to lower it it's their call.
@Gary Lucido has interesting pricing model for buy side
Another shout out for Lucid. Have used them twice on the buy side this year.
Drop me a PM and I can give you my preferred agent's name on Gary's team.
Thanks for the mentions, guys. Yes, we have an hourly option and I would be glad to discuss it with you. My advice to anyone who thinks they might want to go this direction is to get their own realtor involved at the beginning so that the listing agent doesn't have a claim to the commission and doesn't feel like they are "doing all the work" (yeah, we've heard this before). The problem with trying to get the listing agent to take a reduced commission is that they may not want to and you won't know if they really did until you get to closing.